EXCHANGE NEWSWIRE, 6 September 2011
Chi-X Europe will begin a three-month pricing promotion starting October 1, and clients will be allowed to trade Santander, BBVA, Iberdrola, Inditex, Repsol and Telefonica for free once their trades exceed EUR 200m in those stocks within the same month. Chi-X Europe will also increase the rebate paid on passive executions on these securities to 0.30 bps from 0.20 bps. Chi-X Europe CEO Alasdair Haynes said “we are in effect leveling the playing field and hoping to increase liquidity in the half-dozen key Spanish stocks that are constituents of the Euro Stoxx 50 index”.
Markit is considering increasing its offer for LCH.Clearnet to fend off LSE’s interest in the clearinghouse, according to The Telegraph. Markit’s initial bid was thought to be significantly below LSE’s valuation, which was approximated at GBP 900m.
CBOE received SEC approval to trade SPXpm, its new cash-settled S&P 500 index option which will be traded on the C2 options exchange.
BVMF3 appointed Sergio Gullo as its chief representative for Europe, the Middle East and Africa, replacing Cathryn Lyall. Gullo most recently worked at interdealer broker BG Cantor as a business development manager.
SGX proposes revisions to its error trade policy on its securities markets. The two changes include the introduction of a non-cancellation range of 20 minimum bid sizes of 5% from a reference price on selected instruments trading on securities market, and the introduction of price adjustment as an alternative error trade dispute resolution tool.
KRX is considering listing currency derivatives for after-hours trading. According to KRX President and COO Jin Gyu Kim, plans for currency derivatives are still at a very early stage but should probably involve a link-up between KRX and an overseas exchange.
Chi-X Japan reported record trading of JPY 787b (+48.5% m/m), with a 2.83% market share in Nikkei 225 stocks value for the month.
European Commission plans to curb speculation in raw material markets, and investors and traders should be obliged to “prevent market abuse” and ensure proper pricing of raw materials.
European Union may require exchanges to share information with rival-operated clearinghouses on a “transparent and non-discriminatory basis”. The proposals stated in the August 18 document are meant to “prohibit discriminatory practices and prevent barriers that may prevent competition for the clearing of financial instruments”, and to “lower investment and borrowing costs”.
Provided By: Equity Research Desk, www.erdesk.com
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