Monday 30th 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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BATS Exchange announces new listings pricing

Thursday, 09 February 2012
BATS Exchange announces new listings pricing BATS Global Markets has unveiled a unique flat pricing model for its primary listings business, including free listings for companies whose stock or exchange traded product (ETP) trades more than 2m shares per day.

BATS Global Markets has unveiled a unique flat pricing model for its primary listings business, including free listings for companies whose stock or exchange traded product (ETP) trades more than 2m shares per day.

BATS also announced it will launch its Competitive Liquidity Provider (CLP) program today. The CLP program, designed for BATS’ new US primary listings business and was recently approved by the US Securities and Exchange Commission (SEC). This is a rewards-based program designed to incent market makers to make tighter quoted spreads with increased liquidity for each listing on BATS. The CLP program particularly benefits small and mid-cap companies who are often challenged by a lack of liquidity in their stock, which can make attracting larger investors difficult.

“As we strive to make markets better for issuers today, we’re focused on driving competition and innovation in the U.S. primary markets through new ‘out of the box’ programs and pricing,” says Joe Ratterman, chairman and chief executive officer of BATS Global Markets. “Our aggressive pricing and innovative market maker program will appeal to small and mid-cap companies looking to grow, while larger companies will be attracted to our no-fee listing model. All issuers, regardless of size, will benefit from BATS’ world-class customer support and technology.”

With its unique flat approach to both initial and annual fees, the BATS Listings fee schedule provides a competitive offering for issuers of all sizes. Breaking the mold when compared to traditional pricing models, BATS’ listing fees are not based on a company’s shares outstanding and BATS does not charge for the listing of additional shares.

For companies and ETPs listed on another exchange and interested in transferring their listing to BATS, the initial fee will be waived. Issuers whose stock or ETP trades more than 2m shares per day will not be charged an annual fee.

BATS Listings Fee Schedule Highlights:

  Corporate – Tier I Corporate – Tier II ETP
Initial Fee  (waived for transfers) $100,000 $50,000 $10,000
Annual Fee – CADV* Less than 2M shares $35,000 $20,000 $35,000
Annual Fee – CADV Greater than 2M shares No charge No charge No charge

*CADV = Consolidated Average Daily Volume      

The complete BATS Listings Standards and Fee Schedule is available on the BATS Listings website.

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