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WFE Focus April 2011
New services

BM&FBOVESPA releases new trading and post trading fees

BM&FBOVESPA is engaged in the process of improving and refining its pricing policy with the aim of enhancing product efficiency, heightening market liquidity and attracting new local and foreign investors. In this framework, the exchange made an important move towards eliminating cross subsidies embedded in its trading and post-trade fee rates and released a new pricing policy.

ICE launches BRIX

The IntercontinentalExchange launched BRIX, a Brazilian marketplace for electric power. BRIX offers a transparent, electronically traded marketplace for key Brazilian power contracts, including a range of risk management tools for eligible power market participants. Bids, offers and trades are shown in real time on the BRIX screen for all participants.

ISE enhances price improvement mechanism

On 15 July 2011, the International Securities Exchange’s Price Improvement Mechanism (PIM) for options classes traded on the Optimise platform was enhanced to accept multi-legged option orders. Through PIM, member firms will now be able to facilitate their customers’ orders of less than 50 contracts at a price that is at least one cent better than the best bid or offer available on ISE. PIM orders are exposed for further price improvement to all ISE market participants for one second. By allowing for complex orders to be entered into PIM, customers can now benefit from a price improvement auction that provides the opportunity to achieve a better net price for multi-legged orders.

Osaka Securities Exchange revises trading hours for derivatives

The Osaka Stock Exchange extended the trading hours of its night session (previously called evening session) until 3:00 on the next day from 19 July 2011.

Shenzhen Stock Exchange increases upper limit for declaration of single bond transaction

On 18 July 2011, the Shenzhen Stock Exchange raised the upper limit for the declaration of a single bond transaction or bond collateralized repurchase transaction to CNY 1 m.

Singapore Exchange starts all-day trading

On 1 August 2011, Singapore Exchange’s securities market began trading continuously all day. All-day trading allows investors to respond more easily to regional market movements and news flows as Singapore’s securities market hours now overlap more with those of other Asian exchanges, including those in China, India and Japan. Investors face less risk as they will be able to access the market throughout the day to manage their Pan-Asian investments on SGX.

Singapore Exchange launches new website for investors

On 25 July 2011, the Singapore Exchange introduced its improved website sgx.com, designed to enhance customers’ experience as they seek information on Asian listed companies, market data, and regulations. SGX launches new online initiatives for retail investors

The Singapore Exchange introduced two online initiatives: “Customer Account Review Module” and “SGX Online Education program” to support retail investors in their understanding and trading of “Specified Investment Products” listed on SGX. These include futures, options, structured warrants, exchange-traded funds, and exchange-traded notes. SGX began working on both initiatives last year, in response to the Monetary Authority of Singapore’s (MAS) proposal to enhance safeguards for retail investors for Specified Investment Products. Under the proposal, MAS requires broking firms to ascertain whether a retail investor has the relevant knowledge and experience to understand the risks and features of Specified Investment Products before allowing the investor to open an account to trade Specified Investment Products listed on both securities and derivatives markets. The online initiatives have been developed in consultation with market participants including broking firms, Securities Investors Association and the Consumer Association of Singapore.

Stock Exchange of Thailand promotes internet trading via simulation contest

The Stock Exchange of Thailand is boosting Thailand’s base of retail investors who use the Internet to trade equities or derivatives by releasing a second round of an annual online trading simulation competition, Click2Win. The upcoming round will be launched in September 2011, building on its success investor participation in the May 2011 round.

TMX launches TMX Select

On 11 July 2011, TMX Group launched trading on TMX Select, its alternative equities trading system. Canada’s newest ATS offers participants additional execution and liquidity seeking opportunities through a differentiated marketplace and pricing model. Eight trading symbols were enabled for trading on TMX Select; the remainder of Toronto Stock Exchange and TSX Venture Exchange symbols will be enabled in a later approach.

Tokyo Stock Exchange publishes “Portfolio Composition File” for ETFs

On 25 July 2011, the Tokyo Stock Exchange started publishing the Portfolio Composition File for listed ETFs for which the Exchange calculates the per-share indicative net asset value. The Tokyo Stock Exchange aims to further enhance investor usability and deepen market liquidity through increased arbitrage and other trades that utilize the ETF market.

Tokyo Stock Exchange launches data download service

On 25 July 2011, the Tokyo Stock Exchange launched a new dedicated web service, the “TSE Download Service”, where customers can purchase stock and index price information and market statistics for TSE-listed products online. Beside the launch of this service, the exchange also implemented a new pricing scheme aimed at attracting individual retail users. 

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