Short-selling notification rules released by FSA
UK regulator the Financial Services Authority (FSA) will develop a web-based mechanism for traders to publicly display short positions in UK shares under new regulation that comes into force from 1 November.
The EU Short Selling Regulation requires the public disclosure of net short positions of 0.5% or above in shares. The FSA will also have to be notified of net short positions of 0.2% to 0.5% in shares and net short positions in sovereign debt of either 0.1% or 0.5%, depending on the sovereign issuer.
Penalties for not disclosing short positions are yet to be finalised by the FSA, who will consult on extending their existing penalties policy for shorting.
The watchdog has chosen to publish these on their website instead of outsourcing the task, which the regulation would have permitted.
IRESS releases Canadian OMS
Financial tech firm IRESS has released a new order management system (OMS) in Canada, with end-to-end order management, real-time and end-of-day ticketing, automated multi-currency management, basket trading and algorithmic trade execution.
Middle office integration, automated multi-currency handling and further bulk order and execution services will also be part of the new system.
IRESS Canada vice president of sales Michael Harrison said the new system had already been rolled out to 99% of customers.
“From managing orders through the full order lifecycle, to increasing trader and firm efficiency through automated execution and currency handling, the solution continues our commitment to enhancing Canadian trading,” Harrison said.
TMX Atrium announces new Russia link
Global trading infrastructure firm TMX Atrium announced new low-latency connectivity into Moscow from Stockholm, with access to key data centres in the Russian capital.
The M1 access point in Moscow will increase speed in trading Russian securities by linking back to its point of presence in Stockholm using a low latency path of 17.7ms.
Emmanuel Carjat, managing director of TMX Atrium, said the new connectivity would give better access to Russia as a key growth market.
“We are delighted to offer a new low latency route into and out of Moscow to enable investors to exploit this emerging market and benefit from arbitrage opportunities.
“With the move of the Russian securities markets to T+3 settlement later this year, we will undoubtedly see additional liquidity and a continuing need for connectivity into Russia,” Carjat said.
Corvil double speed with Intel technology
Low latency technology provider Corvil announced a doubling of speed with their new CorvilNet Latency Management System, which is based on Intel’s Sandy Bridge chip architecture.
Market data monitoring will also be increased as the new system offers a doubling of processing capacity and information storage.
A new auto-compression feature, which uses spare CPU cycles to compress data, will futher increase disk capacity and capture rates, and co-location facilities will benefit from smaller form factor and reduced power and cooling requirements.
Donal O’Sullivan, vice president, product management at Corvil, said: “With these appliances, we’ve taken the market-leading performance of our CorvilNet platform and doubled it.”
Direct Edge introduces route peg order
New Jersey exchange operator Direct Edge will introduce a route peg order to both their EDGA and EDGX exchanges from Wednesday 22 August.
The route peg orders are non-displayed limit orders that post to the exchange books and are eligible for execution against routable orders, but will only interact with contra side orders that have an original quantity equal to or less than the original route peg order quantity.
They will also execute at the national best bid for buy orders and the national best offer for sell orders. Flags to support the new orders will also be introduced on both venues.
Neonet partners with Marco Polo
Execution service provider Neonet has partnered with emerging markets electronic trading platform Marco Polo Network to offer emerging market access to clients. The agreement will also give Marco Polo have access to specialist advice on European markets with increasingly fragmented liquidity.
Nigel Roberts, CEO, Marco Polo Europe, said the deal would increase both parties’ offering to their respective clients.
“There is an increasing client demand for access to the advanced European markets, and with access to Neonet’s connectivity and dedication to quality execution, we make Marco Polo Europe into an even more versatile resources for global trading operations,” Roberts said.