Focus on LatAm's Exchanges
Brazil's influence still looms as Mila comes of age.

When the idea of the Mercado Integrado Latinoamericano (Mila) was first introduced in 2009, the hope was that by combining the forces of the exchanges from Chile, Colombia and Peru, a market could be created that would drum up liquidity and improve market structure in South America. A little over five years in and the end result is still inconclusive.
But that's to be expected, Steve Phillips, regional manager of Latin America and the Caribbean at Nasdaq, told Waters' Dan DeFrancesco.
The integration of systems, and building cooperation and trust of nations that are fully vested in their own landmark exchanges, takes time, he said. It took nine years after the announcement of Nasdaq's Nordic alliance "to declare that the integration, cooperation was complete," he told Dan.
So the lesson, here, is that of patience.
Mila is only three years old when it comes to trading, with the addition of Mexico's Bolsa Mexicana de Valores (BMV) coming last summer, signaling a step in the right direction. Phillips says that for increased growth, capital gains tax issues between the varying jurisdictions needs to be ironed out, and Mila operators need to do a better job at reaching out to the broker community.
But as with anything in South America, the success or failure of the alliance will likely come down to Brazil's BM&FBovespa's involvement.
The key question going forward will be whether or not BM&FBovespa decides to play nice and make friends, or if they want to crush the outfit before more exchanges enter the fold? Do they view themselves as investors or enemies? It's something to watch, and I highly recommend reading Dan's full article for more context.
HFT Fight Moves Forward
The New York State Supreme Court has given NY Attorney General Eric Schneiderman the green light to move forward with his lawsuit against Barclays and the bank's alleged use of its dark pool to defraud clients. But that doesn't mean that Barclays is out of options, either.
From Inside Market Data: Barclays had asked the court to throw out the case, arguing the state had not shown its clients were harmed, but Justice Shirley Werner Kornreich of the State Supreme Court in Manhattan said it was premature to dismiss Schneiderman's claim.
Tick...tick...tick...
I'm on deadline this week, so I'll have to cut this a bit short. But speaking of deadlines, the deadline for entering into this year's Sell-Side Technology Awards is February 20 at 6 p.m. (ET), so the clock is ticking.
For the entry, you'll be asked to provide a 500 word description as to why your product should be named the winner in that particular category. I would suggest using real metrics (which can be kept confidential, if requested) and even a case study or true comparisons, rather than a simple description of your product offering, which is information that we could easily find on your website. The submissions that have numbers and examples tend to stand out.
Call me (646-490-3973) or email me at anthony.malakian@incisivemedia.com if you have any questions.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Inside the company that helped build China’s equity options market
Fintech firm Bachelier Technology on the challenges of creating a trading platform for China’s unique OTC derivatives market.
Fitch claims 20% developer productivity boost using AWS GenAI tools
The vendors have expanded an existing deal to include new Amazon tools that have helped Fitch modernize its infrastructure and applications.
Waters Wavelength Ep. 308: Arta Finance’s Caesar Sengupta
Caesar, who previously spent 15 years at Google, joins to discuss Arta’s goal of putting a private banker in everyone’s pockets.
Terry Duffy on CME’s cloud future, takeover targets, and ... candy
CME CEO Terry Duffy explains the relatively narrow strategy that the derivatives exchange has taken under his leadership, especially compared to its peers.
Waters Wavelength Ep. 307: The shrinking OMS landscape
This week, Tony and Nyela discuss FactSet’s recent acquisition of LiquidityBook and what it could signal for trading technology.
Banks urged to track vendor AI use, before it’s too late
Veteran third-party risk manager says contract terms and exit plans are crucial safeguards.
Market data woes, new and improved partnerships, acquisitions, and more
The Waters Cooler: BNY and OpenAI hold hands, FactSet partners with Interop.io, and trading technology gets more complicated in this week’s news round-up.
Waters Wavelength Ep. 306: Reykjavik and market data
Reb is back on the podcast to talk about her trip to Reykjavik, as well as two market data reports released this month.