NO 250 – DECEMBER 2013

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BME launches new MAB segment for Spanish REITs

BME’s Mercado Alternativo Bursátil (MAB) launched a new segment for SOCIMIS (Spanish REITs) on 28 November 2013, with the listing of Entrecampos Cuatro SOCIMI. SOCIMIs are Spain’s version of real estate investment trusts (REITs). They will trade in a special MAB segment.

Bucharest Stock Exchange to extend trading hours

Starting 3 January 2014, the Bucharest Stock Exchange will extend the trading hours for shares, fund units and rights traded on the regulated spot market. The trading session will end at 18:00. This extension will enhance the visibility and accessibility of the capital market, and facilitate investors’ access to BVB.

CBOE increases frequency of short term index dissemination

The Chicago Board Options Exchange has expanded the frequency for disseminating values on its recently created CBOE Short-term Volatility Index. VXST index values now are generally disseminated every 15 seconds during the trading day.

CNSX Markets completes “Project One” upgrade

CNSX Markets, operator of the Canadian National Stock Exchange and Pure Trading, completed the “Project One” initiative. As a result of this effort, CNSX-listed symbols and stocks listed on other Canadian exchanges are now being traded on a single system at the exchange. The move has a number of benefits for CNSX issuers, dealers and investors such as: simplifies exchange access, reduces costs for dealers and vendors.

Deutsche Börse enhances Xetra market data offering with exclusive real time analytics

Deutsche Börse Market Data + Services introduced exclusive analytics based on raw, unpublished Xetra order book data on 25 November 2013. With this new offering, Xetra real-time analytics provides market participants with additional in-depth trading information. The information currently comprises more than 40 order- and trade-related analytics.

Egyptian Exchange approves mid-term strategy for 2013-2017

The Egyptian Exchange’s Board members approved the strategy for 2013-2017. The objective of this strategy is to transform EGX from an emerging market into a developed one. This strategy tackles the issues of protecting investors’ rights and providing them with strong and flexible legal structure to achieve more efficiency and effectiveness to the market.

Hong Kong Exchanges to introduce new index futures to after-hours trading

Hong Kong Exchanges and Clearing plan to introduce Mini Hang Seng Index and Mini H-shares Index futures to its after-hours futures trading session starting on 6 January 2014. Subject to approval from the Securities and Futures Commission, HKEx also plans to add the block trading facility to after-hours futures trading session on the same date.

Moscow Exchange offers discount fees for equity trading

On 16 December 2013, Moscow Exchange unveiled new fees for the equity market. The new prices offer special discounts for professional participants of the market to rollover client positions. The discounts will be applied to orders entered from 9:30 and 10:00 and from 18:45 m and 19:00.

Moscow Exchange to improve FX market order book

The Moscow Exchange will introduce a minimum fee of RUB 25 for FX trades of less than 50 lots on 20 January 2014. The launch of the minimum fee for small orders will help to balance interests of market participants and efforts to improve the exchange order book.

NASDAQ OMX Nordic launches intraday auctions

NASDAQ OMX introduced a scheduled intraday auction on certain market segments in Denmark, Finland and Sweden. The aim is to improve liquidity in less traded shares, thereby contributing to SME funding and growth.

Shanghai Stock Exchange lifts upper limit amount of single bond order

The Shanghai Stock Exchange has lifted the maximum amount of single order in bond trading and bond collateralized repo in the auction system from 10 000 lots to 100 000 lots, namely, from face value of RMB 10 m to RMB 0.1 bn.

Shenzhen Stock Exchange launches on-line law consultation and solicitation web page

The Shenzhen Stock Exchange, in cooperation with China Securities Depository and Clearing Corporation, and Shenzhen Securities Information, jointly launched an annual on-line law consultation with the theme ‘To Protect the Legal Rights and Interests of Small and Medium Investors, to Build Simplified and Transparent Business Rules and Regulation System’. SZSE takes advantage of on-line interaction platform for not only law and rule consultation service, but also for soliciting advice and suggestions on business rules from the market bodies.

Shenzhen Stock Exchange launches micro blogs and new brand identification system

On 1 December 2013, the Shenzhen Stock Exchange opened its official Micro blog accounts on People.com, Xinhua.com, Sina.com and qq.com respectively. Its official WeChat account also opened to the public. In addition, SZSE amended its official logo after initiating a new brand identification system.

Singapore Exchange to list Chinese companies

The Singapore Exchange and the China Securities Regulatory Commission will establish a Direct Listing Framework for companies from China to list in Singapore. Under the new framework, Chinese companies incorporated in China and that have obtained the approval of CSRC are able to seek a listing on SGX.

SIX Swiss Exchange to strengthen market for structured products

As of 1 January 2014, the brand identity of the exchange for structured products will be integrated into SIX and the Swiss Exchange business area. This will include taking over the basic brand elements and introducing a new label for the trading platform. The market for structured products is of great strategic importance to SIX and represents an important part of its business portfolio. By regaining its full entrepreneurial freedom with respect to the Swiss market for structured products, SIX is able to address the special characteristics of the Swiss market in a more targeted manner and contribute to its continuing development.

Stock Exchange of Mauritius reduces transaction fees

In December 2013, the Stock Exchange of Mauritius significantly reduced transaction fees on turnaround trades by 88% of the total brokerage fee from 1.25% to 0.15%. This significant reduction in trading fees on turnaround trades for investors at large, is expected to increase the volume of transactions, enhance active trading on the Exchange and boost liquidity. It will also reinforce the position of the SEM as an attractive listing, trading and capital-raising platform for local, regional and global issuers. SEM also significantly reduced transaction fees on corporate bond trading by 83% from 0.60% to 0.10%.

Stock Exchange of Thailand’s alternative bourse to classify stocks into 8 industry groups

The Market for Alternative Investment (mai), under The Stock Exchange of Thailand, is planning to classify mai-listed stocks into eight industry groups, enabling investors to analyze information more efficiently. The eight industry groups, with the same definitions as for SET-listed companies, are agro & food industry, consumer products, financials, industrials, property & construction, resources, services, and technology.

TAIFEX introduces negotiated block trading for several derivative products

On 2 December 2013, TAIFEX introduced negotiated block trading for TAIEX futures, mini-TAIEX futures, TAIEX options and single stock futures alongside the current continuous matching of block trades. In addition, the interval of data disclosure will be shortened from 250 milliseconds to 125 milliseconds in display of each matched price/volume as well as a snapshot of the best five bid and ask prices/volumes for each contract.

TMX Group launches investor education tool

TMX Group today has created a capital markets education tool, the TMX Capital Markets Learning Centre, a free, web-based information portal designed to help Canadians gain a better understanding of the markets. At the heart of the Centre lies the new TMX Trading Simulator, a risk-free market experience where investors can trade both equities and options in a “real world” environment.