Taxas forex on-line Santa Maria: Sistema de comércio alternativo ppt

Índice I. Bolsas de Valores e Sistemas Alternativos de Negociação II. Como os intercâmbios convencionais respondem ao surgimento de ATSs.

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Apresentação sobre o tema: "Índice I. Informações gerais sobre os intercâmbios de valores mobiliários e os sistemas comerciais alternativos II. Como as trocas convencionais estão respondendo ao surgimento de ATS". - Transcrição da apresentação:

0 Melhorando a Competitividade das Bolsas de Valores da Coréia.

Presidente Heungsik Choe, do Instituto Hana das Finanças.

I. Resumo das Bolsas de Valores e Sistemas Alternativos de Negociação II. Como os intercâmbios convencionais respondem ao surgimento dos ATS III. Como os ATS estão respondendo ao setor de mudanças em mudança IV. Crescimento da concorrência entre trocas e ATSs V. Como o setor de troca da Coréia pode permanecer competitivo.

2 Visão geral das Bolsas de Valores Mobiliários.

Objetivo Objetivo Fornecer mercados para negociação de títulos Permitir descoberta de preços eficiente Estabelecer regras para práticas justas de negociação Regular as atividades de negociação dos membros Funções Funções Eficiência As trocas garantem que as ordens sejam executadas e as transações sejam liquidadas da maneira mais rápida possível. Os intercâmbios de transparência ajudam os investidores a tomar decisões informadas e inteligentes, assegurando que a informação seja divulgada de forma oportuna, completa e precisa. As trocas de equidade asseguram que nenhum investidor tenha uma vantagem injusta sobre outros participantes do mercado. | 2.

3 Demetualização e Listagem de Várias Trocas.

No final dos anos 90 até meados dos anos 2000: desenvolvimentos no setor de câmbio estabelecem o estágio para as principais mudanças regulatórias em 2007 Demetualização e lista Separa a propriedade e a adesão Facilita a prestação de serviços ótimos Prepara o caminho para a consolidação da troca M & A de progressão gradual, alianças estratégicas e parcial Aquisições Ajuda a alcançar economias de escala e escopo Cria sinergias financeiras, operacionais e gerenciais | 3.

4 Grandes Forças da Mudança na Indústria Cambial.

Habilitado o surgimento de novos concorrentes de baixo custo: Globalização ATSs (MTFs) I-Bank Internalizers (SIs) Liberalização de fluxos de capital Baixa Custos de Negociação Revisão Regulatória de Baixa Latência Questões de Mercado de Falling Falling Margins US: Reg NMS EU: Inovação Tecnológica MiFID Maior necessidade para trocas convencionais para se reestruturar | 4.

5 Reformas Regulatórias Level the Playing Field.

Reg NMS (Regulamento do Sistema Nacional de Mercado) MiFID (Diretoria de Mercados em Instrumentos Financeiros) Estabelecida em 2007 pela SEC Uma série de iniciativas destinadas a modernizar e fortalecer o sistema de mercado nacional de títulos de capital. O análogo da Europa ao Reg NMS; Eficaz a partir de novembro de 2007 Cornerstone do Plano de Ação de Serviços Financeiros da CE visando aumentar a concorrência e a proteção do consumidor em serviços de investimento Regra de Pedido (ou Comércio) Regra Objetivo para garantir a melhor execução de preços Regra de acesso Aborda acesso justo e não discriminatório às cotações de preços Sub-Penny Regra Estabelece incrementos mínimos de preços para abordar a prática de "prosseguir" Regra de dados de mercado Promovendo a ampla disponibilidade de dados de mercado e alocando receitas para os dados mais úteis Harmoniza os regulamentos dos Estados membros para proteger melhor os investidores Categorização de clientes e manuseio de pedidos do cliente Melhora a transparência exigindo o fornecimento de dados de negociação suficientes Transparência pré e pós-negociação Requer a melhor execução Garantir o melhor resultado possível, incluindo custo, spread e probabilidade de execução, bem como preço de execução Treats Internets Systematic (SIs) como minicomerts Sistemas de Negociação Alternativos (ATS) Systematic I Nternalizadores (SI) Instalações Multilaterais de Negociação (MTF) Internalizadores Sistemáticos (SI) | 5.

6 Visão geral dos sistemas de negociação alternativos.

Características Vários locais de negociação não cambial foram lançados como alternativas às trocas convencionais; sua função predominante é a correspondência de contrapartes de transações. ATS (EUA), MTF (Europa), PTS (Proprietary Trading Systems: Japão), Dark Pools, etc. Até 2018, aproximadamente 120 ATS estavam em operação. Pontos fortes Força de execução rápida Requer poucas pessoas, mas sistemas de computação de alto desempenho Baixo custo de negociação • Custos explícitos: taxas • Custos implícitos: custos de mercado e custos de impacto do mercado Complemento de competição ATS Exchange Listagem e divulgação Impacto reduzido de negociações de bloco | 6.

Negociação Algorítmica e HFT (Apêndice) Negociação Algorítmica HFT (Negociação de Alta Frequência) Um tipo de negociação automatizada que divide grandes blocos de ações em ações menores para gerenciar riscos e reduzir o impacto no mercado de grandes negócios. Uma plataforma de negociação sofisticada de programas que usa computadores poderosos. para negociar um grande número de pedidos, uma classe especial de negociação algorítmica Também conhecido como trading, negociação de caixa preta ou robo comercial Uso de plataformas eletrônicas com um algoritmo que determina o tempo, preço ou quantidade amplamente utilizado por fundos de pensão, fundos de investimento, e outros comerciantes institucionais de compra e comerciantes de vendas, como os fabricantes de mercado que fornecem liquidez. Pode ser utilizado em uma variedade de estratégias de investimento, incluindo a criação de mercado, arbitragem ou tendência a partir de especulação pura. Altamente quantitativo, usa algoritmos computadorizados para analisar múltiplos mercados e colocar ordens com base em condições de mercado Mais sensíveis à velocidade de execução dos mercados Posições mantidas para uma relação O tempo curto e as ordens são muitas vezes executadas dezenas de milhares de vezes ao dia. De acordo com o Aite Group, a HFT representou 73% de todo o volume de negociação de ações dos EUA em 2009 | 7.

8 Batalha em curso para atrair o volume de negociação pesada.

ATS Intercambios convencionais EUA Europa Ásia BATS Direto Borda Chi-X Europa BATS-Europa Turquesa Chi-X Japão Chi-X East Consolidação Melhorias no sistema Diversificação Novas Ofertas Competição para Sobrevivência Algo Trading HFT Mercado Fazendo Arbitragem Estatística Evento Arbitragem Inovação Tecnológica | 8.

9 Principais mudanças nos mercados (2000.

Número total de negociações em ações de capital ⇒ + 700% Valor médio ponderado das negociações ⇒ -85% Enquanto o número de negócios explodiu, o valor médio dos negócios diminuiu significativamente. Esses fenômenos foram em grande parte devido à proliferação de HFT e negociação algorítmica. Fonte: WFE * Esta média, calculada em membros do WFE, foi ponderada pela participação de cada membro na negociação de ações de valor total. | 9.

11 Como as trocas convencionais estão respondendo.

M & A, Alianças Estratégicas e Aquisições Parciais Aquisição e / ou Estabelecimento de ATS Melhoria de Sistemas de Negociação Diversificação de Modelos de Negócios | 11.

12 Demonstração contínua e benefícios da consolidação.

1. M & A, alianças estratégicas e aquisições parciais Demonstração contínua e inscrições públicas A partir de 2018, a maioria das bolsas maiores foram listadas, exceto para vários asiáticos. Benefícios da consolidação De 2000 a 2009, as bolsas de valores participaram de 73 M & A, 237 alianças estratégicas e 68 aquisições parciais em todo o mundo. Alcançar economias de escala e escopo Melhor aproveitar as externalidades da rede → Aumento do poder de mercado Adaptar-se a distúrbios econômicos Desde 2006, a expansão das fusões e aquisições acelerou, com 80% da atividade de M & A de intercâmbio concentrada no período desde então. Essa atividade coincidiu com a rápida expansão de ATS e HFT A maioria das atividades tem sido entre bolsas de valores e empresas de tecnologia comercial. M & A tem sido mais ativo na Europa e América do Norte do que na Ásia. Os mercados de capitais da Ásia estão em diferentes estágios de desenvolvimento. Esforços para construir um bloco econômico na Ásia foram lentos | 12.

13 Atividade de M & A de intercâmbio entre 2000 e 2009.

Tipo e número de fusões entre trocas Horizontal - Duas bolsas de valores (22) - Bolsas de dois derivativos, de renda fixa e commodities (8) - Bolsa de valores + Derivados, troca de renda fixa e commodities (8) - Duas organizações de compensação e liquidação (5) Vertical - Bolsa de Valores + Organização de Liquidação e Liquidação (5) - Bolsas de valores + Provedor de Soluções de Negociação (18) - Derivados, Intercâmbio de Renda Fixa e Mercadorias + Provedor de Soluções de Negociação (5) Por Área Econômica Intra-Regional - Europa (25) - Norte América (23) - América do Sul (2) - Ásia (15) - África (2) Inter-Regional - Europa e América do Norte (5) - Europa e Ásia (1) | 13.

14 dez maiores ofertas no setor de câmbio na Europa e na América do Norte.

11 de março) Data de conclusão Destino Nationality Acquirer Deal Value (USD mil., Excl. Dívida) Jul. 07 CBOT US CME 11,648 07 de abril Euronext Netherlands NYSE 10,183 maio 08 Bolsa de Mercadorias e Futuros - BM & F Brasil Bovespa 8,975 08 de agosto Nymex CME Group 7,909 Mar. 08 Omx Suécia NASDAQ 4,003 07 de dezembro International Securities Exchanges Deutsche Borse Alemanha 2,811 07 de outubro Borsa Italia Itália LSE Reino Unido 2,617 Montreal Exchange Canadá TSX Group 1,070 Jan. 07 New York Board of Trade International Exchange Inc. 1,066 Mar. 07 Archipelago Holdings 884 Fonte: "Blocos de comércio", PWC, a partir de 2018 | 14.

15 2. Aquisição e / ou Estabelecimento de ATS.

Realizada em resposta à fragmentação ou redução do mercado Participação Data de troca Tipo de classe de destino com NYSE Group 06 de março Archipelago ECN Aquisição Jul. 06 MatchPoint Dark pool NYSE Euronext 09 de janeiro NYBX Estabelecimento BIDS 09 de fevereiro Smartpool BNP Paribas, HSBC, JP Morgan Mar . 09 NYSE Arca Europe MTF 09 de agosto NYFIX ATS Nasdaq 04 de setembro Brut ECN novembro 05 INET Nasdaq OMX Jun. 07 Nasdaq Intra-day e Post-close cross Deutsche Borse Nov. 09 Xetra International Market Grupo TMX Jul. 11 TMX Select | 15.

16 3. Melhoria dos Sistemas de Negociação.

Pretende alcançar uma latência ultra-baixa e altos níveis de confiabilidade e capacidade Conectividade UTP da NYSE Euronext (Universal Trading Platform) para todos os mercados da NYSE Euronext através de microssegundos de rede global de baixa latência por ida e volta e 100.000 pedidos por segundo Sistema de negociação INET Nasdaq OMX Usado em toda a sua Mercados dos EUA e da Europa, incluindo ações e derivados, 1 milhão de mensagens por segundo a uma velocidade média de menos de 250 microssegundos O Millennium Exchange da LSE Abandonou o sistema de TradElect com problemas após uma interrupção de dia inteiro em 2007 Uma latência média de menos de 120 microssegundos, tornando o LSE um dos locais mais rápidos PureMatch e VolumeMatch da ASX Adotando a tecnologia INET Nasdaq OMX em resposta à entrada da Chi-X Australia PureMatch é principalmente para HFT, enquanto o VolumeMatch é para serviço de execução de encomendas em massa. | 16.

17 4. Diversificação de modelos de negócios.

Venda de Tecnologia de Câmbio e Serviços de Mercado As trocas tradicionais tentaram diversificar as receitas exportando suas plataformas de negociação e sistemas de TI para mercados emergentes. NYSE Technologies, o braço de serviços de TI da NYSE Euronext, forneceu plataformas de negociação para mercados emergentes, como Varsóvia e Catar. As plataformas de negociação da Nasdaq OMX têm impulsionado muitos mercados, incluindo SGX e ASX. O ASEAN Trading Link, um empreendimento entre 6 bolsas asiáticas, foi projetado com a assistência da NYSE Euronext. A tecnologia da LSE será adotada para atualizações na África do Sul e na Mongólia. | 17.

I. Resumo das Bolsas de Valores e Sistemas de Negociação Alternativos II. Como os intercâmbios convencionais respondem ao surgimento dos ATS III. Como os ATS estão respondendo ao setor de mudanças em mudança IV. Crescimento da concorrência entre trocas e ATSs V. Como o setor de troca da Coréia pode permanecer competitivo.

Transformação em Aquisições de Câmbio Prestação de Entrada de Serviços Novos nos mercados asiáticos | 19.

20 1. Transformação em uma troca.

Desenvolver novos fluxos de receita através da provisão de vários serviços, como listagem Em agosto de 2008, a BATS se transformou em uma troca e tornou-se a terceira maior em janeiro em termos de valor de volume de negócios. Além disso, avançou para listar novos índices como o BATS 1000. Em março de 2018, a Direct Edge recebeu a aprovação para converter em duas trocas separadas: EDGA e EDGX Alpha Trading Systems, o maior ATS no Canadá, receberam aprovação para transformar de um ATS para Alpha Troca. | 20.

21 2. Aquisições Devido ao crescente número de empresas ATS, a concorrência se intensificou, resultando em liquidação ou aquisição por outras bolsas e ATS Em julho de 2018, o NASDAQ OMX Europe, MTF do NASDAQ OMX, cessou suas operações. Em fevereiro de 2018, a turquesa, o bem conhecido MTF europeu, foi adquirida pela LSE. Em novembro de 2018, a BATS Global completou a aquisição da Chi-X Europe, o maior espaço de negociação pan-europeu. | 21.

Operar vários sistemas de negociação com diferentes estruturas de taxas e modelos de preços Direto Edge: EDGX está cobrando para remover liquidez EDGA não cobra para fornecer ou tomar liquidez BATS: BZX aplica um modelo de "tomador-criador", mas BYX aplica um "tomador de fabricantes" modelo Oferta roteamento de pedidos inteligentes Fornecer aos clientes uma escolha entre CCPs múltiplos | 22.

Em julho de 2018, o Chi-X Japan lançou o PTS para negociar títulos cotados em japonês. Chi-X Japan é de propriedade da Chi-X Global, uma subsidiária integral do Nomura Group. Em outubro de 2018, a posição monopolística da ASX foi interrompida pelo lançamento da Chi-X Australia, uma subsidiária da Chi-X Global. A partir de novembro de 2008, uma variedade de darkpools como Liquidnet, Bolcsec da CLSA e Sigma-X da Goldman Sachs foram lançados em Hong Kong. Chi-East, joint venture entre Chi-X Global e SGX, iniciou operações em novembro para a negociação de títulos selecionados listados em Singapura, Hong Kong, Austrália e Japão. | 23.

25 Fierce Competition entre trocas e ATSs.

Há uma grande diferença na participação de mercado entre os maiores grupos de câmbio e os outros, e o crescimento dos ATS tem sido notável. Quando anunciaram sua fusão em fevereiro de 2018, a quota de mercado combinada da Chi-X e da Bats Europe no comércio de ações européias excedeu 20%. No final de 2018, a BATS Global e a Direct Edge capturaram 21% do volume de negociação no mercado de ações dos EUA, colocando-os no número 3 e 4, respectivamente. Valor do Livro de Negociação Eletrônico Negociado em 2018 Fonte: "Blocos de Negociação", PWC, agosto 2018 | 25.

26 Capitalização de Mercado ⇒ + 33% Valor Total de Negociação de Compartilhamento ⇒ + 61%

10 anos de análise (2000.

2009) Capitalização de Mercado ⇒ + 33% Embora a América tenha o maior limite de mercado, a participação da Ásia-Pacífico cresceu significativamente. Valor total da negociação de compartilhamento ⇒ + 61% Enquanto as Américas continuam sendo dominantes na negociação total, a participação da Ásia-Pacífico mais do que duplicou. Fonte: WFE | 26.

27 Tendências Cíclicas no Setor de Câmbio.

Ciclo repetitivo de centralização e fragmentação Monopólio da troca convencional Curiosamente, a consolidação e a agregação de liquidez não são boas para HFTs, pois se beneficiam de mercados altamente fragmentados que oferecem mais oportunidades de arbitragem. Fragmentação pela consolidação ATS e MTF através de M & A entre trocas e / ou ATS Ironicamente, a intenção dos reguladores de romper os monopólios das trocas criou maiores globais. ... .. | 27.

28 Posição da KRX em mercados de caixa.

Maiores Trocas por Valor de Compra de Ações no Livro de Contas Eletrônicas em 2018 Maiores Bolsas pelo Valor Total de Obrigações Negociadas em 2018 Troca USD bn% Ch. (Ano anterior) 1 NYSE Euronext US 18,027 1,3 2 NASDAQ OMX US 12,724 0,5 3 Grupo de Bolsa de Tóquio 3,972 4,9 4 Bolsa de Valores de Xangai 3,658 -18,6 5 Bolsa de Valores de Shenzhen 2,838 -20,6 6 Grupo de Bolsa de Valores de Londres 2,837 3,5 7 NYSE Euronext Europe 2,134 5,8 8 Korea Exchange 2,039 26,2 9 Deutsche Börse 1,758 8,0 10 TMX Group 1,542 12,7 Troca USD bn% Ch. (Ano anterior) 1 BME Bolsas de espanhol 17,412 57,7 2 Grupo de Bolsa de Valores de Londres 5,394 33,9 3 Bolsa de Valores de Johanesburgo 2,898 24,9 4 NASDAQ OMX Nordic Exchange 2,674 1,8 5 Colômbia Bolsa 915 -19,6 6 Coréia Troca 747 47,7 7 Oslo Bors 590 6,6 8 Bolsa de Valores de Istambul 518 16,2 9 MiCEX 301 29,3 10 Tel Aviv Stock Exchange 246 21,2 Fonte: WFE | 28.

29 Posição da KRX em Mercados de Derivados.

Opções do Índice de Ações (2018) (milhões de contratos,%) Câmbio contratado negociado% Ch. (Ano anterior) 1 Coréia Exchange 3.672 4.1 2 Bolsa Nacional de Valores Índia 871 64,4 3 Eurex 468 36,6 4 CBOE 320 18,7 5 TAIFEX 2,838 -20,6 Total de Patrimônio Líquido (2018) (milhões de contratos,%) Câmbio contratado negociado% Ch. (YoY) 1 Coréia Exchange 3.819 4.4 2 Eurex 1.404 18.5 3 Bolsa Nacional de Valores Índia 1.221 37.1 4 CBOE 1.205 7.7 5 NASDAQ OMX US 1.177 19.0 Derivados Securitizados (2018) (valor da negociação) Câmbio contratado negociado% Ch. (Ano anterior) 1 Trocas de Hong Kong 576 7,8 2 Coréia Troca 289 -18,4 3 Deutsche Börse 96 20,0 4 SEIS Swiss Exchange 59 55,3 5 NYSE Euronext Europe 43 22,8 Fonte: WFE | 29.

I. Resumo das Bolsas de Valores e dos Sistemas de Negociação Alternativos II. Como os intercâmbios convencionais respondem ao surgimento dos ATS III. Como os ATS estão respondendo ao setor de mudanças em mudança IV. Crescimento da concorrência entre trocas e ATSs V. Como o setor de troca da Coréia pode permanecer competitivo.

31 Um futuro proposto para o setor de troca da Coréia.

Estender redes globais Reformas Regulatórias Racionais Reduzir o intervalo de tecnologia Concorrência justa Apoio mútuo Intercâmbio Aliança Estratégica EUA · Europa Consolidação "lenta e estável" Ásia-Pacífico ATS Colaborar no desenvolvimento de sistemas de negociação HFT Fortalecimento da infra-estrutura Melhorar a acessibilidade mútua aos mercados | 31.

32 Recomendações para o Setor de Câmbio da Coréia.

Invista e desenvolva conjuntamente o sistema informático Pave o caminho para a introdução bem sucedida de ATS Conceber novos produtos dentro da Ásia-Pacífico Oferecer uma variedade de serviços aos participantes Melhorar as plataformas de negociação de derivativos e compensação e liquidação Fortalecer alianças estratégicas com os EUA e a Europa Incentivar a consolidação dentro a Ásia-Pacífico.

33 1. Invista e desenvolva conjuntamente sistemas de TI.

Continuar a investir montantes substanciais em sistemas de TI Trabalhar constantemente para atender a demanda por uma tecnologia comercial mais rápida e sofisticada Melhorar e reforçar a estabilidade do sistema para evitar acidentes de mercado, como o "crash instantâneo" de maio de 2018 Melhorar a capacidade e a tecnologia para atrair grandes volumes de comerciantes algorítmicos, especialmente HFTs Trabalhar com parceiros asiáticos para desenvolverem conjuntamente plataformas de negociação Procurar novos fluxos de receita, por exemplo, exportando sistemas de TI ou prestando assistência na abertura de bolsas de valores em mercados emergentes asiáticos A consolidação futura de bolsas asiáticas será mais fácil e mais eficiente se forem utilizadas plataformas de negociação comuns. | 33.

34 2. Pave the Way for the Successful Introduction of ATS.

Certifique-se de que os ATSs sejam lançados com sucesso para aumentar a competitividade interna. É necessário preparar os ATS para o lançamento bem sucedido antes da ratificação da Lei de "Serviços de Investimentos Financeiros e Mercado de Capitais". É aconselhável estabelecer empresas holding detidas por instituições financeiras asiáticas que possam possuir e operar ATSs na Ásia-Pacífico. * Grandes bancos de investimento asiáticos e corretoras podem ser bons candidatos. Saiba como gerenciar ATSs através de alianças Fortalecer os laços com trocas maiores, especialmente aqueles que possuem experiência significativa operando um ATS | 34.

35 3. Conceba novos produtos dentro da Ásia-Pacífico.

Incentive os países da Ásia-Pacífico a cruzar os títulos e negociar uma gama de produtos. Em primeiro lugar, as ações representativas de cada país devem ser consideradas para a dupla listagem e / ou negociação cruzada. * A KRX propôs listas duplas com a China e Honk Kong, e entrou em um acordo de negociação comercial com o Japão que abrange todas as ações e está previsto para começar em novembro de 2018. Crie um ETF combinado que incorpore setores similares de cada troca, como o Os critérios de listagem são mais fáceis de encontrar, apesar de diferentes regulamentos e culturas Aproveite o rápido crescimento de derivados na região para conceber novos produtos derivados que possam atrair a atenção de vários países | 35.

36 4. Oferecer uma variedade de serviços aos participantes.

Aceite vários tipos de pedidos de grandes participantes Diversifique os tipos de pedidos aceitos, especialmente para comerciantes de grande porte, como comerciantes algorítmicos. Um bom exemplo pode ser o pedido de iceberg, o que ajuda a mitigar o impacto no mercado. Oferecer serviços com o objetivo de melhorar a velocidade de execução de ordens. A popularidade da negociação de baixa latência tem proporcionado uma boa chance de crescimento de trocas oferecendo serviços de co-localização. O DMA (acesso ao mercado direto) pode ser um serviço oferecido que permite que os investidores sofisticados façam pedidos diretamente no livro de pedidos de câmbio para a execução de alta velocidade. | 36.

37 5. Melhorar as plataformas de negociação de derivativos e compensação e liquidação.

Prepare-se para a padronização e centralização de derivados OTC e suas plataformas de negociação - De acordo com o US Dodd-Frank Act e a MiFID, muitos produtos derivados serão negociados através de trocas e liberados através de câmaras de compensação. - Isso proporcionará uma ótima oportunidade para grupos de intercâmbio que se concentrem principalmente em ações. - Além disso, deve ser dada atenção aos OTFs (Organizated Trading Facilities) e SEFs (Swap Executive Facilities), as imagens espelhadas do MTF e ATS no mercado de caixa, respectivamente, como potenciais rivais para trocas. Melhorar os sistemas de compensação e liquidação, uma vez que estes podem constituir uma vantagem competitiva importante no futuro próximo. Em setembro de 2018, a CE publicou o Regulamento da União Européia de Infraestrutura de Mercado (EMIR), que visa aumentar a estabilidade nos mercados de derivados OTC. * Pretende garantir que os contratos OTC sejam cancelados de forma centralizada e as partes comerciais possam selecionar entre uma variedade de câmaras de compensação. Se as plataformas de compensação forem mais abertas, pode ser mais fácil para os especialistas em esticar uma posição competitiva. | 37.

38 6. Fortalecer alianças estratégicas com os EUA e a Europa.

Estender as redes globais através de alianças estratégicas com os locais de negociação dos EUA e da Europa Construir sistemas de negociação 24 horas por meio de ligações de rede * Atualmente, a KRX, a CME (EUA) e a Eurex (Europa) oferecem negociação 24 horas dos futuros KOSPI 200 Fortalecer alianças estratégicas através de cross-listings e cross-trading Abraçam ativamente sistemas avançados e tecnologias comerciais - Para reduzir o tempo necessário para desenvolver sistemas e tecnologia, é aconselhável aprender com as experiências dos sistemas avançados. | 38.

39 7. Incentive a consolidação dentro da Ásia-Pacífico.

Avançar para a consolidação gradual dos locais de negociação na Ásia-Pacífico Os países da Ásia-Pacífico diferem amplamente não só em termos de linguagem e culturas, mas também em termos de seus mercados de capitais e ambientes regulatórios. No entanto, a tendência para a integração parece estar estabelecida e pode até acelerar no futuro próximo. * ASEAN está promovendo a colaboração transfronteiriça através do próximo "ASEAN Trading Link", que é constituído por sete bolsas de valores da Indonésia, Malásia, Filipinas, Cingapura, Tailândia e Vietnã (2). As 210 ações representativas dos 30 chips azuis de cada troca estarão disponíveis para negociação em uma plataforma comum. * O BRICS e Hong Kong começarão a cruzar a lista de seus índices de derivativos da Mar em uma tentativa de expandir suas ofertas de produtos. | 39.

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6 Visão geral dos sistemas de negociação alternativos.

Negociação Algorítmica e HFT (Apêndice) Negociação Algorítmica HFT (Negociação de Alta Frequência) Um tipo de negociação automatizada que divide grandes blocos de ações em ações menores para gerenciar riscos e reduzir o impacto no mercado de grandes negócios. Uma plataforma de negociação sofisticada de programas que usa computadores poderosos. para negociar um grande número de pedidos, uma classe especial de negociação algorítmica Também conhecido como trading, negociação de caixa preta ou robo comercial Uso de plataformas eletrônicas com um algoritmo que determina o tempo, preço ou quantidade amplamente utilizado por fundos de pensão, fundos de investimento, e outros comerciantes institucionais de compra e comerciantes de vendas, como os fabricantes de mercado que fornecem liquidez. Pode ser utilizado em uma variedade de estratégias de investimento, incluindo a criação de mercado, arbitragem ou tendência a partir de especulação pura. Altamente quantitativo, usa algoritmos computadorizados para analisar múltiplos mercados and place orders based on market conditions More sensitive to the execution speeds of markets Positions held for a relat ively short time and orders are often executed tens of thousands of times per day According to the Aite Group, HFT accounted for 73% of all US equity trading volume in 2009 | 7.

8 Ongoing Battle to Attract Heavy Trading Volume.

ATS Conventional Exchanges US Europe Asia BATS Direct Edge Chi-X Europe BATS-Europe Turquoise Chi-X Japan Chi-X East Consolidation System enhancements Diversification New Offerings Competition for Survival Algo Trading HFT Market Making Statistical Arbitrage Event Arbitrage Technological Innovation | 8.

9 Major Changes in Markets (2000.

Total number of trades in equity shares ⇒ +700% Weighted average value of trades ⇒ -85% While the number of trades has exploded, the average value of trades has dropped significantly. These phenomena have been largely due to the proliferation of HFT and algorithmic trading. Source : WFE * This average, computed on WFE members, has been weighted by the share of each member in the total value share trading. | 9.

10 Table of Contents I. Overview of Securities Exchanges and Alternative Trading Systems II. How Conventional Exchanges Are Responding to the Rise of ATSs III. How ATSs Are Responding to the Evolving Exchange Sector IV. Growing Competition Between Exchanges and ATSs V. How Korea’s Exchange Sector Can Stay Competitive.

11 How Conventional Exchanges Are Responding.

M&A, Strategic Alliances and Partial Acquisitions Acquisition and/or Establishment of ATS Improvement of Trading Systems Diversification of Business Models | 11.

12 Ongoing Demutualization and Benefits of Consolidation.

1. M&A, Strategic Alliances and Partial Acquisitions Ongoing Demutualization and Public Listings As of 2018, most larger exchanges have been listed except for several Asian ones. Benefits of Consolidation From 2000 to 2009, securities exchanges have engaged in 73 M&A’s, 237 strategic alliances and 68 partial acquisitions across the globe. Achieve economies of scale and scope Better utilize network externalities → Enhanced market power Adapt to economic disturbances Since 2006, the spread of M&A has accelerated, with 80% of exchange M&A activity concentrated in the period since then Such activity has coincided with the rapid expansion of ATS and HFT A majority of activity has been between stock exchanges and trading technology companies M&A has been more active in Europe and North America than in Asia Asia’s capital markets are at differing stages of development Efforts to build an economic bloc in Asia have been slow | 12.

13 Exchange M&A Activity Between 2000 and 2009.

Type and Number of Mergers Between Exchanges Horizontal - Two Stock exchanges (22) - Two Derivatives, Fixed Income and Commodities exchanges (8) - Stock exchange + Derivatives, Fixed Income and Commodities exchange (8) - Two Clearing and Settlement Organizations (5) Vertical - Stock exchange + Clearing and Settlement Organization (5) - Stock exchanges + Trading Solutions Provider (18) - Derivatives, Fixed Income and Commodities exchanges + Trading Solutions Provider (5) By Economic Area Intra-Regional - Europe (25) - North America (23) - South America (2) - Asia (15) - Africa (2) Inter-Regional - Europe and North America (5) - Europe and Asia (1) | 13.

14 Ten Largest Deals in the Exchange Sector in Europe and North America.

Mar. 11) Completion Date Target Nationality Acquirer Deal Value (USD mil., excl. debt) Jul. 07 CBOT US CME 11,648 Apr. 07 Euronext Netherlands NYSE 10,183 May 08 Bolsa de Mercadorias & Futures – BM&F Brazil Bovespa 8,975 Aug. 08 Nymex CME Group 7,909 Mar. 08 Omx Sweden NASDAQ 4,003 Dec. 07 International Securities Exchanges Deutsche Borse Germany 2,811 Oct. 07 Borsa Italia Italy LSE UK 2,617 Montreal Exchange Canada TSX Group 1,070 Jan. 07 New York Board of Trade International Exchange Inc. 1,066 Mar. 07 Archipelago Holdings 884 Source : “Trading blocs”, PWC, Aug. 2018 | 14.

15 2. Acquisition and/or Establishment of ATS.

Carried Out in Response to Fragmentation or Decreasing Market Share Exchange Date Target Class Type with NYSE Group Mar. 06 Archipelago ECN Acquisition Jul. 06 MatchPoint Dark pool NYSE Euronext Jan. 09 NYBX Establishment BIDS Feb. 09 Smartpool BNP Paribas, HSBC, JP Morgan Mar. 09 NYSE Arca Europe MTF Aug. 09 NYFIX ATS Nasdaq Sep. 04 Brut ECN Nov. 05 INET Nasdaq OMX Jun. 07 Nasdaq Intra-day and Post-close cross Deutsche Borse Nov. 09 Xetra International Market TMX Group Jul. 11 TMX Select | 15.

16 3. Improvement of Trading Systems.

Aims to achieve ultra-low latency and high levels of reliability and capacity NYSE Euronext’s UTP (Universal Trading Platform) Connectivity to all the NYSE Euronext markets through low latency global network microseconds per roundtrip and 100,000 orders per second Nasdaq OMX’s INET trading system Used across its US and European markets including equities and derivatives 1 million messages per second at an average speed of sub-250 microseconds LSE’s Millennium Exchange Abandoned the troubled TradElect system after a full day outage in 2007 An average latency of less than 120 microseconds, making the LSE one of the fastest venues ASX’s PureMatch and VolumeMatch Adopting the Nasdaq OMX’s INET technology in response to Chi-X Australia’s entrance PureMatch is primarily for HFT while VolumeMatch is for bulk order execution service. | 16.

17 4. Diversification of Business Models.

Selling Exchange Technology and Market Services Incumbent exchanges have tried to diversify revenues by exporting their trading platforms and IT systems to emerging markets. NYSE Technologies, the IT services arm of NYSE Euronext, has provided trading platforms to emerging markets such as Warsaw and Qatar. Nasdaq OMX’s trading platforms have powered many markets including SGX and ASX. The ASEAN Trading Link, a venture between 6 Asian exchanges, was designed with assistance from NYSE Euronext. LSE’s technology will be adopted for upgrades in South Africa and Mongolia. | 17.

18 Table of Contents I. Overview of Securities Exchanges and Alternative Trading Systems II. How Conventional Exchanges Are Responding to the Rise of ATSs III. How ATSs Are Responding to the Evolving Exchange Sector IV. Growing Competition Between Exchanges and ATSs V. How Korea’s Exchange Sector Can Stay Competitive.

Transformation Into an Exchange Acquisitions Provision of New Services Entry Into Asian markets | 19.

20 1. Transformation Into an Exchange.

Develop new revenue streams through the provision of various services such as listing In Aug. 2008, BATS transformed itself into an exchange and became the third largest in Jan in terms of turnover value. Moreover, it has advanced into listing new indexes like BATS 1000. In March 2018, Direct Edge received approval to convert into two separate exchanges: EDGA and EDGX Alpha Trading Systems, the largest ATS in Canada, received approval to transform from an ATS to Alpha Exchange. | 20.

21 2. Acquisitions Due to the increasing number of ATS firms, competition has intensified, resulting in liquidation or acquisition by other exchanges and ATS In July 2018, NASDAQ OMX Europe, the MTF of NASDAQ OMX, ceased operations. In Feb. 2018, Turquoise, the well-known European MTF, was acquired by LSE. In Nov. 2018, BATS Global completed acquisition of Chi-X Europe, the largest pan European trading venue. | 21.

Operate multiple trading systems with different fee structures and pricing models Direct Edge: EDGX is charging for removing liquidity EDGA does not charge to provide or take liquidity BATS: BZX applies a “taker-maker” model, but BYX applies a “maker-taker” model Offer smart order routing Provide clients a choice among multiple CCP’s | 22.

In Jul. 2018, Chi-X Japan launched PTS to trade Japanese-listed securities. Chi-X Japan is owned by Chi-X Global, a wholly-owned subsidiary of the Nomura Group. In Oct. 2018, the monopolistic position of ASX was broken by the launch of Chi-X Australia, a subsidiary of Chi-X Global. From Nov. 2008, a variety of darkpools such as Liquidnet, CLSA’s Bolcsec, and Goldman Sachs’ Sigma-X have been launched in Hong Kong. Chi-East, the joint venture between Chi-X Global and SGX, commenced operations in Nov for the trading of selected securities listed in Singapore, Hong Kong, Australia, and Japan. | 23.

24 Table of Contents I. Overview of Securities Exchanges and Alternative Trading Systems II. How Conventional Exchanges Are Responding to the Rise of ATSs III. How ATSs Are Responding to the Evolving Exchange Sector IV. Growing Competition Between Exchanges and ATSs V. How Korea’s Exchange Sector Can Stay Competitive.

25 Fierce Competition Between Exchanges and ATSs.

There is a large difference in market share between the largest exchange groups and the others, and the growth of ATS’s has been conspicuous. When they announced their merger in Feb 2018, the combined market share of Chi-X and Bats Europe in European share trading exceeded 20%. By end of 2018, BATS Global and Direct Edge had captured 21% of US equity market trading volume, placing them at number 3 and 4, respectively. Electronic Trading Order Book Value Traded in 2018 Source: “Trading blocs”, PWC, Aug. 2018 | 25.

26 Market Capitalization ⇒ +33% Total Value of Sharing Trading ⇒ +61%

10 Years in Review (2000.

2009) Market Capitalization ⇒ +33% Though the Americas has the largest market cap, Asia - Pacific’s share has grown significantly. Total Value of Sharing Trading ⇒ +61% While the Americas remains dominant in total trading, the Asia-Pacific’s share has more than doubled. Source: WFE | 26.

27 Cyclical Trends in the Exchange Sector.

Repeating Cycle of Centralization and Fragmentation Monopoly of conventional exchange Interestingly, consolidation and liquidity aggregation are not good for HFTs, as they benefit from highly fragmented markets that provide more arbitrage opportunities. Fragmentation by ATS & MTF Consolidation through M&A among exchanges and/or ATS Ironically, regulators’ intention to break up the monopolies of exchanges has created larger global ones. ….. | 27.

28 KRX’s Position in Cash Markets.

Largest Exchanges by Value of Share Trading in the Electronic Order Book in 2018 Largest Exchanges by Total Value of Bonds Traded in 2018 Exchange USD bn % Ch. (YoY) 1 NYSE Euronext US 18,027 1.3 2 NASDAQ OMX US 12,724 0.5 3 Tokyo Stock Exchange Group 3,972 4.9 4 Shanghai Stock Exchange 3,658 -18.6 5 Shenzhen Stock Exchange 2,838 -20.6 6 London Stock Exchange Group 2,837 3.5 7 NYSE Euronext Europe 2,134 5.8 8 Korea Exchange 2,039 26.2 9 Deutsche Börse 1,758 8.0 10 TMX Group 1,542 12.7 Exchange USD bn % Ch. (YoY) 1 BME Spanish Exchanges 17,412 57.7 2 London Stock Exchange Group 5,394 33.9 3 Johannesberg Stock Exchange 2,898 24.9 4 NASDAQ OMX Nordic Exchange 2,674 1.8 5 Colombia Stock Exchange 915 -19.6 6 Korea Exchange 747 47.7 7 Oslo Bors 590 6.6 8 Istanbul Stock Exchange 518 16.2 9 MiCEX 301 29.3 10 Tel Aviv Stock Exchange 246 21.2 Source: WFE | 28.

29 KRX’s Position in Derivatives Markets.

Stock Index Options (2018) (millions of contracts,%) Exchange contracted traded % Ch. (YoY) 1 Korea Exchange 3,672 4.1 2 National Stock Exchange India 871 64.4 3 Eurex 468 36.6 4 CBOE 320 18.7 5 TAIFEX 2,838 -20.6 Total Equity Derivates (2018) (millions of contracts,%) Exchange contracted traded % Ch. (YoY) 1 Korea Exchange 3,819 4.4 2 Eurex 1,404 18.5 3 National Stock Exchange India 1,221 37.1 4 CBOE 1,205 7.7 5 NASDAQ OMX US 1,177 19.0 Securitized Derivatives (2018) (value of trading) Exchange contracted traded % Ch. (YoY) 1 Hong Kong Exchanges 576 7.8 2 Korea Exchange 289 -18.4 3 Deutsche Börse 96 20.0 4 SIX Swiss Exchange 59 55.3 5 NYSE Euronext Europe 43 22.8 Source: WFE | 29.

30 Table of Contents I. Overview of Securities Exchanges and Alternative Trading Systems II. How Conventional Exchanges Are Responding to the Rise of ATSs III. How ATSs Are Responding to the Evolving Exchange Sector IV. Growing Competition Between Exchanges and ATSs V. How Korea’s Exchange Sector Can Stay Competitive.

31 A Proposed Future for Korea’s Exchange Sector.

Extend global networks Rational Regulatory Reforms Reduce technology gap Fair competition Mutual Support Exchange Strategic Alliance US · Europe “Slow and Steady” Consolidation Asia-Pacific ATS Collaborate in trading systems development HFT Strengthening of Infrastructure Enhance mutual accessibility to markets | 31.

32 Recommendations for Korea’s Exchange Sector.

Invest in and Jointly Develop IT System Pave the Way for the Successful Introduction of ATSs Devise New Products Within the Asia-Pacific Offer a Variety of Services to Participants Improve Derivatives Trading Platforms and Clearing & Settlement Strengthen Strategic Alliances with the US and Europe Encourage Consolidation Within the Asia-Pacific.

33 1. Invest in and Jointly Develop IT Systems.

Continue to invest substantial sums in IT systems Work constantly to fulfill the demand for faster and more sophisticated trading technology Enhance and reinforce the stability of the system to prevent market accidents such as the “flash crash” of May 2018 Improve capacity and technology to attract large volumes of algorithmic traders, especially HFTs Work with Asian partners to jointly develop trading platforms Seek new revenue streams, for example, by exporting IT systems or providing assistance in the opening of securities exchanges in Asian emerging markets The future consolidation of Asian exchanges will be easier and more efficient if common trading platforms are used. | 33.

34 2. Pave the Way for the Successful Introduction of ATS.

Ensure that ATSs are launched successfully to build up internal competitiveness There is a need to prepare ATSs for successful launching before the amendment to the “Financial Investment Services and Capital Market Act” is ratified. It is advisable to establish holding companies owned by Asian financial institutions that can own and operate ATSs in the Asia-Pacific. * Large Asian investment banks and brokerage firms may be good candidates. Learn how to manage ATSs through alliances Strengthen ties with larger exchanges, especially ones having significant experience operating an ATS | 34.

35 3. Devise New Products Within the Asia-Pacific.

Encourage Asia-Pacific countries to cross-list securities and trade a range of products As a first step, the representative stocks of each country should be considered for dual-listing and/or cross-trading. * KRX has proposed dual-listings with China and Honk Kong, and has entered a cross-trading agreement with Japan that covers all stocks and is set to commence in November 2018. Create a combined ETF that incorporates similar sectors from each exchange, as the listing criteria are easier to meet in spite of differing regulations and cultures Take advantage of the rapid growth of derivatives in the region to devise new derivative products that can attract the attention of multiple countries | 35.

36 4. Offer a Variety of Services to Participants.

Accept various types of orders from large participants Diversify the types of orders accepted, especially for large-volume traders such as algorithmic traders A good example might be iceberg orders, which help to mitigate market impact. Offer services aimed at enhancing the speed of order execution The popularity of low latency trading has been giving a good chance for growth of exchanges offering co-location services. DMA (Direct Market Access) might be a service offered that enables sophisticated investors to place orders directly on the exchange order book for high speed execution. | 36.

37 5. Improve Derivatives Trading Platforms and Clearing & Settlement.

Prepare for standardization and centralization of OTC derivatives and their trading platforms - In accordance with the US Dodd-Frank Act and MiFID, many derivative products will be traded through exchanges and cleared through clearing houses. - This will provide a great opportunity for exchange groups that focus primarily on equities. - Also, attention should be paid to OTFs (Organised Trading Facilities) and SEFs (Swap Executive Facilities), the mirror images of MTF and ATS in cash market, respectively, as potential rivals to exchanges. Enhance systems for clearing and settlement, as these might provide an important competitive edge in the near future In Sep. 2018, the EC published the European Market Infrastructure Regulation (EMIR), which aims to increase stability in OTC derivative markets. * It aims to ensure that OTC contracts are centrally cleared and trading parties able to select among a variety of clearing houses. If clearing platforms are more open, it may be easier for specialist clearers to carve out a competitive position. | 37.

38 6. Strengthen Strategic Alliances with the US and Europe.

Extend global networks through strategic alliances with US and Europe trading venues Construct 24-hour trading systems through network linkages * At present, KRX, CME(US), and Eurex (Europe) are offering 24-hour trading of KOSPI 200 futures Strengthen strategic alliances through cross-listings and cross-trading Actively embrace advanced systems and trading technologies - To shorten the time required to develop systems and technology, it is advisable to learn from the experiences of the advanced systems. | 38.

39 7. Encourage Consolidation Within the Asia-Pacific.

Push ahead toward gradual consolidation of trading venues in Asia-Pacific The countries of the Asia-Pacific differ widely not only in terms of language and cultures, but also in terms of their capital markets and regulatory environments. Nevertheless, the trend toward integration seems to be established and may even accelerate in the near future. * ASEAN is promoting cross-border collaboration through its upcoming “ASEAN Trading Link,” which is made-up of seven stock exchanges from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam (2). The 210 stocks representing the 30 blue chips from each exchange will be available for trading on a common platform. * The BRICS and Hong Kong will start to cross list their derivatives indices from Mar in a bid to expand their product offerings. | 39.

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The mar ket offers members fast and efficient trading through its world class Millennium IT trading system and its high JSE Equity Market Data is used by. Create your own customized trading application using our proprietary API. Our API is available in multiple programming languages and does not require additional technical overhead such as a dedicated FIX server. Access our trading system using our industrystandard FIX CTCI solution, which is designed for PowerPoint Service; Marking Impact Of Fair Trade On Consumer Behaviour Commerce Essay Now the effect of this alternative trading system is. APRIL 2018 WORKING PAPER AN ANALYSIS OF GLOBAL HFT REGULATION Motivations, Market Failures, and Alternative Outcomes by Holly A. International investment Foreign assets are an alternative store of value. Large corporations that trade frequently may also use automated trading systems. What is fourth market or an Alternative Trading System (ATS) trading platform sponsored by a registered brokerdealer is known as Alternative Trading System. Our supply and trading business connects BP to the worlds Our global energy trading imports feedstocks for our refinery system and buys products to. Options for accessing this content: If you are a society or association member and require assistance with obtaining online access instructions please contact our. Solutions and services that automate multiasset front and middle office investment management functions for institutional, wealth and alternative managers. Trading Systems Supremacy, How to Develop Optimize and Backtest an effective trading strategy, Andrea Unger, Trading World Champion 3. If this filing makes a name change on behalf of the alternative trading system in respect of the name set out in Item 1 or Item 2. Canada and China are strong trading the compatibility of certification systems and the expediency of environmental protection, alternative energy. Ethical Dilemmas of Globalization. The great inequalities in Latin America and the lack of gains in the world trading system have brought forth radical leaders in. Evidence Opinions about alternative more the Emissions Trading System (EC) and the Industrial Evidence The CAA evaluation plan listed three. Enough criteria to develop alternative designs and perform design trades electronic trading system. Each year the trading partners change from their original course of action to an alternative. Carbon trading is a scandalous story of Carbon Trading: how it works and why it fails outlines the limitations of an approach to tackling climate change. Searching for Alternative Trading System. Your One Stop Site for Philippine Government Public Domain Application Forms World Bank Ricardo plc 2018 Carbon trading systems normally focus on industrial sectors and power generation alternative to obtaining certificates. Alternative Trading System (ATS) Overview The ATS Working Group will provide notice and status of upcoming rule proposals and rule changes impacting ATSs (including. Determined by market trading system. Characteristic of the Policy Alternatives. What is the best alternative to Interactive Brokers for automated How much of a difference does using functional programming make in trading systems as opposed to. Best Programming. Methods of Payment in International Trade. The Indonesian Netherlands Association is the official Benelux Chamber of Commerce in Indonesia. The association aims to facilitate, encourage and support business. Natural Gas Trading. Southwest and Northwest where utilities are responsible for system operations and. HighFrequency Trading: Background, Alternative Trading Systems, 2 These are trading systems that employ advanced mathematical models for. Collaborate for free with an online version of Microsoft Excel. Share them with others and work together at the same time. Data for SunMon 2526 Sep 2018 46 47 Alternative Strategies for Financing Consumer purchases system and ortrading system. Market data can provide an alternative source of revenue for an and the NASD trading system is hosted on the BAFMCapacity Building Seminar final Sample Chapter for Global Political Economy: thus opening the possibility of a global trading system. Regionalization is not an alternative to the nation. Outline What determines the price? Microsoft PowerPoint 03markets. Energy Trading System tools; Microgenerators use renewable or alternative energy technologies such as solar panels, Joining the market.

Trading System rules by a former turtle, and subsequently, on a website by a nontrader. It culminated in this document, which discloses the Original Turtle Trading. Intermarket Trading System (ITS) Securities Act of 1975 called for a national market system In response to this act, the ITS, an electronic system, was opened in 1978. Displays quotes on all exchanges where a stock is listed or where traded under UTP (unlisted trading privileges) An SCI alternative trading system (SCI ATS) is any ATS that, during at least four of the preceding six calendar months. Increasing Transparency of Alternative Trading Transparency of Alternative Trading Systems perfect the mechanism of a national market system. An alternative trading system (ATS) is an automated matching system that bring together orders from buyers and sellers using predetermined, established methods or. Chapter 2 The Dispute the WTO as an alternative means of dispute settlement to facilitate the institutional evolution of the international trading system. The Competitive Landscape for Global Exchanges The Competitive Landscape for Global Exchanges Alternative Trading System. Full Name of Alternative Trading System (as provided in item 1. Form ATS) Name(s) Under Which Business Is Conducted (as provided in item 1. Alternative trading system (ATS) is a US and Canadian regulatory term for a nonexchange trading venue that matches buyers and sellers to find counterparties for. Alternative Trading Systems (ATS) and Electronic Communications Networks Nasdaq stocks PowerPoint Presentation PowerPoint Presentation Trade. Alternative Trading System (as provided in item 1. Form ATS) Alternative Trading Systems Effective Registrations as of March 1, 2018 Page 1 of 4. By contrast, a capandtrade system sets a maximum level of pollution, trading takes place. Whilst the maximum pollution quantity is set in advance. Characteristics of Alternative Trading System or ATS: The Alternative trading system faces less stringent norms as compared to stock exchanges. The Growth of HighFrequency Trading: there are six equity alternative trading systems system (ATS) a trading venue that is approved by regulators but is not. The participation of governments, representatives of nongovernmental organizations, trade unions. ATS (Alternative trading System) Direct trading without the use of a broker. ITS (Intermarket Trading System) Allows traders to move to other exchanges for best price. Active Trend Trading System Rules? Alternative Entry: Bouncing off of Significant Moving Averages 2. NYSE The New Alternatives Fund which was PowerPoint Presentation. PORTFOLIO TRADING AND BEST EXECUTION 20 Microsoft PowerPoint PPT. There are three types of such systems: conventional stock exchange system, electronic exchanges, and alternative trading Algorithmic Trading Strategies These simple automated trading systems will make your investing more profitable. Use nosso sistema de negociação de futuros ou quantitativo. Develop next generation trading system 8th Asia Pacific Trading Summit. Transcript of Copy of FX seminar powerpoint. A trading system is simply a group of Retirement plans The case for alternative source of income Be your own. Call versus Continuous Markets In a call market, trading for individual stocks takes place at. The global financial system is the worldwide Twentyfive trading partners responded in kind by introducing As an alternative to cutting tariffs. PowerPoint Slideshow about ' Chapter Eight' holden BATS (Better Alternative Trading System) has now become an exchange; it is now the third largest. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is through socalled alternative trading systems. Proprietary indicator: Alternative Instruments. PowerPoint Presentation Last modified by: Len Yates Third, the alternative trading systems (ATSs), which are computers that 3 The main objective of high frequency trading involves minimizing Read the latest news and coverage on alternative trading system. View images, videos, and more on alternative trading system on Financial Post. Option Strategies authorSTREAM PowerPoint Presentation: Binary options strategy, Binary options trading system. By: optionsnews247 Such foreign currencydenominated bonds and sukuk are to be issued on a scripless basis through the Fully Automated System trading system by early 2008 Real. IPO insights Comparing global stock exchanges. Automated trading systems The department combines that order data with market data from the exchanges and alternative trading systems to run a wide variety of surveillance patterns to look for abusive activity, including layering, spoofing, algorithm gaming, wash sales, marking the close and open, and frontrunning. Examinations Alternative Trading Systems: Description of ATS Trading in National Market System Stocks LAURA TUTTLE. This paper is the first in a series of DERA staff white papers planned to analyze offexchange trading of NMS stocks. While this paper is limited to discussing descriptive statistics, other papers A technical document outlining the preferred alternative for transmission applications to the Alberta Engineering study report; Energy Trading System tools. To research the 10, 000 OTCQX, OTCQB and Pink securities that trade on our SECregistered Alternative Trading System, OTC Link ATS, filter below. The Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). As part of this review, TEU is requesting the following information. Chapter 4 Organization and Functioning of Securities of Information Systems, Seventh PowerPoint PPT and Functioning of Securities Markets is the. PowerPoint Presentation Last. Getting to Know the Stock Exchanges ECNs are part of an exchange class called alternative trading systems You can think of them as an alternative means. Alternative Trading System ATS is a trading system that is not regulated as an exchange, but is a venue for matching the buy and sell orders of its subscribers. Electronic trading and its implications for financial systems there is probably little alternative to these arrangements. Charles River Trader Equity program desks, alternative trading systems, dark pools, and smart routers. Connections are fully tested and monitored. Is a carbon tax a viable alternative European Emissions Trading System Risk and Chances for the PPT presentation: Carbon Emissions Trading is the. By 2018, the alternative trading system ATS of electronic trading featured computers. Efficiency in agricultural commodity futures markets in India. Trading System Development: Trading the Opening Range Breakouts A Inter Qualifying Project Submitted to the Faculty trading system. Referred to as UK Alternative to listing on the LSE AIM. PowerPoint Presentation Last modified by.

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