EXCHANGE NEWSWIRE, 04 October 2010
CFTC proposed rules prohibiting members of trading platforms and exchanges from owning more than 20% of voting shares each, and either an ownership limit of 20% or 40% depending on member type or a 5% ownership restriction for clearinghouses, regardless of whether entities are members or not.
LSE: Turquoise started trading on its new Millennium Exchange platform, which is expected to increase the level of HFT flow, and is “to be among the fastest in Europe” according to Turquoise’s commercial director Natan Tiefenbrun.
ASX chairman David Gonski said that exchange competition would introduce instability to Australia’s stock markets, and that “increased volatility and risk of market disruption are the prices that long-term investors have may have to pay in markets with multiple execution venues”.
WSE will conduct an IPO and list 63.82% of existing share capital, or 26.8m ordinary bearer series B shares on its own exchange; pricing will be announced on October 28 and trading is expected to start by November 9.
HKEx will start trading HSI Dividend Point Index and HSCEI Dividend Point Index futures on November 1.
HKEx appointed Yang Qiumei as Senior Vice-President, Deputy Head of Market Development and Head of the Market Development Division’s Mainland Development Department. Ms Yang previously worked at the China Securities Regulatory Commission (CSRC) and will join HKEx on October 18.
Chi-East, the pan-Asian dark pool joint venture between SGX and Chi-X, received approval from the Monetary Authority of Singapore (MAS) to be a Recognized Market Operator (RMO), and will start operations in Q411.
TOCOM will launch its “Chukyo Oil Market” on October 12, with gasoline and kerosene as the listed commodities consisting of contract specifications identical to current C-COM contract, but will use the individual auction by electronic trading method, and have extended trading hours.
Tokyo Grain Exchange (TGE) will implement trading on TOCOM’s Nasdaq OMX trading platform on January 4, 2011.
Philippine Stock Exchange (PSE): the Securities and Exchange Commission approved REITs trading rules that will take effect on October 8.
Knight closed its convertible-bond trading desk in Greenwich, Connecticut according to Bloomberg.
Visa and MasterCard may be reaching a settlement of a Justice Department antitrust probe over credit-card acceptance rules, according to WSJ.
Fortress Investment will open a new office in Singapore in early 2011 that will focus on Asia-specific macro trading activities and will be headed by Adam Levinson, Co-CIO of global macro funds.
US: the decision to include currency derivatives into the Dodd-Frank legislation angered FX traders who claim FX trading was not affected by the 2007 liquidity crisis and housing market crash.
Provided By: Equity Research Desk, www.erdesk.com