NO 232 – JUNE 2012
Sustainable stock exchanges

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WFE Focus June 2012
New services

BME to offer co-location service for market

BME, the Spanish Exchanges, will offer co-location services to all its members after expanding its communication infrastructure and IT systems in its data processing center. In addition, it will provide high-tech facilities to member’s automatic trading systems. The goal of this service is to improve the speed of access to the Spanish market, enhance liquidity and improve price formation. This new service will be available in the fourth quarter of 2012.

BM&FBOVESPA to develop carbon market

BM&FBOVESPA and Santander Brazil have signed a partnership agreement to stimulate the carbon credit market in Brazil. This aims at studying the creation of products such as derivatives with carbon credits as underlying.

BM&FBOVESPA and MSCI extend their relationship

BM&FBOVESPA and MSCI have reached a preliminary agreement regarding the provision of real time stock market data. They have agreed to engage in a series of discussions to pursue a broad range of mutually beneficial opportunities, including the potential licensing of each other’s products and participation in educational and marketing activities involving Brazilian and global investors, extending their cooperation on indices.

Bursa Malaysia Derivatives eases restriction on establishment of branches by futures brokers

Bursa Malaysia Derivatives eased restrictions for the setting up of branches and kiosks by futures brokers, paving the way for greater retail participation in the derivatives market. Futures brokers will be allowed to open a combination of up to ten branches and/or kiosks (with a maximum of five branches) per year in the first and second year of operations. There will be no limit to the number of branches and kiosks they can set up from the third year onwards.

CME Group extends CBOT grain and oilseed open outcry trading hours

On 25 June 2012, CME Group extended open outcry trading hours for CBOT grain and oilseed futures and options to 14:00 CT, Monday to Friday.

Deutsche Börse introduces new trading application

Deutsche Börse’s Market Data & Analytics has launched AlphaFlash Trader, a new trading application that delivers “drag and drop” automated event driven trading to popular execution platforms. The new tool is already available to traders using the X_TRADER Pro platform and will be adapted to other execution platforms in future. It makes use of Deutsche Börse’s algo news feed AlphaFlash that delivers more than 300 global macroeconomic indicators as well as US and international treasury auction data to algo traders.

Egyptian Exchange supports small & medium IT companies

The Egyptian Exchange and the Information Technology Industry Development Authority signed a Memorandum of Understanding to support the IT industry companies, particularly those interested in listing on EGX’s SMEs market NILEX. The agreement aims to enhance cooperation between both parties to finance small and medium Egyptian enterprises specialized in the telecommunications and information technology industry.

Egyptian Exchange approves listing fees exemption for a 3-month period

The Egyptian Exchange’s Board approved to exempt companies from initial listing within a period not exceeding three months from 1 July to 30 September 2012. This decision came as part of EGX marketing policy aimed at attracting new companies to list on the stock market.

ISE launches order management functionality

The International Securities Exchange has launched an order management functionality in PrecISE Trade, ISE’s front-end execution system. PrecISE users are now able to route orders to other PrecISE users for execution. Additionally, PrecISE offers a new “parent/child” feature, or the ability to stage larger orders and divide them into smaller orders to better control order management and execution.

Johannesburg Stock Exchange reduces fees for currency derivatives

In a bid to increase liquidity and boost trading volumes in the fast-growing currency derivatives market, the Johannesburg Stock Exchange has revised pricing on its suite of currency products. This new billing model includes a revision of the current sliding scale of fees as well as volume rebates for market makers.

Montréal Exchange introduces new functionalities on trading system

On 14 May 2012, Montréal Exchange introduced new user-defined strategy and inter-group strategy functionalities for its futures market on SOLA, its trading system. They allow participants to create customized futures and options on futures strategies and to expose them to the market.

NASDAQ OMX Nordic to offer trading in all Norwegian shares

NASDAQ OMX Nordic plans to broaden its Norwegian shares trading and routing offering, by enabling its members to trade all shares listed on Oslo Børs on NASDAQ OMX Stockholm. To complement the trading offering, NASDAQ OMX Stockholm is planning to introduce a new routing strategy enabling access to Oslo Børs opening and closing auctions, as well as enabling posting of orders on Oslo Børs. The timeline of the plan is set to September 2012 and is subject to regulatory consent.

NYSE Euronext Lisbon to promote SMEs listing

NYSE Euronext Lisbon signed an agreement with a law firm, Deloitte Consultants and Banco Carregosa aimed at promoting the listing of Small and Medium Enterprises on the NYSE Alternext market. The agreement will create a unique multidisciplinary team, with legal, financial and brokerage skills that will act as a sole access point to assist SMEs in their listing process on NYSE Alternext.

NYSE Euronext opens US liquidity center to third-party service providers

NYSE Euronext announced that its US Liquidity Center in Mahwah, New Jersey has enhanced its data center community, managed by NYSE Technologies, by revising a number of policies aimed at reducing customer costs, increasing platform flexibility and broadening access to the facility. For the first time, the financial services vendor community now has the opportunity to acquire data center space and offer their services within NYSE Technologies’ liquidity center.

NYSE Euronext’s NYSE Technologies offers market data web services

NYSE Technologies and Xignite, provider of web-based market data services, cooperate to launch a new service providing access to real time, historical, and reference market data for all NYSE Euronext markets via the Internet.

Oslo Børs to discourage excessive order activity

With effect from 1 September 2012, Oslo Børs will introduce a fee that will affect unnecessarily high order activity in the stock market. The purpose of the fee is to discourage orders that do not contribute to the effective and sound conduct of stock market trading. Order activity at unnecessarily high levels may have the effect of reducing the transparency of the order picture and so reducing confidence in the market.

Shenzhen Stock Exchange promulgates measures for issuance of private placement bonds by SMEs

The Shenzhen Stock Exchange recently promulgated the “Pilot measures for the Issuance of private placement bonds by small and medium-sized enterprises” which is an official start for the pilot program for issuing privately raised corporate bonds.

Singapore Exchange partners with two institutions to enhance competencies

The Singapore Exchange and CFA Singapore entered into a collaboration to enhance the level of investment competencies in Singapore. This collaboration will see SGX Academy and CFAS adopt a two-prong approach: firstly, to enhance the competencies of trading representatives and financial advisers; and secondly, to equip young investors with basic investment knowledge. Singapore Exchange has also partnered with UOB Bullion and Futures to set up a new Professional Traders Development Center to grow and strengthen Singapore’s talent pool of professional futures traders.

Singapore Exchange launches dual currency trading for ETFs

On 15 June 2012, Singapore Exchange launched dual currency trading for ETFs, enabling investors to trade foreign-currency denominated ETFs in Singapore dollars. The move will provide investors with trading flexibility in accessing ETFs denominated in a foreign currency.

Tokyo Stock Exchange and JASDEC enhance joint information service

The Tokyo Stock Exchange and Japan Securities Depository Center have concluded a basic agreement regarding the enhancement of information services pertaining to corporate actions based on the Tokyo Market Information system (TMI) operated by TSE. This initiative marks the first joint venture between TSE and JASDEC outside the settlement business field.

Warsaw Stock Exchange upgrades its information portal

The Warsaw Stock Exchange and the Polish Press Agency have modified the portal WSEInfoSpace as of the beginning of June. The key modifications include a new layout and new functionalities. The technology has also been largely modified to facilitate prompt and easy access of users to capital market information, summaries, data, quotations, as well as company reports. The portal now includes a system of company profiles of listed companies, and the possibility for them to communicate directly with their shareholders and potential investors by means.

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