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The trading environment in Asia is strikingly different to the US and Europe, given the often vast differences between domestic regulations and market practices. This lack of harmonisation across the region proves problematic when attempting to determine concepts such as best execution and this is holding back the development of electronic trading to some extent. Moreover, the fact that the Asian stock exchanges have traditionally been very protective of their own markets and tend to be domestically focused has not helped matters. When the environment is one country, one execution venue, the incentive is much lower to adopt electronic trading methods and processes.

However, despite these drawbacks, the Asian markets have witnessed a lot of technological progress over the last few years. Many markets have started to open themselves up to direct market access and the participation of foreign institutions in these markets has driven forward change. This is particularly the case in markets such as Hong Kong, Singapore, Japan and Australia, which are often dubbed the tier one Asian markets.


The Asian markets are also waking up to the benefits of alternative execution venues, especially in these tier one markets. But what success have these venues achieved so far and what impact have they had on the market as a whole? Furthermore, are developments such as smart order routing rising in importance as the number of execution venues expands?

  AsiaMarketsIT.com Special Report: Liquidity Access in Electronic Asian Markets (608.9 KiB)