Importance of accurate and traceable time in financial trading and review of time synchronization in Indian capital markets
|
|
- Tracy Victor Fox
- 5 years ago
- Views:
Transcription
1 Importance of accurate and traceable time in financial trading and review of time synchronization in Indian capital markets Poonam Arora 1 Vattikonda Bharath 1, Ashish Agarwal 1, Vijay Narain Ojha 1, Amitava Sen Gupta 2 and Dinesh Kumar Aswal 1 1 National Physical Laboratory of India (NPLI), New Delhi, India 2 The North Cap University, Gurugram, India TCTF Workshop, November 23, 2018 during arorap@nplindia.org 1
2 Outline Introduction Importance of Time Synchronization in Financial Sector Review of Financial Trading International Clock Synchronization Regulations Indian Capital Markets Time Stamping in Indian Financial Institutions Existing Regulations for Financial Sector in India Need for New Time Synchronization Solutions and Regulations 2
3 Introduction Globally connected world over the internet has given a boom to digital economy. With most business transactions happening online, a lot of sensitive information flows through systems, networks and geographic time zones. Preservation of sensitive information from malicious attacks has led to the demand for synchronized networks! Timing issues: Time-stamping of events Start and end of events Correlation across networks Audit and cyber forensics arorap@nplindia.org 3
4 Importance of time synchronization in financial sector Its all about tracking transactions and events and any time error can cause significant problems. In absence of proper time synchronization across global networks, the incidents of cybercrime are on steep rise. The 2010 'flash crash' Heist of 81m$ conducted due to non-synchronization of banking system In just 20 minutes the New York Stock Exchange had witnessed it s biggest stock plunge in decades, all traced to data being in a million different places, with different time stamps In Indian Context reported by Press Trust of India One cybercrime in India every 10 minutes, more than 50,000 cases registered by CERT-In in 2017: Times of India India's digital war: Surge in cyber crime rate highlights need for deeper scrutiny: Firstpost.com In India, digital payments segment is slated to reach $1 trillion by 2023 as per a Credit Suisse arorap@nplindia.org 4 report: Economic Times
5 Importance of Time stamping in Trading At 11:25: AM Order for 100 Shares 2075 $ Each share of X company Buy : $ Sell : $ Buy : $ Sell : $ Confirmed at $ 2386 $ 15% increase Confirmed at $ At 11:25: AM Order for 1,00,000 Shares Investment Bank arorap@nplindia.org 5
6 How does Trading Takes place in Stock Exchange Bid & Ask Price: Bid is the maximum price that a buyer offers to buy a share Ask is the minimum price that a seller is ready to sell his shares Time-Price priority The first order which comes with the lowest selling price will be matched with the first purchase order in that batch auction Market order An order placed by a trader to buy/sell the securities at the current available price Limit order An order placed to buy/sell shares at specified price in specific time period mentioned by the trader arorap@nplindia.org 6
7 Automated trading Algorithmic trading/ HFT Trading Thousands of trade orders are performed in a fraction of seconds by a prewritten algorithms which are developed based on technologies like Artificial intelligence, deep learning and machine learning. Taking advantage on very small time scales from milli seconds to nano-seconds A Race for 1. Price information of a share as quickly as possible 2. Updated news in the media which will effect the price of a share Stability of market data The volume of the trade done by HFT is more than 60% whereas the HFT traders are less than 10% of the total traders. arorap@nplindia.org 7
8 Co- Location trading The stock exchanges have provided facility to setup high speed trading infrastructure of the brokers/members very close to their data center to have an advantage of fraction of milli seconds at a huge price NSE charges INR12 lakhs p. a. per full rack space and INR 6 lakhs p.a. per half rack space to setup a colocation facility by any broker or institutional investor. To get the tick by tick (TBT) data of each and every order in the stock exchange NSE charges INR 1 lakh per connection p.a. All the colocation traders will be provided with same length of cable connecting the stock exchange servers and their trading machines to ensure equal time latency, as longer length cables cause more time delay than a shorter cable 1 million = 10 Lakhs arorap@nplindia.org 8
9 Business clock synchronization in United States of America Change in the regulation (i.e. 1s tolerance) is proposed by Financial Industry Regulatory Authority (FINRA) with Securities and Exchange Commission (SEC) Proposed a rule to reduce the Synchronization Tolerance for Computer Clocks to be 50 ms that are used to record events in NMS (National Market System) Securities and 1s for mechanical time stamping devices used for OTC (Over-The-Counter) Equity Securities. Approved by the Federal Register on April 8 th 2016 Implementation from Feb 20 th 2017 REF: arorap@nplindia.org 9
10 Formulation of Regulation by ESMA May MiFID (Markets in Financial Instruments Directive) proposed amendments in: 2002/92/EC In developing the draft regulatory technical standards on which this Regulation is based, ESMA has conducted open public consultations, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Groups. Dec MiFID (Markets in Financial Instruments Directive): Draft regulatory technical standards on the admission of financial instruments to trading on regulated markets RTS-25 (Regulatory Technical Standards): Level of accuracy of business clocks June European Parliament passed the regulation [ 2014/65/EU MiFID II ] Planned to implement on Jan but postponed and implemented from Jan 03 rd 2018 arorap@nplindia.org 10
11 Technical standards for business clock synchronization Regulatory Technical Standards (RTS 25) Article 1 Business clock that gives the time stamp for any reportable event should be synchronized to UTC by any of the traceability techniques available. Article 2 Level of accuracy that should be maintained by the operators of trading venues Article 3 Level of accuracy that apply to members or participants arorap@nplindia.org 11
12 Regulations regarding time stamping Internationally Country/ Union United States of America Rule no Regulatory Notice Authority Proposed by FINRA approved by SEC Year of Origin April 2016 Current Status Implemented from Feb 20th 2017 Reference Time source NIST Synchronisation requirements with respect to reference source Computer Clocks Mechanical Clocks 50 ms 1 s European Union MiFID II (RTS- 25) ESMA (European Securities and Markets Authority) May Implemented from Jan 3rd 2018 UTC Manual Orders Automated Orders ( non HFT ) HFT 1s 1 ms 0.1 ms India Circular: CIR/MRD/ DP/09/2012 SEBI (Securities & Exchange Board of India) 2012 March 30 th 2012 Any atomic clock HFT time stamp resolution Stock Exchange Clock 1 µs 1ms arorap@nplindia.org 12
13 Review of Indian Finance Market SEBI Finance Sector RBI CAPITAL MARKET MONEY MARKET Primary Market Secondary Market Banking NBFCs Stock Exchanges SEBI: Securities and Exchange Board of India RBI: Reserve Bank of India NBFC: Non Banking Financial Company 13
14 Scenario of Indian Stock -market SEBI has approved list of 7 stock Exchanges and 5 Commodity Derivative Exchanges there are 7,850 registered Stock Brokers & 21,431 Sub-brokers registered with SEBI Indian finance market has a turnover of INR 20,00,000/- Cr per month and INR 2,00,000/- Cr (27 billion USD) per day As per the SEBI circular dated 11/2/1997 every transaction has to be time stamped. India-INX Since 2017 Round trip latency of 3μs Since 1992 Different Technologies used for Trading in stock Exchange 1. Mobile trading 2. Algo trading 3. Co location facility 4. Smart order routing 5. Proximity hosting 6. Security trading through wireless technology 7. Computer to computer link software 8. Internet based trading etc., India-INX: India International Exchange BSE: Bombay Stock Exchange NSE: National Stock Exchange Round trip latency in ~ ms BSE Since 1875 Round trip latency of 6μs arorap@nplindia.org 14
15 RS 30,00,000 Indian Capital Market Turnover Value of the shares Traded (INR in Crores) 1 crore = 10 million BSE: Bombay Stock Exchange NSE: National Stock Exchange RS 25,00,000 RS 20,00,000 RS 15,00,000 RS 10,00,000 RS 5,00,000 RS Total BSE NSE Indian Market YEAR Value of the Indian capital market in Last 7 years Number of cases taken up by SEBI in Market Manipulation and price rigging Cases arorap@nplindia.org 15
16 Fraction of Seconds worth Cores of Rupees 16
17 Current Indian Regulations for Financial Trading SEBI Guidelines 2012 In India SEBI (Securities and Exchange Board of India) which is the regulatory authority for the Capital market has issued a circular on 30 th March 2012 titled Broad Guidelines on Algorithmic Trading The stock exchange shall synchronize its system clock with the atomic clock before the start of market such that its clock has precision of atleast 1 μs and accuracy of at least ± 1 ms SEBI Guidelines 2017 SEBI issued Guidelines to all stock Exchanges on 20 th January 2017 titled Fair and transparent access to data feed of the stock exchanges. In this guidelines also, SEBI repeated its previous regulations. As the guidelines do not talk about reference time, the stock exchanges have set-up their own PTP synchronized networks which are referenced to GPS. There is no synchronization from one exchange to other and to other financial institutions and user networks. This is causing chaos! arorap@nplindia.org 17
18 Need for New Regulations in Indian Markets Recently SEBI has extended the trading time of equity derivatives from 3:30 PM to 11:55 PM which aims in attracting foreign investors in Indian products and to have an integration of stocks and commodities in a single exchange which will come into effect form In this contest to have proper fare trading in a stock exchange for both the foreign investors who may be in different time zone and the Indian investors equally, it is very important for all of them should have their transactions traceability to UTC. All financial institutions in India should have traceability to one common reference UTC(NPLI). India is going to be a 5-Trillion-dollar economy by 2022 which will definitely be done by digitalization which increases the rate of the digital transactions in the country drastically. This causes attention to bring reforms and stricter regulations. arorap@nplindia.org 18
19 Possible Time Synchronization Solution for Indian Financial Sector An appropriate combination! Traceable to UTC (NPLI) via CV-GPS and domestic TWSTFT CV-IRNSS IRNSS Signal CV-GPS UTC (NPLI) Steering algorithm Atomic clock Steering algorithm Time Audit Optical fibre link Bunch of network time servers Performance check Distribution to all devices on network Robust Network Architecture at a Financial Hub IRNSS: Indian Regional Navigation Satellite System (developed by Indian Space Research Organization) also known as Local-GPS arorap@nplindia.org 19
20 Acknowledgements: Dr. D. K. Aswal, Director NPLI for his constant support and encouragement. All colleagues of Indian Standard Time (Time and Frequency) Division at NPLI for their valuable inputs. 20
21 Thank you for your Attention 21
Issues on Time synchronization in Financial Markets
Issues on Time synchronization in Financial Markets Wen-Hung Tseng and Huang-Tien Lin National Time and Frequency standard Lab, Telecommunication Laboratories, Chunghwa Telecom Co., Ltd., Taiwan APMP 2018
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 7.6.2016 C(2016) 3316 final COMMISSION DELEGATED REGULATION (EU) /... of 7.6.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard
More informationMiFID II. Algorithmic trading TECC Chris Beuze Carlos Conceicao
MiFID II Algorithmic trading TECC 2018 Chris Beuze Carlos Conceicao risk to market fairness and integrity unfair advantage abusive practices risk to market efficiency price discovery (flash crash) risk
More informationCross Currency Derivatives at NSE
Cross Currency Derivatives at NSE 1 Contents 1. About New Currency Pairs 2. Trading 3. Settlement 4. Risk Management 5. Trading Strategies 6. Benefits of Trading on NSE 2 About New Currency Pairs Top 3
More informationRegulatory Notice 14-47
Regulatory Notice 14-47 Equity Trading Initiatives: Synchronization of Business Clocks FINRA Requests Comment on a Proposal to Tighten Business Clock Synchronization Requirements Comment Period Expires:
More informationESMA DISCUSSION PAPER MiFID II/MiFIR
ESMA DISCUSSION PAPER MiFID II/MiFIR Summary of ESMA s Market Data Reporting Proposals June 2014 1 Contents Transaction reporting (slides 3-18) Instrument reference data (slides 19-21) Maintaining records
More informationINDIAN CAPITAL MARKET- BY ANMI (India)
INDIAN CAPITAL MARKET- BY ANMI (India) 1) ANMI is a pan India association comprising of the trading members across India like National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and other exchanges
More information¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à Securities and Exchange Board of India
Discussion paper on 'Strengthening of the Regulatory framework for Algorithmic Trading & Co-location 1. Objective To seek commentsand inputs from all stakeholders, including Investors, Market Infrastructure
More informationMiFID II: the next step. Fiona Richardson and Mark Spiers November 2015
MiFID II: the next step Fiona Richardson and Mark Spiers November 2015 What we are covering today 2 FCA Discussion Paper 26/3/15 FCA Market Issues Consultation Paper Due 12/15 FCA Conduct Consultation
More informationAssessment of the Business Clock Synchronization Requirements of the Consolidated Audit Trail Pursuant to Section 6.6(a)(ii) of the CAT NMS Plan
Assessment of the Business Clock Synchronization Requirements of the Consolidated Audit Trail Pursuant to Section 6.6(a)(ii) of the CAT NMS Plan Executive Summary Pursuant to Section 6.6(a)(ii) of the
More informationRaise debt through. Global Securities Market. - India s first international fund raising platform
Raise debt through Global Securities Market - India s first international fund raising platform 9 th Jan 2017 - Launch of India INX : National aspirations Gift City IFSC will provide facilities and regulations
More informationA monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank SIB STUDENTS ECONOMIC FORUM Experience
More informationComputer Algorithms & Trading. Chicago NW Burbs Investment & Trading Club
Computer Algorithms & Trading Chicago NW Burbs Investment & Trading Club Did You Know 30% of all trades are through Algorithms (High Frequency Trading) in the US. HFT accounts for about half of share volume.
More informationSpeed and Latency in U.S. Equity Markets
Speed and Latency in U.S. Equity Markets Austin Gerig Division of Economic and Risk Analysis (DERA) US Securities and Exchange Commission The Securities and Exchange Commission, as a matter of policy,
More informationFINANCIAL MARKET OPERATIONS (UNIT-3) STOCK MARKET (PART-2)
FINANCIAL MARKET OPERATIONS (UNIT-3) STOCK MARKET (PART-2) 1. INTRODUCTION Hello viewers! Welcome to the lecture series of financial market operations. Today we shall take up part 2 of the unit 3 rd. We
More informationCHAPTER-1 INTRODUCTION
CHAPTER-1 INTRODUCTION 1.1 Introduction 1.2 The concept of Derivatives 1.3 Importance of Derivatives 1.4 History of Derivatives 1.5 Growth of Indian Derivatives and Global Derivatives 1.6 Derivative Market
More informationAutomated and High Frequency Trading. Fredrik Hjorth Tieto, Stockholm October 20, 2011
Automated and High Frequency Trading Fredrik Hjorth Tieto, Stockholm October 20, 2011 Present Day Situation 1/2 Post MiFID, 2007 November Many new execution venues for the same instrument Executed number
More informationConstituent Deals in the Government Securities Market
Constituent Deals in the Government Securities Market Dr. Golaka C. Nath & Ms. Sahana Rajaram The Indian government securities market has witnessed reasonable growth during the past two decades after the
More informationTrading of ESCerts on IEX
Trading of ESCerts on IEX Akhilesh Awasthy Director (Market Operations) Workshop by BEE on ESCerts Trading and PATNet Portal 16 th Dec 2015, IIC New Delhi Company Snapshot 96% Market Share ~80,000MWh average
More informationA. Present Context. Page 1 of 7
NSE-NYU Conference on Indian Financial Markets Dr. R. H. Patil Auditorium, NSE, Bandra Kurla Complex December 14, 2017 Address by Chairman SEBI Developing Corporate Bond Market The Unfinished Agenda A.
More informationBSE Limited. [formerly Bombay Stock Exchange Ltd.] Q3FY17 Investor Presentation. February 14, 2017
BSE Limited [formerly Bombay Stock Exchange Ltd.] Q3FY17 Investor Presentation February 14, 2017 BSE Disclaimer Ltd: Highlights This presentation and the discussion may contain certain words or phrases
More informationEFAMA s REPLY TO ESMA s CALL FOR EVIDENCE ON PERIODIC AUCTIONS FOR EQUITY INSTRUMENTS
EFAMA s REPLY TO ESMA s CALL FOR EVIDENCE ON PERIODIC AUCTIONS FOR EQUITY INSTRUMENTS Introduction EFAMA supports all initiatives that can help achieving fair and liquid markets, as we consider that this
More informationMiFID II: Impact on LME members
MiFID II: Impact on LME members THE LONDON METAL EXCHANGE 10 Finsbury Square, London EC2A 1AJ Tel +44 (0)20 7113 8888 Registered in England no 2128666. Registered office as above. LME.COM Table of Contents
More informationInterest Rate Futures. June, 2015
Interest Rate Futures June, 2015 Agenda Interest rate and interest rate risk Mitigation of interest rate risk Interest rate future Global perspective NSE Bond Futures Importance of NBF-II What is Interest
More informationCoffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2
Coffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2 Jochen Kindermann Partner Marc Burgheim Head of Trading - Foreign Exchange (BayernLB) 23 July 2015 The promises and pitfalls
More informationMiFID Using Regulatory Change to Create a Competitive Advantage
MiFID Using Regulatory Change to Create a Competitive Advantage Philip Filleul MiFID Program Manager, Sun Microsystems Martin Gibbon Head of Risk, SAS UK 22 nd May 2007 Agenda What is MiFID? What might
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 19.7.2016 C(2016) 4478 final COMMISSION DELEGATED REGULATION (EU) /... of 19.7.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard
More informationATHEX & its Members in the process of bridging MiFID II
ATHEX & its Members in the process of bridging MiFID II Market Operation & Member Support Division Members Support Dpt General Scope of presentation: To provide the status of ATHEX s services & systems
More informationFIF Clock Offset Survey Preliminary Report
FIF Clock Offset Survey Preliminary Report Updated: February 17, 2015 Contact: Manisha Kimmel, Managing Director, FIF, kimmel@fif.com Executive Summary Key Conclusions 39% of firms manage clock offsets
More informationThe Need for Speed IV: How Important is the SIP?
Contents Crib Sheet Physics says the SIPs can t compete How slow is the SIP? The SIP is 99.9% identical to direct feeds SIP speed doesn t affect most trades For questions or further information on this
More information(OTC: VNTH) Bullish. Vantage Health. Investment Highlights
(OTC: VNTH) Bullish Vantage Health Overview Recent Price $0.12 52 Week Range $.0012- $0.16 1 Month Range $0.10 - $0.15 Avg Daily Volume 165,215 PE Ratio n/a Earnings Per Share Year EPS 2014(E) n/a Capitalization
More informationBSE Ltd (BSE) -New Initiatives to drive growth
BSE Ltd (BSE) -New Initiatives to drive growth BSE Ltd (BSE) 18-06-2018 Recommendation : Buy Strong brand recognition CMP : Rs 862 Target : NA % Allocation : 5% Sector : MISC Sensex : 35634 NSE code :
More informationASX Technical Services Schedule of Fees APRIL 2017 VERSION
ASX Technical Services Schedule of Fees APRIL 2017 VERSION 2017.2 Contents Trading Host Connection 3 Market Data Connection 6 Clearing and Settlement Host Connection 8 Trading and Administrative Applications
More informationASX Technical Services
ASX Technical Services Schedule of Fees March 2018 ASX Technical Services 1/30 Contents Trading Host Connection 3 Application Service Provider (ASP) 5 Clearing and Settlement Host Connection 5 Market Data
More informationAlgorithmic trading in India: What do the data tell us?
Algorithmic trading in India: What do the data tell us? Nidhi Aggarwal Chirag Anand Susan Thomas IGIDR Finance Research Group Roundtable on Regulation of algorithmic trading Bombay September 3, 2015 Background
More informationIFLR India Awards "Team of the Year" in the Indian Investment Banks category. Primary and Secondary Issuance Process
IFLR India Awards 2011 - "Team of the Year" in the Indian Investment Banks category Primary and Secondary Issuance Process May 2012 Table of Contents Section 1 Section 2 Capital Markets Overview Trends
More informationTechnology Strategy for the Nigerian Capital Market. Ade Bajomo Executive Director Market Operations and Technology The Nigerian Stock Exchange
Technology Strategy for the Nigerian Capital Market Ade Bajomo Executive Director Market Operations and Technology The Nigerian Stock Exchange JULY 2013 CONTENTS 1 Introduction Why Change? 2 Industry Trends
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4389 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard
More information2-DAY MANAGEMENT DEVELOPMENT PROGRAM on ALGORITHMIC TRADING
2-DAY MANAGEMENT DEVELOPMENT PROGRAM on ALGORITHMIC TRADING P R O G R A M M E OVERVIEW Technology has revolutionized the way financial markets function and the way financial assets are traded. Technology
More informationPreparing for MiFID II: Practical Implications
Tuesday 1 December 2015 Preparing for MiFID II: Practical Implications Sean Donovan-Smith, Partner Jacob Ghanty, Partner Andrew Massey, Special Counsel Philip Morgan, Partner Rodney Smyth, Consultant Copyright
More informationThe MARKETS in FINANCIAL INSTRUMENTS DIRECTIVE (MiFID): MULTIPLE TRADING VENUES and BEST EXECUTION
The MARKETS in FINANCIAL INSTRUMENTS DIRECTIVE (MiFID): MULTIPLE TRADING VENUES and BEST EXECUTION Dr. Harilaos Mertzanis Director of Research, Certification and MIS 1 INTRODUCTION MiFID is a path-breaking
More informationQ7. Do you have additional comments on the draft guidelines on organisational requirements for investment firms electronic trading systems?
21 September ESRB response to the ESMA Consultation paper on Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities
More informationLoad Test Report. Moscow Exchange Trading & Clearing Systems. 07 October Contents. Testing objectives... 2 Main results... 2
Load Test Report Moscow Exchange Trading & Clearing Systems 07 October 2017 Contents Testing objectives... 2 Main results... 2 The Equity & Bond Market trading and clearing system... 2 The FX Market trading
More informationQualified Foreign Investors entry in the Indian Capital Markets
Qualified Foreign Investors entry in the Indian Capital Markets "The Indian Government has recently permitted Foreign Investors termed as Qualified Foreign Investors ( QFIs ) who meet prescribed Know Your
More informationCAPITAL MARKET SEGMENT Circular No Sub: SMART ORDER ROUTING
CAPITAL MARKET SEGMENT Circular No. 119 Sub: SMART ORDER ROUTING Date: October 13, 2010 Download No.: 16007 Prerana Nair Pramod Kumar Das Rashmi Kumari Kapil Jaikalyani Deepen Modi Amit Thakkar 022-26598150
More informationREGULATING HFT GLOBAL PERSPECTIVE
REGULATING HFT GLOBAL PERSPECTIVE Venky Panchapagesan IIM-Bangalore September 3, 2015 HFT Perspectives Michael Lewis:.markets are rigged in favor of faster traders at the expense of smaller, slower traders.
More informationUNIT 10 FINANCIAL MARKETS
UNIT 10 FINANCIAL MARKETS Introduction : Financial Market is a market for creation and exchange of financial assets like share, bonds etc. It helps in mobilising savings and channelising them into the
More informationTrading in India. The Status Quo. Anshuman Jaswal Senior Analyst, Celent
Trading in India The Status Quo Anshuman Jaswal Senior Analyst, Celent Roadmap Brief look at equity, bond and derivative markets Level of electronic trading DMA and Algorithmic trading Industry evolution
More informationNISM-Series-I: Currency Derivatives Certification Examination
SAMPLE QUESTIONS 1) The market where currencies are traded is known as the. (a) Equity Market (b) Bond Market (c) Fixed Income Market (d) Foreign Exchange Market 2) The USD/CAD (US Canadian Dollars) currency
More informationCOMMISSION DELEGATED REGULATION (EU) No /.. of [date]
RTS 29: Draft regulatory technical standards on methodology for calculating position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts COMMISSION DELEGATED
More informationThe new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017
The new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017 DG FISMA Please note that this presentation does not constitute legal advice and is
More informationIndia International Exchange - Value Propositio
India International Exchange - Value Propositio Approximately only 49% of INR currency market by Outstanding Interest which accounts for USD1.7 trillion in turnover p.a. is traded in India Diversified
More information1. Ladies and Gentlemen, it gives me great pleasure to address this august gathering today. A. Economic Outlook
15 th FICCI Annual Capital Market Conference (CAPAM) 2018 Blueprint for Capital Market in New India 2022 September 11, 2018 Trident, Nariman Point, Mumbai 1. Ladies and Gentlemen, it gives me great pleasure
More informationHigh Frequency Trading What does it mean for Plan Sponsors? Zeno Consulting Group, LLC May 11-14, 2015
High Frequency Trading What does it mean for Plan Sponsors? Zeno Consulting Group, LLC May 11-14, 2015 Table of Contents What is High Frequency Trading? Is High Frequency Trading good or bad? Proposed
More informationTHE EVOLUTION OF TRADING FROM QUARTERS TO PENNIES AND BEYOND
TRADING SERIES PART 1: THE EVOLUTION OF TRADING FROM QUARTERS TO PENNIES AND BEYOND July 2014 Revised March 2017 UNCORRELATED ANSWERS TM Executive Summary The structure of U.S. equity markets has recently
More informationCAPITAL WORKPAPERS TO PREPARED DIRECT TESTIMONY OF GAVIN H. WORDEN ON BEHALF OF SOUTHERN CALIFORNIA GAS COMPANY BEFORE THE PUBLIC UTILITIES COMMISSION
Application of SOUTHERN CALIFORNIA GAS COMPANY for authority to update its gas revenue requirement and base rates effective January 1, 219 (U 94-G) ) ) ) ) Application No. 17-1- Exhibit No.: (SCG-27-CWP)
More informationFinal Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1)
Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) 26 March 2018 ESMA70-156-354 Table of Contents 1 Executive Summary... 3 2 Prices reflecting prevailing market conditions...
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4390 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
More informationIndia International Exchange (IFSC) Limited
NEWSLETTER VOL. 1, ISSUE 2 M AY 2018 MARKETS INSIGHT India International Exchange (IFSC) Limited CONTENTS 2 India INX maintains leadership in GIFT IFSC 80% marketshare in derivatives from Feb to May 2018
More informationMiFID II: The Unbundling ISITC Meeting
MiFID II: The Unbundling ISITC Meeting Nick Philpott 18 September 2017 0 Salmon is illiquid ESMA December 2014 Consultation Paper on MiFID II / MiFIR, p. 141 https://www.esma.europa.eu/press-news/consultations/consultation-mifid-iimifir
More informationResponse to CESR Call for Evidence on Micro-structural issues of the European equity markets
EBF Ref.: D0618E-2010 Brussels, 30 April 2010 Set up in 1960, the European Banking Federation is the voice of the European banking sector (European Union & European Free Trade Association countries). The
More informationHigh-frequency trading and changes in futures price behavior
High-frequency trading and changes in futures price behavior Charles M. Jones Robert W. Lear Professor of Finance and Economics Columbia Business School April 2018 1 Has HFT broken our financial markets?
More informationValuation Policy & Procedure
CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED Valuation Policy & Procedure Page 1 of 10 A. Background CANARA ROBECO MUTUAL FUND Valuation Policy & Procedure SEBI has amended Regulation 47 and the Eighth
More informationSTOCK MARKET. Keywords: Stock Market, Exchange system, Trading Procedure, Stock Exchanges, Investors. I. INTRODUCTION TO NATIONAL STOCK EXCHANGE
STOCK MARKET 1 BH.L.MOHANRAJU, 2 K.NEELIMA, 3 B.KRISHNA PRASAD 1 Assistant Professor, Dnr School Of Business Management, Bhimavaram 2 Assistant Professor, Dnr College of P.G Courses, Bhimavaram 3 Assistant
More informationBalance of Payment Q3 FY (October-December 2012)
Balance of Payment Q3 FY2012-13 (October-December 2012) Key Highlights: - India s Current Account Deficit (CAD) widened to a record high of 6.7% of GDP in Q3 FY2012-13 on the back of surging oil and gold
More informationDescription of the general aggregation scheme How do I perform trading transactions?... 6 REST API... 7 FIX API FortFC services...
Table of Contents Description of the general aggregation scheme... 3 How do I perform trading transactions?... 6 REST API... 7 FIX API... 7 FortFC services... 8 Services for banks, currency exchangers
More informationAlgorithmic Trading (Automated Trading)
Algorithmic Trading (Automated Trading) People are depending more on technology in their everyday activities as technology is constantly improving. Before technology was used extensively, trading was done
More informationMiFID 2 GUIDE INSTRUMENT 2017
MiFID 2 GUIDE INSTRUMENT 2017 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of the powers in section 139A (Power of the FCA to give guidance) of the Financial
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 8.6.2016 C(2016) 3333 final COMMISSION DELEGATED REGULATION (EU) /... of 8.6.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets
More informationWESTERN INDIAN REGIONAL COUNCIL, THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA. Workshop on Transfer Pricing. Safe Harbour Rules- An Overview
WESTERN INDIAN REGIONAL COUNCIL, THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Workshop on Transfer Pricing Safe Harbour Rules- An Overview Sanjay Kapadia Background Introduced in Finance (No 2) Act,
More informationA STUDY ON INITIAL PERFORMANCE OF IPO S IN SINDIA DURING COMPARISON OF BOOK BUILDING AND FIXED PRICE MECHANISM
A STUDY ON INITIAL PERFORMANCE OF IPO S IN SINDIA DURING 2015-16 - COMPARISON OF BOOK BUILDING AND FIXED PRICE MECHANISM Dr. P. Roopa Assistant Professor, Sree Vidyanikethan Institute of Management, Tirupati
More informationHigh Frequency Trading Not covered on final exam, Spring 2018
High Frequency Trading Not covered on final exam, Spring 2018 Disclosure: I teach (for extra compensation) in the training program of a firm that does high frequency trading. Capturing the advantage: trading
More informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Charlotte Stalin February 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment
More informationBSE SME Exchange - Presentation
Bombay Stock Exchange Ltd. Bombay Stock Exchange Limited BSE SME Exchange - Presentation 6 th Feb 2012 About SME Industry About SME Industry Classification of Micro, Small and Medium Enterprises 3 About
More informationSummary of responses from investment firms and execution venues to CESR s 2009 Best Execution Questionnaire (Sections 1-4)
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date: 19 November 2010 Ref.: CESR/10-1415 REPORT Summary of responses from investment firms and execution venues to CESR s 2009 Best Execution Questionnaire
More informationIndian Receivable Trust 2019 Series 5 (Originator: Reliance Home Finance Limited)
Rating Rationale Indian Receivable Trust 2019 Series 5 (Originator: Reliance Home Finance Limited) 11 March 2019 The Ratings of BWR AAA (SO) for the Senior PTCs, issued by Indian Receivable Trust 2019
More informationElectricity Market. August 18
Electricity Market August 18 In this presentation Introduction to Indian Power Market Product Portfolio Trading Mechanism Market snapshot Participation Volume Price Trade @ IEX Capacity (GW) Installed
More informationInvestor protection with PRIIP-KID regulation: time pressure increases
Investor protection with PRIIP-KID regulation: time pressure increases Point de Presse Robert Jeanbart, Division CEO SIX Zurich, 30. August 2016 SIX who we are and what we do our contribution to the financial
More informationIs the Stock Market Rigged?
Is the Stock Market Rigged? J. Cannon Carr, Jr. Chief Investment Officer Charles E. Bettinger Director of Trading April 2014 With his recent book Flash Boys, Michael Lewis launched a firestorm debate about
More informationThe foreign exchange market
The foreign exchange market Ajay Shah http://www.mayin.org/ajayshah March 22, 2017 Ajay Shah http://www.mayin.org/ajayshah The foreign exchange market March 22, 2017 1 / 22 The currency is just a financial
More informationOctober 10, Teresa Rodriguez Arias International Organization of Securities Commission (IOSCO) Calle Oquendo Madrid
2001 Pennsylvania Ave. NW Suite 600 Washington, DC 20006-1823 202.466.5460 202.296.3184 fax www.futuresindustry.org October 10, 2012 Teresa Rodriguez Arias International Organization of Securities Commission
More informationApex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017 MiFID in a Nutshell The Markets in Financial Instruments Directive came into force in 2007 ( MiFID I ). Investor
More informationMiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP.
MiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP 2 November 2016 Agenda The trading environment of the future Critical issues that firms
More informationIncreasing Trends in Usage of E-Banking Payment Systems by Bank Customers
Increasing Trends in Usage of E-Banking Payment Systems by Bank Customers ISBN: 978-1-943295-02-9 Narinder Kumar Bhasin Anupama R Amity University (nkbhasin@amity.edu) (anupamar@amity.edu) Indian banking
More informationWinterflood Business Services. Best Execution Summary
Winterflood Business Services Best Execution Summary June 2017 1 Why is this document important? This document gives you information about Winterflood Business Services (WBS) arrangements for executing
More informationFUNDS MANAGEMENT OR FUNCTIONAL AREAS OF ICICI BANK
FUNDS MANAGEMENT OR FUNCTIONAL AREAS OF ICICI BANK Anjali Gupta Assistant Professor in Commerce CCAS Jains Girls College, Ganaur Sonepat (Haryana), India The ICICI Bank total business Rs. 48421 crores,
More information1 DAY MANAGEMENT DEVELOPMENT PROGRAM ON SPREAD, PAIRS AND ARBITRAGE TRADING STRATEGIES
1 DAY MANAGEMENT DEVELOPMENT PROGRAM ON SPREAD, PAIRS AND ARBITRAGE TRADING STRATEGIES P R O G R A M M E Spread, Pairs and Arbitrage Trading Strategies Program for Brokers / Retail Clients / Arbitrageurs
More information(Text with EEA relevance)
L 87/174 COMMISSION DELEGATED REGULATION (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard
More informationBloomberg MiFID II solutions guide.
Bloomberg MiFID II solutions guide. MiFID II: Welcome to the new regime. A full calendar year is a long time or is it? On 3 January 2018, Europe will see the update to the Markets in Financial Instrument
More informationTHE GLOBAL IT INTEGRATOR FOR TRADING
THE GLOBAL IT INTEGRATOR FOR TRADING EQUIPPED TO MEET YOUR FUTURE TRADING CHALLENGES WE GRASP HOW TRADING IS CHANGING Our deep understanding of the trading landscape and its regulation ensures you can
More informationImplementation of MiFID II testing requirements
Implementation of MiFID II testing requirements by trading venues and investment firms Dr Matthias Burghardt Head of Xitaro Exchange System Development Boerse Stuttgart London, 29 June 2017 Extent 2017
More informationNational Stock Exchange of India Limited. A Trading Member Guide for getting enabled on NSE
National Stock Exchange of India Limited A Trading Member Guide for getting enabled on NSE INDEX Sr.No. Particulars Page No. 1 ADMISSION PROCESS FLOW AT A GLANCE 2 2 GETTING STARTED-SUBSEQUENT TO ADMISSION
More informationMachine Learning and Electronic Markets
Machine Learning and Electronic Markets Andrei Kirilenko Commodity Futures Trading Commission This presentation and the views presented here represent only our views and do not necessarily represent the
More informationThe Secondary Market. The secondary market for equity 4.5 The trading intensity of Indian stock exchanges is impressive by world standards.
The Secondary Market The secondary market for equity 4.5 The trading intensity of Indian stock exchanges is impressive by world standards. Table 4.2 : Biggest exchanges by number of transactions in 2005
More informationFinancial Derivatives Market: An analysis for the decade
By: T. MUTHUKUMARAN Dr V.K. SOMASUNDARAM Financial Derivatives Market: An analysis for the decade Derivatives trading commenced in India in June 2000 after the Securities and Exchange Board of India (SEBI)
More informationHigh Frequency Trading and Welfare. Paul Milgrom and Xiaowei Yu
+ High Frequency Trading and Welfare Paul Milgrom and Xiaowei Yu + Recent Development in the Securities 2 Market 1996: Order Handling Rules are adopted. NASDAQ market makers had to include price quotes
More informationSTCI FINANCE LIMITED REQUEST FOR PROPOSAL ENGAGEMENT OF CONSULTANT FOR UNDERTAKING EQUITY VALUATION
REQUEST FOR PROPOSAL ENGAGEMENT OF CONSULTANT FOR UNDERTAKING EQUITY VALUATION 1. Background STCI Finance Limited ( STCI or the Company ), is a Systemically Important Non-Deposit Taking Non-Banking Financial
More informationStand out for the right reasons Financial Services Risk and Regulation. MiFID II. Delegated Regulations give further detail
www.pwc.co.uk/fsrr May 2016 Stand out for the right reasons Financial Services Risk and Regulation MiFID II The MiFID II Delegated Acts were finalised by the European Commission with two Delegated Regulations.
More informationAn introduction to measuring trading costs - TCA
An introduction to measuring trading costs - TCA Ofir Gefen, Head of Research & Liquidity Managment ITG Asia Pacific 20 Investment Technology Group, Inc. All rights reserved. Not to be reproduced or retransmitted
More informationHow do High-Frequency Traders Trade? Nupur Pavan Bang and Ramabhadran S. Thirumalai 1
How do High-Frequency Traders Trade? Nupur Pavan Bang and Ramabhadran S. Thirumalai 1 1. Introduction High-frequency traders (HFTs) account for a large proportion of the trading volume in security markets
More information