TheTradeNews.com

ASIC rule changes may shrink Australian dark pools

Wed, 22 May 2013 2:57:24 GMT

Changes to rules governing dark pools in Australia on 26 May may prompt a shift of equity market liquidity back onto lit trading venues, but mid-point crossing services are expected to thrive.

Mini crash fuels calls for market structure overhaul

Tue, 21 May 2013 16:07:05 GMT

A 'mini flash crash' that wiped out the value of a US stock has again suggested US market structure distress, days after a roundtable saw captains of the finance industry agree that regulators should be careful not to interfere with a well-functioning system.

Buy-side firms concerned over sales trader knowledge

Tue, 21 May 2013 15:20:42 GMT

Over half of asset managers do not agree that sales traders understand their business and how they generate alpha, according to research from US consultancy Woodbine Associates.

Barclays sees value in dark pool reporting

Tue, 21 May 2013 11:37:31 GMT

Barclays has confirmed it will continue reporting monthly aggregate data from its US dark pool LX citing the industry benefits of greater transparency, a month after rival dark pool operator Credit Suisse ceased relaying similar data.

Fox River expands into Japanese equities market

Tue, 21 May 2013 4:31:42 GMT

SunGard has announced that its algorithm provider, Fox River Execution Solutions, is set to expand its Asian coverage to offer use of its algorithms in the Japanese equity markets.

SIFMA appoints new CEO and president

Mon, 20 May 2013 17:29:12 GMT

Sell-side trade body the Securities Industry and Financial Markets Association has appointed former US senator Judd A. Gregg as CEO and former US representative Kenneth E. Bentsen, Jr. as president.

HKEx launches quartet of mainland futures

Mon, 20 May 2013 17:04:32 GMT

Hong Kong Exchanges and Clearing plans to introduce four new futures products that will broaden the choice for investors in mainland Chinese stocks.

FPL updates post-trade guidelines

Mon, 20 May 2013 15:51:07 GMT

Reducing settlement times and streamlining post-trade processes were key issues in new FIX Protocol Limited global post-trade processing guidelines released today, according to a senior member of FPL's post-trade team.

Aquis offers FIX testing ahead of potential October launch

Mon, 20 May 2013 15:07:39 GMT

New pan-European trading platform Aquis Exchange has teamed up with FIX certification firm FixSpec to let potential customers test FIX messaging as the venue eyes an October launch.

Rule-makers caught out in the dark

Mon, 20 May 2013 12:14:14 GMT

New rules introduced by MiFID II and a pan-European transaction tax could have far-reaching implications for dark trading in Europe, while US authorities are expected to review critical regulations that impact alternative trading venues.

FIA appoints director to manage global regulatory agenda

Mon, 20 May 2013 9:58:47 GMT

The Futures Industry Association has appointed Jacqueline Hamra Mesa to help develop, implement and manage its global regulatory and policy agenda.

EMIR extraterritoriality deadline ‘unrealistic’

Fri, 17 May 2013 15:18:10 GMT

Experts have warned a September deadline the European Commission has set for the European Securities and Markets Authority to draft technical standards covering the extraterritorial aspects of new clearing regulation will not be met.

CFTC gives SEFs green light

Fri, 17 May 2013 13:36:41 GMT

Swap execution facilities have been given the go-ahead after the US Commodity Futures Trading Commission passed final rules on OTC derivatives trading, including dropping the number of bids buyers must request to three.

Small investors at greater risk as institutions grow in Shenzhen

Fri, 17 May 2013 12:49:49 GMT

The Shenzhen Stock Exchange (SSE) published a study on 15 May 2013 that analyses the behavioural change of investors in the Shenzhen market. It shows the continued heavy participation by retail investors, even as institutional investment accumulates more of the free-float.

Koscom to use smartTrade SOR as venue competition looms

Fri, 17 May 2013 12:26:52 GMT

Koscom says it will use smartTrade’s liquidity management system to offer aggregation and smart order routing services to help their clients connect to new alternative trading systems in Korea.

Japanese listed infrastructure market takes shape

Thu, 16 May 2013 17:17:14 GMT

The Japan Exchange Group is moving ahead gradually with its concept of introducing a listed infrastructure market in Japan, according to updated plans published this week.

JPX and Nikkei to develop a new Japanese index

Thu, 16 May 2013 17:15:54 GMT

Agreement has been struck to develop a new stock price index in Japan. Japan Exchange Group, the exchange operator formed from the merger of the Tokyo Stock Exchange and Osaka Securities Exchange, are to combine with Nikkei to build the new product.

Buy-side clearing issues grow as swaps face liquidity dip

Thu, 16 May 2013 15:32:21 GMT

Many buy-side firms will not be ready for the 10 June swaps clearing deadline under the Dodd-Frank Act, which will contribute to an estimated US$55 trillion notional shortfall, research has shown.

Traiana's management tool for swaps to goes live

Thu, 16 May 2013 13:31:48 GMT

Traiana's risk management service for swap clearing is set to go live with users after the post-trade solutions provider completed testing with its first futures commission merchant.

Cleared US dollar IRSs increase ahead of buy-side deadline

Thu, 16 May 2013 13:21:44 GMT

The number of US dollar-denominated interest rate swaps being cleared has gone up by six percentage points since US rules kicked in two months ago, according to a new tool using data from the Depository Trust and Clearing Corporation.

No second chance for MiFID II – FCA

Wed, 15 May 2013 15:14:14 GMT

UK markets watchdog the Financial Conduct Authority has called on the industry to help regulators get MiFID II's technical standards "right first time" once the directive's text is finalised.

Asia leads the pack in cross-listed futures

Wed, 15 May 2013 10:31:19 GMT

Where in the world do cross-listed futures most frequently appear in local exchanges? Surprisingly, it is in Asia. That is according to a report from the financial industry research firm, TABB Group.

Innovate or degenerate, says Shenzhen CEO

Wed, 15 May 2013 2:40:26 GMT

Song Liping, president and CEO of the Shenzhen Stock Exchange, has admitted the Chinese securities industry still has a long way to go to meet the demands of the real economy through its gradual transitioning phase.

Judgement day approaches for Reg NMS

Tue, 14 May 2013 18:47:56 GMT

Six years after implementation, Reg NMS's days may be numbered, with the Securities and Exchange Commission planning a wholesale review of US equity market structure and a respected analyst calling for market participants to make their views known.

ITG turns TCA real-time

Tue, 14 May 2013 17:22:40 GMT

Execution and research broker ITG has released a new web-based tool that allows buy-side trading desks to monitor their execution performance in equity markets in real time.

ISDA publishes protocol for swap reporting compliance

Tue, 14 May 2013 16:55:22 GMT

The International Swaps and Derivatives Association has launched a reporting protocol aimed at helping market participants comply with mandatory trade reporting rules.

Spanish regulator outlines market reforms

Tue, 14 May 2013 16:43:18 GMT

Spanish regulator CNMV has taken steps to reform the registration, clearing and settlement system in the country's financial markets, with the publication of a set of key changes.

CX2 limited open attracts early liquidity

Tue, 14 May 2013 12:51:05 GMT

The first week of limited trading on alternative venue operator Chi-X Canada's second venue attracted liquidity in the ten stocks traded, while new electronic trading rules will have minimal impact on the market, according to Chi-X Canada CEO Dan Kessous.

Liquidnet appointments suggest further Continental push

Tue, 14 May 2013 12:36:44 GMT

Institutional block trading network Liquidnet has appointed two senior members to its EMEA team to build on positive early-year results as it grow its Continental Europe client base.

Euroclear expands collateral offering to US with DTCC

Mon, 13 May 2013 18:19:34 GMT

Post-trade services providers Euroclear and the Depository Trust and Clearing Corporation are joining forces to allow firms to manage holdings at both depositories across the Atlantic as a "single collateral pool".

Quote milestone signals US market weakness

Mon, 13 May 2013 17:52:58 GMT

The US market infrastructure is on the verge of managing a capacity of three million quotes a second, but the growing disparity between quotes and filled orders will weaken the market, believes one high-frequency trading expert.

Baby steps in the dark

Mon, 13 May 2013 15:52:17 GMT

The popularity of dark pools among institutional investors speaks volumes for their price improvement opportunities, but differences in execution performance are hard to tease out.

High frequency and dark pools are the ‘new normal’ says ASIC’s Medcraft

Mon, 13 May 2013 13:06:46 GMT

In a speech given to the Australian Shareholders Association by ASIC chairman Greg Medcraft last week, he made favourable comments about both dark pools and high-frequency trading (HFT), concluding that they had become the "new norm".

Investit buy-side commission initiative draws closer

Fri, 10 May 2013 17:13:18 GMT

An initiative bringing together UK buy-side firms to exchange perspectives on broker services, such as payments for research, led by consultancy Investit, will take place in coming weeks as key firms have signed on.

Is the waiting over for SEF rules?

Fri, 10 May 2013 14:46:05 GMT

Final rules on how OTC derivatives will be traded under Dodd-Frank could be revealed next week, with the US Commodity Futures Trading Commission scheduled to discuss key reforms.

Charles River slims Japanese client’s IT structure

Fri, 10 May 2013 14:17:45 GMT

Daiwa SB Investment, a large Japanese active manager, is to use the Charles River Investment Management Solution Version 9 for portfolio management, trading and pre-trade compliance for both international and domestic investment management operations.

Nasdaq OMX Nordic launches low-latency risk checks

Fri, 10 May 2013 14:03:57 GMT

A new pre-trade risk management tool for listed derivatives trading will shift risk checking to the exchange level and reduce latency for market participants, according to Nasdaq OMX Nordic.

BATS Chi-X Europe becomes registered exchange

Thu, 09 May 2013 16:07:07 GMT

Pan-European multilateral trading facility BATS Chi-X Europe has received its Recognised Investment Exchange licence from UK regulator the Financial Conduct Authority, giving it greater power to challenge Europe's primary markets and potentially drive down listing costs.

Volumes drift ahead of OTC derivatives reform deadlines

Thu, 09 May 2013 15:59:57 GMT

Global OTC derivatives trading volumes have slipped as market participants adjust to impending regulation and the emergence of swap futures, new data has shown.

Half of buy-side firms still not ready for swap rules

Thu, 09 May 2013 15:58:24 GMT

Nearly 50% of buy-side firms have yet to make operational adjustments for collateral requirements under new OTC derivatives rules – an investment that will cost the finance industry US$53 billion in infrastructure and technology, according to a new report.

Gresham Computing boosts Australian network

Thu, 09 May 2013 15:56:10 GMT

Gresham Computing, a UK-based provider of reconciliation tools and other technologies to financial institutions, is increasing the size of its Australian network, with a new headquarters in Sydney and new office in Melbourne.

HFT helps stabilise the market during shocks - Eurex

Thu, 09 May 2013 10:52:12 GMT

High-frequency trading provides stability to the market during crashes, according to Eurex data aimed at disproving buy-side "misconceptions".

Li floats return for HKEx closing auction

Wed, 08 May 2013 17:40:58 GMT

A closing auction has been absent from Hong Kong's stock exchange since 2009, but hopes of reinstatement have resurfaced.

FCA seeks consistent ‘proactive’ oversight by UK venues

Wed, 08 May 2013 14:53:24 GMT

The UK's financial markets regulator, the Financial Conduct Authority, has increased pressure on UK-based trading venues to better mitigate potential systemic risks through a new consultation paper.

MAS consults Singapore on RMB regulation

Wed, 08 May 2013 8:02:09 GMT

The Monetary Authority of Singapore has issued a consultation paper on proposed regulation of Renminbi foreign exchange conversions, and has requested feedback on its suggestions by the end of next week.

Can you see a tipping point in the dark?

Tue, 07 May 2013 17:43:28 GMT

Two reports on dark trading levels suggest the European equity market was approaching a landmark in the first quarter of 2013.

Kas Bank to report European trades to REGIS-TR ‘exclusively’

Tue, 07 May 2013 17:04:10 GMT

European trade repository REGIS-TR has signed up Kas Bank as its first client to report derivatives trades on behalf of market participants.

Australian market transformation revealed by ASIC data

Tue, 07 May 2013 16:40:22 GMT

The Australian Securities and Investments Commission has published a new statistical series that seeks to improve disclosure relating to execution quality on Australian equity markets. Its new equity market data will be produced on a quarterly basis, with the first publication relating to the quarter ended March 2013.

Will FPL shine new light on US order routing?

Tue, 07 May 2013 14:18:47 GMT

Institutional investors may gain easy access to a bonanza of equities execution data as the Americas buy-side execution working group of standards body FIX Protocol Limited examined whether to adapt its messaging protocol and execution venue reporting guidelines to support data on where orders were routed, but not filled.

‘Hash crash’ further erodes confidence in US market – report

Tue, 07 May 2013 13:12:13 GMT

Market confidence has been dwindling since the 'flash crash,' but a new report shows the recent Twitter fiasco that sent markets on a free fall last month had relatively little impact on participants' outlook.