A new exchange focusing on sub-Saharan Africa is preparing to target international investors through a partnership with Germany’s Deutsche Börse. The African Stock Exchange, based on the Indian Ocean island of Mauritius, plans to bring together blue chip dollar-denominated African stocks and other products such as government bonds.
Financial market participants have criticised plans for the New York Stock Exchange to begin monitoring itself through its non-profit division, NYSE Regulation, describing the move as a “retrograde step” that will never work in practice. NYSE is currently monitored by FINRA, an independent organisation.
A sustained rally in frontier markets is leading an expansion of size and liquidity as investors seek opportunities that are not available in the developed or emerging markets, according to a new report by research house Aite.
The London Metal Exchange has launched its new clearinghouse LME Clear. Built by vendor Cinnober, the system is an important plank of the exchange’s ambitions, which have become more grandiose following its takeover by Hong Kong Exchanges and Clearing at the beginning of 2013.
Citi has launched an equity trading app called Total Touch, which it says will help make it easier for investors to execute block trades in the European market.
Europe’s largest alternative trading venue BATS Chi-X Europe is set to target the Swiss equities market, following a deal with BX Swiss, an independent exchange. The deal focuses on cross-listings for exchange-traded funds, and trade reporting services – and is a direct threat to the incumbent SIX Swiss Exchange.
The financial services industry has always pursued technical supremacy. But after years of financial crisis and attempted reforms to improve the transparency and understanding of risk exposure in financial services, we seem as much in the dark as ever …
Brazil’s BM&F Bovespa exchange has begun a major new project to bring all of its four clearing houses onto a single technology platform. Billed as the “world’s largest clearing project”, the Brazilian derivatives market – one of the world’s largest – has been moved first.
Firms in Hong Kong are ramping up system roll-outs in anticipation of the forthcoming Shanghai-Hong Kong Stock Connect, scheduled to go live in mid-October.
But the proposed link will face a number of problems,
The London Metal Exchange is working with Colt to launch a new dedicated network interconnecting all its systems including the LME Clear clearing service.
Trading technology firm Corvil has launched a new streaming analytics platform which it says will help exchanges, banks, brokers and other trading firms to sweep away the IT failures of the past and learn to better understand the market.
The Bahrain Bourse has replaced its trading platform with a new one provided by Nasdaq OMX, as part of a new drive to become a trading hub in the Persian Gulf region. The Bahrain Bourse was established in 2010 to replace the country’s previous stock market, the Bahrain Stock Exchange. Although the market was already […]
Commissioner Scott O’Malia of the US Commodity and Futures Trading Commission has called for continuing international co-operation on market surveillance and warned that current oversight mechanisms are flawed in terms of the data they collect and the way that they analyse it.
It is often said that market data in Europe is too expensive, but it would be unfair to blame that solely on the exchanges, according to Christiane Baumgarten, vice president, market data and services at Deutsche Börse (right). With the consolidated tape mandated by MiFID II due by 2016, market data is at the centre of the European Commission’s plans for a better trading environment in Europe.
French trading solutions and connectivity specialist Ullink has agreed to acquire NYFIX and Metabit from ICE Group, as part of a deal the international company says will give it brand recognition in the US and new opportunities in Asia.
Despite promises of change heralded by the European Commission’s upcoming MiFID II, the cost of market data in Europe is still far too high and transparency remains a serious problem, according to senior financial industry executives. Yet the arrival of the Market Model Typology standard earlier this year may provide a catalyst for change.
A new generation of trading venues is competing their way into the European securities markets with plans to make trading more efficient. But will they bring benefit to banks and investors?
As the European Parliament adopted MiFID II/MiFIR on 15 April, the financial services industry was left wondering what exactly the new transparency regime is going to mean. Despite a curiously low EC estimate of compliance costs, at between €512 and €732 million, it is clear that MiFID II will have a large impact on the tens of thousands of firms and counterparties that will now fall under its scope.
Shifting settlement cycles, the rise of big data, global regulation and increasing demand for post-trade services are creating both challenges and opportunities that global exchanges would do well to face wisely, according to Lars Ottersgard, head of market technology and Eva Saidac, head of business development market technology at Nasdaq OMX.
Canadian ‘challenger’ exchange Aequitas, which plans to favour long-term investors by discouraging HFT, has chosen a trading engine and several other tools from MillenniumIT, the Sri Lanka-based technology company owned by the London stock Exchange.
As Russia’s revitalised Moscow Exchange begins to command increased attention from global investment banks and hedge funds, a new direct market access service says it can unlock trading features that may not previously have been available to many international investors.
Pre-trade risk and post-trade processing specialist Traiana has launched a new version of its CreditLink tool for credit derivatives, which it says will help buy-side firms to trade on swap execution facilities.
Citi has launched a new set of trading features and transaction cost analysis tools on its Citi Futures and Options Execution platform, which it says will help clients to gain clarity from their futures clearing merchants.
The Athens Stock Exchange has chosen a new surveillance system that it says will help it cope with new European financial regulations, including MiFID II and EMIR.
Nasdaq OMX has launched a new business intelligence service called MiQ, which it says will help its regional exchange, clearinghouse and CSD customers to better understand liquidity, market movements, performance and business opportunities.
ICAP has launched a swap execution facility in the UK, as part of a push to dominate both the European and the US OTC derivatives markets as they are brought under new regulation.
South Africa’s Johannesburg Stock Exchange has begun a massive overhaul of its clearing and trading systems, which will see its siloed clearing platforms replaced by a single engine from vendor Cinnober and its derivatives market shifted onto the London Stock Exchange’s MilleniumExchange platform.
Abu Dhabi Securities Exchange has gone live on a new trading engine provided by US exchange group Nasdaq OMX. The upgrade project provides the Middle Eastern exchange a trading platform that will allow it to trade new asset classes and further its rivalry against Dubai and other regional exchanges.
US clearing body the Depository Trust & Clearing Corporation is pushing a move to shorten the settlement cycle for the US markets to T+2, claiming support from industry bodies and firms including JP Morgan.
Citi has launched an electronic block pricing tool via the Bloomberg App Portal, marking the first time a major tier one broker has ever used the Portal to deploy an application around the world.
China’s Hong Kong and Shanghai stock exchanges are poised to build a major new link that will open up mainland China’s capital markets to foreign investors and vice versa.
Broker ICAP will use high-frequency trading infrastructure from specialist Perseus Telecom as it seeks to expand its coverage across Brazil and Latin America. ICAP is already active in the region, where it connects to São Paulo and Mexico City. The Perseus LiquidPath service provides connectivity, hosting, consulting, and real time monitoring, and includes HFT services […]
The European Commission’s MiFID II legislation has produced a disappointing outcome for those hoping for a consolidated tape of post-trade data, while exchanges continue to bear the brunt of participants’ anger over the price of market data.
One of the central characters featured in Michael Lewis’ controversial book Flash Boys, has added fuel to the fire of debate over high frequency trading by claiming that in a market with less HFT, average order sizes would get larger and long-term investors would benefit.
New EU regulations on market making and dark pools could be damaging investor choice and forcing participants to make decisions that are not in their best interests.
When the requirement brought about by the German high frequency trading act to tag algorithms comes into force this month, market participants may well feel hamstrung by the complexity of the regime – and some might wonder whether this requirement goes one step too far …
Trading firms are still struggling with the Dodd-Frank requirement for certain swaps to be traded on registered Swap Execution Facilities. According to a survey conducted by trading communications vendor IPC Systems, 60% of survey respondents said the industry as a whole was behind on meeting the deadlines on SEF trading, though only 39% said their […]
Consolidation of market infrastructure in Europe will continue, as firms choose post-trade service providers that meet their needs in terms of cost-effectiveness or value-added services. However, some of the real cost issues in Europe are still to be addressed.
Despite the deep controversy created by Michael Lewis’ expose of HFT Flash Boys, global equity markets are not broken, according to a senior capital markets panel at Trade Tech Paris 2014.
FX trading service EBS has launched Watch EBS, a new mobile app that is designed to show users the global spot FX market in as close to real time as possible.
