NO 230 – APRIL 2012
Reform and innovation in Chinese capital markets

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WFE Focus January 2012
New services

Cyprus Stock Exchange introduces market maker system
The Cyprus Stock Exchange has recently introduced the market maker system in its securities market to increase liquidity and offer investors a wider range of services.

Cyprus Stock Exchange lists bonds on Emerging Companies Market
The Cyprus Stock Exchange now allows the companies with shares listed on its Emerging Companies Market, to also list bonds, gaining from the less stringent listing rules offered by the ECM.

Deutsche Börse offers climate data online
Climate data from 1,800 companies around the world will be available online free of charge from as part of the data partnership between Deutsche Börse and the Carbon Disclosure Project. It enables comparisons between companies in terms of their contributions to climate protection and transparency with regard to their carbon emissions. The aim of the partnership is to raise market standards and transparency, and to enable investors, analysts and other market participants to gain a comprehensive overview of each company and its sustainability strategy.

Deutsche Börse offers additional time service for co-location customers
Deutsche Börse launched a new service as part of the on-going strive to improve the service offering for latency-sensitive customers of its derivatives market Eurex and its cash market Xetra. As of 2 April 2012, a new Time Service will be launched enhancing the current ExServes product portfolio, which comprises all services and solutions for access to the trading systems of Deutsche Börse Group. The new tool will allow for better synchronization of clocks of customers’ installations in Deutsche Börse’s co-location facility with the matching engines of Eurex and Xetra.

Hong Kong Exchanges launches market information on smartphones
Investors can now get up-to-date HKEx news and market information through HKEx Mobile, a new website designed for smartphones launched by Hong Kong Exchanges and Clearing. It features the latest market data from the securities and derivatives markets, stock quote search, and most recent news releases.

IntercontinentalExchange introduces enhanced execution and order management tools
IntercontinentalExchange released the WebICE version 12.600 as well as other ICE platform improvements. With the new version, ICE is introducing the following features: the Custom Spread Engine that will give participants the ability to build customized strategies, view implied spread prices for these strategies and automatically execute them based on current prices; the Position Keeper which allows market participants to monitor their positions and profit and loss across all their products traded on ICE; the Interval Price Limitations which is ICE’s circuit breaker functionality activated on various indices, and the Order Management which will support reserve quantities on stop and good-till-canceled (GTC) orders as well as GTC orders on inter-product spreads, expanding order types and providing traders with greater flexibility.

NYSE Euronext launches NYSE Big Startup
NYSE Euronext, in cooperation with Accion, Entrepreneurs’ Organization (EO) and the Startup America Partnership, launched the NYSE Big StartUp, a nationwide jobs-growth initiative designed to connect young companies and entrepreneurs with corporate America. The program calls on US corporate community to lend support, experience and resources to startups and small companies to improve procurement, networking, business development, training, marketing and information sharing. The NYSE Big StartUp is unique in its comprehensive approach to promoting job growth through small businesses, startups and entrepreneurs. The program helps to promote the increased demand for goods and services that these growing companies need, while also mobilizing the corporate sector to contribute knowledge, expertise and funding where it can be critical to job creation.

NYSE Euronext adopts FTSE’s Industry Classification Benchmark across five exchanges
NYSE Euronext will adopt FTSE Group widely-used international sector classification standard, the Industry Classification Benchmark (ICB), across its affiliated exchanges in Belgium, France, the Netherlands, Portugal and the US.

NYSE Euronext promotes listings on NYSE Euronext Lisbon
NYSE Euronext created a partnership with Uria Menéndez - Proença de Carvalho with the aim to promote the listing of new companies on NYSE Euronext Lisbon and NYSE Alternext markets. This partnership intends to encourage and support Portuguese companies to list their shares on those markets, creating an opportunity to increase visibility in Portugal and internationally.

Singapore Exchange launches securities market quality report
The Singapore Exchange launched its first Securities Market Quality Report which provides information on trading activity, liquidity, volatility and trading costs on the SGX securities market in 2011. The report aims to provide a quantitative overview of trading activity and market dynamics to enable investors to better evaluate “market quality” and highlight trading opportunities available on SGX. It is intended to be a half-yearly report covering 12-month periods ending June and December going forward.

Singapore Exchange sets up new traders training centers
The Singapore Exchange, in cooperation with futures broker Phillip Futures, set up a new Professional Traders Development Centre to train and grow the talent pool of professional traders. The new center will accept up to 50 new traders per quarter on its training and mentorship program which will start in May 2012. Additionally, SGX in cooperation with CIMB Securities announced an initiative to grow the number of trading representatives in Singapore and enhance their skills in providing value added services for investors.

Singapore Exchange introduces dual currency trading
The Singapore Exchange has introduced dual currency trading which enables listed securities to be traded in two different currencies. This additional functionality on its trading engine aims to deliver greater cost efficiency to investors as they are able to trade foreign-denominated securities in their local currency. A company can now choose for its listed security to be traded in any two different currency denominations.

Singapore Exchange signs MoU to accelerate review process for secondary listings within ASEAN
The Singapore Exchange and the Monetary Authority of Singapore jointly signed a Memorandum of Understanding on the Expedited Review Framework for Secondary Listings, an ASEAN initiative. The objective is to speed up the processing of secondary listing applications together with the relevant disclosure documents. This framework is available to corporations whose shares are primarily listed on the main market of an exchange in jurisdictions which are signatories to the MoU. Where corporations satisfy the requirements set out in the framework, signatories to the MoU will review these applications within a shortened time period of 35 business days compared to the normal review time of up to 16 weeks. Malaysia, Singapore and Thailand are the first three jurisdictions to sign the MoU. Other securities regulators and stock exchanges of ASEAN jurisdictions may join the framework.

Stock Exchange of Thailand expands online-trading
The Stock Exchange of Thailand joins hands with 27 securities firms to launch the “I’m Online Investor” campaign, aiming to add 100,000 retail investors trading via Internet this year, stimulate investment, and lay the educational foundations for new investors.

Thailand Futures Exchange to allow gold brokers to trade all derivatives products
The Thailand Futures Exchange will allow precious metal-related members to become full members, so that they will be able to trade all derivatives products listed on the market. It also plans to accept new trading members.

Tokyo Stock Exchange revises price information distribution policy
The Tokyo Stock Exchange is presently considering a variety of initiatives aimed at revitalizing the Japanese securities market. As part of these efforts, it will enhance its “Open-Access Terminal Service” to include the dissemination of real-time price information. Coinciding with this, the Exchange has revised the “Market Information Usage Policy” with a change to service contents. The updated Policy will be effective from 1 August 2012.

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