Category Archives: Electronic Trading

Market Integrity Rules Take Over Down Under

Later last year, Australian brokers opened a surprise early Christmas gift: an invoice for a new financial levy to recover the costs of moving market supervision from the Australian Stock Exchange to the Australian Securities Investment Commission (ASIC). This year, they have unwrapped yet another gift from ASIC: new market…

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Moving Fast and Slow: Update on Multi-Asset Trading Technology Solutions

Last month, I had the privilege of moderating a panel discussion at the FPL Conference in Singapore. The panel consisted of experts from both the buy and sell sides exploring a timely and relevant topic: “Is Multi-Asset Trading Realistic?” It was apparent from the discussion that both the buy and…

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Rising Expectations, Diminishing Returns: The Closure of chi-east

Even though it was unfortunate that chi-east folded, market participants in Asia were not surprised at its demise. Most would agree that the concept of a multi-regional dark pool with cost efficiencies such as central clearing made a lot of sense. In practice, this is difficult to achieve in a…

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Creating a More Flexible Landscape: Market Developments in Japan

If you take a look at the trend in market share for alternative venues operating in Japan, growth has been relatively flat in the last six months.  Apart from a spike in trading turnover on SBI Japannext in May, Chi-X and SBI Japannext continue to share approximately 5% of the…

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When the Going Gets Tough, the Tough Get Creative: Electronic Trading Releases Some Bold New Ideas

Just when we were beginning to think the world of electronic trading and alternative trading was getting a bit stale, some innovative and noteworthy initiatives surfaced on three continents this February. Australia made news with the announcement of a new electronic exchange, Money Market and Debt eXchange (MMDAX). The aim…

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Balmoral Advisory’s Vision for 2012

Balmoral Insight–As the market and regulatory landscape takes shape in 2012, Balmoral Advisory’s monthly newsletter will offer you their informative insights and thoughtful perspectives on the most newsworthy events of the previous month. For January, our top stories are: The Year of The Dragon: China Breathes Fire into their Capital…

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Who Ends Up Paying for Competition? – It is a Vicious Circle

Brokers in Australia got an early Christmas present from the Australian Securities Investment Commission (ASIC) when they received an invoice for a new financial levy that will be introduced in Australia to pay for the costs of moving market supervision from The Australian Stock Exchange to ASIC. The calculation is…

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Alternative Trading Venues in Asia – One Size Does Not Fit All

If you take a step back and evaluate the purpose of an exchange, its primary function is to raise capital and its secondary function is to provide price discovery and liquidity to the market. A country in the early stages of its development life cycle will be more focused on…

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About The Author

Donna Bales
is a product development professional with a proven track record of managing complex capital market industry initiatives during times of significant market change and market structure reform. Donna is the founder and managing director of Balmoral Advisory, a boutique advisory firm that works with exchanges, regulators, technology firms, market participants and market data vendors to identify and evaluate business opportunities, understand and respond to changing industry/market dynamics and develop and implement strategies and solutions that make sense now and in the future. In addition she acts as a strategic advisor to an international consultancy firm, CollegeHill Asia and sits on the Board of 3Q Innovation, a non-profit focused on retaining and replacement of older workers who face protracted unemployment. Originally from Canada, Donna holds a bachelor degree in Economics from the University of Western Ontario.