Week 48-2011: Platforms, Trading, Clearing & Settlement, Polic
Platforms
BATS Poised to Complete Acquisition of Chi-X Europe
BATS Global Markets said it received formal approval from the United Kingdom’s Competition Commission to acquire Chi-X Europe, the largest pan-European trading venue.
This was the last regulatory approval required to complete the acquisition. BATS will merge Chi-X Europe into BATS Europe to create BATS Chi-X Europe. The combined operation will be the largest electronic trading venue in Europe, exceeding the volume of the London Stock Exchange or the Frankfurt Exchange.
BATS Chi-X Europe will handle approximately 25% of European equities trading.
BATS COMPLETES CHI-X ACQUISITION
http://www.finextra.com/news/announcement.aspx?pressreleaseid=42218
|
Chi-X / ASX (source: IRESS) |
||||||
|
Chi-X |
|
ASX |
|
% Chi-X/ASX |
||
|
21 - 25 Nov |
132624 |
-23.08 |
6245796 |
5.12 |
2.12 |
|
|
31 Oct - 4 Nov |
172416 |
124.98 |
5941462 |
1.40 |
2.90 |
|
|
7 - 11 Nov |
76636 |
310.26 |
5859346 |
-13.49 |
1.31 |
|
|
14 - 18 Nov |
18680 |
na |
6773086 |
na |
0.28 |
|
As of today PureMatch is operational. PureMatch is an alternative order book introduced by ASX to facilitate high frequency traders.
http://www.asx.com.au/documents/trading_services/asx-purematch-factsheet.pdf
11-266AD ASIC releases ASX assessment report
http://www.asic.gov.au/asic/asic.nsf/byHeadline/11-266AD%20ASIC%20releases%20ASX%20assessment%20report?opendocument
Australia has a new Gold Exchange
Trading has commenced today on the Australian Bullion Exchange (‘ABX’), Australia’s first physical bullion exchange.
HKEx Research and Corporate Development has released the Derivatives Market Transaction Survey 2010/11.
The full report of the survey is available on the HKEx website.
http://www.hkex.com.hk/eng/stat/research/research.htm
ASEAN Exchanges CEOs: Plans on Track to Promote ASEAN as an Asset Class
Following the November 2011 ASEAN Exchanges CEOs meeting, the ASEAN Exchanges CEOs announced November 17 that the collaboration framework is on track towards meeting its goals of collectively...
The seven ASEAN Exchanges have a combined market capitalization of approximately USD2.0 trillion and more than 3,600 companies listed on their exchanges.
http://www.asiaetrading.com/asean-exchanges-ceos-plans-on-track-to-promote-asean-as-an-asset-class/
Error Trade Triggers Colombo Exchange's Circuit Breakers
An error trade in the shares of a listed company triggered a market-wide halt on the Colombo Stock Exchange (CSE) today.
The volatility safeguards in place on the Sri Lankan bourse ensure that trading is halted if the Milanka Price Index (MPI) drops by more than five percent within the day from the previous market's close.
Colombo Exchange Trading Systems
http://www.cse.lk/static/TradingSystems.htm
Canada Rising: CNSX Markets Holds Its Own
CNSX Markets was established in 2001, the year that the TSX acquired the Canadian Venture Exchange. Enter the CNSX, the first new Canadian stock exchange in more than 75 years. The Toronto-based startup would try to carve out a niche for itself among Canada’s junior capital space, comprising firms in the oil, gas, base and precious metals, bio-farm and bio-tech industries. The CNSX marketplace was launched in the summer of 2003 and a year later became a fully recognized stock exchange.
Pure Trading, the CNSX’s ATS . Pure was a major change for the Canadian marketplace and represented a significant technology overhaul in the industry, as everything from order management systems (OMSs), data management systems and smart order routers had to be upgraded.
Pure and the CNSX are lit markets, as are Omega, Alpha, Chi-X and the TSX Venture Exchange (TSX-V). Currently, the dark liquidity conversation is in its infancy, as only 3 percent of Canadian trade volumes are transacted in the dark. But in June alone, the country saw the addition of two new dark ATSs, and one lit ATS.
http://www.waterstechnology.com/waters/feature/2086364/canada-rising-cnsx-markets-holds
TMX RESOLVES STOCK SYMBOL MALFUNCTION
http://www.finextra.com/news/announcement.aspx?pressreleaseid=42219
TMX Bids for Risk Management Software Vendor Amid Troubles
Canadian exchange operator TMX Group has entered into a takeover agreement with Sydney-based risk management software provider Razor Risk Technologies and will acquire all of the vendor’s issued shares. The offer is for CAD$.0349 ($.0343) per share, equivalent to a purchase price multiple of one times annual sales as of June 2011. Razor’s board has indicated that it will accept the offer, subject to its terms and conditions.
NYSE EURONEXT TO SHUTTER SECFINEX
US exchange operator Nyse Euronext is to shutter its SecFinex securities lending platform in the face of a dismal economic climate.
Nyse Euronext acquired a 51% stake in the London-based business in 2007 in partnership with Societe Generale and Fortis.
SecFinex tried to reposition as a central clearing counterparty, striking a deal with DTCC-backed EuroCCP to launch a service for the UK market.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23218
TRADEWEB INTRODUCES AUSTRALIAN GOVERNMENT BOND MARKETPLACE
http://www.finextra.com/news/announcement.aspx?pressreleaseid=42235
Clearing
Across the Pond
...is a DTCC publication designed to provide a "thumbnail" sketch of financial regulatory reform activities in the United States and European Union.
Enjoy!....
http://www.euroccp.co.uk/leadership/newsletters/atp_issue8.pdf
Policy
Javelin in the News
Participants:
Man’s Aussie client list.
Pursuant to Rule 5160(b), the Exchange has suspended the following entities’ admission as an ASX 24 Trading Participant:
* Biskra Aotearoa Limited
* Brahman Securities Pty Limited
* Epoch Capital Pty Limited
* GETCO Australia Pty Limited
* GFIN Pty Limited
* MW Markets Pty Limited
* Obmar Pty Limited
* Rouge Homme Futures Pty Limited
* Seacurl Trading Pty Limited
* Sean Taberner Trading Pty Limited
* Silkroad Capital Pty Limited
* S J L Hindsight Securities Pty Limited
* Spectrum Capital Proprietary Limited
* TransMarket Trading Pty Limited
http://www.asiaetrading.com/asx-24-suspends-14-trading-participants/
Further details are set out in ASX 24 notice No. 201/11
http://www.sfe.com.au/content/notices/2011/notice2011_201.pdf.
Bankrupt MF Global Sticks Tech Vendors with Unpaid Bills
A list of MF Global Holding's unsecured creditors and shareholders includes Caplin Systems Ltd., owed $427,520; Headstrong Services, an IT consultant, owed $3.9 million, Bloomberg Finance, LP, owed $276,064, according to a story in Bloomberg News, which cites the company's bankruptcy filing and related court papers filed in the Manhattan bankruptcy court.
Earlier this week, Patsystems, a provider of screen-based dealing systems for futures and options markets said it also is suffering a financial loss by the collapse of MF Global, its largest client. The shortfall in revenues from MF Global has led Patsystems to consider a possible takeover offer from ION Trading, a technology firm that currently owns 29 percent of the company and is its largest shareholder. ION has valued each share in Patsystems at 14 pence or 20 cents per share, according to Monday's statement.
JPMorgan Chase Remains Largest Bank in U.S.
As of Sept. 30, JPMorgan had $2.27 trillion in assets, ahead of Bank of America (Charlotte, N.C), with $2.21 in assets, according to SNL. JPMorgan Chase overtook BofA in October as the country's largest bank, a position held by Bank of America since it acquired Merril Lynch in the first quarter of 2009.
http://www.banktech.com/core-systems/232200339?cid=nl_bnk_daily
11-277MR Westpac reviews use of 'stress-free' in response to ASIC’s concerns
http://www.asic.gov.au/asic/asic.nsf/byHeadline/11-277MR%20Westpac%20reviews%20use%20of%20%20'stress-free'%20in%20response%20to%20ASIC%E2%80%99s%20concerns?opendocument
UBS CHIEF RISK OFFICER MISKOVIC REPLACED BY PREDECESSOR In the wake of its $2.3 billion trading scandal, Swiss bank UBS has replaced chief risk officer Maureen Miskovic after less than a year in the job.
UBS insists the departure of Miskovic is not connected to the events that saw London-based Kweku Adoboli make a loss of $2.3 billion through unauthorised trading.
Full story: http://www.finextra.com/news/fullstory.aspx?newsitemid=23216
