The Securities Exchange Board of India has confirmed that it is reviewing options to remedy the lack of interoperability between India's two securities clearing houses, but market participants are pessimistic that regulatory action will boost smart order routing volumes in the near term.
The Securities and Exchange Board of India (SEBI), the country's securities regulator, has clarified that smart order routing (SOR) between the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) is not restricted to particular order types.
Credit Suisse has announced the execution of its first trades on India's Bombay Stock Exchange and National Stock Exchange using smart order routing technology.
Agency brokers ITG and Instinet have agreed a reciprocal arrangement that will permit clients to search for liquidity in each other's Asian crossing networks.
Investment Technology Group has launched its liquidity aggregator, POSIT Marketplace, in Australia in a move that will significantly reduce trading costs for buy-side traders and enable them to trade more efficiently, says Michael Corcoran, head of sales and trading, Asia Pacific, at the agency broker and technology provider.
French agency brokerage CA Cheuvreux has reacted to rule changes at the Istanbul Stock Exchange by introducing its range of algorithmic trading products to the Turkish market.
The introduction of smart order routing in India is a big step forward from a best execution perspective, but long-standing issues related to post-trade settlement will present roadblocks to its fast adoption, traders say.
After a slow start, Japanese proprietary trading systems are seeing an uptick in turnover despite the overall decline in market volumes, says Takayuki Saito, the new head of electronic trading, Japan at Morgan Stanley MUFG Securities.
Global trading platform operator BATS Exchange will offer new routing services on its BATS Options trading system from 1 October 2010, including access to multiple market centres.