Sunday 29th November 2015
NEWS TICKER, FRIDAY, NOVEMBER 27TH: The Taiwan Stock Exchange (TWSE) has launched an online ‘Rules & Regulations Directory’, providing international investors and the media with a centralised location for all 238 Taiwan capital market regulations in both English and Chinese. Regulations available via the Directory include rules for: primary and secondary listings, corporate governance, clearing and settlement, margin trading, ETFs, market monitoring and regulation, among others. The Directory features an easy-to-navigate graphical interface, allowing investors to locate regulations by category or by tree structure, as well as a comprehensive search function that automatically suggests laws and regulations based on key words. The English translation of the regulations was provided by multinational law firms -The European Parliament’s negotiation team has informed the European Commission that it is ready to accept a one-year delay of the entry into force of MiFID II. However, this only applies if the Commission finalises the implementing legislation swiftly and thereby takes into account the European Parliament’s priorities. Furthermore, Commission and ESMA need to come up with a clear roadmap on the implementation work and especially for setting up the IT-systems. That’s telling them! - China shares fell 5.5% in trading today; it’s a big fall, the biggest since August. Analysts say it is related to the regulator’s announced determination to enforce good practice on the securities industry. Hong Kong's Hang Seng Index fell 1.9% today and 3% over the week. Elsewhere, Japan shares fell 0.3% after the Nikkei neared the 20000 barrier on Thursday. Australia's S&P/ASX 200 fell 0.2% and South Korea's Kospi slipped 0.1%. The Straits Times Index (STI) ended 25.57 points or 0.89% lower to 2859.12, taking the year-to-date performance to -15.04%. The top active stocks today were OCBC Bank, which declined 0.46%, SingTel, which declined 0.26%, UOB, which declined 0.10%, DBS, which declined 0.36% and Global Logistic, with a 2.44% fall. The FTSE ST Mid Cap Index declined 0.48%, while the FTSE ST Small Cap Index rose 0.03%.Brent crude was last down 0.2% at $45.38 a barrel. U.S. oil prices fell 0.4% on Thursday amid signs of robust US production despite data showing a lower-than-expected increase in US oil inventories and a decline in the number of working oil-rigs in the country. Gold prices were down 0.3% at $1,066.70 a troy ounce - The EBRD has extended a total of $70m in loans to Mongolia’s Khan Bank, aimed at small and medium-sized enterprises (SMEs). The EBRD package will include financing for SMEs and their value chains, sustainable energy projects designed to improve energy efficiency, a risk-sharing facility that will help Khan Bank clients access longer-term financing, and an increase in the trade finance facility, which helps companies perform export and import operations. The sustainable energy part of the financing package, which is $10m, is part of the special financing framework, Mongolian Sustainable Energy Financing Facility. The EBRD has such facilities in many countries of operations; they are part of the Bank’s drive for green economy transition. The EBRD is also providing technical cooperation as part of the sustainable energy financing portion, funded by the multi-donor EBRD Shareholder Special Fund. Khan Bank, which has around 500 offices across Mongolia, is one of the largest commercial banks in the country. The loan agreements were signed by Khan Bank CEO Norihiko Kato and the head of the EBRD office in Mongolia, Matthieu Le Blan.

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Much ado about HFT

Wednesday, 23 May 2012
Much ado about HFT FIA EPTA debunks high-frequency trading myths at MiFID II paper launch

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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