Euronext has appointed Jos Dijsselhof as interim chief executive, accelerating its transition plan following the resignation of Dominique Cerutti at the end of last month. Cerutti will now leave immediately.
As greater convergence between asset classes and the unification of trading desks and trading strategies across multiple asset classes becomes more common, the opportunities for sophisticated market abuse may be on the rise. That may mean that the need for surveillance is greater than ever, according to Tony Sio, head of SmartsTrade Surveillance, exchange and regulators at Nasdaq.
Euronext has announced that its chief executive Dominique Cerutti will step down in July to become chairman and chief executive at advanced engineering group Altran.
European banks and CSDs will be forced to change their business models under relentless pressure from Basel III, CSDR and T2S. That may involve consolidating services, as well as considering opportunities for collaboration, according to Henri Bergström, head of global post trade solutions at Nasdaq.
Financial messaging and data integration specialist Volante Technologies has taken a step into the world of packaged products with the launch of VolPay Foundation, a development platform “designed to ease the challenges of payment integration and payment processing projects”.
The European Commission’s MiFID II legislation is a poorly thought-out, arbitrary and unclear piece of rulemaking that will prevent traders from being able to do their job. Worse still, a lack of clarity over the final details will inflict uncertainty and cost on market participants from now until 2017, according to delegates at TradeTech Paris this week.
Buy-side firms stand to gain from developing their own smart order routers and carrying out their own capital markets research. But the growing independence of the buy-side must still be weighed against sell-side advantages of scale, according to speakers at the Trade Tech conference in Paris on Tuesday.
Boat Services, the OTC trade reporting service provider owned by technology vendor Cinnober, plans to introduce a MiFID II compliance solution, offering publication services for all instrument classes. It will apply for authorisation by the FCA in the UK when Approved Publication Arrangement registration is available in 2016.
Germany’s Deutsche Börse and China Construction Bank have entered into a strategic partnership and have signed a ‘preferred partnership’ agreement under which they will explore the opportunities for more cooperation.
New Canadian exchange Aequitas NEO has gone live for the first time, using the MillenniumIT trading platform built by the London Stock Exchange’s Sri Lanka-based subsidiary.
Hotspot, the institutional foreign exchange market owned and operated by BATS Global Markets, is to expand its European presence with the launch of its first Europe-based FX matching engine later this year. The new matching engine will be located in the London Slough Campus data centres and will target Europe and Asia and specific FX currencies that dominate the European and Asian trading hours.
A new US bond trading venue with a mission to help electronify fixed income markets for investors using experience gained in the equity markets is preparing to launch in the US this quarter. Called OpenBondX, the venue was Created by former Lime Brokerage chief executive Alistair Brown and former colleagues, OpenBondX is an ‘all to all’ system open to the buy-side and the sell-side.
Real-time business performance monitoring and analysis specialist Velocimetrics has announced that its TipOff product can now capture network packets to disk at a sustained rate of 40 Gigabits/sec, almost double its previous performance.
Deutsche Börse, Eurex and the Bombay Stock Exchange have further extended their strategic cooperation offering connectivity services. Participants of BSE will be able to use Deutsche Börse’s resilient low latency N7 network services to connect to BSE back-ends in India through the Deutsche Börse access points in Hong Kong and Singapore.
Temenos has moved into the fund administration business with a €235 million acquisition of Luxembourg-based Multifonds, which counts a number of Tier 1 institutions as users of its fund administration platform.
Fixed income markets have historically been a bastion of high-touch trading, with manual processes, large tickets and little standardisation. But as recent years have seen inventory slashed and balance sheets cut in face of rising regulatory pressure, finding liquidity has become more of a challenge. A group of banks are hoping to reinvigorate the market though a standardised messaging system.
Continuing its policy of offering products that fit across user workflows, Bloomberg has moved in to the transaction reporting space in Europe. The company’s Trade Order Management System has been granted approval by the Financial Conduct Authority to report securities with an ISIN and OTC derivatives as part of the UK’s Approved Reporting Mechanisms regime.
Avox, the DTCC’s legal entity reference data subsidiary, has launched a series of web-based application programming interfaces designed to support faster access to data, including legal entity identifiers, legal names, addresses, industry classifications and corporate hierarchies.
Deutsche Börse has signed a trio of commodities trading entities to use its new M7 trading platform, developed as part of a complete renewal of its trading infrastructure. Singapore-based regulated futures exchange Cleartrade Exchange, London-based Freight Investor Services Ltd., a broker of freight and commodity derivatives, and Norexeco ASA, a commodities exchange for pulp and paper based in Norway, will start to use the M7 trading platform in the next few months.
From the early days of internet distribution, New York-based Alacra has been aggregating reference data. Chief executive Steve Goldstein told David Bannister the company’s story
The UK’s Payments Council has selected Swift to build the country’s new central infrastructure platform in preparation for the next phase of SEPA regulation in 2016, through the provision of an automated central infrastructure platform for collection and maintenance of UK-specific SEPA routing data.
Like opening Pandora’s box, the emergence of swap execution facilities in US derivatives markets has brought unexpected consequences and problems as well as benefits. In some cases, asset managers are actively looking to avoid trading on the new platforms and even turning to other asset classes, according to a new report by OpenLink.
US Commodity Futures Trading Commission Commissioner J. Christopher Giancarlo has condemned the CFTC’s implementation of swaps trading regulation reforms, describing its approach as highly over-engineered, disproportionately modelled on the US futures market and biased against both human discretion and technological innovation.
BNY Mellon and State Street have announced a collaboration with Eurex Clearing, the subsidiary of Deutsche Börse Group, to enhance the Eurex service to meet the needs of beneficial owners, and explore expanding its geographic reach into the US.
SIX Swiss Exchange is to launch a new trading platform for corporate bonds, which it says will provide a better way of trading large blocks of less liquid issues. The new platform is due to launch in the first half of 2015.
Japan Exchange Group is planning to introduce a new derivatives trading system for its derivatives-focused subsidiary the Osaka Exchange, using technology provided by Nasdaq.
Bitcoin market Netagio has launched credit and debit card payment options, as part of a push to make it easier to buy and sell Bitcoin with pounds, euros and US dollars. The exchange, which was founded in 2013, is seeking to popularise the alternative currency and improve its controversial public image.
The London Stock Exchange is to begin trading Turkish futures and options, following a deal with Borsa Istanbul. The agreement will help to open up the Turkish market to more investors; it will also help to deepen the LSE’s derivatives market, which it has been trying to build up in recent years.
US exchange BATS Global Markets is calling for an 80% reduction in access fees to the US stock market’s most liquid securities, on grounds that nearly a billion dollars in fees could be slashed without adversely affecting the market. In an open letter to the industry, the exchange also rejected what it calls a “grand compromise” on exchange fees and called for greater transparency and the avoidance of anti-competitive rules.
The European Securities and Markets Authority says that crowdfunding platforms are incentivised to operate in a way that they fall outside existing regulations, which is holding back their growth and increasing risks for investors.
The London Stock Exchange has set out plans to add EuroCCP as a third clearer for its main market from March 2015, joining LCH.Clearnet and Switzerland’s SIX x-Clear.
Euronext is planning to launch a new service that would allow derivatives to be reported to Euronext and cleared by LCH. Clearnet. The new service will use the Tradexpress platform built by vendor Cinnober, and is due to go live in spring 2015.
ICAP is combining its EBS foreign exchange and BrokerTec fixed income electronic trading platforms into one business unit. The change is“an internal management reorganisation” and the platforms will remain separate for the foreseeable future.
A pan-African vision has inspired the African Stock Exchange, which has ambitious plans to tap the potential of the continent using hosted technology and a secure base in Mauritius.
India’s Bombay Stock Exchange has ramped up its network application and monitoring speeds and opened a new investor service centre in New Delhi, as it seeks to attract latency-sensitive traders.
The securities industry is suffering from “innovatism”, a serious disease that if untreated could result in significant damage by detracting attention away from genuine business growth. At the same time, commercial pressures could force radical change in several areas of the capital markets, according to panellists at a debate hosted by Mondo Visione this week.
Capital markets firms often have little idea how much they are spending on technology and even less control, according to a new report by Tabb Group and Thomson Reuters. The report’s authors call for greater emphasis on data, which could help to save the half a million dollars per front office employee spent on technology every year.
A landmark deal between China’s Hong Kong and Shanghai stock exchanges is set to open up unrestricted access to the China A-shares market to foreign investors for the first time, starting this month. The deal also reflects the rising internationalisation of the Chinese renminbi currency worldwide.
A new exchange is planning to begin trading in March, with a platform focused on long-term investors and issuers. Chief executive Jos Schmitt says the new venue has some unusual features which should help keep unwanted high-frequency traders at bay.
Carsten Kengeter has been named as the successor to Reto Francioni, who is stepping down as chief executive of Deutsche Börse after newaly 10 years. Kengeter will take over after the exchange group’s Annual General Meeting on 13 May 2015.
