News

A consortium of 13 banks and hedge funds has agreed to buy a minority stake in Chi-X Europe, the pan-European MTF owned by Instinet Europe. Instinet retains a majority stake in the MTF.

Staff at the US Securities and Exchange Commission (SEC) are preparing a proposal to allow US brokers to access foreign stock exchanges directly, making it easier for US investors to trade internationally.

Alternative asset management firm Malbec Partners has chosen Gissing Software’s technology as the core infrastructure for its alternative investment platform.

FlexTrade Systems, a provider of multi-asset algorithmic execution management systems (EMS), has announced that its FlexTRADER EMS will be the first algorithmic trading platform to provide direct access to NYSE MatchPoint.

The International Securities Exchange (ISE) has reported that in December 2007, the ISE Stock Exchange traded an average daily volume of 40 million shares, up from less than 10 million shares in the second quarter of last year ISE’s options exchange traded an average daily volume of 3.1 million contracts in the same period.

Investment banks Deutsche Bank and JPMorgan have each taken a minority stake in BATS Trading, the operator of the BATS ECN, an alternative trading platform for US securities.

Portware, a multi-asset trading systems provider, has launched Portware High Availability (HA), a real-time failover system.

James Cayne has stepped down as CEO of investment bank Bear Stearns, and has been replaced by Alan Schwartz, the company’s president. Cayne will remain chairman of Bear’s board of directors.

Financial software provider GL Trade has agreed to provide the Tel-Aviv Stock Exchange (TASE) with an ASP infrastructure connecting TASE members to the majority of financial marketplaces worldwide.

Bursa Malaysia Securities Clearing has launched the Central Matching Facility (CMF), an automated settlement system.