The Stock Exchange of Thailand (SET), together with other stock exchanges in Greater Mekong Subregion (GMS) – Cambodia, Hanoi, Hochiminh and Laos -, announced that they will collaborate to strengthen the region


The Stock Exchange of Thailand (SET), together with other stock exchanges in Greater Mekong Subregion (GMS) – Cambodia, Hanoi, Hochiminh and Laos -, announced that they will collaborate to strengthen the region

http://asiaetrading.com/thai-bourse-firms-up-cooperation-with-cambodia-laos-and-vietnam-exchanges/

BANGKOK, 29th August The Stock Exchange of Thailand (SET), together with other stock exchanges in Greater Mekong Subregion (GMS) – Cambodia, Hanoi, Hochiminh and Laos -, announced that they will collaborate to strengthen the region’s competitiveness and raise its global profile during the first GMS exchanges CEOs meeting ‘GMS Focus’, hosted by SET, as a platform for closer collaboration among GMS exchanges.

After the meeting, five GMS exchanges agreed in principle to initiate GMS capital market developments in three areas: capital market education, corporate governance and market information sharing. Charamporn Jotikasthira, President of The Stock Exchange of Thailand, said: “This first GMS exchanges CEOs meeting reflected the shared vision and regional support in building a closer network for GMS capital markets cooperation. All GMS stock exchanges are confident that a closer collaboration among markets is a major step in strengthening our capital markets’ presence and enhancing our capital market quality.”

Hong Sok Hour, CEO of Cambodia Securities Exchange, said: “This meeting was very fruitful and productive, enabling us to further develop our markets and contribute to the prosperity of the GMS. During the meeting, all exchanges agreed to set up GMS information sharing mechanisms among exchanges that I am strongly confident that it will help regional development and increase visibility of GMS exchanges to regional and international investors.”

Tran Van Dzung, CEO of Hanoi Stock Exchange, said “GMS securities exchanges are playing increasingly important roles in supporting the economic development of our respective countries and the region. Our collaboration’s goal is to develop a strong and healthy GMS capital market based on good quality of corporate governance of exchanges and listed companies.” Tran Anh Dao, Deputy CEO of Hochiminh Stock Exchange, said “HOSE highly appreciate SET as the host of this GMS Exchanges Networking for enhancing relationship among exchanges in the region. We take this opportunity for deeper understanding on collaboration mechanism and future plan”

Dethphouvang Moularat, Chairman & CEO of Lao Securities Exchange, joining Thailand Focus for the third time, said: “This meeting is an important way to build strong links of friendship among GMS exchanges and show how the exchanges can work together effectively. One joint operation that was mutually agreed from the meeting is to initiate “GMS Capital Market Education Forum” that would become the key driver for strengthening the capital market education development in Mekong region. This meeting shall contribute narrowing the developing gap among GMS countries and can smoothly establish the AEC”

The CEOs exchanges also participated for the second time in Thailand Focus 2013: Connecting to New Investment Frontiers, the annual flagship investment seminar in Thailand, to present their growth potentials to foreign funds and participate in 19 one-on-one meetings in the event during August 28 and 30, 2013

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HFT not favoured by order-type explosion


Order-type proliferation does not favour high-frequency trading (HFT), despite buy-side perceptions, according to research by consultancy Rosenblatt Securities.

via Pocket http://www.thetradenews.com/USA_news/Trading___Execution/HFT_not_favoured_by_order-type_explosion.aspx July 09, 2013 at 06:49PM

Changing the Rules of Access :: TabbFORUM – Where Capital Markets Speak


Changing the Rules of Access :: TabbFORUM – Where Capital Markets Speak.

Seeing in the Dark: The Rise of Dark Pools, and the Danger Below the Surface :: TabbFORUM – Where Capital Markets Speak


Seeing in the Dark: The Rise of Dark Pools, and the Danger Below the Surface :: TabbFORUM – Where Capital Markets Speak.

Exchanges: AlgoSpan Service Coverage


Exchanges: AlgoSpan Service Coverage

http://www.algospan.com/Exchange_and_Service_Coverage

The ‘shortest path’ end-to-end trading infrastructure and real-time market data services to major equity and derivative exchanges
AlgoSpan’s solutions are designed specifically to meet the demanding needs of the financial community, with a particular focus on providing infrastructure and market data for major equity and derivative exchanges.  AlgoSpan’s trading infrastructure (branded AlgoNet) underpins all customer solutions, including delivery of its multicast normalised and raw exchange data (branded AlgoData).

Exchange Coverage Map
Our service map shows which locations we can currently deliver industry leading latencies – we are continually expanding to new exchange locations
Click here to download our service map

London Fibre Footprint
AlgoSpan takes its ultra-low latency market access infrastructure directly to London’s trading community via its London fibre network
Click here to download our London Network map

Ultra Low Latency
Our ‘shortest path’ philosophy means we continually strive to deliver the lowest possible latencies across our Market Access Platform

 
 
London Exchange Locations

A-Location
B-Location
Exchanges
Latency*
Interxion, LON
London
Equinix, LD4
Slough
Chi-X Europe

BATS Europe
0.23 ms
Interxion, LON
London
LSE
London
London Stock Exchange
Borsa Italiana
0.01 ms
Interxion, LON
London
NYSE
ARCA, Euronext, Liffe
0.265 ms
European Exchange Locations

A-Location
B-Location
Exchanges
Latency*
Interxion, LON
London
NASDAQ OMX
Stockholm
NASDAQ OMX
11.045 ms
Interxion, LON
London
Equinix, FR2
Frankfurt
Xetra
Eurex
4.324 ms
Interxion, LON
London
Equinix, ZH4
Zurich
Six Swiss Exchange
6.88 ms
North American Exchange Locations

A-Location
B-Location
Exchanges
Latency*
Interxion, LON
London
Telx
New Jersey
NYSE ARCA
BATS US
33.1 ms

 

We have full control over our dedicated high-capacity network, taking the most direct fibre routes using the latest generation technology, with network management that eliminates any ‘invisible’ sources of latency. By combining our installed network with wholesale carrier links, as well as the ability to construct our own network to client locations, AlgoSpan has the unique capability to continually operate and control the best possible ‘shortest path’ infrastructure.

 
AlgoNet infrastructure services are designed to increase the speed of market data delivery and reduce order execution latency.

With a focus on distance-related network latency, AlgoNet applies our ‘shortest path’ philosophy to target delays between trading venues and the customer’s trading systems. We deliver unrivalled latency across the following services, which can be combined to deliver a bespoke trading infrastructure solution to meet specific needs:

Market Access Platform
For the shortest path between major equity and derivative venues

Our proprietary Market Access Platform provides fully managed and resilient exchange connectivity for direct access to major equity and derivative markets. We deliver guaranteed round trip access – high capacity routes focused on latency, the latest generation equipment and network management that eliminates any ‘invisible’ sources of latency.
   
Hosting

For the shortest path to the exchange trading platform
At-exchange or proximity hosting services enable customers to benefit from the fastest possible access to an exchange’s core trading and information systems. We provide flexible space / power hosting packages that enable you to physically place your trading systems in purpose built facilities inside (or as close as possible to) the exchange data centre.

   
Connectivity

For the shortest path between your desired locations
As a network carrier specialising in high bandwidth fibre services, AlgoSpan has a unique capability to provide dedicated point-to-point fibre connectivity directly between the customer’s desired locations. With a choice of service options, the link will take the most direct path designed, installed and optimised using routes focused on latency.

 

AlgoLab™ Proof of Concept Testing Facility
 

 

Our AlgoLab market data test lab facility provides the opportunity for traders to trial AlgoData™ multicast normalised data feed.
Our proof of concept testing facility is live, offering the opportunity to test the latencies and performance of AlgoData technology, as well as assess the suitability of the Radio Feed™ protocol – a single high performance interface in an easy to parse language for simple integration into your trading applications.

AlgoLab is available from our distribution points at Interxion LON1 and Equinix LD4 data centres, accessible to tenants and prospective tenants by cross connect or by internet VPN for those not currently collocated at these sites.

  • Opportunity to try AlgoData™ before you buy, free of charge
  • Minimise risk associated with changing service provider
  • Benchmark latencies against incumbent services
  • Implement new / improved trading strategies
  • Fully supported and simple integration into your trading applications
  • Fast provisioning, usually within 5 working days

AlgoLab is available for an initial 28 day trial, with the option to extend facilities should further analysis and more extensive performance work be required. All RadioFeed markets are available to trial, click here for further information.

“AlgoData has recently been selected by one of the largest tier one investment banks, following extensive trials with a number of market data providers and we now want to offer the same trial opportunity to other trading firms through the AlgoLab facility” says Robert Bicket, CEO of AlgoSpan.

AlgoData is in-house developed and optimised by trading experts to provide one of the fastest and best quality data services available on the market – ideal for customers that care about speed and want to leverage the next generation in market data infrastructure. Data is captured directly from the exchange and disseminated to the client via Radio Feed™ protocol over AlgoSpan’s own ‘shortest path’ optical fibre infrastructure – one of the fastest on the market, designed and optimised for high frequency trading.  Read more about the market data service.

What If All the Bitcoin Exchanges in the World Were Shut Down?


Here’s a thought exercise.

via Pocket http://www.huffingtonpost.com/max-keiser/what-if-all-the-bitcoin-e_b_3170739.html May 03, 2013 at 01:50PM

FINRA Proposes Exemption for Exchanges on Market-Making Payments


The Financial Industry Regulatory Authority has signaled to the Securities and Exchange Commission that it is prepared to amend its rule that prohibits payments for making markets in securities, to allow exchanges to make such payments under certain conditions.

via Pocket http://www.tradersmagazine.com/news/finra-exemption-exchanges-market-making-payments-111113-1.html April 26, 2013 at 12:18AM

Google to Face Off with FINRA, Exchanges in Audit Trail Bidding


http://www.securitiestechnologymonitor.com/news/google-to-face-off-with-finra-exchanges-in-audit-trail-bidding-31629-1.html?ET=securitiesindustry:e4229:190117a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=STM_BNA_08302010_030613.

March 6, 2013
Tom Steinert-Threlkeld

Google, operator of the dominant set of data centers for indexing and searching for content on the World Wide Web, said it intends to submit a bid to build a consolidated audit trail of all stock and options quotes, orders and trade details for the Securities and Exchange Commission.

The Internet search giant will face off with a who’s who of the securities industry, including NYSE Technologies, the commercial arm of the company that owns the New York Stock Exchange; Nasdaq OMX Group, its chief rival in selling trading technology to exchanges around the world; and BATS Global Markets, an eight-year-old company that has used high-speed trading systems to take over about 10 percent of the nation’s trading in stocks on its two all-electronic national exchanges.

Industry Regulatory Authority, the regulator of brokers whose chief executive, Richard Ketchum, signaled in early 2010 an interest in creating and managing a database that would hold all the nation’s trading details for review by itself and the Securities and Exchange Commission.

FINRA, BATS, Nasdaq and NYSE Euronext all face potential conflicts of interest in submitting their bids. They all are part of the industry group charged by the SEC with formulating the overall plan to create the audit trail and pick the best bid to produce and manage the system.

“For many good reasons including technical and market expertise, the SEC tasked the exchanges to develop and manage the Consolidated Audit Trail process under its oversight and approval,’’ said Richard Adamonis, senior vice president of corporate communications at NYSE Euronext, owner of NYSE Technologies. “The proposal, like the entire process, is highly transparent and open for public comment.”

The potential conflicts are not likely to be show-stoppers, however. “If they end up going with a firm that is part of the working group, they will have to come out with clear criteria in terms of how they won the project,” said Sang Lee, managing partner of industry consultancy Aite Group. “I would say it is almost a disadvantage to be on the working group and also a bidder. At least, (such a bidder would) have a higher public perception hurdle to overcome.”

The audit trail plan is a response to the May 6, 2010, flash crash, which revealed how ill-equipped the nation’s regulators were to analyze market disruptions.

The staffs of the SEC and the Commodity Futures Trading Commission took five months to piece together details of what happened on that date to trigger a 600-point drop in the Dow Jones Industrial Average in a matter of minutes that afternoon; and, a similarly speedy bounceback.

Also announcing their intents to bid are a variety of the industry’s best-known technology suppliers, including SunGard Data Systems, Cinnober Financial Technology and Tradeworx, which is already creating a real-time database of trade details on public markets for the SEC; financial information service Thomson Reuters; consultancies that include Capgemini Financial Services, Grant Thornton, Wipro, Infosys, and Sapient; and the International Business Machines Corporation, the largest provider of information systems services.

Google to Face Off with FINRA, Exchanges in Audit Trail Bidding


Google, operator of the dominant set of data centers for indexing and searching for content on the World Wide Web, said it intends to submit a bid to build a consolidated audit trail of all stock and options quotes, orders and trade details for the Securities and Exchange Commission.

via Pocket http://www.securitiestechnologymonitor.com/news/google-to-face-off-with-finra-exchanges-in-audit-trail-bidding-31629-1.html?ET=securitiesindustry:e4229:190117a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=STM_BNA_08302010_030613 March 06, 2013 at 09:04PM

European Commission official defends order-to-trade concept as debate rumbles (Source AT Monitor)


European Commission official defends order-to-trade concept as debate rumbles

First Published Wednesday, 27th February 2013 from Automated Trader : Algorithmic Trading News

Would an order-to-trade ratio be more appropriately called an ordeal-to-trade ratio? The European Commission does not appear to think so, but many in the market do

London – A policy officer for the European Commission argued at a financial conference that efforts to force markets to have higher order-to-trade ratios were in the interest of the wider market though his views met with scepticism.

“Unlike MiFID 1, MiFID II is not just there to reduce administrative costs for the industry. It’s actually a reform of EU market structure in an attempt to get more trading onto organised venues and to make all trading, all kinds of financial instruments pre- and post-trade, transparent,” Jasper Jorritsma of the European Commission said in a panel discussion.

As part of that, an order-to-trade ratio was one idea that was being taken up by both the Council of Europe and the European Parliament, Jorritsma said. The concern is that exchange systems are being overloaded and that there is too much “fake liquidity.”

“And one of the ways of addressing both of those concerns would be to maximise the ratio between the number of transactions that someone does and the number of orders that they can post,” he said.

“In this case, one of the reasons for wanting to regulate is that exchanges have shown that they’re not able to manage this risk adequately, possibly because they just make too much money out of all the actual trading so that they don’t necessarily have the proper amount of incentives,” he added. By introducing regulation, authorities would be helping them in collectively addressing the issue.

Kee-Meng Tan, managing director for electronic trading at Knight Capital, scoffed at that argument.

“That’s just like the government telling you that you can only download five megabytes on your phone a day, that’s it, because you might bring down the phone company,” he said.

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