Showing all posts by Philippe Carré
A version of this blog post was originally published by the Financial Times.
Recently, I traveled to Madrid. I booked a flight on British Airways and found myself flying… Iberia. Of course these days these two “national carriers” are part of the same company, listed primarily on the London Stock Exchange and Bolsa y Mercados Espanoles, the Madrid exchange.
The Madrid and London stock exchanges are both over 150 years old and fiercely independent. They used to be among scores of independent stock exchanges around the world, all existing to serve their local markets with listings of companies from their country or local area. But increasingly independence is the exception, not the norm, for stock markets.
This blog post was originally published on DerivSource.
The news that NASDAQ OMX is investing into Dutch alternative venue TOM MTF proves once again how much the European trading landscape has changed recently, with the focus increasingly shifting from equities to derivatives, given the paucity of trading volumes in equities and unsustainability of a lot of the venues that appeared on the scene after MiFID.
A version of this article originally appeared in The National.
Last month, the Stock Exchange of Thailand joined the ASEAN Trading Link, an alliance comprising three exchanges from across southeast Asia. Russian exchanges Micex and RTS completed their tie-up in December 2011 to form the Moscow Exchange. More recently, the Tokyo Stock Exchange and Osaka Securities Exchange announced their imminent merger, expected to complete on 1 January 2013. These events have brought the debate regarding consolidating the Middle East’s own exchanges into sharper focus. Trading across multiple markets is commonplace across the globe, but this practice is yet to become a reality here. Why?
Trading in the region will eventually become more attractive and accessible to overseas investors, but the panelists in Dubai implied that regulators were understandably quite cautious at present. Of more concern was the diversity of regulatory regimes throughout the region.
This blog post originally appeared on TabbFORUM.
The ASEAN link went live this week, linking Singapore Exchange and Bursa Malaysia members and traders, completing a project started five years ago. Perhaps it was only natural that Asia should pick up on one of the latest developments in capital markets: interconnectedness.
This blog post also appears on Finextra. Cross-border M&A among exchanges has proved difficult lately. The latest attempt, the purchase of the London Metal Exchange by Hong Kong Exchanges and Clearing, might actually go through – but with what result? Hong Kong Exchanges’ bid for the LME follows several failed exchange merger attempts of last [...]
This blog post was originally published by the Financial Times and also appears on Finextra. It is impossible to discuss the financial markets of central and eastern Europe without highlighting the accomplishments of the Warsaw Stock Exchange. The recent adrenaline rush among the CEE’s other exchanges, desperate to transform themselves into serious players, can only [...]
When people speak about Latin American markets, we know they tend to think of Brazil first. Of course, Brazil has opened the door to trading activity in the region and has been developing at a tremendous pace over the past few years, so that’s a natural response. However, as the region continues to boom, investors [...]
Is it too great a leap to think that a Pan-Latin American regional exchange is now clearly in sight? Unifying small- and medium-sized exchanges to attract and better serve investors has been tried before, and has proved successful. Euronext, originally combining the stock exchanges of Amsterdam, Brussels, Lisbon and Paris and later merging with NYSE, [...]
Beyond mature markets, investors and trading firms looking for opportunities should keep in mind the potential an emerging market offers. By that benchmark, then, Colombia, Peru, Chile and Argentina should be high on peoples’ shopping lists as these countries have come a long way in improving their infrastructures and thus their links—both electronically and culturally—to [...]
