SEC supports trading on public exchanges

Exchange Shorts

Financial transaction tax (FTT): Greece proposed several options for advancing the FTT plan, including the decision of which derivatives to be taxed and to choose how the current plan should set the stage for a broader range later on, Bloomberg reported. At a May 6 meeting, 10 of the 11 interested E.U. countries agreed to seek a “progressive” tax on equities and “some derivatives” by January 1, 2016.

IntercontinentalExchange Group (ICE) (NYSE:ICE) aims to sell up to 33% of Euronext to European long-term investors, with the aim of putting local regulators’ concerns to rest that Euronext could be bought up by another foreign firm, Reuters reported. ICE also stated that it would go ahead with the planned IPO, and two sources put the value of the European exchanges business at more than EUR billion.

Hong Kong Exchange (HKEx)  promised to fight a new legal challenge over its London Metal Exchange (LME) warehouses, which is related to the impact that long queues have had on zinc  prices, the Fianncial Times (FT) reported.

Securities and Exchange Commission (SEC) supports a plan meant to move more stock trading onto exchanges and away from private trading venues operated by banks and other firms, the Wall Street Journal (WSJ) reported. The plan is expected to be included in SEC’s pilot program that is aimed to increase trading in smaller companies’ stocks.

European pension funds have commenced clearing over the counter (OTC) derivatives, although they effectively have relief from clearing for at least three years, with the possibility of the time frame to be extended by another three years, International Financing Review (IFR) reported.

Hellenic Exchanges selected Cinnober’s asset surveillance technology to strengthen the exchange’s current technological infrastructure.

NLX CEO Charlotte Crosswell stated that encouraging the buy-side to trade is the biggest hurdle that Nasdaq OMX NLX (NASDAQ:NDAQ) has faced over the first year of the exchange, the Trade News reported. Crosswell also stated that NLX is now preparing for new product launches and will continue to concentrate on a few select products that clients demand, including options on its futures contracts, and OTC products.

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com. 

Equity Research Desk (www.erdesk.com) provides fundamental analysis of global capital markets related entities to support the investment process of buy-side analysts at hedge funds and traditional money managers. The company focuses its coverage on securities exchanges, discount brokers, trading platforms, asset managers, financial-related technology companies and intellectual property assets in the US, Europe, Asia, and Latin America.

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