Exchange Fee Pricing

Total Page:16

File Type:pdf, Size:1020Kb

Exchange Fee Pricing 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE PRICING CHAT SUBSCRIBERS EXCHANGE FEE PRICING EXCHANGE FEE (US$ / MONTH) (* CLICK TO SEE INFORMATION ON MULTI-UNIT EXCHANGE U.S. STOCKS, OPTIONS AND INDICES FEE PRICING.) Non-Pro Pro NYSE and NYSE Indices 10 50 * NYSE American LLC (fka NYSE MKT LLC) 10 24 (Includes Bid / Ask) NASDAQ Level I and Indices 10 30 OTC Markets Level I (formerly Pink Sheets) 10 40 (You must subscribe to NASDAQ Level I rst.) Options: OPRA and OPRA Indices 10 30.50 OPRA Indices Only 8 28.50 S & P Cash Indices (CME) 10 10 S & P Cash Indices (CME) -- Delayed 4 4 Market Data Indices (CBOE) 10 10 Dow Jones Indices 2 2 North American Index Package (NANX) (includes NYSE, American LLC 12 12 [fka NYSE MKT LLC] and NASDAQ) NYSE Global Index Feed (GIF) 5 17 Russell Indices 7 2 MSCI EOD Indices 2 2 Bloomberg UBS Commodity Indices 2 2 MARKET DEPTH (Requires a monthly surcharge of $25 per month [$32 for LiveCharts] for monthly and annual prepay subscriptions in addition to exchange fees for one or all Market Depth services.) Non-Pro Pro CBOT Level II ** *** 0 0 (You must subscribe to CBOT Level I rst.) https://www.esignal.com/exchange-fee-pricing 1/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE FEE (US$ / MONTH) (* CLICK TO SEE INFORMATION ON MULTI-UNIT EXCHANGE U.S. STOCKS, OPTIONS AND INDICES FEE PRICING.) CME Globex Level II ** *** 0 0 (You must subscribe to CME Level I. Depth not included in CME Fee Waiver service.) COMEX Level II New! 0 0 (You must subscribe to COMEX Level 1 rst.) Forex Depth ** *** 0 0 (You must subscribe to GTIS FOREX rst.) NASDAQ Level II ** 15 76 (You must subscribe to NASDAQ Level I rst.) NASDAQ TotalView (includes Level II, Single Book and Island) ** 18 76 (You must subscribe to NASDAQ Level I rst.) NYMEX Level II New! 0 0 (You must subscribe to NYMEX Level 1 rst.) NYSE ArcaBook ** *** 12 40 NYSE Open Book ** *** 15 60 OTC Markets Level II (formerly Pink Sheets)** *** 17 77 (You must subscribe to OTC Markets [formerly Pink Sheets] Level I rst.) Regional Options ** *** 0 30 (You must subscribe to OPRA rst.) U.S. FUTURES Note for eSignal Premier subscribers † Non-Pro Pro CBOE Futures (CFE) 5 10 CBOT Level I (includes CBOT Mini Futures) 96 96 CBOT Mini Futures 30 30 CBOT Top of Book New! *** 3 N/A CME Level I (includes the E-minis and Globex Level I) 96 96 CME E-minis 51 51 CME Group Bundle New! *** 10 N/A (includes Globex data –CME, CBOT, COMEX, NYMEX) CME Top of Book New! *** 3 N/A COMEX (includes COMEX E-mini Futures) 96 96 COMEX E-minis Futures 30 30 COMEX Top of Book New! *** 3 N/A ICE Futures U.S. (formerly ICE Futures US or NYBOT) 116 116 ICE Futures US -- Handheld 68 68 marketprole *** 55 55 https://www.esignal.com/exchange-fee-pricing 2/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE FEE (US$ / MONTH) (* CLICK TO SEE INFORMATION ON MULTI-UNIT EXCHANGE U.S. STOCKS, OPTIONS AND INDICES FEE PRICING.) MGE / CBT Spreads 2 2 Minneapolis Grain Exchange (MGE) 41 41 NASDAQ Futures New! 2 2 NYMEX 96 96 NYMEX / DME Spreads 2 2 (Service requires both NYMEX and DME subscriptions.) NYMEX miNY 40 40 NYMEX Top of Book New! *** 3 N/A OneChicago (U.S.) (Single Stock Futures) 7 12 CANADIAN FUTURES † † † Note for eSignal Premier subscribers † Non-Pro Pro ICE Futures Canada (formerly Winnipeg Commodity Exchange) 26 40 ICE Futures Canada -- Handheld 20 20 Montreal Futures and Options Exchange (MX) 6 38 CAD (30.10 USD) Montreal Futures and Options Exchange (MX) Waived † † Waived † † CANADIAN STOCKS, MUTUAL FUNDS AND MARKET DEPTH (Canadian Mutual Fund data supplied by CANNEX.) † † † Non-Pro Pro Canadian Residents: Canadian National Stock Exchange (CNSX) 2 8 CAD TSX - Toronto Stock Exchange (TOR) 11 38 CAD (36.69 USD) TSX Venture Exchange (CDNX) 32 25 CAD (21.50 USD) TSX Market-by-Price 10 30 CAD TSX Market Book (Includes TSX Market-by-Price) 33 50 CAD TSX Venture Market-by-Price 14 16 CAD TSX Venture Market Book (includes TSX Venture Market-by-Price) 27 26 CAD Non-Canadian Residents: Canadian Exchange Group (CEG) 14 56.50 * Canadian National Stock Exchange (CNSX) 2 8 https://www.esignal.com/exchange-fee-pricing 3/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE FEE (US$ / MONTH) (* CLICK TO SEE INFORMATION ON MULTI-UNIT EXCHANGE U.S. STOCKS, OPTIONS AND INDICES FEE PRICING.) TSX Market-by-Price 9 30 TSX Market Book ‡ 30 50 TSX Venture Market-by-Price 12 16 TSX Venture Market Book ‡ 24 26 MEXICAN AND SOUTH AMERICAN REGION EXCHANGES Non-Pro Pro Bolsa de Mercadorias & Futuros (BMF) -- Residents 20 64* Bolsa de Mercadorias & Futuros (BMF) -- non-Residents 33 88 Bovespa Level II 0 0 Brazil SOMA 5 10 Buenos Aires Stock Exchange and Indices 35 35 Caracas Stock Exchange and Indices 33 33 Colombia Stock Exchange 32 32 Jamaica Stock Exchange EOD 1 1 Lima Stock Exchange 25 25 Mexico Stock Exchange and Indices 14 28 Santiago Stock Exchange and Indices -- Residents 65 65 Santiago Stock Exchange and Indices -- non-Residents 33 33 Sao Paulo Stock Exchange and Indices (Bovespa) -- Residents 1 60 Sao Paulo Stock Exchange and Indices (Bovespa) -- non-Residents 5 70 Trinidad & Tobago Stock Exchange EOD 1 1 EXCHANGE EUROPEAN / MIDDLE EAST / AFRICAN STOCKS, CORPORATE BONDS FEE AND INDICES (US$/MONTH) Non-Pro Pro Abu Dhabi Securities Exchange and Indices 2 2 Amman Stock Exchange 7 7 Athens Stock Exchange and Indices (ATH) 9 20 Athens / FTSE Indices (FTSA) 4 4 Bahrain Stock Exchange 15 28 https://www.esignal.com/exchange-fee-pricing 4/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE EUROPEAN / MIDDLE EAST / AFRICAN STOCKS, CORPORATE BONDS FEE AND INDICES (US$/MONTH) BATS Chi-X Europe 3 38 Belgrade Stock Exchange 3 13 BOAT Exchange New! n/a 63 Boerse Stuttgart 6 9 Botswana Stock Exchange EOD 1 1 Bourse Regionale des Valeurs Mobilieres EOD 1 1 Bratislava Stock Exchange and Indices 15 15 Bucharest Stock Exchange and Indices 2 19 Budapest Stock Exchange and Indices (This is also listed in the FUTURES section.) 2 20 Bulgaria Stock Exchange 15 15 Casablanca Stock Exchange 11 11 Cyprus Stock Exchange and Indices 2 2 Deutsche Boerse: Spot Market Germany (Frankfurt/Xetra) 26 98 Deutsche Boerse: Regional Exchanges New! 10 10 (Includes Berlin, Bremen, Dusseldorf, Hamburg, Hanover and Munich, plus Neuer Market) Deutsche Boerse: Indices and ETFs 2 12 Deutsche Boerse Volatility Indices 5 5 Doha Securities Exchange 3 12 Dubai Financial Market 7 12 Egypt Stock Exchange 12 12 Equiduct Hybrid New! 2 2 Equiduct Market by Limit New! 2 2 Euronext All Indices 2 20 Euronext Cash Level 1 2 80 Euronext Societe Generale New! 30 30 EuroTLX New! 2 2 FTSE Index Values 12 40 FTSE Index Values -- Delayed 3 3 Irish Stock Exchange Indices 1 4 Irish Stock Exchange Level I 9 22 Istanbul Stock Exchange and Indices -- Residents 11 11 Istanbul Stock Exchange and Indices -- non-Residents 15 15 Italian (Milan) Stock Exchange and Indices 1 22 Italian (Milan) Stock Exchange and Indices -- Delayed 1 9 Johannesburg / FTSE Indices New! 4 13 Johannesburg Stock Exchange (JSE) -- Residents 12 33 Johannesburg Stock Exchange (JSE) -- non-Residents 11 36 https://www.esignal.com/exchange-fee-pricing 5/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE EUROPEAN / MIDDLE EAST / AFRICAN STOCKS, CORPORATE BONDS FEE AND INDICES (US$/MONTH) Kuwait Stock Exchange 2 2 Ljubljana Stock Exchange 3 10 London Stock Exchange: Int'l Equity Market Service Level I 3 36 London Stock Exchange: UK Equity Market Service Level I 7 46 Luxembourg Stock Exchange and Indices 60 60 Madrid Stock Exchange and Indices 8 31 Macedonian Stock Exchange 3 7 Malta Stock Exchange EOD 1 1 Stock Exchange of Mauritius EOD 1 1 Moscow Exchange Bonds New ! 12 87 Moscow Exchange Equities New ! 12 87 MSCI EOD Indices 2 2 Muscat Securities Market 2 8 Nairobi Stock Exchange 1 1 Namibian Stock Exchange EOD 1 1 NASDAQ Dubai Stock Exchange 7 7 NASDAQ OMX Joint Baltic Market 2 24 Nigerian Stock Exchange 17 17 OMX Nordic Equities (formerly Copenhagen / Helsinki / Iceland / Stockholm) 2 38 OMX Nordic Fixings New! 23 23 OMX Fixed Income 0 67 OMX VINX Indices 17 17 Oslo Stock Exchange and Indices (This is also listed in the FUTURES section.) 14 58 PLUS Markets London (formerly OFEX) 10 46 Prague Stock Exchange and Indices 5 17 Saudi Arabia (Tadawul) Stock Exchange 11 17 STOXX Indices 9 13 SWX Indices (SMI®, SPI®, SXI®, SLI®, SBI®, etc.) 4 4 SWX Swiss Scoach New ! 11 25 SWX Swiss Non Listed Investment Funds New ! 2 2 SWX Swiss Stock Exchange (now with Bern Stock Exchange) 7 28 Tel Aviv Stock Exchange -- Residents (This is also listed in the FUTURES section.) 64 64 Tel Aviv Stock Exchange -- non-Residents (This is also listed in the FUTURES section.) 32 32 Tunis Stock Exchange 15 15 Turquoise Exchange 10 10 Ukrainian Stock Exchange 27 27 https://www.esignal.com/exchange-fee-pricing 6/13 3/10/2018 eSignal | Exchange Fee Pricing EXCHANGE EUROPEAN / MIDDLE EAST / AFRICAN STOCKS, CORPORATE BONDS FEE AND INDICES (US$/MONTH) Warsaw Stock Exchange and Indices (includes Warsaw Futures) (This is also listed in the 12 67 FUTURES section.) Warsaw Stock Exchange and Indices -- Handheld (includes Warsaw Futures) (This is also 2 N/A listed in the FUTURES section.) Wiener Boerse: Cash Market Level 1 4 52 Wiener Boerse: Indices 3 11 Xetra European Stars 4 9 Xetra US Stars 8 15 Zagreb Stock Exchange 2 2 MARKET DEPTH (Requires a monthly surcharge of $22 per month for monthly subscriptions and annual prepay subscriptions in addition to exchange fees for one or all Market Depth services.) Non-Pro Pro Euronext Cash Level 2 ** 2 40 Euronext Commodities Level II 0 0 (You must subscribe to Euronext Commodities Level I rst.) Euronext
Recommended publications
  • Trading Frictions and Market Structure: an Empirical Analysis
    Trading Frictions and Market Structure: An Empirical Analysis Charlie X. Cai, David Hillier, Robert Hudson, and Kevin Keasey1 February 3, 2005 JEL Classi…cation: G12; G14; D23; L22. Keywords: SETS; SEAQ; Trading Friction; Market Structure. 1 The Authors are from the University of Leeds. Address for correspondence: Charlie X. Cai, Leeds University Business School, Maurice Keyworth Building, The University of Leeds, Leeds LS2 9JT, UK., e-mail: [email protected]. All errors are our own. Trading Frictions and Market Structure: An Empirical Analysis Abstract Market structure a¤ects the informational and real frictions faced by traders in equity markets. We present evidence which suggests that while real fric- tions associated with the costs of supplying immediacy are less in order driven systems, informational frictions resulting from increased adverse selection risk are considerably higher in these markets. Firm value, transaction size and order location are all major determinants of the trading costs faced by investors. Consistent with the stealth trading hypothesis of Barclay and Warner (1993), we report that informational frictions are at their highest for small trades which go through the order book. Finally, while there is no doubt that the total costs of trading on order-driven systems are lower for very liquid securities, the inherent informational ine¢ ciencies of the format should be not be ignored. This is particularly true for the vast majority of small to mid-size stocks that experience infrequent trading and low transac- tion volume. JEL Classi…cation: G12; G14; D23; L22. Keywords: SETS; SEAQ; Trading Friction; Market Structure. 1 Introduction Trading frictions in …nancial markets are an important determinant of the liquidity of securities and the intertemporal e¢ ciency of prices.
    [Show full text]
  • What Drives Market Resiliency on the Order-Driven Markets?
    What Drives Market Resiliency on the Order-Driven Markets? Dániel Havran1 Institute of Economics, Centre for Economic and Regional Studies Hungarian Academy of Sciences, H-1112 Budapest Budaörsi út 45. Department of Finance, Corvinus University of Budapest H-1093. Budapest Fővám tér 8. Tel: +361-482-5468, email: [email protected] Kata Váradi2 Corvinus University of Budapest H-1093. Budapest Fővám tér 8. Tel: +361-482-5373, email: [email protected] Abstract Our study investigates the market resiliency of order-driven stock markets. We define resiliency as the feature of the market in which new orders flow quickly to correct liquidity of the market after a 1 Dániel Havran is participant of the Hungarian Academy of Science Postdoctoral Fellowship Programme, in the period of 2013/09-2015/09. 2 This research was supported by the European Union and the State of Hungary, co-financed by the European Social Fund in the framework of TÁMOP 4.2.4. A/2-11-1-2012-0001 ‘National Excellence Program’. 1 shock. When an aggressive market order appears, it eliminates a significant ratio of the limit orders from the order book. The resulting lack of limit orders can cause notable price impact for market orders. It is crucial for the market players to know the duration of the correction and the possible long term effects of this kind of shocks. Based on the literature, we build up a vector autoregressive model to quantify the duration of the correction of market liquidity and explore the size of the critical market orders which drives to market shocks.
    [Show full text]
  • For Additional Information the Information on the Attached Approvals Chart Is Subject to Change at Any Time
    April 15, 2020 Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of April 15, 2020. All prior versions are superseded and should be discarded. Please note the following developments since we last distributed the Approvals Chart: 1. B3 S.A. has certified the Nikkei 225 index futures contract for trading by U.S. persons. 2. Eurex Exchange has certified the following futures contracts for trading by U.S. persons: (i) MSCI Europe ex UK (EUR, NTR) index futures; (ii) MSCI Japan (JPY, NTR) index futures; (iii) MSCI Saudi Arabia (USD, NTR) index futures; (iv) MSCI South Africa (USD, NTR) index futures; (v) MSCI World (GBP, NTR) index futures; (vi) MSCI World Communication Services (USD, NTR) index futures; (vii) MSCI World Consumer Discretionary (USD, NTR) index futures; (viii) MSCI World Consumer Staples (USD, NTR) index futures; (ix) MSCI World Energy (USD, NTR) index futures; (x) MSCI World Financials (USD, NTR) index futures; (xi) MSCI World Health Care (USD, NTR) index futures; (xii) MSCI World Industrials (USD, NTR) index futures; (xiii) MSCI World IT (USD, NTR) index futures; (xiv) MSCI World Materials (USD, NTR) index futures; (xv) MSCI World Real Estate (USD, NTR) index futures; (xvi) MSCI World Utilities (USD, NTR) index futures; and (xvii) STOXX USA 500 ESG-X (USD, price) index futures. 3. Korea Exchange has notified market participants that, as of April 1, 2020, the KOSPI 200 index is deemed a narrow-based security index, and as such, futures on the KOSPI 200 index are now available for trading by U.S.
    [Show full text]
  • Trading and the True Liquidity of an ETF
    For Professional Clients and/or Qualified Investors only Trading and the true liquidity of an ETF Contact us ETFs are at least as liquid as the underlying securities they hold ETF Capital Markets: Even an ETF with low traded volume is liquid if its bid-ask spread is tight +44 (0)20 7011 4224 [email protected] The BMO ETF Capital Markets desk is the key contact for investors wanting to trade BMO ETFs as it assists clients Sales Support: throughout the trading process +44 (0)20 7011 4444 [email protected] An ETF’s underlying liquidity can be assessed by the difference between the buy (ask) price and sell (bid) price, or the “bid-ask spread”, resulting from the two-way Telephone calls may be recorded. traded flows in an ETF. A tighter bid-ask spread on an ETF generally indicates that the underlying securities also have tight bid-ask spreads and are therefore more liquid. The “market depth”, as seen on the Exchange’s order book of an ETF (list of all the bmogam.com/etfs quotes and trade sizes for an ETF) also provides an indication of the liquidity for an ETF. Follow us on LinkedIn The higher the number of buy and sell orders at each price, the greater the depth of the market. Some investors might not have access to this information readily but the Subscribe to our BMO Global Asset Management ETF Capital Markets desk does. BrightTALK channelan The average daily volume is not necessarily indicative of ETF liquidity; even an ETF with Subscribe to our market-driven low traded volume is liquid if its underlying holdings are liquid and its bid-ask spread investment strategy emails ALK.
    [Show full text]
  • Taiwan Futures Exchange Principles for Financial Market Infrastructure Disclosure Report (CCP)
    Taiwan Futures Exchange Principles for Financial Market Infrastructure Disclosure Report (CCP) Responding institution: Taiwan Futures Exchange Corporation Jurisdiction(s) in which the FMI operates: Taiwan Authority(ies) regulating, supervising or overseeing the FMI: the Securities and Futures Bureau of the Financial Supervisory Committee The date of this disclosure is 2020.12.16 This disclosure can also be found at http://www.taifex.com.tw/ For further information, please contact [email protected] TABLE OF CONTENTS I. EXECUTIVE SUMMARY ........................................................................................................... 2 II. SUMMARY OF MAJOR CHANGES SINCE THE LAST UPDATE OF THE DISCLOSURE ........................................................................................................................................ 2 III. GENERAL BACKGROUND OF TAIFEX ................................................................................ 3 IV. PRINCIPLE-BY-PRINCIPLE SUMMARY NARRATIVE DISCLOSURE........................... 8 PRINCIPLE 1:LEGAL BASIS ............................................................................................................... 8 PRINCIPLE 2:GOVERNANCE ........................................................................................................... 11 PRINCIPLE 3:FRAMEWORK FOR THE COMPREHENSIVE MANAGEMENT OF RISKS ....................... 20 PRINCIPLE 4:CREDIT RISK ............................................................................................................
    [Show full text]
  • Incoming Letter: Taipei Exchange Main Board and Taipei Exchange
    New York Paris Northern California Madrid Washington DC Tokyo São Paulo Beijing London Hong Kong James C. Lin Partner Resident Hong Kong Partners Davis Polk & Wardwell 852 2533 3368 tel William F. Barron* Gerhard Radtke* Hong Kong Solicitors 852 2533 1768 fax Bonnie Chan* Martin Rogers † The Hong Kong Club Building [email protected] Karen Chan † Patrick S. Sinclair* 3A Chater Road Paul K. Y. Chow* † Miranda So* Hong Kong James C. Lin* James Wadham † Hong Kong Solicitors * Also Admitted in New York † Also Admitted in England and Wales August 29, 2019 Re: Application for Designation of the Taipei Exchange Main Board and Taipei Exchange Bond Market as a “Designated Offshore Securities Market” Michael Coco, Chief Office of International Corporate Finance Division of Corporation Finance United States Securities and Exchange Commission 450 Fifth Street. N.W. Washington, DC 20549 Dear Mr. Coco: We are writing to the United States Securities and Exchange Commission (the “SEC” or the “Commission”) on behalf of the Taipei Exchange (the “TPEx”) to apply for the classification of a “designated offshore securities market” for purposes of Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended, for (i) the portion of the TPEx known as the Taipei Exchange Main Board (the “TPEx Main Board”) and (ii) the portion of the TPEx known as the Taipei Exchange Bond Market (the “TPEx Bond Market” and together with the TPEx Main Board, the “TPEx Platforms”). Designation is being sought in order to assist market participants to the TPEx Platforms who are eligible for the safe harbor provision provided by Rule 904 of Regulation S to satisfy the requirements specified in that rule when reselling securities “in, on or through the facilities of” the TPEx Platforms.
    [Show full text]
  • Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets
    ABOUT CEPS Founded in 1983, the Centre for European Policy Studies is an independent policy research institute dedicated to producing sound policy research leading to constructive solutions to the challenges fac- Competition, ing Europe today. Funding is obtained from membership fees, contributions from official institutions (European Commission, other international and multilateral institutions, and national bodies), foun- dation grants, project research, conferences fees and publication sales. GOALS •To achieve high standards of academic excellence and maintain unqualified independence. Fragmentation •To provide a forum for discussion among all stakeholders in the European policy process. •To build collaborative networks of researchers, policy-makers and business across the whole of Europe. •To disseminate our findings and views through a regular flow of publications and public events. ASSETS AND ACHIEVEMENTS • Complete independence to set its own priorities and freedom from any outside influence. and Transparency • Authoritative research by an international staff with a demonstrated capability to analyse policy ques- tions and anticipate trends well before they become topics of general public discussion. • Formation of seven different research networks, comprising some 140 research institutes from throughout Europe and beyond, to complement and consolidate our research expertise and to great- Providing the Regulatory Framework ly extend our reach in a wide range of areas from agricultural and security policy to climate change, justice and home affairs and economic analysis. • An extensive network of external collaborators, including some 35 senior associates with extensive working experience in EU affairs. for Fair, Efficient and Dynamic PROGRAMME STRUCTURE CEPS is a place where creative and authoritative specialists reflect and comment on the problems and European Securities Markets opportunities facing Europe today.
    [Show full text]
  • Futures Industry Template
    China took a big step in the development of both its financial and risk management markets when it officially inaugurated, on Sept. 8, the China Financial Futures Exchange in Shanghai. This exchange will extend into the financial sphere an industry that’s already thriving in commodities. Since the 1990s, the Dalian Commodity Exchange, the Shanghai Futures Exchange, and the Zhengzhou Commodity Exchange have been trading a healthy slate of commodity futures, such as copper and fuel oil at the SFE, soybeans and corn at the DCE, and sugar and wheat at the The Dawning ZCE. Volume should top 200 million contracts this of Financial year, an impressive increase from 27 million in 2000. Some 183 firms provide brokerage and Futures In support services. China To be sure, the launch of the new exchange was a bit of an anti-climax, since it was accompanied By Nick Ronalds by no product launch or even an announcement and Wang Xue Qin of a launch date. Still, the official establishment of a financial futures exchange was a clear sign that financial futures will not be long in coming. And though we did not have a launch date as of late October, when this article was written, much about the new exchange is taking shape. 54 Futures Industry Ownership Structure that cannot afford full clearing member- ship. TCMs may not clear for non-clearing The competition among existing futures Exchange rules are still under discussion, brokers. Minimum capital: RMB 50 mil- and securities exchanges for the right to so the information available is somewhat lion.
    [Show full text]
  • The Impact of Trading Halts on Liquidity of the Tehran
    Indian Journal of Fundamental and Applied Life Sciences ISSN: 2231– 6345 (Online) An Open Access, Online International Journal Available at www.cibtech.org/sp.ed/jls/2014/04/jls.htm 2014 Vol. 4 (S4), pp. 1132-1141/Sarikhani and Talebbeydokhti Research Article THE IMPACT OF TRADING HALTS ON LIQUIDITY OF THE TEHRAN STOCK EXCHANGE Zahra Sarikhani1 and *Abbas Talebbeydokhti2 1Department of Management, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran Department of Management, Science and Research Branch, Islamic Azad University, Fars, Iran 2Department of Management, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran Department of Management, Science and Research Branch, Islamic Azad University, Fars, Iran *Author for Correspondence ABSTRACT This research examines the behavior of trading halt in liquidity of Tehran Stock Exchange. The statistical population of this study includes all of the companies listed in Tehran Stock Exchange. Using simple random sampling, 469 companies have been selected among the companies listed in the stock exchange and they were analyzed during the time period of 2009-2012. The collected data was analyzed using Wilcoxon test and Spss software version 19 and according to the results, there is a negative significant relationship between the indicators of liquidity (trading volume and price volatility and market depth) and trading halt. This means that these variables are reduced by applying trading halt. The Bid-Ask spread index is related negatively and directly to trading halt. This indicates that the value of this variable is increased by applying a trading halt. Therefore it can be concluded that trading halt is not an efficient mechanism in Tehran Stock Exchange.
    [Show full text]
  • The Price Discovery and Price Leadership of Foreign Investors: Evidence from Taiwan Futures Markets
    The price discovery and price leadership of foreign investors: Evidence from Taiwan futures markets Wei-Kuang Chen Professor, Department of Money and Banking, National Chengchi University Ching-Ting Lin* Assistant professor, Department of Money and Banking, National Chengchi University Cheng-Yi Shiu Professor, Department of Finance, National Central University Abstract Using a unique dataset composed of comprehensive transaction data from Taiwan futures markets, we classify all investors into individuals, domestic institutions, and foreigners, and examine the price discovery and price leadership for these three groups. We find that, despite the relatively low trading volume of futures contracts by foreigners, such trades make a significant contribution to price discovery. Moreover, intraday analysis shows that foreigners’ correlated trades can positively predict concurrent and future price movements of futures contracts. The empirical result indicates that foreigners have an information advantage in Taiwan futures markets. In contrast to foreigners, individuals make the least contribution to price discovery and their correlated trades negatively predict the following price movements, suggesting that individuals have an information disadvantage. Keywords: Price discovery; Price leadership; Herding; Foreigners; Information role *Corresponding author. Department of Money and Banking, College of Commerce, National Chengchi University, Taipei, Taiwan, R.O.C., Tel: +886-2-29393091 ext. 81248, Email: [email protected]. 1 1. Introduction Literature on the informational role of foreign investors expresses diverse views. One tranche of literature asserts that domestic investors are more knowledgeable than foreign investors about the local environment or domestic firms. For example, Choe, Kho, and Stulz (2005) analyze all trades in the Korean stock market and find that domestic investors are better able to select winners than foreigners.
    [Show full text]
  • DCE and Palm Oil Futures Contract
    DCE and Palm Oil Futures Contract December 2020 Building a Diversified, Open and World-class Derivatives Exchange 1 智舒 CONTENTS 01 Introduction to DCE 02 RBD Palm Olein Futures 03 RBD Palm Olein Delivery 2 Diverse Product Suite 智舒 Futures + Options No.1 Soybean 20 7 Corn LLDPE PVC Soybean Meal FUTURES OPTIONS No.2 Soybean RBD Palm Coking Coke Soybean Oil Olein Coal Fiber Block Polypropy Egg Iron Ore 1 43 board board lene OTC MARKET INDICES Corn Ethylene Ethenyl Rice LPG Starch Glycol benzene 3 Opening-up 智舒 May 4th, 2018 4 Trading Facts 智舒 DCE's Trading Volume and Turnover by Year 1,800 80,000 s 1,600 t 70,000 c Trading Volume Turnover a B r t 1,400 M n 60,000 R o c n o n 1,200 i l o l i 50,000 i l l b i 1,000 , m e , 40,000 u l e 800 a m V u l l 30,000 a o 600 n V o i g t n 20,000 o i 400 d N a r T 200 10,000 - - 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2019 ANNUAL TRADING VOLUME ANNUAL TURNOVER AVERAGE DAILY OPEN INTEREST AVERAGE DAILY TRADING VOLUME 1,355 69 6.72 5.56 million contracts trillion CNY million contracts million contracts • Source: Dalian Commodity Exchange 5 World Top Derivatives Exchanges 智舒 2019 Top 20 Derivatives Exchanges Worldwide World Derivatives Exchanges Ranking Rank Exchange Jan – Dec 2019 Vol Jan – Dec 2018 Vol 1 National Stock Exchange of India 5,960,653,879 3,790,090,142 th th th th 12 10 8 8 2 CME Group 4,830,045,369 4,844,857,131 3 B3 3,880,624,283 2,574,073,178 4 Intercontinental Exchange
    [Show full text]
  • Cash Equity Market Cash Equity Market
    Cash Equity Market Cash Equity Market Domestic Market Capitalization Value of share trading Number of trades New listings Investment flows Number of listed companies Cash Equity Market % change Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2014 to 2015 Domestic Market Capitalization 72 548 800 74 498 795 65 392 815 66 960 858 66 960 858 -1.3% (USD million) Americas 30 335 850 30 236 210 28 058 649 27 943 103 27 943 103 -7.7% Asia Pacific 25 359 012 27 368 840 21 925 007 23 141 192 23 141 192 9.8% EMEA 16 853 938 16 893 746 15 409 159 15 876 563 15 876 563 -3.6% Value of Share Trading 25 160 866 34 098 939 28 561 774 25 897 938 113 719 334 40.6% (USD million) Americas 11 703 385 10 829 829 12 232 090 11 298 256 46 063 560 5.6% Asia Pacific 9 714 428 19 645 172 12 876 712 11 478 610 53 714 739 126.9% EMEA 3 743 053 3 623 937 3 452 973 3 121 072 13 941 035 2.6% Number of trades 4 882 6 633 6 355 5 903 23 772 54.9% (million of trades) Americas 1 569 1 436 1 748 1 711 6 464 10.7% Asia Pacific 2 847 4 761 4 158 3 745 15 510 93.8% EMEA 466 436 450 447 1 798 19.0% Number of listed companies 48 842 49 164 49 324 49 830 49 830 2.7% (full number) Americas 10 273 10 271 10 271 10 203 10 203 -1.3% Asia Pacific 24 640 24 911 25 084 25 401 25 401 4.0% EMEA 13 929 13 982 13 969 14 226 14 226 3.5% Source : WFE % change Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2014 to 2015 Number of newly listed comp.
    [Show full text]