Stock Exchange


London Stock Exchange to begin trading Turkish derivatives

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.

BATS rejects compromise: calls for $1 billion US exchange fee cut

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.

ESMA: ‘crowdfunding would benefit from regulation’

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.

ICAP brings BrokerTec and EBS under one roof

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.

Capital markets should get back to basics say securities experts

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 “woefully” underestimate IT costs

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.

China opens up A-shares market as RMB gains traction

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.

Anti-HFT Aequitas Neo Exchange prepares for launch

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.

Deutsche Börse names new chief executive

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.

New pan-African Stock Exchange prepares for launch

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.

NYSE defends controversial “retrograde” self-regulation plan

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.

LME Clear opens for business

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.

BATS Chi-X sets sights on Swiss ETFs through BX deal

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.

Trading automation, regulations, and systemic risk

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 overhauls derivatives market

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.

Hong Kong gets set for China Connect

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,

LME overhauls network architecture

The London Metal Exchange is working with Colt to launch a new dedicated network interconnecting all its systems including the LME Clear clearing service.

Bahrain Bourse goes live with Nasdaq OMX trading engine

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 […]

CFTC’s O’Malia warns regulators to “Do No Harm”

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.

Don’t blame exchanges for “expensive” market data says Deutsche Börse

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.

Ullink plans NYFIX revival following purchase from ICE

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.

European market data: too high a price?

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.

European trading venues: the next generation

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?

MiFID II transparency: a brave new world

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.

Nasdaq OMX pursues data and technology revolution

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.

Russian DMA service targets investment banks

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.

Citi adds TCA tools to futures and options platform

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.

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