Sponsored access schemes that allow buy-side firms to trade on execution venues under the name of a broker, introduce unacceptable risks for brokers and unclear lines of responsibility, according to Eli Lederman, CEO of pan-European multilateral trading facility Turquoise.
Data provider Markit will introduce a new pricing schedule for BOAT, its trade reporting and data service for over-the-counter European equities trades, from 1 May.
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.
Investment Technology Group (ITG), an agency broker and technology provider, has added global electronic trading capabilities to its Triton execution management system (EMS).
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.
William J. Brodsky, the newly-appointed chairman of the World Federation of Exchanges (WFE), asserted that the global financial markets are at a “critical juncture” in their evolution, as the federation laid out three priorities for 2009.
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.
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%.
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.
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.