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Dark Liquidity and High Frequency Trading in Australia by ASIC

The Australian Securities and Investments Commission (ASIC) is Australia's corporate, markets and financial services regulator. An independent government body, its priorities are to ensure confident and informed investors and financial consumers, fair and efficient financial markets, and efficient registration and licensing.

WFE Response to IOSCO Consultation on Market Structure

The World Federation of Exchanges (WFE) commends IOSCO for carefully analyzing the issues raised by the growing and disruptive fragmentation and loss of visibility (darkness) in equity markets.  The four sensible recommendations in this consultation progress efforts on the part of regulators and exchange operators worldwide to ensure that equity markets continue to serve investors by becoming ever more efficient, transparent and fair. 

 

WFE Interview with the Stock Exchange of Mauritius

The Stock Exchange of Mauritius (SEM) was set up in 1989 as part of an overall initiative to modernise Mauritius’ financial services sector and accelerate the transformation of Mauritius into a modern and diversified economy.The SEM started its operations as a small pre-emerging exchange with a manual trading platform, but has during the last two decades witnessed a significant overhaul of its operational, technological and regulatory frameworks which has placed it among the leading exchanges in Africa in terms of operational excellence.

WFE interview with the Korea Exchange

Korea Exchange operates a centralized securities and derivatives market where derivatives, equities, and bonds are traded on a common platform. Our flagship derivatives products, KOSPI200 options and futures have been the most actively-traded derivatives products in the world with 1.6 billion and 62 million contracts respectively last year. They are offered around the clock in collaboration with partner exchanges to provide better accessibility to global investors.

OTC Equity Derivatives in Europe: The Status Quo is No Longer an Option

The impending regulatory overhaul of the OTC equity derivatives markets will require a rapid change in direction from an industry which has so far remained wedded to voice broking.  The necessary upsurge in technology will deliver unprecedented innovation in trading and processing workflows as a result. 

 

 

Derivatives: Struggling Into the New Era

The past few years have been challenging for the global economy but it seems as though the derivatives industry sustained more than its share of insults and injuries over the past year or so. Still reeling from the trauma of MF Global in October of 2011, exchange-traded volume went into its first nosedive in decades. Urgent regulatory requirements added intense cost and time pressures to company staffs that were already stretched.

Exchanges and Communications: The Future is Social

Whether it was among traders in Amsterdam, coffee house patrons in London or brokers under a buttonwood tree on the streets of New York, forms of communications have been the basis of exchanging – and exchanges – since the earliest days of trading.

 

Dark trading in Australia

Dark trading is trading that occurs without pre-trade transparency. Although dark trading has always been a feature of equity markets, in recent years markets around the world have exhibited substantial growth in the level of dark trading and a change in the manner in which dark trading takes place. New trading venues, known as dark pools, have emerged. These venues systematically match orders without providing any pre-trade transparency and without providing access to this liquidity to the market at large. Dark pools are also typically subject to less regulatory scrutiny than traditional stock exchanges.

Dark Liquidity

The first WFE events in the Year of Snake appropriately took place in the Asia / Pacific region with visits to exchanges interested in joining the Federation, as well as a meeting open to all members as the Working Committee reviewed priorities for 2013.

 

WFE Interview with the Muscat Securities Market

The Muscat Securities Market started its operations in the year 1989 with 48 joint stock companies and with a market capitalization of about 1 billion USD. During this phase which started from 1989 to 1998 the securities industry in Oman witnessed a gradual and consistent change towards introducing the standards that were applicable in modern exchanges.

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