020507

EURONEXT OFFERS MIFID ALGO

Euronext will offer a new trading algorithm intended to optimize equity order execution. With this new algo, buy and sell orders will be executed with no obligation for the member firm to become a systematic internalizer. Orders can be settled directly via the originating member firm, eliminating clearing and settlement costs. Meanwhile, Euronext will also publish all of its trading data for European stocks and ETFs and offer a service that will allow investment firms to report their transactions as required under the E.U.'s Markets in Financial Instruments Directive (Mifid).

Deutsche Börse and the Korea Exchange (KRX) have signed a memorandum of understanding (MOU) in which the two exchanges have agreed to further cooperate and communicate. Under the terms of the MOU, the two exchanges agree to share information, exchange staff and assist in listing promotional activities in both markets. The MOU also established a joint feasibility study group to explore possible cooperation in the derivatives market.

Exchange vendor OMX and global IT service provider HCL Technologies recently inked a deal to extend the vendors' partnership. Under terms of the deal, HCL will take on the responsibility for support, maintenance and development of systems for securities management targeting banks and brokers. The partnership with HCL means that OMX will no longer have any discontinued operations in the Nordic region. Part of the discontinued operations will be moved to OMX's business area information services and new markets, and be included in the broker services unit.

Firefly Capital recently announced the release of version 4.0 of its Orion G series execution management system (EMS). This latest version is designed to fulfill the best execution requirements of the U.S. Securities and Exchange Commission's Regulation NMS, which is due to take effect in July. The platform offers a centralized interface for market access and order execution options.

Rolfe & Nolan, a software solutions provider for the derivative markets, announced the completion of its conformance to the Nybot ICE trading API following the merger of the New York Board of Trade (Nybot) and the IntercontinentalExchange (ICE). After making various modifications to the back-office system, the vendor has incorporated the Nybot ICE marketplace into its front-to-back solution. This gives Rolfe & Nolan clients access to side-by-side trading of Nybot products on ICE's electronic trading platform.

Swapstream, a multilateral electronic trading platform for interest rate swaps (IRS), plans to expand its marketplace with the planned introduction of an Eonia (Euro Overnight Index Average) swaps trading facility in mid-February. This new facility will allow traders on the short end of the IRS curve to trade on the medium to long end of the IRS curve. The rebranded sDealer third-generation platform also offers a new click-and-trade protocol. Platform users will continue to have the option to use the current click-and-accept trading protocol.

Automatic Data Processing (ADP) subsidiary ADP Wilco has upgraded the user interface for its Swift Transaction Manager (STM) to a Java environment. ADP's STM service, a component of its Swift Service Bureau, acts as a central exchange for integrating Swift messages into the specific message types and business processes of the counterparty and, if requested, automatically updates them with data from other systems before they are dispatched.

Turret vendor Orange Business Services recently released Version 36 of its Etrali Voice Platform, nee Etradeal. The vendor has also introduced enhancements to its Advanced Call Functions. The latest release introduces automated international dialing from any location, and enhanced conferencing capabilities to meet the needs of global operations by enabling conferencing among multiple sites. Every turret now comes with all the available languages embedded, including English, French, German, Greek, Japanese and Arabic.