Nine leading brokers have committed to use central counterparty (CCP) clearing for CDSs in the European Union amid growing support for the formation of European CCPs to clear the contracts.
Burgundy, a multilateral trading facility (MTF) for Nordic stocks, will begin trading in the first week of May, starting with Swedish blue chip stocks, and expects to complete a full roll-out of Nordic blue chip stocks by June.
The Wholesale Markets Brokers’ Association (WMBA), a trade body representing interdealer brokers, has hit back at recent comments from the Federation of European Stock Exchanges (FESE) that blamed over-the-counter (OTC) instruments for the current financial crisis.
Swiss bank UBS has launched its Direct Execution service, which comprises direct market access (DMA) and Direct Strategy Access – a combination of DMA and UBS's algorithms – in Turkey.
Turquoise, a broker-backed pan-European multilateral trading facility, expects a drop in order flow when its market-making agreements expire in mid-March, but said this will be alleviated by improvements to its trading service.
Chi-X, a pan-European multilateral trading facility, will continue to siphon liquidity from incumbent exchanges because of its low transaction costs – up to a tenth of those charged by its competitors – according to a new study from research and advisory firm TowerGroup.
QUOTE MTF, a Hungarian-based multilateral trading facility, plans to start trading on 5 June and has selected European Multilateral Clearing Facility (EMCF) as its central counterparty (CCP).
BATS Europe, a multilateral trading facility, has chosen Transaction Network Services (TNS), a communications company, to provide client connectivity services to its trading platform.
The total value of equities traded in Europe increased to EUR 934 billion in January from EUR 821 billion in December, according to data provider Reuters’ monthly European market share report.
Nomura has added buy-side trading tools provider TradingScreen to its list of vendor connections in Europe, as the Japanese bank rebuilds links to the electronic trading platform acquired from Lehman Brothers’ European operation last September.