EXCHANGE NEWSWIRE, 19 September 2011
LSE aims to introduce a pricing promotion for UK equities and securities traded on its International Order Book from October 3 to end of March 2012 in order to increase market liquidity, according to the Trade News. There will be two fee package options, with the first having a GBP 50,000 monthly subscription fee, and charging 0.15 bps for aggressive executions. The second package has a GBP 5,000 monthly subscription fee, and offers liquidity takers an execution fee of 0.28 bps.
LSE’s share of trading in FTSE 100 stocks fell below 50% for the first time in past weeks according to the Financial Times, which quoted data from Thomson Reuters and Fidessa. LSE responded to its falling market share stating that the “FTSE 100 makes up only a portion of equity trading across the full range of the LSE group’s order books, including the fast-growing international order book.” LSE also said that “our statistics, calculated on a consistent and like-for-like basis, show that we have a consistent UK trading market of over 60 per cent.”
LSE: Turquoise will allow traders on the platform to choose between four different clearing providers from November, subject to regulatory approval. The clearing providers for this interoperable clearing service include EuroCCP, Cassa di Compensazione e Garanzia (CC&G), LCH.Clearnet and SIX x-clear.
London Metal Exchange (LME) appointed Trevor Spanner, co-founder and chief operating officer (COO) of EuroCCP, to head its new post-trade services division, as “a key step in the LME’s project to take greater control of its clearing business”.
MICEX shareholders voted for an early termination of office of the members of the previous MICEX board, and elected a new Board for MICEX with 19 new members, which will serve until the next shareholders’ annual general meeting which is scheduled for Spring 2012. Sergei Shvetsov, Deputy Chairman of the Bank of Russia, was elected Chairman of the Board of MICEX, and Sergey Lykov, Member of the Board of VEB, was elected Vice Chairman of the Board of MICEX.
CFTC’s Division of Market Oversight issued a letter providing temporary relief from the requirements of its regulations which require large trader reporting of physical commodity swaps. According to CFTC, “this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions” because “this is the first time that swaps data is being collected”.
FSA director of markets Alexander Justham resigned and will leave the company in October. David Lawton, head of market infrastructure and policy, will act as the interim director of markets until a replacement is found. Justham’s departure follows that of Thomas Huertas, previous head of FSA’s international division, Jon Pain, previous head of the supervision unit, and Sally Dewar, who was managing director of risk.
Provided By: Equity Research Desk, www.erdesk.com
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