New EuroCCP N.V. clearer formed

EuroCCP and the European Multilateral Clearing Facility (EMCF) have completed their merger, first announced in March, forming a new pan-European cash equities clearing house.

via Pocket July 18, 2013 at 07:36PM

Kepler deploys SunGard for UBS MTF access

First Published 29th April 2013

Kepler Capital Markets expands its use of SunGard’s Valdi solution for access to UBS MTF

Kepler Capital Markets, a European financial services firm, has expanded its use of SunGard’s Software-as-a-Service (SaaS)-based Valdi solution to add access to UBS MTF, the multilateral trading facility operated by UBS Limited.

Kepler already uses SunGard’s Valdi for access to numerous other trading venues, including BATS Chi-X Europe and other European stock exchanges. The firm expanded its use of Valdi as part of its plans to achieve agile growth through new market access.

“UBS MTF has a clear objective to provide high quality liquidity to UBS clients and UBS MTF members. Efficient and effective provision of access by SunGard helps give firms an easier way to go live and access the liquidity of UBS MTF.” -Richard Semark, CEO, UBS MTF

“SunGard’s Valdi smart order router and SaaS-based connectivity services help us achieve price improvements for our clients by helping us capture the liquidity available on existing and new trading venues. Valdi also helps us find liquidity that is unavailable to other brokers. In addition, it helps us lower our overall trading costs, creating savings that we can share with our clients.” -Thomas Biotteau, head of execution, Kepler Capital Markets

NASDAQ OMX Completes Acquisition of 25% Stake in Dutch Derivatives Trading Venue TOM

The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it has received the necessary regulatory approval for the completion of its acquisition of 25 percent of the Dutch cash equity and equity derivatives trading venue TOM, The Order Machine.

via Pocket April 26, 2013 at 06:00PM

LMAX Exchange Selects Equinix to Further Enhance Execution Capabilities

Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today announced that LMAX Exchange, the first FSA regulated MTF for spot FX, has selected the Equinix London LD4/5 data center campus in Slough as its primary operational site.

via Pocket April 07, 2013 at 05:49PM

Kyte Group Goes Live On AlgoSpan Low Latency Infrastructure And Exchange Access

AlgoSpan, the specialist market infrastructure provider, is pleased to announce that The Kyte Group has gone live with AlgoSpan’s low latency exchange market access platform, “AlgoNet’.

via Pocket January 29, 2013 at 06:23PM

Xignite Resets the Standard for Financial API Ease of Use

Xignite Inc.

via Pocket January 11, 2013 at 03:54PM

The state of play in EMEA an ATMonitor Blog posted by Anne Plested, Fidessa on Dec 21, 2012

As the Council of the European Union hands over to Ireland for the first trio of the 2013-2014 Presidency rotation (1st January 2013 – 30th June 2013), the outgoing Cyprus Presidency published a progress report on MiFID II / MiFIR on 13th December. This report outlines the current status of the compromise proposal negotiations, pointing out the main areas where Council agreement is yet to be reached. The areas of disagreement, the report says, may require further discussion at the political level. Once a qualified majority agreement is reached within the Council, expected Q1 2013, the trilogue process (European Commission proposed legislation vs. the European Parliament amendments and the Council amendments) can commence with the aim of agreeing the Level 1 final text of MiFID II / MiFIR.

A few stocking filler highlights below, and all the very best for the new year!

Organised Trading Facility (OTF)The Presidency reports that delegations have been largely divided on OTF proposals. One side is in favour of the introduction of the OTF. The other side wants stricter OTF rules, or even the removal of this new trading venue category, to ensure that all organised trading can only take place on the existing types of execution venue, Regulated Markets (RMs) and Multilateral Trading Facilities (MTFs). The current Presidency is in favour of keeping the new OTF category but limiting it to non-equity instruments, and also allowing matched principal trading, which the Presidency does not consider proprietary. We can expect more debate on OTFs in 2013.

Transparency waiversThere are four types of pre-trade transparency waivers currently allowed for equity markets: the large in scale waiver; the reference price waiver; the negotiated price waiver; and the order management system waiver. The Commission, and several delegations, would like to maintain only one of these – the large in scale waiver. The Presidency has proposed keeping all four waivers, but narrowing down their scope.

Investor protectionCommissions paid by third parties (inducements) are viewed as a major source of conflicts of interest. The Presidency compromise text imposes stricter disclosure requirements on firms receiving inducements. A smaller group of Member States wants to introduce a general ban.

Derivatives and clearingThe Council continues to have difficulty reaching agreement on access to clearing. The EC proposals to remove barriers to non-discriminatory access to clearing facilities do not sit well with those who believe this will lead to fragmentation at the trading level and to a reduction in liquidity. Any proposals within MiFIR will need to be aligned with the provisions of EMIR which is more advanced having already had its technical standards adopted. Pushing ahead, ESMA has just published a consultation paper on guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements. These guidelines focus on the risks that might arise from interoperability arrangements and outline the areas on which CCPs should focus, and which National Competent Authorities should verify, in order to mitigate those risks.

Third country regimeSeveral Member States have expressed serious concerns, and have strong reservations, regarding the Commission’s proposal introducing a third country regime for the provision of investment services in the EU. Many seem to be of the opinion that the introduction of a third country regime is unnecessary and disproportionate and would prefer to keep national rules. Based on these concerns, the Presidency has attempted to preserve the effect of the current regime, but has retained the requirement that a third country firm shall establish a branch in the Member State where it intends to provide investment services or perform investment activities to retail clients.

Spanish MTF Chooses Cinnober As Tech Partner

Spains new multilateral trading facility (MTF) has chosen Cinnober Financial Technology. as its future technology partner for launching a a high-speed marketplace focusing on Spanish listed equities and ETFs, according to todays announcement.

via Pocket December 31, 2012 at 02:58PM

Liquid Metrix

The information contained within this website is provided for information purposes only. IFS will use reasonable care to ensure the accuracy of the information within this site.

via Pocket December 30, 2012 at 05:55PM

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