The Casablanca Stock Exchange was established in 1929. It has since undergone a number of reforms, the most significant one being that of 1993 which resulted in it becoming the market that we recognise today.
The Casablanca Stock Exchange is today a société anonyme with a board of directors and a general management team, operating under the supervision of the Ministry for the Economy and Finance with a specific remit. The Casablanca Stock Exchange is currently in the process of being demutualised.
Formation of a regulated market for trading began in the early 1980’s. Saudi Arabian Monetary Agency (SAMA) was charged with regulating and monitoring market activities until the Capital Market Law issued in July 2003, and the Authority (CMA) was established in 2004. The CMA is the sole regulator and supervisor of the capital market, it issues the required rules and regulations to protect investors and ensure fairness and efficiency in the market. The Saudi Stock Exchange (Tadawul) was incorporated in 2007 as a for profit joint stock company.
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.
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.
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.
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.
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.
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.
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 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.