Equities

Christian Katz to take helm at SIX Swiss Exchange

Swiss financial services conglomerate SIX Group has hired Christian Katz as CEO of its cash markets division and CEO of the SIX Swiss Exchange, effective from May 2009. He will also join SIX Group’s executive board.

New Tradebook algos to combat Europe’s fragmentation

Agency broker Bloomberg Tradebook has launched two new algorithms in Europe – Smart Order Algorithmic Routing (SOAR) and Lock-Cross Eliminator – which aim to help clients find and aggregate liquidity in the region’s increasingly fragmented equity markets.

Chi-X Canada to launch X-Factor promotion

Chi-X Canada ATS, an alternative trading venue for Canadian equities, will launch a month-long inverted maker-taker pricing structure in an effort to attract new business to the platform.

Baikal completes senior team with CTO hire

The London Stock Exchange (LSE) has hired Mark Ryland as chief technology officer of Baikal, the exchange’s European equities dark pool, scheduled for launch in Q2 this year.

NYBX bids to take block trading out of the dark

US-based exchange operator NYSE Euronext and BIDS Trading, a broker-dealer and alternative trading system operator, hope to revolutionise block trading in the US with the New York Block Exchange (NYBX), their new dark pool joint venture.

Deutsche Börse equity turnover drops 70% in January

The turnover on German stock exchange group Deutsche Börse’s cash equities market fell to EUR 90 billion in January 2009 from EUR 307.8 billion in January 2008 – a year-on-year decline of 70%.

MTF users poised to gain from CCP interoperability

Two pan-European central counterparties (CCPs) – European Multilateral Clearing Facility (EMCF) and SIX x-clear – have signed a memorandum of understanding that will allow multilateral trading facilities (MTFs) to offer members a choice of clearing services.

Smartpool link reflects Instinet’s open door policy

Instinet Europe, the European arm of the agency brokerage owned by Japan’s Nomura Holdings, has connected to Smartpool, the non-displayed multilateral trading facility from exchange group NYSE Euronext.

US clearing competition will not add cost – Nasdaq

The re-introduction of competition in the US equities clearing space will not create additional complexity and cost, according to Brian Hyndman, senior vice president of transaction services at US exchange group Nasdaq OMX.