Solutions
The second quarter of 2013 saw a strong increase in turnover in investment certificates and leverage products on the European exchanges, influenced in particular by the volatility of the European financial markets.
At EUR27.1bn, trading volumes were up 8.7 per cent in comparison with the first quarter of 2013, and as much as 22.1 per cent year on year. The figures are based on the latest market data collected by the European Structured Investment Products Association (EUSIPA) from its members and analysed by Derivative Partners Research.
The members of EUSIPA include: Zertifikate Forum Austria (ZFA), Association Française des
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at EUR84.6bn in August 2013 compared with EUR86.6bn in August 2012.
Of the EUR84.6bn, EUR76.8bn were attributable to Xetra (August 2012: EUR79.4bn).
EUR4.0bn were attributable to the Frankfurt Stock Exchange (August 2012: EUR4.4bn). Order book turnover on Tradegate Exchange totalled approximately EUR3.7bn in August (August 2012: EUR2.7bn).
In equities, turnover reached EUR74.0bn on Deutsche Börse’s cash markets (Xetra: EUR68.6bn, Frankfurt Stock Exchange: EUR2.0bn, Tradegate Exchange: EUR3.4bn). Turnover in bonds was EUR0.9bn, and in structured products EUR1.2bn. Order book turnover in ETFs/ETCs/ETNs amounted to EUR8.3bn.
European politicians may want greater transparency but by pushing all equity market order flow onto traditional primary “lit” exchanges, they may well risk harming the pension funds and retail investors they want to protect due to poor trade execution.
This is what asset managers tell TABB Group in new research published on the eve of continued MiFID II trialogue meetings as dark trading volume exceeds 10 per cent.
This new high was achieved as nearly 25 per cent of the asset managers now trade over 30 per cent of their order flow off-exchange – only six per cent
Eurex Clearing has welcomed DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt/Main, as a new member of EurexOTC Clear for Interest Rate Swaps (IRS).
The number of clearing members on EurexOTC Clear increases to 15. In addition to serving major group companies and affiliates, DZ BANK AG will offer its services to other interested clients as well.
“Participation in EurexOTC Clear is a strategic decision for DZ BANK. With Eurex Clearing’s services, we can also expand and enhance our range of services as a clearing broker for banks and institutional clients,” says Lars Hille, member of the board of managing
A concerning number of buy-side firms still rely on legacy systems even as they seek to generate alpha through alternative investment strategies, according to research carried out by SimCorp.
When asked if their firms need to create workarounds to support derivatives in current middle- and back-office operations, 82 per cent of respondents said yes. Additionally, over one-third of respondents admitted that the accuracy of client reports is compromised due to the need for extensive workarounds.
Buy-side respondents admitted that legacy systems hamper new product time-to-market, compromising competitive advantage. Fifty-three per cent revealed that their systems require at least
Assets on the Sciens Managed Account Platform (MAP) are up 35 per cent year-on-year to end June 2013, with two new trading advisors added to the platform – US-based Revolution Capital Management and Japan’s Stats Investment Management.
Both trading advisors are replicating their existing benchmark strategies in cells recently launched on the Sciens Managed Account Platform. The number of institutional users on the Sciens MAP has also increased by over 200 per cent in the corresponding period.
Revolution Capital Management has launched a cell that replicates its Alpha programme which follows a commodity trading advisor (CTA) strategy that develops quantitative
Moscow Exchange and Eurex, the derivatives arm of Deutsche Börse Group, have signed a cooperation agreement for the trading of foreign exchange (FX) derivatives.
Through this new element of the partnership between Deutsche Börse and Moscow Exchange, Eurex Exchange will launch Euro/Russian Rouble and US Dollar/Russian Rouble FX futures on its trading system in Q4 2013.
Alexander Afanasiev, chief executive officer of Moscow Exchange, and Andreas Preuss, deputy CEO of Deutsche Börse and CEO of Eurex, signed a cooperation agreement for the new derivatives products in Frankfurt/Main. Both partners will also jointly promote the launch of these two
More than 600,000 trades have been submitted to clearinghouses by MarkitSERV in the period between 11 March, when the Commodity Futures Trading Commission made clearing of certain over-the-counter (OTC) derivatives mandatory, and the end of July.
MarkitSERV is the most widely-used trade processing service for OTC derivatives.
In the first half of 2013, the volume of trades submitted for clearing using MarkitSERV was up 48 per cent from the same period in 2012, and included more than 120,000 “client” trades – transactions in which at least one party is not a member of a clearinghouse – on behalf
Options, the private financial cloud provider for the capital markets industry, has further expanded its connectivity to a number of key trading venues, in addition to adding a number of new data feeds to the Options PIPE Platform.
These latest additions to the IaaS provider’s offering come as a result of increased client demand.
This most recent deployment to the platform will see Options add HSBC and AllianceBernstein dark pools in Europe to its destinations, while the new market data feeds will include CBOE CSM, C2, CSM, BOX, CHX, and Nasdaq’s PHLX.
As a result of the
New listing rules for equities and investment funds have been issued by the Cayman Islands Stock Exchange (CSX) as a further development of its upgrade to the Deutsche Boerse’s Xetra trading platform.
Existing rules have been refined based on market and regulatory developments and some new rules have been established to accommodate the nature of specialist companies, particularly mineral companies and shipping companies, as well as investment funds, including exchange traded funds and forestry funds which may be seeking sophisticated investors.
New rules have also been established to provide adequate transparency and disclosure for the inclusion of retail
