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WFE Focus January 2011

International Securities Exchange launches sweep and cross functionality

The International Securities Exchange has launched sweep and cross functionality for its proprietary front-end trading system, called PrecISE Trade. With the efficiency of a single click, traders who enter large crossing orders are now able to sweep the entire options market to execute against the top of book liquidity at other exchanges and then cross the remainder of the order at ISE. The sweep orders will be sent to ISE’s Away Market Routing partner and when sweep executions are completed, a cross will be submitted at ISE for the remaining contracts.

Korea Exchange upgrades market surveillance system

To prevent new types of unfair trading practices, the Korea Exchange upgraded its market surveillance system on 3 January 2011. Major features include: 1) improved unfair trading detection model; 2) automation of analysis of the accounts suspicious of being involved in unfair trading; and 3) adoption of various analytical tools such as the visual analysis system which the surveillance officers may utilize in identifying abnormal trading patterns.

NYSE Euronext US options exchanges upgrade trading platform capacity

NYSE Euronext’s options exchanges, NYSE Arca and NYSE Amex Options, have completed the first phase of a significant technology upgrade program that will double capacity for both exchanges. In an ongoing effort to meet expanding industry volumes and quote traffic, the initial phase of the capacity expansion program was completed in the fourth quarter of 2010. The final phases of the program are anticipated to finish in the second quarter of 2011, following the first quarter 2011 migration of NYSE Euronext’s US options exchanges to its Liquidity Center in Mahwah, New Jersey. NYSE Euronext US options’ migration to the Universal Trading Platform will deliver a range of customer benefits, including the ability to quickly launch new trading applications that support distinct market structures and faster time to market for new functionality improvements. Upon completion of the capacity upgrade, both exchanges will be capable of processing 1 million orders and 8.4 million quotes per second with sub millisecond average acknowledgment times, up from 500,000 orders and 4.2 million quotes previously.

Philippine Stock Exchange invests in new market surveillance system

The Philippine Stock Exchange is acquiring a new surveillance system which will enhance its capability to monitor stock trading activities and strengthen market integrity. The sophisticated, fully automated new surveillance system known as “EXTURE”, was developed by the Korea Exchange. The new system is expected to be operational by the first quarter of 2012.

SIX Swiss Exchange launches improved version of its trading platform

SIX Swiss Exchange successfully launched a new version of its SWXess trading platform on 13 December 2010. The new version of the trading platform considerably shortens the time between two order entries and so facilitates significantly higher transaction rates. At the same time, delivery of trade confirmations to participants is optimized, thereby relieving their data lines. These measures have greatly increased data throughput and brought about a reduction in latency under one millisecond, depending on the participant’s location.

TMX Group introduces automated Jitney Service

TMX Group announced that Toronto Stock Exchange and TSX Venture Exchange now offer Smart Order Router (SOR) Automated Jitney service to subscribers through its existing Smart Order Router trading solution. The SOR Automated Jitney service uses leading-edge routing algorithms to automatically execute orders at the best price across all Canadian marketplaces, eliminating the need for multiple marketplace memberships.

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