BATS Chi-X Europe Announces Launch of a Periodic Auctions Book
7.9.2015 06:30 | Business Wire
BATS Chi-X Europe (BATS), Europe’s largest stock exchange, has announced the creation of a new order book that will allow market participants to access auction functionality throughout the trading day, in a bid to encourage trading in larger size.
Modern European market structure, which relies on competing venues and highly-automated systems, has materially improved market efficiency and made trading vastly more cost-effective. This has in turn led to deeper liquidity and tighter bid-offer spreads, benefitting market participants and investors of every type. A by-product of this progress is smaller average trade sizes.
BATS’ aim is to prioritise those participants willing to post larger orders by creating successive auction events throughout the course of the trading day on the new Periodic Auctions Book, allocating trades in order of price and size. More than 4,000 European stocks will be available to trade, with the frequency of auction phases determined by the liquidity characteristics of an individual stock.
To ensure orderly markets and provide certainty around the execution price range, every auction event will have a random end, and matches will only be allowed within a European Best Bid and Offer (EBBO) price range, guaranteeing investors matches at the prevailing best price available across the pan-European equities market.
The exchange will continue to operate its highly successful existing order books – CXE and BXE – which will not interact with, or be interrupted by, the Periodic Auctions Book. Taken together CXE and BXE form the largest liquidity pool for pan-European continuous equities trading, with market share of 25.0% in August 2015.
Mark Hemsley, CEO of BATS Chi-X Europe, said: “Throughout our history, we’ve maintained that the role of a market operator is not to determine how participants should trade, but rather provide efficient, robust and fair infrastructures that allow the market the flexibility to transact as it sees fit.”
He added: “While the bulk of our efforts to date have prioritised improving the efficiency of the marketplace for those wishing to trade continuously, the Periodic Auctions Book responds to the specific needs of participants to trade regularly in size. It recognises the usefulness of auction functionality to those investors, and reimagines the orthodox market model accordingly to provide an entirely new venue that’s available throughout the trading day. In that respect, its launch represents a new frontier in European order book trading.”
David Howson, COO of BATS Chi-X Europe, said: “We made a very purposeful decision to split our auctions capacity from our continuous trading books. It seems entirely counterintuitive to us to interrupt the continuous trading with a scheduled auction.
“With the launch of the Periodic Auctions Book, functionality that prioritises size over speed will be available to use if the market requires it. Through the EBBO price collar, trades will be protected against disorderly markets, while the price formation process and continuous trading day will remain intact.”
The Periodic Auctions Book will follow the same hours as BATS existing order books CXE and BXE, opening at 8 a.m. and closing at 4.30 p.m. The clearing and settlement of auction trades will follow participants’ existing arrangements.
As with all trading services offered by BATS, and in line with the exchange’s regulatory obligations as a Recognised Investment Exchange (RIE / Regulated Market), any registered trading participant will be able to send orders to the new order book subject to appropriate testing and certification.
About BATS Chi-X Europe
BATS Chi-X Europe is Europe’s largest equities exchange and offers trading in more than 4,000 securities across 15 major European markets, over one platform and under one rule book. In addition, BATS’ leading trade reporting service, BXTR, now reports the majority of OTC equity market trading executed in Europe. Based in London, BATS Chi-X Europe is regulated by the UK Financial Conduct Authority.
BATS Chi-X Europe is the brand name of BATS Trading Limited, a subsidiary of BATS Global Markets Inc., a leading global securities market operator in the US and Europe. Further information can be found at www.batstrading.co.uk or for regular updates, on Twitter at @BATSGlobal.
Om Business Wire
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
European Commission Grants New Indication for Soliris® (Eculizumab) for the Treatment of Patients with Refractory Generalized Myasthenia Gravis (gMG)21.8.2017 13:25 | Pressemelding
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) announced today that the European Commission (EC) approved the extension of the indication for Soliris® (eculizumab) to include the treatment of refractory generalized myasthenia gravis (gMG) in adults who are anti-acetylcholine receptor (AChR) antibody-positive. Soliris is the first and only complement-based therapy approved in the European Union (EU) for this ultra-rare subset of patients.1-4 Patients with refractory gMG can have difficulties walking, talking, swallowing and breathing normally despite therapies currently used for MG. Exacerbations and crises of their disease may require hospitalization and intensive care and may be life-threatening.5-7 Soliris will be launched for this new indication initially in Germany, and Alexion is evaluating launches in additional EU countries. “Patients with refractory gMG have exhausted multiple the
IntegenX Applauds the Passage of the Rapid DNA Act of 201721.8.2017 12:00 | Pressemelding
IntegenX Inc., the global market leader for Rapid DNA human identification, applauds the signing into law of S.139 and HR.510, The Rapid DNA Act of 2017. The legislation will allow law enforcement agencies, under standards and guidelines established by the FBI, to perform real-time DNA testing at time of arrest, within booking stations. Similar to how fingerprint analysis has evolved from a paper and ink practice to a point-of-action technology, DNA testing has now become possible in 90 minutes within a booking station, while a suspect is still in custody. With processing times reduced from weeks to less than two hours, the potential to identify or exonerate a suspect quickly will make a meaningful impact on law enforcement. IntegenX thanks U.S. Senate sponsor Senator Orrin Hatch (R-UT) and lead co-sponsor Senator Dianne Feinstein (D-CA) as well as House sponsor Congressman
PPG Completes COLORFUL COMMUNITIES Project at Primary School in Kecskemét, Hungary21.8.2017 08:03 | Pressemelding
PPG (NYSE:PPG) today announced the completion of a COLORFUL COMMUNITIES™ project in Kecskemét, Hungary, that helped revitalize the learning environment of the Corvin Mátyás primary school. The Colorful Communities program provides PPG volunteers and products along with financial contributions to bring color and vitality to communities where the company operates around the world, such as in Kecskemét, where the PPG automotive service team operates with 33 employees. The project brought together more than 140 PPG and community volunteers who spent three days at the school revitalizing four classrooms, four changing rooms and the playground. PPG provided more than $20,000 to assist with the project, including more than 460 liters of Héra ® Prémium waterborne interior paint and Trinát ® Aqua wate
Glennmont Partners Completes Refinancing of Sleaford Biomass Plant for £150m21.8.2017 08:00 | Pressemelding
Glennmont Partners has successfully completed the refinancing of the Sleaford Renewable Energy Plant on behalf of its dedicated clean energy fund, Glennmont Clean Energy Fund Europe I, as part of a programme of realisations of value from the Fund. Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. Glennmont raises long-term capital to invest in alternative power generation projects including wind farms, biomass power stations, solar parks and small-scale hydro power plants. The carefully selected, risk managed investments deliver sustained performance and predictable returns over periods of 10 years or more. Sleaford REP is a 40MWe straw-fired biomass plant located in Lincolnshire, UK. The plant has been in operation since 2014 and is being operated by Burmeister & Wain Scandinavian Contractor (BWSC). The
Boehringer Ingelheim: Advancing anticoagulation care with new data at ESC Congress 201721.8.2017 07:08 | Pressemelding
Boehringer Ingelheim today announced that it will present important new data on the treatment of patients with atrial fibrillation (AF) at the ESC Congress in Barcelona, Spain, 26-30 August 2017. In total, four abstracts have been accepted, investigating different aspects of AF patient treatment. The results of the RE-DUAL PCI™ trial have been selected for one of the Late Breaking Science sessions of the congress. The RE-DUAL PCI™ trial compared dual therapy with triple therapy after percutaneous coronary intervention (PCI) with stent placement in approximately 2,500 adults with atrial fibrillation. Patients were either treated with dabigatran etexilate (Pradaxa®) and a single antiplatelet agent or with the vitamin K antagonist (VKA) warfarin and two antiplatelets. The dabigatran doses investigated in this trial are the same doses which have already demonstrated effective stroke preven
Study Investigates Performance of Masimo PVi® As Part of Goal-Directed Fluid Therapy During Laparoscopic Bariatric Surgery21.8.2017 06:00 | Pressemelding
Masimo (NASDAQ: MASI) announced today the findings of a recently published study in which researchers at Firat University in Turkey evaluated the performance of Masimo PVi®, a noninvasive and continuous measurement of the dynamic changes in perfusion index (Pi) that occur during respiratory cycles, as the basis of a goal-directed fluid therapy (GDFT) protocol during laparoscopic bariatric surgery on mechanically-ventilated patients.1 In the study, Dr. Demirel and colleagues sought to evaluate whether using GDFT guided by PVi on morbidly obese patients undergoing laparoscopic Roux-en-Y gastric bypass (RYGB) surgery might result in less intravenous fluid use without compromising outcomes. They enrolled 60 patients and divided them randomly into control and GDFT groups. The control group’s fluid levels were managed by standard fluid therapy, using mean arterial pressure (MAP) and
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom