Wall Street Letter VOL. XLV, NO. 29 - Sept. 16, 2013 | Page 7
19 – 25 SEPTEMBER 2013
BOX was at the NBBO between November 2011 and January 2012 when the fees weren’t in effect (or 550,000 when BOX was not at the NBBO). Similarly, the number of auction responders rose during the pilot period to an average of 3.14 when BOX was at the NBBO in Penny Pilot classes and 4.05 in non-Penny Pilot classes. Those averages were slightly lower when BOX was not at the NBBO, going down to 2.24 and 2.26 respectively, it said. One metric that did decline is the average price improvement, BOX noted. That metric started at $0.037 for non-Penny PIP transactions and it declined to $0.029 during the pilot period. BOX noted the decline was due mostly to improvement for orders where the initiator also provided the improvement, but it noted there was an increase in price improvement when the orders were improved by directed, non-Affiliate responders. POST-TRADE
ATG preps Brazilian clearinghouse filing
Americas Trading Group is preparing a filing to launch a new Brazilian clearinghouse, to complement its planned Brazil-based stock exchange, according to Alan Gandelman, CEO of ATS Brasil, a subsidiary of ATG and the planned exchange. Gandelman told WSL he expects the filing to be submitted in October. The timing follows an agreeALAN GANDELMAN ment, announced CEO of ATS Brasil last week, between ATG (which has partnered with NYSE Euronext to launch ATS Brasil, the name of the new exchange) and Risk Office, to create the clearinghouse. Gandelman said running an
independent clearinghouse became part of ATG’s plans when clearing costs at the clearinghouse operated by BM&FBovespa rose. To use the clearinghouse for the new exchange would require the payment of the higher fees and an inability to compete with BM&FBovespa on price, which is why the group started looking at its options, he added. The decision to partner with Risk Office was based on the expertise gained by Risk Office through its consulting business, which provides risk management consulting to investment firms, said Gandelman. “Given the expertise they have in risk, not only in the back o ??X?H?][ ?? ?] H^?[??\? [\?[ ?\? ?H ?]?[? [H H \??X? \??\??\ ??'HU? [??? ]^ \?\?H ?[[ ?? ?\ ? H?\?x?&\???? ?[Y?\?][?? HYY [?Y][? ? H?X? ]??\]][? ?\?[ ?^\? H [?????^?[X[?X\??] ? ?[??H H [YH? HY\??\???I??[???\?K?8?'HX\??] ?\?H ?\\?Y??][ \H^?[??\??)? ??]8?&\???Z?H ?x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
????N?Y\??Y?H??\]Y[??H ? ?[\ \?Y\??Y?H ?Y??X? ??X?[?????H H? [?? ?X?H?\?[??]]?] H[?X?]H ] H??\]Y[??H?? [???