NEWS
lows traders to select multiple legs of a trade at once and tells them the different strategies they are able to select from in a notification bar across the top of the screen, David explained. EXCHANGES & ATSs
PEOPLE MOVES
Web Financial Group hires US head
Web Financial Group has hired Luan Cox to
BATS adjusts market maker peg order type
BYX and BZX Exchanges plan to adjust the functionality of the market maker peg order types available on the exchanges in a move to limit market confusion as it relates to the orders, it said in a proposal it submitted to the Securities and Exchange Commission. The order type helps market makers fulfill their quoting obligations by automatically pegging the price for the order to the National Best Bid or Offer. In separate filings, the exchanges said they want to change a provision in their rules that cancels the order (upon designation by the market maker) if no NBBO is available for automatic pricing. Under existing rules, the order can be canceled or priced a certain percentage away from the last reported sale price. With the rule change, the exchanges will default to pricing based on the last reported sale price in a move to replicate functionality available on the Nasdaq Stock Market and EDGX Exchange. It also said the change would “simplify” the order, “thereby increasing its utility to market makers and decreasing the likelihood of unforeseen complications”. The exchanges had also allowed market makers to determine the percentage used to price the orders in the absence of an NBBO, but that functionality will also be eliminated for simplification purposes. Market makers can choose to do this using other pegged orders available on the exchange, they said.
BNY Mellon grows global derivatives clearing group
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Brean Capital announces multiple hires
and listed derivatives clearing business in
BYX and BZX will also no longer allow Market Maker Peg orders to be priced and executed in pre-opening or after hours sessions. They will also clarify their rules to ensure that the orders are not repriced if they represent the NBBO and to indicate that only market makers can use the orders. EXCHANGES & ATSs
Nordic bond mart prepped for launch, using INET
AktieTorget, a Swedish exchange operator, is gearing up for the launch of a new bond market that it hopes will attract retail flow to the secondary market for corporate bond trading in the country. The new exchange, RanteTorget, was scheduled to launch April 8, according to a notice from Nasdaq OMX Group that indicated it will
supply the technology backbone for the market. RanteTorget will use Nasdaq’s INET trading system for market operation, confirmed Jonas Myrdal, market surveillance manager for AktieTorget. Myrdal said the initial focus of the new market is to attract private investors looking to invest in the corporate bond market. He added that institutional investors would also be able to access the market but that isn’t the operator’s initial focus. The launch responds to what Myrdal said is e ?[??Y?[?\?[[?\?\?[? HX?X\??] ?[? H??[? ?K?8?'\?\? ??X? K]X\? \? KH ?\?[ ??H?X?H ] H[??\???\?H\??[??[?Y ? Z?H ?\?? YH ? H[??X?\?] H[? H?[?[??X[X\??] ?Y?\? ? 8?'HHYY ?\?][??\??\? H]\???[ H???[?? ? \ H???]H?? ?X?H8?$??T?H]\??^ [?[??Y HX\??] ? ?X? \?H??] ??T?H?? ? ]??H[? HT?? ?? W??? L??]??[?
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