Riding the OTC rollercoaster
As new rules for OTC derivatives take hold in Europe and in the US, banks and asset managers face a complex cocktail of mandatory clearing, reporting and increased collateral requirements.
Stock Exchange
Chi-X Australia appoints Fildes CEO
Australian alternative trading system Chi-X Australia has appointed John Fildes as its new chief executive, taking over from Peter Fowler on 1 May.
Nasdaq OMX acqusition targets US bond market
Nasdaq OMX Group is to acquire bond platform eSpeed from BCG for $750 million in a move that highlights the increasing tendency for large stock exchanges to diversify as capital markets revenues from equity trading continue to decrease.
Japan Exchange Group wields axe to slash £60 million from costs
Japan Exchange Group has set out plans to slash 8.5 billion Japanese yen (£60 million) from its annual operating costs by 2015 – representing 15% of the firm’s overall budget – as the exchange seeks to revitalise its equities and derivatives markets and take on its competitors.
Haynes leads new venture to tackle European equities
Following a period of equity market consolidation, the time is right for a new entrant to step forward and transform the exchange business, according to Alasdair Haynes, chief executive of startup trading venue Aquis Exchange.
Tbricks sets out managed trading platform
Swedish trading system specialist Tbricks has released OnDemand, a new platform that it says will remove the need for trading firms to make any investment in hardware, installation nor running costs.
Bombay exchange opts for Eurex platform in tech alliance
The Bombay Stock Exchange has become the latest exchange to sign up for Deutsche Börse’s Eurex platform, with the announcement of a long-term technology alliance under which BSE will join the Eurex technology roadmap and deploy Deutsche Börse Group’s trading architecture. As a first step, BSE will replace its derivatives market platform in the course […]
Firms face multimillion bill to address gaps in industry plans for T2S
There are “major discrepancies” in firms’ readiness for the implementation of Target2-Securities that leave “significant gaps” in the industry’s plans, according to new research carried out by Celent and Swift.
Squawker prepares algo-free equity market
Capital markets are broken because liquidity is fragmented and there is no way for the sell-side to pool its liquidity – but that will soon change, according to Christopher Gregory, co-founder and chief executive at start up trading venue Squawker.
ConvergEx rolls out multi-legged options algos
Trading technology company ConvergEx Group has released a new suite of algorithms designed to capitalise on growing interest among market participants in multi-legged options trading strategies.
ECB adopts Thomson Reuters Eikon
The European Central Bank has signed a deal together with the central banks of 18 countries to adopt Thomson Reuters’ Eikon desktop for trading and market data.
Cross asset trading to the fore for FPL delegates
While changes to the OTC derivatives world grab the headlines, trading is moving to a cross asset world, largely driven by regulation and standardisation – and after a few years of pain, firms may find that they are better off as a result.
LSE/TMX to collaborate on fixed income venture
The London Stock Exchange’s FTSE Group and Canadian exchange TMX have signed an agreement to combine their fixed income index business in a new joint venture, resurrecting at least part of the cooperation originally planned under the two exchanges’ failed merger back in June 2011.
RenCap and Gatelab support Moscow to London cross-margining
Russian broker Renaissance Capital has built a cross-margining tool for the Moscow FX and derivatives markets Micex Selt and Forts, and the London Stock Exchange’s international order book.
Qatar Exchange introduces sponsored access
The Qatar Exchange has introduced sponsored access and market making for the first time, in a move intended to boost liquidity and make it easier for a wider pool of investors to access the market.
European exchanges unveil MSCI derivatives
European exchanges Eurex and NYSE Liffe are soon to list a host of new derivatives, based on MSCI indices. From March, market participants will be able to trade futures and options based on the MSCI World, MSCI Europe, MSCI All Countries Asia Pacific ex-Japan and futures on the MSCI Frontier Markets.
ASX debuts new network for international investors
The Australian Securities Exchange has expanded its efforts to connect to international market with the launch of the ASX Net Global network, which connects to Asia, Europe and North America.
Philippine bond market adopts Nasdaq OMX surveillance
The Philippine Dealing and Exchange has chosen a system to monitor its fixed income markets and make sure that any market abuse is swiftly discovered and dealt with.
IBM teams with Rapid Addition for ultra-low latency
High frequency trading specialist Rapid Addition has partnered with IBM to provide an ultra-low latency service for financial firms that are very sensitive to speed.
EBS and Thomson Reuters target FX transparency
Rival FX platforms EBS and Thomson Reuters have agreed that they will cooperate to combine the sources for their FX pricing, in a bid to increase transparency for FX market participants.
Competitors blast lack of competition among exchanges
Senior market participants have expressed outrage that exchanges continue to charge high fees for market data, while MTFs still lack the means to compete on auctions and are not represented on international indices.
HFT: time to talk about how?
2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that we have answers to these fundamental questions.
Speed is not enough for exchange competition
Speed is becoming less of a competitive advantage for exchanges as regulation and the need to support long-term investors comes to the fore, according to Christian Katz, chief executive at SIX Swiss Exchange.
BME chief calls for less debt, more equity
Bank deleveraging may inadvertently spur a revival of equity markets, Antonio Zoido, chairman and chief executive at Spanish exchange group BME told delegates at the World Exchange Congress in London yesterday.
Rising stars dominate World Exchange Congress
Emerging markets Brazil, India and Turkey took the spotlight at yesterday’s World Exchange Congress event in London, as senior executives highlighted rising technological investment, growing competition and successful index performance.
Barclays and HSBC offer Singapore stocks on LSE
HSBC and Barclays have begun trading Singapore-listed stocks on the London Stock Exchange, using the LSE’s newly-created international board.
Eurex inks deal with Taiwan Futures Exchange
The Taiwan Futures Exchange is to list futures and options on German derivatives exchange Eurex, following an agreement between the two bourses to make it easier for international investors to access each other’s markets round the clock.
Tradition FX platform cuts out HFT ‘predators’
A new FX platform built by inter-dealer broker Tradition and backed by 11 major global banks aims to remove the competitive advantage of low-latency trading in FX.
New BAML trading system aims at “disillusioned” investors
Bank of America Merrill Lynch is seeking to attract long-term investors who have become disillusioned with equity markets. Its new trading system, Instinct Natural, is a crossing network that is clearly geared towards customers that want to trade in blocks. But market participants have expressed concerns about its potential to meet the needs of long-term investors.
India’s MCX-SX prepares for February launch
Indian exchange MCX Stock Exchange has set a date to begin trading in equity derivatives, in a move that opens up a new front in the competition between India’s dominant BSE and NSE exchanges.
Low frequency trading
Hats off to Rising Sum, which has built a platform that identifies investment opportunities “using the acquisition criteria favoured by Berkshire Hathaway, Warren Buffet’s highly successful investment vehicle”.
Exchanges: time for a rebuild?
Technical problems at Nasdaq and BATS have reinforced the impression among many market observers that there may be something seriously wrong with equity market structure. Recent history reads like a catalogue of disaster for many of the world’s most prominent trading venues.
CME gears up for European OTC deluge
As new rules for the central clearing of OTC derivatives loom ever larger on the horizon in both Europe and the US, technology is helping to make the transition easier – but the kind of contracts being traded may well change, according to CME Group.
Banish Missed Trade Misery …
A study shows that 62% of City traders “admit to missing key investment or sell opportunities because they didn’t keep track of time zone differences”.
Eurex rejigs management as Reitz steps down from repo and bond subsidiaries
Peter Reitz, managing director of Eurex Repo and Eurex Bonds since 2006, has stepped down from the posts. He will continue to bear overall responsibility for the two subsidiaries on the Eurex Executive Board.
East Africa Exchange opens in Rwanda
The newly created East Africa Exchange, which is currently taking its first steps in Rwanda, is part of a regional integration project between Burundi, Kenya, Tanzania and Uganda that aims to boost liquidity and provide a commodities market for 130 million people across the region.
Telstra establishes high-speed route to Hong Kong
Hong Kong Exchanges and Clearing has improved its connectivity to the outside world, through a deal with low-latency specialist Telstra Global at its new data centre at Tseung Kwan O.
Chilean broker imports UK trading technology
Chilean broker Banchile, part of Santiago- based Banco de Chile, has deployed a brokerage platform from UK systems supplier Fidessa that will link it to international trading venues.
Squawker prepares for March debut with SIX Financial Information
Squawker, the start-up block trading venue headed by Christopher Gregory, has moved one step closer to its goal of providing a pan-European mid-point matching service for banks and brokers, following a deal between it and Switzerland’s SIX Financial Information this week.
LSE targets Latin American business through Peru deal
The London Stock Exchange Group has entered a partnership with Peru’s Lima Stock Exchange, in which the LSEG will provide trading and smart order routing technology to Peru.
