On May 18, 2010, the US Securities and Exchange Commission (SEC) revealed that it intends to mandate new circuit breakers that temporarily halt trading in the event of a...
On Thursday, May 6, 2010, the US equity market experienced a major dislocation. The day unfolded against a backdrop of mounting uncertainty surrounding the situation in Europe, with Britain...
The Osaka Securities Exchange and Jasdaq have merged and plan to launch a new Jasdaq market in October 2010. Japan’s venture equity markets have continued to languish since the...
Japanese asset managers are increasingly using dark pools in pursuit of price improvement. However, analysis of trades executed by dark pools reveals wide variations in price improvement, reflecting differences...
In terms of size, Chinese securities markets now rival their counterparts in developed countries, but they still differ substantially from Japanese, European, and American markets in two respects. First,...
Although proprietary trading systems can often execute trades at better prices than those available on exchanges, this fact is not widely known in Japan. However, with market infrastructure being...
The Tokyo Stock Exchange will launch its new Arrowhead trading system in January 2010. By shortening order response time to milliseconds, Arrowhead has the potential to bring high-frequency trading...
Smart order routing is the key to success in the dark pool business. Its importance is likely to increase in tandem with growth in off-exchange trading and proliferation of...