The UK Financial Services Authority (FSA)’s decision last week to lift its ban on short-selling UK financial stocks but extend its disclosure requirements strikes the right balance between regulatory control and preservation of a vital market function, according to Arturo Bris, professor of finance at the Institute for Management Development (IMD), a Swiss business school.
Despite a sharp decline in European trading activity towards the end of 2008, multilateral trading facilities (MTFs) have sustained their overall market share, according to a report from investment bank Citi.
Trading technology provider Fidessa has expanded into Latin America by adding Brazilian investment bank Planner Corretora De Valores to its global network of buy- and sell-side firms.
Instinet Pacific, the Asia-ex Japan agency brokerage subsidiary of Instinet, has added Hong Kong equities to CBX ASIA, its off-exchange, displayed liquidity pool.
Turquoise, an investment bank-backed multilateral trading facility (MTF is now offering dark order types in its non-displayed order book, following consultation with UK regulator the Financial Services Authority (FSA).
BATS Exchange (formerly BATS Trading) and Direct Edge both reported increases in matched market share in December.
Buy-side clients of Tora Compass, an electronic trading platform for Asia, are now able to gain direct access to Merrill Lynch’s liquidity pool MLXN. The pool recently added access to liquidity for Hong Kong and Japan, and offers complete anonymity and full automation.
Chi-X, a pan-European equity multilateral trading facility, recorded a drop in trading activity during the last quarter of 2008, citing tough market conditions.
AboveNet Communications, a fibre optic connectivity solutions provider, has installed a private managed Ethernet network for BATS Europe, the London-based pan-European multilateral trading facility.
Alpha Trading Systems, a Canadian alternative trading system launched late last year, has established a connection to Transaction Network Services’ (TNS) extranet.