G’day All,
Well, another busy week and as a result I have not kept up with the headlines.
LSE: STG 350 mill for investment opportunities. Italian firms migrated to TradElect.
SWX: As always, sorry to hear of job losses.
Nasdaq: Continuing rationalisations. I agree with breaking the defacto reference data monopolies.
NYSE.EN: Delays the octopus
Exchanges generally feeling the pinch of monopoly habits. Index fall hints at stock exchange consolidation
Liquidnet: Busy in Asia
SGX: Thinks ASEAN
Alpha: in Canada: Interesting what industry syndicates can achieve: Alpha Group was established in May 2007 by BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
Regulation:
Industry associations flag MiFID faults in EC survey: If someone can find this report on the EC web site (drove me nuts) or anywhere I’d be interested in reading a copy.
Other reading:
Icap publishes OTC markets white paper
http://www.finextra.com/fullpr.asp?id=24492
and the report is available from their home page:
www.icap.com
When Madonna first moved to England she said she wanted to feel more English.
She is now an unmarried, single mother with three kids from different fathers, one of them black.
Job done
I’ll be in Singapore next week for TradeTech Asia so if anyone wants to meet up, just let me know.
Have a wonderful weekend all.
Rugby will have to wait till I get home!
S
LONDON STOCK EXCHANGE TAKES LEHMAN CHARGE AND SETS BACK BAIKAL LAUNCH Shares in the London Stock Exchange dropped by more than ten per cent after the UK market operator cancelled its share buy-back programme and warned of "extraordinarily difficult" market conditions.
Full story: http://www.finextra.com/fullstory.asp?id=19283
LSE BRINGS ITALIAN EQUITIES ONTO TRADELECT
The London Stock Exchange has completed the migration of Italian equities onto the TradElect platform, creating Europe's deepest pool of liquidity.
More on this story: http://www.finextra.com/fullstory.asp?id=19270
SWISS EXCHANGE TO CLOSE SWX EUROPE WITH THE LOSS OF 40 JOBS
In a move that marks the end of a seven-year presence as a recognised investment exchange in London for the Swiss group, SIX Swiss Exchange will close SWX Europe and reunify share trading in Zurich by mid-2009 in an effort to streamline operations and cut costs.
More on this story: http://www.finextra.com/fullstory.asp?id=19263
SWISS EXCHANGE PULLS LONDON TRADING BACK TO ZURICH -- November 11, 2008
SWX closes London business amid competitionSwiss Exchange, Europe’s fifth largest stock market, has become the first European exchange to succumb to the increasing pressure on the region's main equity markets from new trading rivals, announcing its decision to shut a London-based operation and move it to Zurich.
NASDAQ BACKS SEC ON SECURITIES SYMBOL SELECTION PLAN
http://www.finextra.com/fullpr.asp?id=24446
NASDAQ OMX REORGANISES NORDIC OPERATIONS AFTER NORD POOL ACQUISITION
http://www.finextra.com/fullpr.asp?id=24457
Liquidnet responds to crossing demand in Singapore
SGX wants Asian clearing links for ASEAN exchange initiative
Market turmoil delays NYSE Euronext MTFs
Alpha trading platform snatches 36% share in Canadian blue chips
BATS Europe would be “disappointed” with 5% market share
Industry associations flag MiFID faults in EC survey
Call for evidence on the impact of MiFID on secondary markets functioning
Closing date : 09 Jan. 2009
http://www.cesr-eu.org/index.php?page=consultation_details&id=125
TRADEWEB DEVELOPS ONLINE MARKETPLACES FOR CDS INDEX TRADING IN US AND EUROPE
http://www.finextra.com/fullpr.asp?id=24439
FSA probes new equities trading platforms for transparencyThe Financial Services Authority has launched an investigation into at least two of Europe’s new equities trading platforms, in a move that signals the financial turbulence has led market regulators to question the transparency of their operations. (Financial Times)
Index fall hints at stock exchange consolidationAn index tracking the share price performance of the world's top listed exchanges fell more steeply in October than in any other month this year, suggesting the sector may be facing a wave of consolidation next year.
THE TRADE NEWS: SGX Wants Asian Clearing Links for ASEAN Exchange InitiativeBy Staff11/10/08Hsieh Fu Hua, CEO of the Singapore Exchange (SGX), has outlined provisional clearing and settlement arrangements for a pan-Asian stock exchange.At the 12th general meeting of the Asia-Pacific Central Securities Depository Group on Monday, Hsieh proposed that any Asian cross-border trading initiative should be accompanied by clearing and depository links between the countries involved.The Association of Southeast Asian Nations (ASEAN) has been exploring the idea of an electronic cross-border trading platform, in keeping with the association’s desire to establish closer links between its member’s capital markets by 2015. The exchanges involved are SGX, Indonesia Stock Exchange, Vietnam’s Ho Chi Minh City Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange and the Stock Exchange of Thailand. The exchanges in Korea and Tokyo have also been invited to share their thoughts. At present, it is proposed that an ASEAN trading board would consist of the 30 “best” or most liquid stocks from each exchange involved in the project. It is intended that investors will be able to trade ASEAN stocks through their own local brokers, who will then use a corresponding broker in the home market where the stock is listed. Trading of stocks will continue to be subject to the rules of their own individual markets.“SGX has proposed that the trading board be accompanied by clearing and depository links, which will enable better management of risks and settlement failures,” said Hsieh. “This will also reduce costs for overseas brokers, who will only need to build back-office structures in their home markets. The creation of multilateral clearing links is a natural precursor to the integration of trading platforms, paving the way for a more liquid, lower risk and cost-efficient pan-Asian market.”Talks between ASEAN members are ongoing. A statement issued by SGX to The Trade read, “SGX continues to work closely with the ASEAN exchanges to pursue possibilities and work out the feasibility of the project. As such, the details and time frame have yet to be established.”
THE TRADE NEWS: Alpha Trading Platform Snatches 36 Percent in Canadian Blue ChipsBy Staff11/11/08Alpha, the alternative trading system (ATS) launched last Friday by a consortium of Canadian brokers, grabbed 36.24% of overall volume in ten blue-chip Canadian stocks on its second day of trading.Alpha achieved 10% of total volume across the ten securities in which it offers trading on its first day. The ATS is backed by nine brokers, but approximately 30 market participants were connected at launch. “Volume and value traded are key success indicators but what struck us most today was liquidity,” said Jos Schmitt, CEO of Alpha Group. “Throughout the day, Alpha was often showing the greatest liquidity at equivalent or better bid and ask spreads than other market places, despite the fact that many dealers are still ramping up their capabilities to trade on Alpha. This gives us a glimpse about what is to come and tells us where investors will need to look for price discovery and efficient execution.”Alpha Group was established in May 2007 by BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
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