Instinet has launched KoreaCross, the first securities crossing network for Korean equities and its ninth alternative trading system (ATS) platform globally, in collaboration Samsung Securities. The new platform aims to provide institutional investors with an anonymous, neutral and a so-called ‘zero-market impact’ platform for trading Korean equities.

READ THE REST

Credit Suisse is acquiring an undisclosed stake in Axe ECN, the alternative execution venue targeting the Australian marketplace (Asia Markets IT, April 2007). The ECN, which is expected to launch in mid-2008 (Asia Markets IT, June 2007), is being set up by the New Zealand Exchange (NZX) and five other banks to compete with services provided by the Australian Stock Exchange (ASX). The size and value of the Credit Suisse stake has not been disclosed.

AXE ECN, the alternative execution venue targeting the Australian marketplace, has demonstrated the extent of its international ambitions by entering into a co-operation agreement with US alternative venue Direct Edge ECN. The two upstarts have agreed to work together to share expertise, develop channels of communication and explore mutually beneficial opportunities.

READ THE REST

Since launching in February, Liquidnet Australia – Liquidnet’s 29th regional market – has enabled more than 50 members to trade Australian securities, becoming the country’s largest buy side only marketplace, says the company.Members have transacted more than A$200 million in equities, with trades averaging A$1.4 million compared to A$20,700 on the bourse.

READ THE REST

The rise and rise of the Instinet Chi-X proposition continues apace as the Nomura subsidiary forms Chi-X Global as a holding company for the operations of its Chi-X platforms in Europe, Canada and Asia-Pacific, and unveils plans to launch Chi-X Australia.

READ THE REST

Nomura subsidary Instinet has formed Chi-X Global, a holding company for the operations of Chi-X platforms in Europe, Canada and the Asia-Pacific region. Chi-X Global will be led by Tony Mackay as chief executive officer. Instinet also says it intends to launch Chi-X Australia, an alternative trading system based on the same technology and pricing model as Chi-X Europe and the soon-to-launch Chi-X Canada.

READ THE REST

New Zealand Exchange Limited (NZX) is to start reporting stocks traded on the Australian Stock Exchange over its new electronic communications network (ECN), using a solution created by Stratus Technologies and its partner, Trayport.

READ THE REST

BT says is to provide connectivity and hosting through its Radianz Proximity Solution for electronic trading access and low latency market data distribution to AXE ECN, the new Australian ECN. BT’s announcement confirms its deal with AXE ECN, first reported on AsiaMarketsIT.com last year (AsiaMarketsIT.com, June 2007).

READ THE REST

The Australian Securities & Investments Commission (ASIC) has permitted responses from banks and brokerages to a second round consultation process, CP 95 Competition for Market Services, until January 29 2008, following responses gathered last year from around 30 participants on its CP 86 document. Respondents to the first round included AXE ECN and Liquidnet, which are seeking to operate fully in Australia.

READ THE REST

It remains unclear whether dark liquidity pools will prove as popular in Asia as they are in the US and Canada, according to new research from analyst Celent.

READ THE REST

The Toronto-Dominion Bank, Australia Branch (TD) is joining the Australian and New Zealand fixed income trading platform from Yieldbroker. Toronto-Dominion has agreed to participate in both Yieldbroker’s dealer-to-client and inter-dealer markets giving the bank access to the leading source of liquidity in Australian denominated debt securities, according to the vendor.

READ THE REST

A move by US agency broker Liquidnet to establish a trading operation in Australia that would compete directly with services offered by the Australian Stock Exchange (ASX) appears to have run into delays, despite suggestions that the green light for authorisation would be granted fairly swiftly, Asia Markets IT has learned.

READ THE REST

The region’s financial markets are bracing themselves for the onset of electronic trading in the form of alternative trading systems, algorithmic models and dark liquidity pools, if the opinion of attendees of recent industry events is anything to go by. Informal polls and interviews conducted by Asia Markets IT suggest that while some resistance from established market structures remains, many in the region believe major structural change is imminent – and appear to welcome it.

READ THE REST