Trading Venues Industry News

US venues must avoid “carbon copy” effect    < 2014-02-26 >

New US equity trading venues must bringinnovation to the market and ensure they do not replicate existingfunctionality to avoid unnecessary liquidity fragmentation and complexity, the headof markets from recently launched dark pool IEX has said. With nearly 50 trading venues executing USequities, including exchanges and dark pools, complexity for marketparticipants has increased, although Donald Bollerman, head of marketoperations for IEX, believes there is scope for new entrants if they bring

LSE storms ahead in strong February equity trading    < 2014-03-03 >

European equity trading volume dippedslightly in February after booming in January but remain well ahead of lastyear, according to figures from Thomson Reuters Equity Market Share Reporter. Total turnover on European exchanges andmultilateral trading facilities (MTFs) reached €811 billion last month, 17%higher than the €693.7 billion seen in February 2013. This represents the highest Februarytrading volume since 2011, which saw market turnover hit €840 billion. Equity trading was down 10.5%

Aquis homes in on leading stocks for Q2    < 2014-03-04 >

Aquis Exchange is planning to focus onbuilding market share in key stocks within the markets it already serves aspart of the market’s second quarter growth strategy. The London-based multilateral tradingfacility was launched in November last year by former Chi-X Europe CEO AlasdairHaynes, touting a unique pricing model based on the telecoms industry. It launched offering trading in leadingFrench, Dutch and UK stocks and expanded its share universe to key German namesin January. Speaking to

Top US equity exchanges grow market share in February    < 2014-03-04 >

The top three US equity exchange operators all expandedtheir share of trading in February, which was the first month BATS GlobalMarkets has operated the two order books it acquired from Direct Edge. Value traded figures for the shortest month of the yeardipped to US$4.77 trillion from $5.05 trillion in January, with close to sevenbillion shares traded, according to data from Thomson Reuters Equity MarketShare Reporter. The New York Stock Exchange regained ground lost in January,trading 24.29%

HKEx issues results of securities market survey    < 2014-03-06 >

HongKong Exchanges and Clearing Limited (HKEx) has released its annual cash markettransaction survey. It shows year-on-year increases in the value of all typesof trading in its securities market. Thesurvey had been sent to 488 exchange participants, and HKEx received repliesfrom 94%. It covers the period from October 2012 to September 2013. In2012/13, trading in HKEx's securities market showed a broadly similar pattern to2011/12.  Local investors and overseas investors contributed 38% and 4

LSE faces off with BATS on post-trade reporting    < 2014-03-05 >

London Stock Exchange Group (LSEG) hasadded Swiss stocks to its trade reporting service to provide a pan-Europeanservice that puts it head-to-head with BATS Chi-X Europe’s offering. The exchange operator said the addition ofSwiss stocks was the final missing piece of its service for reporting OTCequity trades, which is available to both LSE members and non-members. It believes its low cost offering that canbe seamlessly integrated for existing exchange members will prove attractive ina market

HKEx’s CEO warns of RMB volatility    < 2014-03-09 >

China’s currencyis set for more turbulence according to Charles Li, the CEO of Hong KongExchanges and Clearing (HKEx). The renminbi(RMB) has recently been moving more than usual relative to the US dollar. On 10March it opened for trading at RMB6.12/US$1, which is roughly midway betweenthe currency’s 52 week high and low of 6.22 and 6.03 respectively. The central banksets a fix around which the currency can trade higher or lower by one percenteach day. Over three weeks the currency fell 1.4%

FINRA confirms May start to ATS reporting    < 2014-03-13 >

Dark pool reporting for US venues regulated as alternativetrading systems (ATS) will begin the week starting 12 May the FinancialIndustry Regulatory Authority (FINRA), the body running the program, hasconfirmed to The first reports will cover the week starting 12 May andwill be submitted by ATSs to FINRA by 28 May, and made public the followingMonday, 2 June, meaning the buy-side will for the first time have access toaccurate dark pool volume data. FINRA has confirmed these

Credit trading on SEFs led by dealer-to-client platforms    < 2014-03-17 >

A report from consultancy Celent on swap execution facilities (SEFs) has shown credit products are dominated by one venue, while liquidity in rates instruments remains tightly held by inter-dealer brokers (IDBs). The report, the second of a two-part series released inMarch, has shown a concentration of interest rate swap trading on IDB SEFs, while credit default swaps activity has been constricted todealer-to-client (D2C) platforms, chief among them Bloomberg. “[For credit] Bloomberg is the l

Euronext initiative to ease ETF NAV trading    < 2014-03-11 >

Euronext has launched an exchange-tradedfund (ETF) net asset value (NAV) trading facility to enable investors to tradefunds based on the value of their underlying assets. The NAV trading facility will execute ordersbased on NAV in a once-per-day process. Euronext said this will provideinvestors with a simpler and more accessible mechanism for trading at NAV whichavoids the need to manage intra-day trading positions. The facility will alsoenable European savings plans to include ETFs in their p

MENA exchanges sign up for Euronext trading platform    < 2014-03-18 >

Euronext has agreed to provide four stockexchanges across the Middle East and North Africa (MENA) with its tradingplatform technology. The exchanges are the Amman Stock Exchange,Beirut Stock Exchange, Bourse de valeurs Mobilleres de Tunis and the MuscatSecurities Market. All four will implement Euronext’s newUniversal Trading Platform (UTP), UTP-Hybrid. The new platform will give the exchangesoptions for customisation, project delivery and a ten-year support agreement. All four currently wor

Intra-day auction considered by LSE    < 2014-03-19 >

The London Stock Exchange (LSE) isconsulting market participants on the introduction of an intra-day auction totake place at 2pm each trading day. LSE said the move will help to concentrateliquidity and facilitate block trading while providing buy-siders with greatercertainty than dark pools. It has proposed an auction for all stockstraded on both its Stock Exchange Electronic Trading System (SETS) and International Order Book to take place at 2pm and said following theconsultation could be i

First licence granted for pan-African exchange operator    < 2014-03-25 >

ALTX Africa Group, a new exchange operatorfocusing on East Africa, has been granted its first licence to launch a venuein Uganda. ALTX plans to launch a securities andderivatives market across the East African region and intends to widen itspresence across the continent in the future. It has also agreed to a partnership withLondon-based GMEX Technologies, a subsidiary of Global Markets Exchange Group(GMEX), founded by former Chi-X Europe COO, Hirander Misra. The partnership will see ALTX use

Thomson Reuters outlines tougher rules for FX market    < 2014-03-25 >

Thomson Reuters has proposed an update toits matching rule book, setting higher industry standards in FX trading. The proposals have been in development forthe past year and incorporate feedback from market participants on how toencourage behavior that sustains primary markets. Revisions to the Thomson Reuters Matchingrule book are intended to encourage interest at top of book, maintain highcertainty of execution and provide a fair and orderly trading experience. The rules will also discour

NLX hails milestone in Euribor contract trading    < 2014-04-02 >

London derivatives exchange Nasdaq OMX NLXhas reported it now has a consistent market share in Euribor contracts of morethan 10%, a figure it said is a major milestone in its growth. The exchange, which was launched in Maylast year, is competing on trading of several contracts offered on Liffe andEurex and said it has successfully won significant market share from both. On three-month Euribor contracts, NLX saidits 30-day moving average for the past two months has been greater than 10%,with a

Turquoise market share bolstered in strong March trading    < 2014-04-01 >

European trading activity climbed in March,signalling the strong recovery seen at the beginning of the year is set tocontinue. Total market turnover for the month was€902.6 billion, the highest March figure since 2011, according to ThomsonReuters Equity Market Share Reporter. Trading volumes were just short of the €907billion seen in January and 11.2% higher than the €811.5 billion of marketturnover seen in the short trading month of February. Europe’s biggest exchange operator byvolume, BAT

NYSE edges forth in March volumes    < 2014-04-03 >

The New York Stock Exchange (NYSE) executed22.68% of US equities in March, up from 21.3% in February, as BATS GlobalMarkets’ share of trading slips. In total, 130.65 billion shares traded inMarch. NYSE’s two order books captured 22.68% of volume traded with 29.15billion shares traded, according to Thomson Reuters Equity Market Sharereporter. Value traded figures increased fromFebruary, with NYSE trading US$1.28 trillion in March, up from US$1.158 trillionin the shorter month of February.  Na

BATS to boost liquidity with tiered rebates    < 2014-04-03 >

BATS Chi-X Europe has changed its pricingmodel on its main lit order book to enhance liquidity in response to growingEuropean trading volumes. The new pricing model introduces a tieredsystem for market participants that add liquidity, with rebates varying frombetween 0.15 basis points (bps) to 0.25bps depending on monthly notional valuetraded. The new prices apply to the CXE lit order book across UK, Irish,French, Dutch, Belgian and Portuguese securities, including depositary receiptsand excha

Turquoise sets sights on new block trading functionality    < 2014-04-03 >

Turquoise is looking at introducing a newdark block trading service in preparation for incoming MiFID II rules. The pan-European multilateral tradingfacility (MTF) is currently working on developing block trading functionalitywith members and buy-side firms, with tentative plans to launch this year.   James Baugh, head of pan-European sales andmarketing at the London Stock Exchange, which owns a majority stake inTurquoise, told the service will help market participants trade

TOM adds ETFs to product offering    < 2014-04-07 >

Dutch trading venue The Order Machine (TOM) has addedexchange-traded funds (ETFs) to the list of products traded on the platform,alongside equities and options. In a statement, the multilateral trading facility said this would give thebuy-side in Europe greater scope to meet best execution requirements under the MiFIDregulatory framework. The TOM platform is also linked to a proprietary smartorder router that lets users compare prices in instruments between markets atlow latency to ensure the

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