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WFE Focus April 2011
New services

BME launches new information service

BME, the Spanish Exchanges, through its BME Market Data subsidiary, has launched new standardized end-of-day, historical data products aimed at improving transparency and answering the research and regulatory compliance needs of its clients. The new service provides information on all financial instruments traded on BME markets and includes information on closing prices and volumes, corporate actions, master data of the Spanish markets, including tick data service and positions. It also provides comprehensive information on all BME-managed indices, its constituents and weightings.

Bombay Stock Exchange launches debt rating tracker

The Bombay Stock Exchange introduced a new and innovative service, the BSE debt rating tracker. Through this service, the Exchange will document significant changes in credit ratings during the day for corporate bonds and send the information on a timely basis to its customers.

Bursa Malaysia Derivatives’ futures contract on composite index to be offered in the US

The Commodity Futures Trading Commission’s issued a no-action letter on 28 June 2011, permitting the offer and sale in the US of Bursa Malaysia Derivatives’ futures contract based on the FTSE Kuala Lumpur composite index.

CBOE Stock Exchange moves trading systems and simplifies pricing model

On 1 July 2011, the CBOE Stock Exchange moved its trading operations to the East Coast from Chicago and began trading from the Equinix NY4 Internet Business Exchange datacenter in Secaucus, New Jersey. CBSX’s move to the NY4 facility will increase execution speed for the majority of CBSX’s customers, which are located on the East Coast. In addition, on 1 June 2011, CBSX instituted a simplified pricing model with identical fees for both liquidity “makers” and liquidity “takers” trading on CBSX.

London Stock Exchange Group launches sponsored access service

The London Stock Exchange Group has launched its new sponsored access service designed to increase connectivity speed to the London Stock Exchange and Turquoise operated order books. The new service allows non-members a direct connection to LSEG’s electronic orders books using the trading codes of a sponsoring firm. These sponsored users, as a consequence will be able to execute low latency strategies on the London Stock Exchange as well all pan-European lit and dark order books operated by Turquoise.

NYSE BondMatch receives regulatory approval

NYSE BondMatch, NYSE Euronext’s new Multilateral Trading Facility (MTF) designed to meet European user needs for transparency, liquidity and effective pre- and post-trade services on the euro-denominated bond market, received regulatory authorization and began trading on 11 July 2011. It will enable professional investors to trade more than 1,800 international corporate, financial and covered bonds on a transparent order book with firm orders. It should also improve liquidity by being open to the buy and the sell sides. It offers compulsory post-trade services with a central counterparty (LCH.Clearnet) for settlement and delivery.

Shanghai Stock Exchange plans to establish blue chip market

The Shanghai Stock Exchange will map out a classified management mechanism for blue chips while building a blue chip market. In line with its blue chip market development, the Exchange will diversify the products of the multi-layer blue chip market, offer more investment products and channel more capital to blue chip companies. Moreover, it will promote companies in terms of corporate governance, adopt a classified supervision mechanism for different blue chips, and a different trading mechanism for grade-A companies.

Shanghai Stock Exchange enhances bond market liquidity and prevents market risk

To enhance bond market liquidity and prevent market risk, the Shanghai Stock Exchange will change the separate management over investors’ balances of bonds listed on both the fixed-income platform and the auction system (including the block trading system) by a centralized management, according to the “notice of interoperability in investors’ bond balances” published by the Exchange.

Singapore Exchange facilitates bond trading

From 8 July 2011, bond trading at Singapore Exchange is facilitated for individual investors with the introduction of market making provided by banks and brokers supporting trading of Singapore government bonds. This is expected to increase liquidity and price transparency.

Singapore Exchange to launch all day trading

From 1 August 2011, the Singapore Exchange’s securities market will trade continuously all day. Market hours will therefore overlap more with those of other Asian exchanges, enabling investors trading pan-Asian securities to respond to regional market movements and news flow. Investors will also face less risk as they will be able to manage their open positions in the securities market non-stop between 9:00 and 17:00 Singapore time.

SIX Swiss Exchange and Liquidnet launch new block equities trading service

SIX Swiss Exchange and Liquidnet have launched a new unique platform for non-displayed equity block trading with the roll-out of approximately 3,000 equities in five European equities markets: Switzerland, UK, France, Germany and the Netherlands, with more equities markets planned to be added over time. The platform allows SIX Swiss Exchange members and Liquidnet’s buy side members to execute large block trades safely and efficiently via this new liquidity source. Through this new platform, called SIX Swiss Exchange Liquidnet Service (SLS), SIX Swiss Exchange members can now direct executable block orders to Liquidnet. The new arrangement creates a new market structure that combines the latent liquidity in SIX Swiss Exchange with the block liquidity in the institutional market, creating greater efficiency for institutional trading while also providing liquidity and price improvement to both Liquidnet Members and members of SIX Swiss Exchange. Together the two venues marry price discovery, delivered by SIX Swiss Exchange, and quantity discovery, which Liquidnet provides, to create a better market structure.

Stock Exchange of Thailand implements new ceilings and floors for warrant products

On 5 July 2011, the Stock Exchange of Thailand implemented new ceilings and floors for derivative warrants, warrants and transferable subscription rights in order to limit risks, boost trading opportunity and reduce improper orders.

Tehran Stock Exchange launches options market

The Tehran Stock Exchange will introduce equities options contracts at the end of this summer. The Exchange is also making arrangements for the launch of new futures contracts based on TSE’s 30 blue-chip portfolio. Besides, the Tehran Stock Exchange filled a request with the Iranian Securities and Exchange Organization for establishing currency futures and gold ETFs markets. The proposal is being inspected by the regulators before ratification.

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