A temporary ban on short-selling of 799 US financial firms has been imposed by The Securities and Exchange Commission, in a move that followed that by the UK's Financial Services Authority. Further companies might be bought into the net.
The S.E.C. said the “temporary emergency action” would “protect the integrity and quality of the securities market and strengthen investor confidence.”
“The commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets,” the S.E.C.’s chairman, Christopher Cox, said. He continued “The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets.”
A similar ban in London was seen as a catalyst for the massive 8.84% surge in the FTSE 100. However, it should be remembered that the US has had previous bans on short-sellling plus a long-standing rule that says short-selling take place on an uptick.
Showing posts with label FSA. Show all posts
Showing posts with label FSA. Show all posts
Thursday, 18 September 2008
Trading Today
The Dow Jones had a respite, closing 410 points or 3.86% on todays session. Standard & Poors 500 was up 4.1% as well. The good news did not extend to the FTSE 100 which saw a 0.7% drop.
There was no let up for the credit markets with a massive flow to Treasury bills, freezing the market for capital.
$180bn of loans from the Federal Reserve to other world central banks to improve money markets liquidity.
LIBOR, the rate at which banks loan money to each other is still very high.
UK banks were again in the spotlight. Now HBOS has been rescued, the wave of pessimism started on Bradford & Bingley. In the US Morgan Stanley was under the Microscope for its possible tie-up with Wachovia.
The FSA implemented its restrictions on short-selling of financial firms.
There was no let up for the credit markets with a massive flow to Treasury bills, freezing the market for capital.
$180bn of loans from the Federal Reserve to other world central banks to improve money markets liquidity.
LIBOR, the rate at which banks loan money to each other is still very high.
UK banks were again in the spotlight. Now HBOS has been rescued, the wave of pessimism started on Bradford & Bingley. In the US Morgan Stanley was under the Microscope for its possible tie-up with Wachovia.
The FSA implemented its restrictions on short-selling of financial firms.
Friday, 5 September 2008
Finotec Launches Onlien Trading Platform
Finotec Group, Inc. (OTCBB: FTGI), an on-line foreign exchange company whose UK subsidiary, Finotec Trading UK Limited, is regulated by the FSA in the United Kingdom, has released its White Label On-Line Trading Platform software solution for financial institutions. The solution is being offered to financial institutions looking to enhance their trading business via state-of-the-art technology offered under their own brand name. Finotec's proprietary Finotec Trading Platform delivers real time pricing and high-quality executions, plus integrated charts, news, position management tools, and more. The rich, easy-to-use interface is currently available in several languages, and can easily be adapted to additional local markets. Finotec will offer a number of different pricing choices to clients purchasing the system in order to assist the budgetary needs of the institutions purchasing the solution.
"The Finotec Trading Platform is a beneficial solution for traditional financial services firms seeking to move their FX trading operation online, as well as for established online brokers or trading firms, wanting to expand their product offering," says Didier Essemini, Chairman of the Board and CEO of Finotec Group, Inc. "With demand for online trading reaching record highs, the Finotec trading platform solution will be offered to over 5,000 financial institutions world-wide and can be implemented at leading financial institutions around the world. We expect to start selling this solution immediately."
The benefits of Finotec's proprietary trading platform include a strong fully-integrated risk management and client relationship management system. Finotec's technology can be adapted to suit market making, hedge funds/CTAs, spread trading, institutional retail and proprietary needs. It is a turn-key solution that is adaptable to the specific needs of the end-user. The system also includes a full back-end solution including CRM, back-office, marketing applications, SMS alerts module, statistics and accounting module with real-time P&L reporting.
"The Finotec Trading Platform is a beneficial solution for traditional financial services firms seeking to move their FX trading operation online, as well as for established online brokers or trading firms, wanting to expand their product offering," says Didier Essemini, Chairman of the Board and CEO of Finotec Group, Inc. "With demand for online trading reaching record highs, the Finotec trading platform solution will be offered to over 5,000 financial institutions world-wide and can be implemented at leading financial institutions around the world. We expect to start selling this solution immediately."
The benefits of Finotec's proprietary trading platform include a strong fully-integrated risk management and client relationship management system. Finotec's technology can be adapted to suit market making, hedge funds/CTAs, spread trading, institutional retail and proprietary needs. It is a turn-key solution that is adaptable to the specific needs of the end-user. The system also includes a full back-end solution including CRM, back-office, marketing applications, SMS alerts module, statistics and accounting module with real-time P&L reporting.
Monday, 25 August 2008
Chi-X
Chi-X is a "multilateral trading facility" (MTF). Licencing by the UK's Financial Services Authority means it has been passported through to provide services to firms throughout the European Economic Area due to the MiFiD.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
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