NO 228 – FEBRUARY 2012
Clearing at the crossroads

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WFE Focus January 2012
New services

CME Group establishes fund to provide protection for family farmers and ranchers
The CME Group will establish a USD 100 m fund designed to provide further protection of customer segregated funds for US family farmers and ranchers who hedge their business in CME Group futures markets. In light of the recent MF Global failure, CME Group is adding this extra security measure to protect the country’s food producers who are using CME Group futures markets to hedge their crops and livestock that feed the world.

Deutsche Börse launches algo news feed in Brazil
Deutsche Börse’s Market Data & Analytics has launched “AlphaFlash”, its algorithmic news feed, in a data center in Sao Paulo. The feed is available in Brazil, marking AlphaFlash’s official expansion into South America. It delivers low latency, machine-readable economic indicators and corporate news.

Deutsche Börse launches new order type
The new “Top of the Book Order” is Deutsche Börse’s contribution to a higher market quality. The order type narrows the order book spread and is beneficial for the entire market. The new order works as follows: by entering the new order, a trader ensures that an order is either placed on top of the order book and thereby reduces the current order book spread, or is rejected. Deutsche Börse will consider participants who use the Top of the Book Order as liquidity providers, and grants them credit instead of charging a transaction fee.

Dubai Financial Market inaugurates educational trading floor
The Dubai Financial Market has inaugurated its educational trading floor at Dubai Men’s College. This development reaffirms the exchange’s commitment to Corporate Social Responsibility and continuous efforts to enhance the educational environment through linking theoretical studies with practical experience. As a micro version of the Dubai Financial Market’s main trading floor, the new educational facility includes two screens and a ticker directly linked with the DFM’s trading engine to display the trading activity and real time market data.

Eurex and IFM launch joint educational initiative
Eurex Group and the Institute for Financial Markets (IFM) have teamed up to offer a joint educational initiative. Both partners aim to bring IFM’s derivatives education to Eurex Exchange members and potential clients as well as the general industry. One joint initiative will be the first-time offering of IFM’s well-respected courses in the form of webinars.

London Stock Exchange Group’s Borsa Italiana launches new AIM Italia
Borsa Italiana, in cooperation with the SME Advisory Board, launched new AIM Italia. This new market will combine the old AIM Italia and MAC (Mercato Alternativo del Capitale) markets, and will enhance Borsa Italiana’s listing options for SMEs. The new MTF (Multilateral Trading Facility) aims to simplify access to capital for SMEs. A balanced and appropriate regulation regime is in place, ensuring good governance from companies.

MICEX-RTS Group to launch direct market access to FX market
MICEX-RTS started to provide Direct Market Access (DMA) to its FX market for all market participant categories. With DMA, clients will be able to execute trades directly on the Exchange at prices of the on-exchange currency market, taking advantage of the market liquidity.

MICEX-RTS Stock Exchange offers new opportunities for trade execution during post-trading auction
On 13 February 2012, MICEX-RTS Stock Exchange launched additional features for submitting and executing trades during the post-trading auction held in the Main Market. The innovation implies that limit orders residing on the book that were submitted to the trading system of MICEX Stock Exchange during the main trading period but were not filled or partially filled, including orders of market-makers and iceberg orders, will also participate in the post-trading auction. Upon completion of the trading period, such orders will not be removed from the trading system and will automatically roll over to the post-trading auction. Orders with equal prices will be filled according to the time priority principle. Orders not filled during the post-trading auction, will be removed after the end of the auction.

NASDAQ OMX and NY Tech Meetup announce media partnership
NASDAQ OMX and NY Tech Meetup teamed up on a media partnership focused on engaging, educating and promoting New York City’s technology community in unique and relevant ways.

NYSE Euronext launches new website dedicated to Europe’s regulatory policy in financial services
NYSE Euronext has launched a new channel on its website dedicated to financial services regulatory policy in the European Union. The site kicks off with a review of the European Commission’s proposals on MiFID II. Aimed at legislators, policy makers, opinion formers and the media, the webpage will provide a new source of information, comment and analysis from a major player in European capital markets.

Qatar Exchange to launch SME market
Qatar Exchange announced that the Small and Medium Enterprises (SME’s) market is now ready in terms of technical and regulatory aspects and able to receive listing applications to be submitted by business owners from Qatar and the GCC countries.

Shanghai Stock Exchange specifies narrative information disclosure in listed company annual reports
In order to enhance the validity and usefulness of information in annual reports of listed companies, the Shanghai Stock Exchange has recently issued a Memorandum on Annual Reports which stresses the importance of narrative information disclosure in annual reports and further standardizes the disclosed information. The narrative information refers to all the non-financial information in annual reports.

Shenzhen Stock Exchange implements new regulations to enhance disclosure and transparency
In order to improve the transparency of the annual report information disclosure of ChiNext listed companies, the Shenzhen Stock Exchange successively promulgated a 2011 Annual Report Notice specifying the detailed requirements in terms of management discussion and analysis, profit distribution, Q1 performance warning and so forth in annual report disclosure for the purpose of improving the effectiveness of information disclosure of listed companies.

Singapore Exchange promotes futures trading profession
The Singapore Exchange, in cooperation with futures broker Ong First Tradition, launched a professional traders development program to attract and train new futures traders.

Stock Exchange of Thailand launches trading alert list
On 23 January 2012, the Stock Exchange of Thailand introduced a trading alert list, showing securities with unusual movement of prices and trading volumes compared with the previous trading session to warn investors about those unusual movements. The exchange will disclose the list daily ahead of market opening and will simultaneously ask listed companies to progressively provide information affecting prices and trading volume.

Stock Exchange of Thailand plans to strengthen listed companies’ CSR
The Corporate Social Responsibility Institute of the Stock Exchange of Thailand and Thaipat Institute announce that their 2012 corporate social responsibility’s direction will focus on strengthening listed companies’ CSR activities by providing guidelines and training to cope with natural disasters and other crises. To this end, they have launched “Guidelines for Social Responsibility” and “Guidelines for CSR Report,” which are essential in making CSR activities and reports to investors and all other stakeholders more effectively.

Stock Exchange of Thailand adopts straight-through system for information disclosure
Starting from 30 January 2012, the Stock Exchange of Thailand will boost efficiency of information disclosure of listed companies through electronic media by introducing straight-through system to increase speed of information dissemination and for equality in getting information for investment,

TMX Group to expand co-location facility    
TMX Group announced that phase four of its co-location facility will open in the second quarter of 2012. TMX Group co-located clients receive the benefits of low-latency access to Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange, and TMX Select trading engines and market data feeds.

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