The UK’s FCA has handed Aquis Exchange approval for its acquisition of the exchange business of NEX Group from CME.
In launching the service, the platform will allow for the simultaneous exchange of cash and securities between broker-dealers to settle US listed-equities trades.
Upcoming US equity exchange MEMX has gained the support of Wall Street players Goldman Sachs, JP Morgan and Jane Street Capital.
Proposed changes in the US aim to expand the data distributed via SIPs and open the door to more producers of the consolidated data feeds.
BNP Paribas CEO Jean-Laurent Bonnafé says Deutsche Bank prime brokerage business transition is proceeding very swiftly, with restructuring costs expected to reach €100 million this year.
Cboe Market Close (CMC) will go live in March this year after the exchange gained approval to launch the mechanism last month.
Analysing billions of message data points from the LSE, the FCA claims eliminating latency arbitrage would reduce the cost of liquidity for institutional investors by 17%.
Cboe has gained approval from the SEC to operate an alternative closing auction mechanism, which threatens the monopoly primary exchanges retain on end-of-day trading.
Cboe Global Markets wants to implement the data feeds in multiple locations in a bid to reduce SIP latency, as debate on equities market data continues in the US.
As volumes seemingly continue to migrate towards the end of the trading day, Hayley McDowell investigates the rise of closing auctions in Europe and its impact on continuous trading for asset managers.