Direct Edge Petitions Brazilian Regulator to Open Exchange Landscape
CVM is requesting comments and suggestions over the possibility of allowing competition in its capital markets. Direct Edge, one of the largest US equity exchanges, submitted a 21-page response outlining its position.
"Direct Edge greatly appreciates the opportunity to offer its thoughts to CVM regarding the consultation," says William O'Brien, CEO at Direct Edge. "We believe that Brazil already has one of the world's premier capital markets, and are excited by the prospect of adding additional value to brokers and investors as a new exchange entrant. While introducing competition requires certain regulatory transitions to ensure continued efficiency and investor protection, we believe that CVM is taking a thoughtful and deliberative approach and is focused on the relevant subject matter."
Market Openings
Interest in South American markets has grown considerably in recent years, but CVM is far from the first regulator to consult extensively on opening up markets to competition. Australia, in recent years, allowed Chi-X to establish an alternative bourse to the dominant Australian Securities Exchange. In Europe, too, the Markets in Financial Instruments Directive allowed the equities landscape to fragment, with traditional national exchanges finding themselves in competition with multilateral trading facilities, crossing networks and other alternative trading systems.
Given buoyant conditions in the region despite halting performances this year, though, the possibility of opening the landscape is likely to attract intense interest, particularly from US exchange groups, given their geographical proximity.
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Bank-led consortium takes aim at position reporting
Five banks, including Barclays, BNP Paribas, Goldman Sachs and HSBC, have joined forces to mitigate interpretation and implementation errors in position reporting disclosures.
This Week: BBH, AllianceBernstein add data solutions, Deutsche Börse-Nodal Exchange, and more
A summary of some of the latest financial technology news.
Consortium backs BGC’s effort to challenge CME
Banks and market makers—including BofA, Citi, Goldman, Jump and Tower—will have a 26% stake in FMX.
Symphony boosts Cloud9 voice offerings with AI
The messaging and collaboration platform builds on Cloud9’s capabilities as it embraces the AI wave in what CEO Brad Levy calls “incremental” steps.
Can exchanges leverage new tech to claw back ETF share from RFQ platforms?
Systematic trading strategies and proliferating data are bringing efficiency to an otherwise-fragmented European ETF market.
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- DTCC urges affirmation focus ahead of T+1 move
- FactSet looks to build on portfolio commentary with AI