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?
This blog post also appears on TabbFORUM and ATMonitor. If any country epitomizes the wilder side of capital markets trading in Asia, it’s Malaysia. But there are signs that Malaysia is ripe for a bit of refinement, which would give this dynamic country the focus it needs to be more competitive in global markets. On […]
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 […]
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, […]
The landscape of the Australian equities market is changing fundamentally but it will probably be another year before the new geography becomes clear. Although granted a licence in March 2010, it wasn’t until October 31st this year that Chi-X went live in Australia and the ASX (Australian Securities Exchange) had to face its first real […]
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 […]
Earlier this month I visited Warsaw to moderate a panel at the FOW Derivatives World CEE (Central and Eastern Europe) conference. As ever it was a pleasure to be in Poland but this time it was particularly interesting given recent developments in Polish and other CEE markets. The conference literature said that it returned to […]
After years of lagging behind Europe and the US in electronic trading, electronic changes are afoot in Japan’s financial industry, and they are making industry players focus more and more on the importance of networks and efficiency.