Chi-X Europe, a pan European multilateral trading facility (MTF) owned by agency brokerage Instinet, will start offering Portuguese stocks from 26 June.
From this date, five stocks from the PSI20 index – EDP Renovaveis, Energias de Portugal, Galp Energia, Portugal Telecom SGPS and Zon Multimedia Servicos de Telecomunicac will be made available for trading.
BATS Europe, the pan-European multilateral trading facility (MTF) backed by US exchange BATS, achieved record market shares of the total value traded on four major European indices on 2 June, the first full day of its inverted price promotion for NYSE Euronext-listed stocks.
John Cameron, architect of the CameronFIX Engine acquired by Orc Software in 2006, has left his role as the firm’s chief technology officer to establish an IT consultancy, Cameron Edge, which will specialise in services relating to electronic trading systems and the FIX messaging protocol.
LeveL ATS, a non-displayed trading venue for US equities, has launched a new order type called SmartBlock, which gives participants control over trading activity at the venue level when executing blocks of stock.
SmartBlock allows investors to control the rate of execution if a stock deviates from the expected arrival price.
John Cameron, architect of the CameronFIX Engine acquired by Orc Software in 2006, has left his role as the firm’s chief technology officer to establish an IT consultancy, Cameron Edge, which will specialise in services relating to electronic trading systems and the FIX messaging protocol.
LeveL ATS, a non-displayed trading venue for US equities, has launched a new order type called SmartBlock, which gives participants control over trading activity at the venue level when executing blocks of stock.
SmartBlock allows investors to control the rate of execution if a stock deviates from the expected arrival price.
Goldman Sachs Electronic Trading (GSET) is upgrading its SIGMA smart router to allow clients to seek the best price for dual-listed stocks across US and Canadian stock trading venues, while using real-time FX rates for single currency settlement.
"In the past two years the market structure in Canada has changed at a very rapid pace," said Todd Lopez, head of international sales for GSET North America. "With nearly 200 stocks currently inter-listed on the Toronto Stock Exchange (TSX) and US exchanges, traders need to access liquidity seamlessly in both markets while automatically hedging their currency exposure in real time."
The European Commission (EC)’s proposals for a new pan-European financial regulatory structure, based on recommendations by the de Larosière group, do not provide a sufficiently clear framework, according to some observers. The Commission has called for the creation of the European System of Financial Supervisors to provide a more centralised structure for financial regulation in the region. The body would be fully accountable to political authorities in the EU. Under its new plans, the three current EC committees charged with harmonising banking, insurance and securities.
Fifty-seven percent of buy-side traders would change their trading practices if transaction cost analysis (TCA) played a larger role in determining their compensation, according to a new survey from consulting firm Greenwich Associates.
The survey, which asked institutions in the US, Canada and Europe about the use, effectiveness and shortcomings of TCA tools, also detected a reluctance to rely heavily on TCA when determining buy-side traders’ pay as a result.
Pipeline Trading Systems, a non-displayed equities liquidity pool, has introduced enhancements to its Algorithmic Switching Engine in the US to give traders more control over how they use the system.
The upgrade includes greater flexibility on the aggression levels that traders can use to complete orders. Pipeline’s Algorithmic Switching Engine can shift orders between any of 120 premium algorithm strategies based on an analysis of client execution preferences to achieve best execution.
Hong Kong Exchanges and Clearing (HKEx) has appointed Charles Li, current chairman of J.P. Morgan China as its new chief executive.
Li will succeed outgoing CEO Paul Chow from 16 January 2010, but will join the firm on 16 October this year to ensure a smooth transition. In his current role, Li is responsible for all of J.P. Morgan’s businesses in China. He has also worked for international law firms in New York and has 20 years of investment banking experience for firms in Beijing, Hong Kong and New York, including as president of Merrill Lynch in China.
Liquidnet, a buy-side-only non-displayed multilateral trading facility (MTF), set a new record for daily principal traded in Europe on 2 June. The MTF traded £545.24 million, beating its previous one-day record of £520.80 million, set in December 2007.
Meanwhile, German exchange group Deutsche Börse has announced that its Xetra MidPoint non-displayed order book, launched on 24 November last year, achieved an average daily order volume of 12,000 in May, and a peak level of 28,000 orders. The highest daily turnover achieved on the book to date is $40 million. Xetra MidPoint offers automatic execution at the mid-point of the bid-offer spread.
BATS Exchange, a US equities trading venue, has launched BATS Optional Liquidity Technology (BOLT), a tool allowing members to see unfilled portions of marketable orders before the orders are either cancelled or routed elsewhere.
BOLT will be made available both for orders using the BATS Only order type and those using certain routing strategies offered by the platform. Unfilled portions
of marketable orders are displayed through BATS’ proprietary data feeds for a limited period of time, allowing the opportunity for additional executions before cancellation or onward routing.
Transatlantic exchange group NYSE Euronext has reported that average daily trading volumes across its European cash equities markets in May 2009 were 1.5 million transactions – 14.6% up on May 2008. April 2009’s ADV of 1.6 million transactions was a 15.5% increase over the previous April.Volume results at other European exchanges paint a similar picture. In the entire month of May 2009, 14.7 million transactions were executed on Xetra, the electronic trading system of German exchange group Deutsche Börse, a 2.2% increase over the 14.4 million transactions traded in May 2008. The London Stock Exchange Group (LSE) reported an average daily trading volume of 1 million in May, a 14% year-on-year increase.
Fifty-seven percent of buy-side traders would change their trading practices if transaction cost analysis (TCA) played a larger role in determining their compensation, according to a new survey from consulting firm Greenwich Associates.
The survey, which asked institutions in the US, Canada and Europe about the use, effectiveness and shortcomings of TCA tools, also detected a reluctance to rely heavily on TCA when determining buy-side traders’ pay as a result.
Pipeline Trading Systems, a non-displayed equities liquidity pool, has introduced enhancements to its Algorithmic Switching Engine in the US to give traders more control over how they use the system.
The upgrade includes greater flexibility on the aggression levels that traders can use to complete orders. Pipeline’s Algorithmic Switching Engine can shift orders between any of 120 premium algorithm strategies based on an analysis of client execution preferences to achieve best execution.
Hong Kong Exchanges and Clearing (HKEx) has appointed Charles Li, current chairman of J.P. Morgan China as its new chief executive.
Li will succeed outgoing CEO Paul Chow from 16 January 2010, but will join the firm on 16 October this year to ensure a smooth transition. In his current role, Li is responsible for all of J.P. Morgan’s businesses in China. He has also worked for international law firms in New York and has 20 years of investment banking experience for firms in Beijing, Hong Kong and New York, including as president of Merrill Lynch in China.
"With his extensive experience and expertise in financial markets and management, Paul has been instrumental in leading HKEx's executive management in carrying out the previous three-year strategic plan (2004-2006), and implementing the 2007-2009 strategic plan to address challenges in an increasingly competitive environment,” commented Ronald Arculli, chairman, HKEx. “He will leave HKEx in a strong position to build on the solid foundation established during his tenure.”
Liquidnet, a buy-side-only non-displayed multilateral trading facility (MTF), set a new record for daily principal traded in Europe on 2 June. The MTF traded £545.24 million, beating its previous one-day record of £520.80 million, set in December 2007.
Meanwhile, German exchange group Deutsche Börse has announced that its Xetra MidPoint non-displayed order book, launched on 24 November last year, achieved an average daily order volume of 12,000 in May, and a peak level of 28,000 orders. The highest daily turnover achieved on the book to date is $40 million. Xetra MidPoint offers automatic execution at the mid-point of the bid-offer spread.
