SEC Quarterly Review 


Hong Kong Exchange to invest in electronic bond trading platform ‘BondsInAsia’: Hong Kong Exchange and Clearing has agreed to acquire an interest which currently represents a 15.58% shareholding in ‘BondsInAsia (BIA)’, the premier fixed income trading platform in Asia. This level of investment is the same as BIA’s existing bank shareholders.

BondsInAsia is the leading electronic trading platform for Asian fixed income securities; its proprietary trading technology interlinks the region’s leading fixed income players with major buy-side institutions.

Amex intends to trade Nasdaq stocks: The American Stock Exchange (Amex) has set the date of 20 May 2002 to begin trading Nasdaq stocks, but this is still subject to change. The move will mark the first time that the Amex has offered to trade shares that it does not list.  This is  the clearest indication to date of how Wall Street trading is changing in the competition for greater share volumes.

Trading Nasdaq stocks could open a significant new revenue path for the Amex which has been hit by competition  for its trading in options and Exchange Traded funds (EFTs). It could also create a serious rival to Nasdaq which is transforming itself into a for-profit business. Besides Amex, the Cincinnati Stock Exchange and the Boston Stock Exchange have also announced their own programs to compete for Nasdaq flows.

Hong Kong Exchanges and Computershare merge their Hong Kong share registration businesses: Computershare, one of the world’s largest share registry and a leading technology provider for the global securities industry, and Hong Kong Exchanges and Clearing(HKEx), the holding company of the Hong Kong Stock  and derivatives Exchanges and their associated clearing houses, have agreed to merge their Hong Kong share registration businesses into a new structure to be called: Computershare Hong Kong Investor Services (CHIS).

The new organization will hold  a major  position in the market for share registration services in Hong Kong.

Hong Kong Exchanges and London Stock Exchange develop listing program and consult on trading collaboration: Hong Kong Exchanges and Clearing and London Stock Exchange are working together to make it easier for companies to list in both Hong Kong and the UK.

Furthermore, the exchanges plan to introduce the trading of Hong Kong Exchanges’ stocks on the London Stock Exchange’s  SETS trading system and London Stock Exchange’s stocks on the Hong Kong’s trading system AMS/3.

Nasdaq announces SuperMontage trading platform pricing: The Nasdaq Stock Market announced the pricing schedule for SuperMontage, its new trading platform due to be
launched this summer. Once approved, the pricing will take effect with the phased launch of SuperMontage in late July.

SuperMontage is a reinvention of the Nasdaq Stock Market and will significantly improve overall market quality and investor protection. The new trading system will provide traders and investors alike with more information and  a more efficient means to act on that information. With the new SuperMontage platform, quotes and orders will go through a single-computer architecture, adding speed and efficiency to the market.