This is certainly an exciting time in the world of financial exchanges. As long as each exchange enjoyed a monopoly in its own jurisdiction, they remained a necessary but rather dull element of infrastructure. But as such monopolies were eroded, and competition for the same business between different jurisdictions increased, financial exchanges have been forced to reconsider their function, strategy and often their continued existence.
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The London Stock Exchange has been the subject of possible and potential offers, but nothing firm. That moment may be fast approaching, however, as the UK Competition Commission prepares its verdict on merger remedies. Quentin Carruthers reports.
The dominance of the London and Luxembourg stock exchanges as Eurobond listing centres has been threatened since the chaotic implementation of the EU Prospectus Directive encouraged some issuers to look elsewhere. Delays on documentation are slowly improving, but with further regulatory change on the horizon, issuers are hoping for a smoother changeover next time around. Helen Bartholomew reports.
Much of the Middle East has been effectively closed to international investors, prohibited from owning stock or facing caps on their shareholdings in companies. The formation of the Dubai International Financial Exchange is expected to change that, with the arrival of an exchange that does not have limits on foreign ownership and international standards of corporate governance. Owen Wild reports.
The London Stock Exchange has been aggressively marketing its services in China in a bid to poach business from the standard venues for offshore PRC equity issuance – the SEHK, NYSE and Nasdaq. So far the LSE has only managed to draw in a few small issuers that want to avoid the US’s burdensome compliance standards and the lengthy queue to list in Hong Kong, but interest in London is growing. Kevin Voigt reports.
Since 2000 there have been three Asian-incorporated electronic trading platforms. Two have long ceased trading and a third, Debtdomain, faces serious financial difficulties. With such a turbulent past and present, what are the prospects for trading platforms in the region? Albert Ross reports.
Business is booming for the world’s derivatives exchanges, particularly those in Chicago – now with a critical mass achieved in electronic trading. However, with new for-profit business models proliferating, the search for growth must continue. Mark Pelham reports.
In less than five years, Market Axess has built a thriving franchise in the highly competitive business-to-customer electronic bond trading platform sector. Its head of Europe, Iain Baillie, talks about the advantages of electronic trading and the potential for future growth.
William Thornhill spoke to TradeWeb CEO Lee Olesky about his company’s expanding and increasingly complex product suite in the debt platform arena.
Philippe Rakotovao, deputy CEO of MTS and EuroMTS, discussed with William Thornhill the firm’s business model, the demands it places on participating banks, and underlying causes of the lack of profitability in the sovereign sector.