NO 231 – MAY 2012
Shaping the future of Europe's financial markets

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WFE Focus January 2012
New services

BME Market Data offers new information products
BME, through its subsidiary BME Market Data, expanded its range of information products for the Spanish stock market, with a new family of analytics products which incorporate daily data on securities lending and margin buying as well as monthly information on floating capital tranches and stocks liquidity. It has also incorporated in the products offering index future replicating portfolios of the IBEX 35 and the IGBM indexes. Files providing historical series adjusted for price and volume by sensitive corporate action (splits, dividend payments, capital increases, nominal capital decreases, etc) were also included in the offering.

CME Group expands trading hours for grain, oilseed and ethanol contracts
CME Group expanded electronic trading hours in its CBOT grain and oilseed futures and options beginning 14 May 2012. This will expand market access to CBOT corn, soybeans, wheat, soybean meal, soybean oil, oats and rough rice futures and options on CME Globex to 22 hours per day. In addition, CME expanded electronic trading hours for its CBOT denatured fuel ethanol futures and options on CME Globex.

ISE launches tick data database
The International Securities Exchange has launched the ISE Premium Hosted Database (ISE PhD). It is a fully managed historical tick database that offers full data including all quotes and trades from all exchanges, pre-computed implied volatilities, full corporate action histories and ISE open/close trade data. 

ISE introduces implied order functionality
The International Securities Exchange has introduced implied order functionality to significantly enhance the execution of multi-legged strategy orders by enabling greater interaction of the complex order book with the regular order book. The result will be an increased fill rate for multi-legged strategy orders as well as tighter spreads and increased liquidity on the regular order book.

Korea Exchange revises its fee schedule
On 2 May 2012, the Korea Exchange released a new fee schedule for clearing and settlement of cash and derivatives products as well as for access to its systems.

NASDAQ OMX to launch retail market for US equity options
The NASDAQ OMX Group will launch NASDAQ OMX BX Options in June 2012, pending SEC approval. BX Options will reward retail customers who wish to access liquidity and provide market makers with additional opportunities to provide liquidity, initially with a price/time trading system.

BX Options will complement the exchange group’s established US options venues with enhancements that include a hybrid allocation model, directed order flow for market participants and a new multi-faceted price improvement auction. The new system will use the INET technology as other NASDAQ OMX platforms.

National Stock Exchange of India launches SME platform
The National Stock Exchange of India launched its SME platform called EMERGE. It is a trading platform for emerging companies which will provide capital raising opportunities to fast growing businesses with good governance standards not large enough to list on the main board. The NSE has recently received formal approval from SEBI to set up this platform.

National Stock Exchange of India introduces new pricing schedule
The National Stock Exchange of India implemented a new pricing schedule and market data revenue sharing. These changes affect the automatic execution and order delivery modes, services and regulatory fees.

Pakistan Mercantile Exchange lists gold futures contract
On 24 April 2012, the Pakistan Mercantile Exchange listed the gold 10 ounces futures contract, adding further depth to the market for investors who actively invest and trade regularly in this commodity.

SIX Financial Information reorganizes its market data distribution
SIX Financial Information (formerly SIX Telekurs) has selected OneTick Database, a single solution for capturing, storing, and performing financial analytics on historical and real time tick by tick data, to be its central repository for storing and running analytics on all global data. SIX Financial Information will make the OneTick Database a critical component in the re-architecture of its core market data distribution platform. In reorganizing its distribution services, it aims at better gathering information from all the world’s major trading venues, collecting effectively every tick in the world, directly and in real time, as the firm processes and provides structured and encoded securities administration data for more than 9 million financial instruments.

SIX Financial Information implements data processing platform
SIX Financial Information completed the first phase of implementation of Asset Control’s AC Plus solution, a platform which provides financial data management services. SIX Financial Information will be using Asset Control’s solution as its core reference data processing platform. The move will support SIX Financial Information’s high performance processing of reference data and position it to effectively manage the ever-increasing volumes and complexity of information in the financial markets, while delivering innovative solutions to its customers.

Stock Exchange of Thailand improves service quality
The Stock Exchange of Thailand and the Association of Thai Securities Companies (ASCO) will improve the quality of service available in the capital market. The SET will collaborate with the association’s proposal on this matter, alongside its planned expansion of investor base, the development of securities business personnel, and the education of investors, as a simultaneous move to enhance quality while allowing brokerage fees to be in line with market mechanisms.

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