The trade association for the American securities industry, the Securities Industry and Financial Markets Association (SIFMA) says it will respond to a market best practices guide published by the US Treasury Department on 9 February.
PLUS Markets, the small-cap. trading platform turned around by executives from the AIM market run by the London Stock Exchange, says February saw its highest trading volumes yet since it launched its extended offering in December 2005. February saw 71,607 trades, valued at £421 million, representing a volume of 645 million shares traded on the PLUS platform.
American insurer AIG has launched the AIG Emerging Markets Foreign Exchange Index in response to the growth of investor interest in emerging markets and foreign exchange as asset classes in recent years.
Trading on SETS, the London Stock Exchange's order book, reached record levels during February 2007. The average daily number of trades on SETS increased 55 per cent in February to a record 413,506, while the average daily value traded was up 28 per cent to £7.46 billion. The total number of SETS trades during the month was 8.3 million and the total value traded was £149.1 billion.
Rosenblatt Securities announced it has hired Joseph A. Sangimino, Robert J. DeGaetano, Salvatore D. Aquino and Anthony Castelli, formerly of Joseph A. Sangimino, Inc., to join its existing floor team.
Euroclear has selected BT as one of its providers of secure messaging services to facilitate two-way client communication through its new Common Communication Interface (CCI). Commencing in 2008, the CCI will serve as the sole interface for Euroclear group clients to access all services offered by each Euroclear operating entity. It is an integral part of Euroclear's goal to reduce settlement costs by consolidating five processing platforms into one.
The Toronto Stock Exchange (TSX Group) and the International Securities Exchange (ISE) are to create a new derivatives exchange called DEX. It will be launched in March 2009. DEX will be owned 52% by TSX Group and 48% by ISE and will list and trade options, futures and options on futures on a range of Canadian securities. DEX will pair TSX's position as the leading Canadian market for Canadian securities together with ISE's superior derivatives trading platform, including OMX's trade match engine and ISE's complementary suite of technology. With a distinct order book and trading rules, TSX says DEX will complement its other exchanges to provide investors with a full set of trading products and strategies.
A survey carried out by NET2S, a consultancy specialising in capital markets technology, highlights a significant shortfall in adequate risk management in the portfolio management systems (PMS) vendor space. 56% of vendors fail to provide any form of risk management at all. Of those who do, only one third offer enough analytics and stress testing capabilities to be considered 'adequate' by NET2S.
Eurex, the international derivatives exchange, yesterday announced it will use a new Bloomberg model to calculate the final settlement prices of its new credit index future, to be launched on 27 March. These prices will be displayed and can be analysed on the Bloomberg Professional service.
GAIN Capital Group, a provider of Foreign Exchange (Forex) trading and services for institutional investors, yesterday launched a new margin trading platform FOREXTrader for Windows. It was tested with a select group and is available free of charge to GAIN Capital Group global clients.