FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

Peru: LSE signs Bolsa de Valores de Lima to MillenniumIT tech

London Stock Exchange Group today announced that it has entered into a technology partnership with Bolsa de Valores de Lima.

MillenniumIT, a wholly-owned subsidiary of London Stock Exchange Group will provide state of the art trading and Smart Order Routing technology to Peru’s markets via its ultra low latency, highly scalable trading platform, Millennium Exchange and Millennium SOR.

Tony Weeresinghe, Director of Global Development at London Stock Exchange Group and CEO of MillenniumIT, said: “This is a significant achievement for us. Peru is one of Latin America’s fastest growing economies, and there is need for efficient, reliable capital markets infrastructure as business and investment continues to develop there. We look forward to building on this partnership, and playing our part in the next stage of Bolsa de Valores de Lima’s development.”

Francis Stenning, CEO at Bolsa de Valores de Lima, said: “We are very conscious of the relevance of technology in our business. That is why we believe this upgrade in our electronic trading platform and order routing system will take us to the forefront of technology. It will allow Bolsa de Valores de Lima to keep up with the growing Peruvian economy, provide new services to the local market and increase its efficiency. This will allow us to benefit from better tools and a strategic alliance with one of the most developed stock exchanges in the world, London Stock Exchange Group, and to take advantage of more globally interconnected markets, including MILA.”

Source: Finextra, 18.01.2013

Filed under: Exchanges, Latin America, Peru, Trading Technology, , , , , ,

2010 Top 10 Developments in Asia’s Electronic Trading Industry;Asia E-Trading

2010 was the year that Asia’s electronic trading industry focused on competition and services in what have traditionally been anti-competitive market places. We recorded over 1000 separate news items this year in Asia alone. We recognize that some of the developments that made our list will not be relevant to everyone but as a neutral third party observer we have come up with a list that we feel are the Top 10 Developments in Asia’s Electronic Trading Industry in 2010.

Original Article: Asia E-Trading 2010 Top Developments

10) The US CFTC now allows Malaysian futures brokers to deal directly with US customer. Perhaps individually not a Top 10 item as other brokers in Asia have been given the nod by the US regulator too. But when taken together with the recent Bursa Malaysia exchange technology upgrades in both the equity and futures segments, migration to the CME Globex platform and the record prices in the Crude Palm Oil contract Malaysia is now poised to take its place as a south-east Asian trading center. It will become a key anchor in the ASEAN link planned in the coming years.

9) China’s Index future launched April 16 after many years of delay was an important development not only for electronic trading but also for China’s budding algorithmic and hedge fund industry. The index has quickly become one of the largest index futures now traded in Asia. Though the back month doesn’t trade as much as it should it will only be a matter of time before that open interest picks up too. It shouldn’t be long before we see index options and an interest rate future for China as well.

8 ) Singapore Mercantile Exchange launched in late August this year. Asia is demanding more and more commodities as wealth and consumption grow around the zone. Generally, in Asia, commodity exchanges tend to offer just one product but the Singapore Merc is offering a basket of commodities to trade both physical and cash contracts. Trading is available in WTI crude, currency, gold and black pepper to name a few. Interestingly, though, is that the SMX is owned entirely by Financial Technologies Group (FTIL) an India based company that will see its exchange compete head on with SICOM, the SGXs commodities arm. Expect to hear more from the SMX this year.

7) The Japan Securities Clearing Corporation (JSCC) began clearing trades for Proprietary Trading Systems (PTS) in August substantially reducing the costs in the post trade for alternatives in Japan. While the playing field still isn’t level with the Primary exchanges, this development at the JSCC was a boost for Japanese PTSs. SBI Japannext, a consortium PTS, has regularly traded 1 percent of daily volume on its venue as a result of this change. We expect fragmentation to accelerate in 2011 in Japan which is already around 3 to 5%.

6) The launch of Chi-east. The joint venture between the Singapore Exchange and Chi-X called Chi-east made it to our list of top 10 developments in Asia electronic trading industry in 2010. The venture is a big step for Singapore in terms of spurring exchange competition and becoming a regional one-stop-shop for trading in Asia. Chi-East is a broker to broker alternative that will offer off-shore crossing using different clearing facilities around Asia.

5) China is now the largest agricultural commodity market in the world with the Dalian Commodity Exchange seeing record volumes in Corn and the Soybean complex. Coupled with the Shanghai Futures Exchange and its metal products the opportunities and future for the electronic trading industry vertical in China and the rest of the world are huge.

4) Exchange competition in Australia. On March 31 the Australian government announced its support for Exchange competition in Australia. While we are still waiting the promise of competition is compelling. The Australian Securities Exchange (ASX) has long held a monopoly over the industry with poor service and high trading fees (explicit and implicit). The ASX passed its supervisory duties to the Australian Securities and Investments Commission (ASIC) August 1 and with the Market Integrity Rules being finalized it shouldn’t be long before trading in Australia is much cheaper and better served. The ASX SGX merger could put a spanner in the works, however.

3) Smart Order Routing in India – SEBI finally permitted Smart Order Routing in India in August of this year much to the National Stock Exchanges chagrin. The Bombay Stock Exchange promptly offered this service to its customers in a bid to take market share from its larger rival. India has the tightest spreads in Asia of around 6bps and with SORs on offer we can expect spreads to tighten even further and volumes to shoot up. This long overdue regulation puts India on the road to offering best execution far ahead of its BRIC peer China. Deutesche equities was the first FII to receive approval for using SORs to both the NSE and BSE.

2) SGX / ASX Merger – We have seen it in the US and Europe and it has finally come to Asia, exchange consolidation. While the news of this reverberated around the world like a tsunami the reality, in AsiaEtrading’s view, is that this is a merger of survival. Both exchanges are very small and in aggregate are still quite small but would command the largest futures market in Asia (not including China’s commodities of course). The announcement is further evidence that Asia is moving to a more competitive industry and should be a wake-up call to the rest of the region. Our webinar on the topic had the panelists agreeing that the merger won’t happen. We’ll wait and see if this merger does indeed take place.

1) We ranked the Tokyo Stock Exchange Arrowhead upgrade as the most important development in Asia’s Electronic Trading industry in 2010. This was a significant and crucial development for one of the top exchanges in the world. Previously, order round trips were around 4 seconds and orders per second were on par with a Starbucks barista. The improved matching engine performance has tightened spreads, increased trading volumes and reduced order sizes. This in turn has attracted more sophisticated traders, reduced implicit trading costs and has generally benefited the Japanese trading industry significantly. Not only that, having come out of 2009 and the aftermath of the GFC, the successful upgrade was the turning point for what was a very activity business in 2010. To us it was the catalyst for the entire industry in Asia.

Source: http://www.asiaetrading.com, 02.01.2011

Filed under: Australia, China, Exchanges, Hong Kong, India, Japan, Malaysia, News, Singapore, Trading Technology, , , , , , , , , , , , , , , , ,

TradingScreen launches TradeSmart X

New York, London, Hong Kong, Tokyo -September 23, 2009-  TradingScreen, Inc. (“TradingScreen”), the global leader in Execution Management Systems (EMS) announced today that TradeSmart X, the next generation version of its multi-broker multi-asset class flagship front-end will be showcased at the TradingScreen Tenth Year Anniversary Party on Thursday September 24th at the New York Nasdaq MarketSite and made available for release on September 25th.

TradeSmart X has been designed to provide a more intuitive and richer user experience. The new TradeSmart X integrates into a single interface major functionality enhancements for liquidity access; execution management; cross-asset class trading and reporting delivered with a new look and feel.

“TradeSmart X follows TradingScreen’s commitment to providing open, innovative and easily deployable trading solutions.  We have worked very hard at rethinking the trading interface concept and designed a product capable of meeting the ever growing challenges of liquidity fragmentation, strategy trading, low latency and workflow integration faced by traders today. TradeSmart X redefines the user experience through a complete modularization of the application, improved usability and offers a functionality to integrate the client’s own proprietary applications.

TradeSmart X also allows real-time upgrades and easier installation while adopting a very innovative use of the client’s desk top real estate”, commented Philippe Buhannic, CEO of TradingScreen, Inc. “Once again, TradeSmart sets the standard in the EMS space by bringing together speed, agility, simplicity, reach, power and stability. We are very proud to mark the tenth anniversary of the market’s first EMS by introducing our best version of TradeSmart to date”.

TradingScreen’s flagship product, TradeSmart, is a customizable front-end GUI (Graphical User Interface) that enables buy-side clients to trade a broad portfolio of financial instruments, around the clock, on any market and with a wide range of counterparties. TradeSmart is unique in its ability to aggregate multiple-dealers and multiple asset-classes (listed and OTC) onto a single screen format for electronic order routing. Its ASP (Application Service Provider) model enables very rapid deployment and activation of users into live trading and incorporates the most comprehensive and intuitive access to the proprietary algorithmic trading strategies offered by the leading global brokers. TradeSmart also makes available a number of modules that support other execution and order management activities such as Basket Trading, Pre and Post Trade Analysis, Allocations, Positions and P&L tracking. TradeSmart connects to all of the leading portfolio and order management systems to ensure complete integration into the workflow of the buy-side institution.

Over the past 10 years, TradingScreen has become the system of choice to equip the institutional buy-side trader across all client segments: Traditional Asset Managers, Alternative Investment Managers and Wealth Managers.

TradeSmart X will be introduced to the global trading community as part the TradingScreen Tenth Anniversary celebrations taking place in all the major global financial centers.

Source: Trading Screen, 23.09.2009

Filed under: News, Trading Technology, , , , , , ,

Market Data Platforms: Infrastructur to Handel Data Challanges – Report by A-TEAM July 2009

An exponential expansion of market data volumes in recent years has been caused by the confluence of a number of technology and business drivers – from the emergence of electronic communication networks (ECNs) to the advent of smart order routing systems and algorithmic trading engines.

Download:MARKET_DATA_PLATFORMS_Infrastructure_to_Handle_Your_Data_Challenges

Coupled with the increasingly divergent data sets needed to support complex decision systems, there is now a requirement for high performance data management infrastructures throughout the enterprise supporting high frequency automated trading as well as traditional market data processing functions like securities master file updates, risk analysis, and back-office trade support. Read full article

Source: A-Team and NYSE Technology, 30.06.2009

Filed under: Data Management, Library, Market Data, News, Reference Data, , , , , , , , , , ,

Bursa Malaysia new Securities Trading Platform live

Bursa Malaysia today successfully launched its Bursa Trade Securities trading platform. The launch of this trading platform for the equities market will provide greater accessibility for both local and international investors, as well as enhance trading efficiency and transparency in the market. The first phase of Bursa Trade was implemented in 2006 for the derivatives market.  Bursa Trade is powered by the NSC® trading system from NYSE Euronext.

Bursa Malaysia Berhad’s Chief Executive Officer, Dato’ Yusli Mohamed Yusoff said, “Today’s successful launch is the culmination of months of preparation which included internal and external-user testing to ensure a smooth and seamless migration. The successful implementation was certainly made possible by the steadfast support of our market participants who had spent a significant number of hours in working together with us in testing the new trading system.”

According to Dato’ Yusli, greater speed, access and control in trading is a notable trend in global exchanges today. “As the Malaysian marketplace progresses, we must leverage on new technologies to allow market users and investors access to more trading opportunities,” he added.

Stanley Young, NYSE Euronext’s Co-Global Chief Information Officer said, “We congratulate Bursa Malaysia on this landmark launch. This platform positions Bursa Malaysia on par with major international exchanges in terms of speed and functionality, but more importantly, gives Bursa Malaysia the flexibility to bring new products and services to the market.”

Dato’ Yusli added, “As with any highly complex technological system, there are always inherent risks. The exchange will be vigilantly monitoring the new trading system for stabilisation to avoid and minimise any possible disruption.”

Some of the key features of Bursa Trade Securities include:

Theoretical Opening Price (TOP)

Investors will be able to have ‘viewing ability’ of the theoretical opening prices for each stock under the pre-opening phase from 8:30am until the market opens for trading at 9am, as well as in the second session. The pre-opening price process enables real-time calculation of stock prices for first matching at opening phase. This allows investors to gauge market sentiment and prices better as the pre-opening period is made transparent. This is particularly useful for new listings.

Theoretical Closing Price (TCP)

This transparency of trading extends to the moment the market is about to end for both the first and second trading sessions. The theoretical closing price feature promotes natural discovery of closing prices for each session.

Trading At Last (TAL)

The last 10 minutes of each session will provide traders with the opportunity to close their positions. Matching will take place at a fixed price which will be either the last done price or the theoretical closing price.

Continuous trading

Bursa Trade Securities enables real-time and continuous matching of orders compared to 10 seconds matching under the current system. This makes the online trading experience faster and much more responsive.

Five best price limits

Investors would find this feature beneficial as it provides them with a clearer picture of market depth. The five-best price limits give investors more control of their trading decisions as opposed to the three-best price limits that is offered by the current system.

Odd Lots Matching

Investors will now be able to do partial matching for odd lots which makes it more marketable. Odd lots can be partially matched based on price time priority.

Final Settlement Price for FKLI and OKLI

The implementation of Bursa Trade Securities will also have an impact on the derivatives market. There will be a change in the calculation of the Final Settlement Price (FSP) methodology for the derivatives products carrying the Kuala Lumpur Composite Index (KLCI) as the underlying instrument. The products affected will be the KLCI futures (FKLI) and the KLCI options (OKLI). This new methodology makes it less susceptible to market manipulation and smoothens out price volatility.

To know more about Bursa Trade Securities, log on to http://www.bursamalaysia.com

Source: Bursa, 01.12.2008

Filed under: Exchanges, FIX Connectivity, Malaysia, News, Trading Technology, , , , , , , , , , , , ,

MetaBit offers low latency FIX connectivity for TSE’s Remote Trading Participants – メタビット、東証「リモート取引参加者」へ高速FIX接続を提供

Tokyo, 12 November 2008 – MetaBit confirms its high performance, low latency FIX exchange connectivity solution is suitable for Tokyo Stock Exchange (TSE)’s recently announced co-location services for offshore trading firms, that will request direct participation in Japan’s largest exchange. メタビットは自社のローレインテンシー、ハイパフォーマンス取引所FIX接続ソリューションが東京証券取引所(東証)のオフショアトレーディング機関のためのコロケーションサービス向けに新たに提供開始されたと発表しました。これにより海外の機関は日本最大の売買高を誇る取引所に直接参加できるようになります。

Since 2003, MetaBit has actively deployed its pure FIX-to-native exchange connectivity for high performance trading access to Japan’s exchanges, including the commodity exchange.  The architecture of MetaBit’s technology is based on the world’s leading Orc CameronFIX engine.  Today, securities companies select MetaBit’s FIX-to-native exchange connectivity solution for its standardised FIX API that combines high performance and low latency, with cost efficient support.

“On 30 September 2008, TSE announced its plans for “Remote Trading Participant Services” that will allow offshore firms with no branch in Japan, direct market participation.  This will facilitate increased liquidity for Japan’s markets,” explains John Edwards, MetaBit CTO.  “Our company’s FIX exchange connectivity to TSE represents a particularly convenient solution for such trading firms.  The product, branded “Alpha,” allows easy trading access through a standardized FIX interface that rationalizes TSE’s native API whilst achieving consistently high performance combined with low latency.  MetaBit’s FIX solution can be deployed in the announced co-location services at TSE, at other data centers, or at a Japan broker member’s site.”

* Performance of MetaBit’s FIX to native exchange connectivity Alpha product, has been independently measured to provide throughput above 3,000 messages per second and average latency below 2 millisecond per order at a sustained through-put of 800 orders per second1. * アルファは秒速3,000メッセージ以上、1オーダーのレイテンシーは2ミリ秒以下、1秒800オーダーを常時処理するというパフォーマンス数値を残しています※1。

“Japan’s exchanges have often believed FIX to be slow,” continues Edwards, “but MetaBit’s FIX exchange solution has a proven track record since 2003, and has successfully demonstrated that FIX is capable of high performance and low latency.  TSE’s native API is often difficult for non-Japanese firms to build connectivity to, and ongoing support becomes particularly time consuming due to ongoing changes to the API.  To have built a standardised FIX API removes all such concerns for our clients, and delivers trading access to TSE in a format that is very familiar to all firms deploying FIX.”

Today, MetaBit’s FIX exchange connectivity clients consist of broker members varying from Japanese domestic players, to global brokerage firms that trade multi-asset classes on all of Japan’s major exchanges ranging from cash equities, index futures and options, CBs to commodity futures. 今日、メタビットのFIX取引所接続ソリューションは国内のブローカー及び、日本の全ての主要取引所で取引される株式、指数先物・オプション、CB、商品先物を含めマルチアセットクラスに対応したグローバルなブローカーが導入しております。

——————————————-
* 1Performance measured on the following hardware: HP Proliant DL385, 2x Dual Core AMD 2Ghz, RHEL4 Update 2, 64-bit. * 1パフォーマンスは次のハードで測定: HP Proliant DL385, 2x Dual Core AMD 2Ghz, RHEL4 Update 2, 64-bit.

About MetaBit
MetaBit is the provider of the MLH (Market Liquidity Hub), an Asian broker portal that offers Direct Market Access (DMA) to 34 brokers and access to ten exchanges through its intuitive buy side trading tool XiliX.  The MLH is also accessible through the FIX Protocol, and provides access to more than 1,800 execution destinations worldwide in conjunction with MetaBit’s FIX partner networks.  MetaBit is the only provider of pure FIX to native exchange connectivity to TSE, OSE, JASDAQ and TOCOM that focus on sustained high performance and low latency.  Other products include Exchange Message Simulators to Japan’s major stock exchanges, and FIX testing and certification products.  MetaBit actively promotes FIX throughout Asia.

Partners include leading network provider BT Radianz, number one FIX connectivity solution provider Orc Software, renowned FIX testing and certification system provider Greenline Financial Technologies, and the world’s largest exchange provider NASDAQ OMX.

For more information please visit http://www.meta-bit.com <http://www.meta-bit.com/&gt;
Media Contacts, Koiji Ito, +81 3 3664 4160, sales@meta-bit.com

Source:Meta-Bit,12.11.2008

Filed under: Australia, Exchanges, FIX Connectivity, Japan, News, Trading Technology, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

メタビット、バイサイド向けコンプライアンス機能および投資助言ルーティングを直観的DMAプラットフォーム「XiliX」に搭載

メタビット(東京)は、マルチブローカー、マルチアセットクラス対応の直観的DMAプラットフォームであるXiliXに、バイサイド向けコンプライアンス・チェック機能と投資助言ルーティング機能を搭載したと発表しました。今日の市場環境においては、どのバイサイドにとっても非常に重要であるこれら一連の機能を、ヘッジ・ファンドのインキュベーターのパイオニアとして、もっとも成功している会社のひとつであるBridge Capital証券と共同で開発しました。

XiliXコンプライアンス・チェック機能は、投資アドバイザーからトレーダーへの投資助言のスマート・オーダールーティングとのコンビネーションで利用されます。投資アドバイザーおよびトレーダー双方が、社内および社外のコンプライアンス規制に効率的な方法で順守できるような機能となっています。これによりバイサイドに課される、より高水準の運用ファンドのリスク管理と取引エクスポージャーへの対応の一方、ハイパフォーマンスDMAやアルゴリズム注文ストラテジーへの高まる要求を損なうことなく実行できます。新しいXiliXの機能は、トレーディング・エラーとトレーディング・リスクを最小化するものとなります。

Bridge CapitalのCEO、藪内太嘉司氏は、「私たちは、現在XiliXが、日本の金融市場向けのバイサイド・トレーディングツールの中でもっとも包括的なコンプライアンス・チェック機能を有していると考えています。一連の機能は、私たちからのデザインと強化された規制に対する法令順守のための法的要求事項がベースになっています。Bridge Capitalにとって、投資助言ルーティングとプリトレードの際のコンプライアンス・チェックを統合することにより、ファンドを管理するための厳格なコンプライアンス・ルールを絶え間なく検証する一方で、拡大するトレーディング・ヴォリュームをスピーディに執行していくことが可能になります。」と述べています。

メタビットCEOのダニエル・ブルギン氏は、「Bridge Capitalの持つ卓越した専門知識をこの新機能開発のためにメタビットに貸していただいたことを大変光栄に思っております。これらの包括的なリーガル・コンプライアンス・チェックのデザインのために費やされた多大な努力は、アセット・マネジャーやトレーダーを保護するものとなります。助言や注文のヴァリデーションは、投資アドバイザーレベルとトレーダーレベルの双方向で行われます。コンプライアンス・チェックの実行の結果は、直観的で透明なレポート機能を通して、各項目チェックの成否を表示します。警告レベルから取引不可までのアラートの範囲を設定しています。」と述べています。

昨今の困難なマーケット状況を考えると、XiliXのコンプライアンス・チェックは、アセット管理に対する法的責任において、バイサイドをサポートする極めて重要な価値の付加を提供するものとなります。

Source: 09.10.2008

Filed under: News, , , , , , , , , , , , , , , , , , , , , , , , ,

Buy Side Compliance Validations and Advisory Order Routing released in MetaBit’s DMA-Trading Platform

Tokyo, 9 October 2008 – MetaBit announces the release of Buy Side Compliance Validations and Advisory Order Routing within its intuitive XiliX trading tool, a multi-broker and multi-asset class DMA trading platform into Japan and Asian markets.  In today’s market environment, the new release is of critical importance for any buy side and was closely built with Bridge Capital Securities Limited, Tokyo – one of the most successful pioneers in the area of incubating hedge funds.

XiliX’ compliance checks come in combination with smart order routing from fund advisors to traders.  The functionality helps both, advisors and traders to efficiently comply with their internal and external compliance regulations in a highly efficient manner that does not jeopardize the demand for high-performance DMA and algorithmic trading strategies whilst empowering buy sides to better manage a fund’s risks and trading exposure.  The new XiliX functionality will minimise trading errors and trading risks.

“We believe that today, XiliX has the most comprehensive compliance checks amongst buy side trading tools for Japan’s financial markets,” comments Takashi Yabuuchi, CEO of Bridge Capital.  ”The functionality was built based on our firm’s input on design and legal requirements to ensure compliance with the regulatory environment.  It is the ease of use that combines fund advisor routing with pre-trade compliance checks that enable Bridge Capital to process its expanding trading volumes at high execution speed, yet, continuously validate against tight compliance rules that govern our fund management.”

“MetaBit is particularly pleased that Bridge Capital Securities has lent its outstanding expertise to build this new functionality,” says D Burgin, CEO, MetaBit. “Much effort was spent to design these comprehensive legal compliance checks to protect asset managers and traders alike.  Validations take place interactively, both on an advisory level and on a trader level.  Results of compliance checks performed are delivered through an intuitive and transparent reporting method showing success, or failure.  Alerts range from warnings to trade prevention.”

Considering the difficult market environment, XiliX’ compliance checks deliver a vital value addition to support buy sides on their regulatory responsibilities for managing their assets.

Source: MetaBit Systems 09.10.2008

Filed under: News, , , , , , , , , , , , , , , , , , ,

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