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Technological advancements and the demand for low-cost, fast trade executions could drive growth for electronic trading companies.
US regulators on Wednesday issued widely awaited guidance on proxy advisory firms, which provide voting recommendations on anything from executive pay to board nominations. Critics of companies such as Glass Lewis and ISS say they have too much power and too little responsibility. The SEC reiterated its view that providing advice on voting is “solicitation” under federal law and is governed by anti-fraud rules.
At a hustings during the Conservative leadership contest, Mr Johnson appeared to commit to amending the policy, saying “it needs a proper independent review”. The letter was written by Ross Thomson, vice-chair of the loan charge all-party parliamentary group, who was Mr Johnson’s chief campaign organiser in Scotland during his leadership bid.
Intercontinental Exchange, the world’s second-largest exchange group by market value, is to launch trading in bitcoin futures next month, in a long-awaited bid to lure more Wall Street investors into the sometimes treacherous world of crypto. Bakkt, the business set up by the Atlanta-based group a year ago to develop infrastructure for trading digital assets, said on Friday that it would launch two physically delivered bitcoin futures contracts on September 23, one of them monthly and one daily. of crypto assets has been a big concern of institutional investors, because exchanges have repeatedly suffered hacks and outages.
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US equities fell 3 per cent on Wednesday after disappointing data from China and Germany increased fears over global growth and bond markets signalled the chances of a recession were mounting. In Asia, Japan’s Topix was down 1.9 per cent, erasing gains for the year, while the S&P/ASX 200 in Australia fell 1.2 per cent. Hong Kong’s Hang Seng index and China’s CSI 300 were down 0.67 per cent and 0.91 per cent respectively on opening. “I think that the US economy has enough strength to avoid [a recession].
Shares of CME Group and Intercontinental Exchange are at record highs, underscoring investors’ enthusiasm for companies that run the infrastructure for global markets. With equity capitalisations of $77bn and $52bn, respectively, the US duo are the most highly-valued of the clutch of trading venues specialising in stocks, bonds, futures, derivatives and foreign exchange. Over the past decade, the Dow Jones Global Exchanges index has produced total returns of 163 per cent, more than double the 79 per cent return for the MSCI World Banks index.
MarketAxess, the US corporate bond trading venue, is to compete with CME Group and Tradeweb in the $14tn US Treasury market after agreeing a deal to buy LiquidityEdge, a small electronic marketplace, for $150m. It will pay $100m in cash and $50 in MarketAxess stock for Liquidity Edge, which is majority-owned by former ICAP executive David Rutter. Shares in MarketAxess rose 0.4 per cent to $364 on the news on Tuesday.
Despite being approved to list its shares on the Nasdaq, this niche cannabis stock has chosen to stay on the over-the-counter exchange.