Wednesday 23rd July 2014
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The Zimbabwe Stock Exchange (ZSE) has been transformed into a company from a mutual society, opening the way for a public listing on the bourse it operates. The ZSE has been owned and run by stock brokers since 1946, but after demutualisation the brokers now hold 68% while the government owns the remaining shares. The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to misuse of the DFSA's name. It has come to the DFSA's attention that a fraudulent email purporting to be from the DFSA has been sent to a number of firms both inside and outside the Dubai International Financial Centre (DIFC). The false email: purports to be about a "DFSA Anti-Money Laundering Violation"; appears to come from "Amina Alshehi" from "Audit & Compliance"; attaches a "non-compliance notice"; and uses legitimate DFSA contact details. The email is fake, warns the DFSA. - Surecomp, the provider of trade finance solutions for banks and corporations, says Nordea has gone live in Frankfurt and London with the stand-alone version of allNETT, Surecomp's Web-based trade finance front-end solution – Saudi’s Kingdom Holding Company announced a net income for the second quarter this year of SAR211.7m up 16.8% on the previous quarter. The gross operating profit was SAR420.3m up 26.2% on the same quarter in 2013. Mohammed Fahmy CFO, says: “The second payment of dividends has been deposited in shareholders’ accounts. The outlook for the company’s profitability remains strong.” - Northern Trust has reported a 20 percent rise in assets under custody and a 15% rise in assets under management for Q2 2014 compared to Q2 2013.The Corporate and Institutional Services (C&IS) and wealth management businesses also report a 9% rise in custody and fund administration services, investment management and securities lending. Frederick Waddell, the bank’s chief executive officer, says, “Our business continued to expand in the second quarter as trust, investment and other servicing fees, which represent 65% of revenue, increased 8% compared to last year and assets under custody and under management increased 20% and 15%, respectively.” - In the latest Investment Quarterly for Q3 2014, Renee Chen, Macro and Investment Strategist at HSBC Global Asset Management, looks at the investment prospects throughout the Asia region. Chen identifies macro trends that are likely to shape investment themes in Asian markets, such as economic policy reforms, economic rebalancing and regional cooperation and integration that will provide a wide diversity of investment opportunities in relevant sectors. Financial deepening, in terms of financial system reform and deregulation and capital market developments, is another macro theme. HSBC continues to see opportunities in various sectors that could potentially benefit from structural reforms in several Asian countries. In particular, effective implementation of reforms could lead to a sustainable improvement in economic fundamentals and the growth prospects of China and India, prompting a reform-led re-rating of Chinese and Indian stocks. The continued search for yield resulted in decent H1 performance in Asian credit markets and there has been continued investor appetite for emerging Asian bonds, but Chen cautions that valuations could become a constraint, with limited room for further spread compression in some sectors and markets. However, the still-low default rates and overall healthy level of leverage among Asian companies on the back of overall sound Asian economic fundamentals provide a solid base for Asian credit market in the medium-to-long term.

Much ado about HFT

Wednesday, 23 May 2012
Much ado about HFT FIA EPTA debunks high-frequency trading myths at MiFID II paper launch http://www.ftseglobalmarkets.com/

FIA EPTA debunks high-frequency trading myths at MiFID II paper launch

Launching its position paper on the review of the EU’s Markets in Financial Instruments Directive (known as MiFID II), FIA European Principal Traders Association has addressed what it claims to be  misconceptions surrounding high-frequency trading (HFT).“It’s time to bring more balance to the HFT debate, which until now has been driven by emotive language, anecdotes and fabrications rather than hard fact,” says FIA EPTA chairman Remco Lenterman. “For example, many people don’t realise that market abuse—as well as being morally reprehensible—comes at a hefty price for the market. So principal trading firms such as our members have a very real economic incentive to fight market abuse and back regulatory reform,” Lenterman adds, claiming that the industry’s critics have chosen to overlook the value that principal trading firms add to the real economy in terms of lower transaction costs and greater liquidity.

FIA EPTA is an association of European principal traders formed in June 2011 under the auspices of the Futures Industry Association (FIA). FIA EPTA represents more than 20 principal trading firms that, on a combined basis, are responsible for very significant volumes of trading in many asset classes on European regulated markets and multilateral trading facilities (MTFs). On average and across the main trading venues in Europe, one in two transactions in futures and one in three transactions in equities very likely have an FIA EPTA member firm on one or both sides of the transaction.

The position paper highlights FIA EPTA’s backing for a comprehensive regulatory framework and the regulation of all market participants with memberships to regulated markets and multilateral trading facilities. It also argues for well calibrated order-to-trade ratios determined by trading venues to ensure orderly trading on their platforms. Equally it expects trading venues and market participants to have robust risk controls in place to address risks inherent in electronic markets as well as ESMA’s guidelines on systems and controls in an automated trading environment, and supports transparent and open markets along with pre- and post-trade transparency measures and on-exchange trading. “We strongly support measures that ensure safer, more resilient markets, but we urge policymakers to carefully weigh the costs of such measures. No one benefits if badly designed regulations disrupt liquidity and drive up costs for traders and investors,” Lenterman said.

FIA EPTA represents firms that trade their own capital in the European exchange-traded markets. The association estimates that its members are responsible for a substantial part of the traded volumes on European exchanges and multilateral trading facilities.

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