US equity brokers expect the commissions they earn from institutional trades of domestic equities to fall by 23% and hedge fund commission payments to drop by 32% in 2009-2010, according to the latest equity investor study from research and consulting firm Greenwich Associates.
Joe Ratterman, CEO of US equities exchange BATS, has said he would welcome further discussion around the use of controversial ‘flash’ order types, despite the fact that US regulator the Securities and Exchange Commission (SEC) has approved them.
Following a slump in trade volumes and turnover across Europe in the first quarter of this year, both value traded and number of transactions have risen in the second quarter. However, values still fall short of the levels seen in last year’s fourth quarter, when the financial crisis hit.
BATS Global Markets, the operator of US equities exchange BATS, has announced plans to launch a US equity options exchange, and is targeting live trading on the platform in early 2010.
Ned Phillips, CEO of Asian dark pool BlocSec, has acknowledged that plans to bring sell-side liquidity on stream are taking longer than expected, but he denied that the crossing network had stopped taking on new clients.
While the industry has largely applauded last week’s agreement between exchanges, multilateral trading facilities (MTFs) and brokers to harmonise tick sizes across Europe, many acknowledge it is only a first step, and more effort is needed to create true unity.
Global investment bank Credit Suisse has appointed a new head of capital services in Asia-Pacific in an attempt to reconnect with its hedge fund client base in the region.
Lee Porter, formerly head of member services in Asia for Liquidnet, has replaced David Klinger as head of the buy-side crossing network’s Asian operations.