Data Boiler Technologies, LLC的动态

No wonder capital markets in ???? keep falling behind ???? in terms of size and efficiency. Slow T+2 settlement cycles and having 41 trad-ing exchanges plus 30 cent-ral secur-it-ies depos-it-or-ies under the super-vi-sion of vari-ous European author-it-ies is not what a ???? Capital Markets Union should look like. Euronext, SIX, Deutsche B?rse, LSEG (London Stock Exchange Group), and all other strategically important market infrastructure providers, please work together on this getting inefficiency out of the European capital markets. It's time for some consolidation and regulatory upgrades, don't you think? https://lnkd.in/gPRux44G

HOSE tests out KRX-created trading platform The Ho Chi Minh City Stock Exchange (HoSE) has announced that it will migrate to a new information technology system developed by the Korea Exchange (KRX), South Korea’s bourse operator, from March 4-8. Following the transition, HoSE has requested securities firms to prepare their systems for the KRX system. System checks and cutover tests will be conducted on March 7. Between March 11 and 15, securities firms will conduct order entry tests to ensure seamless operations similar to a normal trading day. The first day of the new system will be on March 4, with data for the first day of trading sourced from the end-of-day data on March 1. The KRX system offers various new features, including support for individual investors to trade on a separate platform and facilitation of day trading (T+0). The technology system project, signed between HoSE and KRX in 2012, includes the design, supply, installation, and transfer of the information technology system, with a value of VND600 billion (US$24.3 million). The original plan was to complete this transition in 2021, but there have been delays. The most recent plan called for the new information technology system to be operational by the end of 2023, but the timeline has been pushed back. The KRX system has received positive evaluations from investors, securities companies, and analytical entities, with the expectation that it will become a driving force for the market in the long run. The information about the test phases and the promised operation has significantly influenced the stock prices in the securities sector and led to a significant increase in the overall market. KB Securities Vietnam (KBSV) estimates that the new system will increase the average daily trading value of the VN-Index by 30-70% compared to the recent 5-year average liquidity. KBSV believes that the operational launch of KRX will meet the remaining conditions for the market’s upgrade according to FTSE Russell’s ranking. During the New Year’s gong-striking ceremony at HoSE, Nguyen Thi Chan Phuong, Chairwoman of the State Securities Commission of Vietnam (SSC), emphasized that the official launch of KRX depends not only on the management agency or HoSE investors but also requires the collective efforts of market stakeholders, especially securities firms. “Under the guidance of the Ministry of Finance and coordination from the SSC, the new information technology system will soon be put into operation,” stated Phuong. Nguyen Thi Viet Ha, Acting Vice Chairwoman of HoSE, confirmed the completion of the final user testing phase with KRX. HoSE will make efforts to deploy the system within this year. The post HOSE tests out KRX-created trading platform appeared first on Vietexplorer.com.

Nirbhay KumarAlexander Huff Kurt Dew This is a traditionalist argument for the trading world, that it is much better if we have clearly defined boundaries and relatively small vertical integration (for example, rather than a separate clearinghouse, the exchange takes on clearing). The SEC for years argued this when electronic trading hit, it was obvious they preferred the exchange model and were wary of fragmentation. I think there is a major flaw in this reasoning, and it is the assumption that securities markets are about capital formation and futures markets are 'gambling' or hedging risk only. Do both of those have truth in them? Yes. However the reality is that markets are a lot more complex than that. For example, outside IPOs, most stock transactions have little to do with capital formation per se (yes, treasury stock serves as a form of capital, since it can be used to, for example, buy another company). The securities markets on the other hand do have a ton of gambling, the HFT, Day Trading, Algo trading is based pretty much in timing and targeting market swings, same with short sellers. Likewise the futures market is not just gambling or financial speculation. In the commodities world, futures are how most products are bought, it is the mechanism the markets found to be the most efficient way of buying them. Buying products 6 month out is cheaper than buying on the spot market when needed, and they can use derivatives hedging to insulate themselves if they mis estimated demand and need to dump or buy it on the spot market that month. I don't have a problem with the concept of stock futures, though I don't see how that isn't gambling. Basically, instead of buying a stock and then waiting for it to go up (or down) over time, it is buying a future hoping that by the time it comes due at expiry, the underlying stock price has gone up to penetrate the contract price so you can sell it for a premium or exercise it at the cheaper price. I think you would see the same fragmentation you see on the equities markets on why they are trading, there will be financial/speculative trading types, there will be those who want to buy stock at a fixed price due to some long term strategy,etc The one thing I disagree with Professor Dew on is having separate, distinct regulators. That worked when asset classes were distinct, where futures and their options were CFTC, equities and their options SEC. With Algo trading being such a big presence in the markets, and likely to get even bigger, you can't put the genii back in the bottle, they are all tied together. Are separate, distinct regulatory bodies more efficient, more focused? Yes. Do they make sense in the world of trading today? No. That narrow focus ignores the interconnectedness/relatedness between the various markets and quite frankly ignores a lot of complexity that could end up causing multi market meltdowns and loss of investor confidence. #futures #equities #regulation #markets #fintech

https://lnkd.in/d-kshcM3 The implementation of the new trading system is poised to play a key role in the Vietnamese stock market's upcoming upgrade to emerging market status by 2025. The Ho Chi Minh City Stock Exchange (HoSE) announced that it will migrate to the new information technology system developed by?the Korea Exchange (KRX), South Korea’s bourse operator, on March 4-8. Following the transition, HoSE has requested securities firms to prepare their systems for the KRX system. As part of the transition, system checks and cutover tests will be conducted on March 7. Between March 11 and 15, securities firms will conduct order entry tests to ensure seamless operations similar to a normal trading day. HoSE emphasized that the first day of the new system will be March 4, with data for the first day of trading sourced from the end-of-day data on March 1. The KRX system offers various new features, notably supporting individual investors in trading on a separate platform and facilitating day trading (T+0). The technology system project, signed between HoSE and KRX 2012 which includes the design, supply, installation, and transfer of the information technology system, is valued at VND600 billion (US$24.3 million). HoSE originally planned to complete this transition in 2021 but has since experienced delays. The most recent plan called for the new information technology system to be operational by the end of 2023, but the timeline has been pushed back. The KRX system has garnered positive evaluations from many investors, securities companies, and analytical entities, with the expectation that it will become a new driving force for the market in the long run. The information about the test phases and the promised operation has significantly influenced the stock prices in the securities sector and led to a significant increase in the overall market. In its early-year issuance report, KB Securities Vietnam (KBSV) estimated that the new system would increase the average daily trading value of the VN-Index by 30-70% compared to the recent 5-year average liquidity. KBSV believes that the operational launch of KRX will meet the remaining conditions for?the market's upgrade according to FTSE Russell's ranking. During the New Year's gong-striking ceremony at HoSE, Nguyen Thi Chan Phuong, Chairwoman of the State Securities Commission of Vietnam (SSC), emphasized that the official launch of KRX depends not only on the management agency or HoSE investors but also requires the collective efforts of market stakeholders, especially securities firms. "Under the guidance of the Ministry of Finance and coordination from the SSC, the new information technology system will soon be put into operation," stated Phuong. Nguyen Thi Viet Ha, Acting Vice Chairwoman of HoSE, confirmed the completion of the final user testing phase with KRX. HoSE will make efforts to deploy the system within this year.

https://lnkd.in/emubE3Yv <<In this ad-hoc IPO venue, SMEs would be granted simplified listing requirements “proportionate to their age, size, and ownership structure “before they transition to their chosen EU stock exchange, the report says. Under this scenario, stock exchanges would be called to collaborate to “pool their small and mid-sized segments,” and ESMA would supervise their “joint venture.”>> *Sarantis Michalopoulos contributed to this article #ESMA #SMEs #IMM #stockexchange #EU #pool #joinventures #transition #supervision #markets #learning #reforms #investments #CIOSUERD

Markets Media highlights the popularity of dark platforms as the number of major exchanges increase. Mid-point match launched by Euronext earlier this month as the latest dark pool release. The platform allows users to assess liquidity in dark markets before moving to a lit book in a single trade sequence. This helps mitigate information leakages and minimize market impact. Simon McQuoid-Mason, head of equity products for Uk and Ireland at SIX Swiss Exchange, told BXS [Best Execution Solutions], “ I think the market at large understands the benefits, costs and utility of trading on non-displayed, midpoint order books really well.” Additionally he claimed, ““and guess what – we haven’t seen proportionate dark volumes spiral out of control. This suggests to us that there is a natural level of dark trading influenced by the cost/benefit profile of trading in the dark, shape of flow and nature of the underlying trading objective.”? Overbond has developed AI-driven liquidity and price confidence analytics that auto-adapt based on trade characteristics such as size and direction to assign liquidity and confidence scores against fixed income securities. These tools can assist with algo matching processes and allow dark pool operators to dynamically adjust markup to maximise execution volumes as liquidity conditions change. This will not only benefit operators but also liquidity providers and price takers as dynamic charging optimises execution as market conditions differ. Overbond is working closely with several leading dark pool operators in delivering API data feeds that enable this application. Read more here: https://lnkd.in/gWrTpdBd #FixedIncome #Trading #CorporateBonds #Bonds #ArtificialIntelligence #AI #BondTrading #QuantitativeAnalysis #Fintech #FinancialTechnology #CapitalMarkets #Investing #DebtCapitalMarkets #FinancialInnovation #MarketData #BondMarket #FinanceTech #RiskManagement #AssetManagement #FixedIncome #Trading #CorporateBonds #bonds #QuantitativeAnalysis

Australia’s equities market is “one the world's cleanest”, ASIC reports, with the regulator committing to further clamp down on trading misconduct https://lnkd.in/gmKpVP9T #asic #australiansecuritiesandinvestmentcommission #clean #cleanmarket #insidertrading #marketmisconduct

The MSCI global index rebalancing coupled with the introduction of T+1 risks causing a spike in failed trades in the North American capital markets, according to a recent article by Reuters. The article includes Gresham’s insights on what these market events might mean from a reputational perspective for firms that struggle to cope with the changes. As the article reports, “trades fail when a counterparty cannot deliver the securities or funds to meet their settlement obligations, which heightens the risk of financial losses, opens new tab, raises transaction costs and damages reputation, according to financial tech firm Gresham Technologies.” Undoubtedly, these market events should be the catalyst that forces firms to ditch legacy, manual systems in favour of advanced automation and data integrity solutions. Gresham is ready to help companies with their regulatory compliance — We are ready for T+1; are you? To read more about the impact these market events will have on the processes underpinning the financial transactions of the capital markets you can find the article below. https://shorturl.at/btMf6 #stocks #bonds #ETFs #capitalmarkets #MSCI #compliance

Redefining Financial Futures and Securities to Energize New Market Creation As new exchange products have been introduced with some regularity – the CME Group and several crypto-focused exchanges come to mind, the line between a securities market and a futures market has blurred, writes Kurt Dew, a finance professor at Northeastern University. To energize the exchange space, the private sector should look to expand the regulatory envelope. A new exchange that relates exchange innovation to financial market stability/choice goals would both help market the products traded on a new exchange and bring regulation into closer alignment with financial market definitions, Prof. Dew explains. #exchanges #fixedincome #financialregulation #futures #securities https://lnkd.in/dFy7Saaf

Virginie Saade: Benefits of consolidated tape ‘cannot be overstated’ “While rules might not create markets, there is a very important role for regulation to play in creating a fair, open and competitive playing field in a fragmented region such as the European Union (EU).” This missive encapsulated the approach to regulatory divergence held by Virginie Saade, head of government and regulatory policy at Citadel. “Rules are a way to make sure that there is a common approach across the 27 countries.” #regulation #markets #EU #UK #Brexit #finance #Tradetech2024 #GlobalTrading https://lnkd.in/eAaz8nfG