LSE confirmed in a member notice at 9:23 am this morning that it was investigating an issue impacting its trading system and that it was “undertaking immediate analysis”. Trading on all instruments other than FTSE 100, FTSE 250 and IOB securities was halted until 9:55 am when the exchange confirmed that it was set to resume trading at 10:15 am.

“Instruments will go into auction at 09:55 with uncrossing beginning at 10:15. All live orders remain on the system,” said the exchange in an update.

However, following the opening of trading once again with said auction the problem reoccurred. In an update at 11:56 am, the exchange confirmed the issue was ongoing and that it was continuing to investigate. 

In a later update, the exchange confirmed trading in halted securities was due to commence once again: “Order driven securities will enter into a re-opening auction at 12:20 with uncrossing beginning at 12:40. During this period, instrument status will be shown as Halted but customers will be able to manage their orders in the system.  After the uncrossing, the instrument status will be updated to Regular Trading.”

In its latest update at 12:43 pm, the exchange confirmed that trading on all impacted securities had resumed.

Read more: ESMA publishes recommendations for trading venues in the event of a market outage

It is the second incident of this kind to take place on the LSE in less than two months after it saw a similar outage on 19 October that halted trading in everything except FTSE 100, FTSE 250 and IOB securities which were still operational.

The outage is likely to spur on ongoing analysis by regulators globally over the stability and resilience of exchanges and procedures during market outages – specifically as regards their communications. 

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Walker originally joined LSEG in 2018 and has since served as head of equity and fixed income primary markets.

Before joining LSEG, Walker worked within JP Morgan Cazenove’s equity capital markets team, where he was responsible for originating and executing equity transactions.

Walker will report to Julia Hoggett, chief executive of LSE, and will join the firm’s board, subject to regulatory non-objection.

“Charlie brings deep knowledge of capital markets having worked at the London Stock Exchange for the past six years in addition to his time working in investment banking,” said Hoggett.

“Charlie and I share a passion for ensuring that our markets provide companies with efficient access to capital across their lifecycle. I look forward to delivering on our plans to enhance our financial ecosystem and the global competitiveness of the UK capital markets.”

Walker’s appointment follows that of Corentine Poilvet-Clédière, who was named chief executive of LCH Group’s Paris-based European central counterparty LCH SA.

Poilvet-Clédière will assume the role on 1 October, subject to regulatory approvals, and will replace Christophe Hémon, who confirmed he would be stepping down as chief executive of LCH SA on 1 October after nearly two decades in office.

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The London Stock Exchange completed a data centre and hardware upgrade of the exchange itself, Turquoise and TRADEcho services to a new dedicated facility in London in February, as a means of improving latency.

According to the exchange, the move has seen a 50% reduction in average round trip latency for the equities order book, as well as ‘outlier’ observations in the distribution reducing by 75%, LSE said.

LSE’s ETF order book has seen a 66% reduction in average round-trip latency, with outliers down by 80%.

“LSEG is delighted to confirm that it has successfully migrated its trading and market data systems to a new highly efficient, purpose-built data centre near Docklands, London. The new data centre will deploy the latest technology to continue to deliver high levels of performance, security and resiliency, for the benefit of our markets and customers,” a spokesperson for LSEG told The TRADE.  

Elsewhere, data from the trading venue has indicated that it has increased its FTSE 100 European Best Bid and Offer (EBBO) setting by 9% compared to the period before the data centre move – accounting for over 40% of all EBBO setting events.

“All of this means that our clients now receive confirmation of their orders more quickly and more predictably than ever before – translating into an ability to trade on the London Stock Exchange with more confidence and to enable greater access to liquidity,” LSE said in a statement.

Within the industry, a reduction in latency to reduce arbitrage has become a priority for institutions. Alternative execution channels that combat increased implicit cost and are less subject to latency arbitrage and distance, such as dark books, are likely to be more favoured by market participants.

Read more: Could exchanges’ data centre migrations leave participants subject to latency arbitrage?

Other trading venues have made moves recently to combat latency arbitrage caused by data centre migrations, namely Euronext, which revealed plans to launch a new dark trading service to reduce latency earlier this week.

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The London Stock Exchange Group (LSEG) has appointed Dmitri Sedov as the new group head of its global data platform, The TRADE can reveal. 

Sedov will head up the exchange group’s ambition of transforming how capital market participants discover, source and analyse data – a key focus point for LSEG since its £27 billion acquisition of Refinitiv from Thomson Reuters in 2021. He has considerable experience in ESG and sustainability strategy, underlining the area as a key growth objective for the group.  

“Our goal is to enable greater insights at a lower total cost for global financial markets participants who rely on LSEG for data, indices and analytics, capital formation, trade execution, clearing and risk management,” he says.  

He joins LSEG from Nasdaq, where he spent two years in New York as chief product officer for Investment Intelligence, a $1 billion division of the firm that delivers next-gen data, benchmarks, indices, analytics and technology to financial services companies and their clients across global public and private capital markets. 

Previously, he held the role of chief product and marketing officer for Preqin Solutions (formerly Baxon), a cloud-based software provider focusing on private equity portfolio monitoring, valuation, performance analysis, and ESG impact design and measurement. He joined the firm as a board member in 2018.  

Sedov spent the bulk of his career at S&P Global in New York, joining in 2006 as head of market development for sovereign ratings. In 2009 he was promoted to global head of digital marketing, and in 2014 moved to a new role as global head of product.  

From 2016-17 he was global head of innovation, focusing on commercial ESG strategy and developing initiatives and commercial projects across sustainability, energy, infrastructure, cyber risk and fintech; before leaving in December 2017 to found and fundraise for fintech start-up ESGINE, an AI-enhanced platform for banks and private equity to automate ESG compliance and reporting. 

He started his career as a reporter with Russian newspaper Kommersant in Moscow in 1994, moving to New York in 2000 to spend six years founding and growing digital strategy consultancy Digiteye before joining S&P Global. 

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Last night The TRADE hosted a memorable event at the London Stock Exchange in partnership with LSEG, celebrating women in trading and investment and welcoming back some of the first ever female traders on the London floor to celebrate 50 years since women entered the pit. For our second annual event (and the next in a line of many more to come), we were honoured and proud to host almost 150 women and their male allies for a unique occasion of female empowerment.

Kicked off with the closing bell ceremony, the event continued with a keynote speech from Julia Hoggett, CEO of the London Stock Exchange, followed by a conversation with three of the first female traders to enter the London floor – their memories of those early days back in 1973 were truly fascinating, and watch this space for a further exploration of their experiences.  

This was followed by a speech from Laurie McAughtry, managing editor of The TRADE, who presented the results of The TRADE’s first ever Diversity & Inclusion Survey – which, while encouraging in some respects, highlighted in stark data the ongoing disparity between genders in senior roles – and the paucity of women at the top of the trading tree.

A panel discussion on exactly this topic concluded the evening’s formal agenda: with Eleanor Beasley, COO, EMEA Equity Execution Services at Goldman Sachs; Eunice Zhu, head of derivatives counterparty risk (XVA) trading at SMBC Nikko Capital Markets; Laura-Jane Purnell, senior director and fixed income trader at BlackRock; Sally Francis-Cole, head of FX and equities trading sales at LSEG; and Virginie Saade, head of government and regulatory policy EMEA at Citadel, giving an honest and frank insight into their own journeys, and discussing both what barriers remain but also, what is being done right and what is working in terms of initiatives to support systemic change.

A drinks reception ended the evening, which will stand in memory as a compelling testimony to the strength and ability of the industry’s exceptional (and exceptionally talented) women, and – most importantly – their appreciation, connection and support of each other, both at the junior and senior levels. The TRADE was proud to host and support such a valuable gathering.  

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David Schwimmer

The diversification strategy undertaken by the London Stock Exchange Group (LSEG) is paying off, according to CEO David Schwimmer as he reported the group’s 2022 results today: highlighting broad-based growth and strong execution.  

“LSEG has had a strong year, successfully integrating Refinitiv and significantly improving its performance, while also delivering strong results in our Capital Markets and Post Trade businesses,” said Schwimmer. “The resilience of our business model and the quality of our earnings, diversified by customer, geography, product and asset class, and over 70% subscription-based, are becoming increasingly clear.” 

Read More – LSEG’s capital markets leadership structure revealed 

The group posted total income (excluding recoveries) of £7.428 billion for the year, up 5.7% on 2021 (6.6% excluding the impact of the Russia/Ukraine war), along with (adjusted) operating profit of £2.728 billion – an increase of 4.6% on the previous year. Data and analytics grew 4.2% (5.3% ex. Russia/Ukraine) while capital markets grew 9.8% and post-trade was up 7.5%.  

Adjusted earnings per share grew 16.7% to £3.17 while equity free cash flow remained strong at £1.7 billion before dividends.  

The steady growth and strong profits would seem to justify LSEG’s diversification plan, which Schwimmer has promoted since joining in 2018, led by the flagship £27 billion acquisition of Refinitiv from Thomson Reuters in 2021.  

“Our strategy is working. We are an increasingly important strategic partner to customers across the financial markets value chain, and that is translating into growth,” said Schwimmer. The group continues to invest in new products and services, including the acquisitions of margin processing specialist Acadia in 2022 to strengthen its post-trade processes, along with market data solutions provider Maystreet, and cloud-based technology provider TORA, as well as signing a 10-year strategic partnership with Microsoft which includes an equity investment by the latter into LSEG shares.  

Read More – LSEG’s FXall and Saphyre form strategic alliance

In addition to the group’s existing share buyback, which commenced in August 2022 and of which around £300 million has already been executed, Schwimmer today confirmed plans to seek shareholder approval for a buyback of the stake currently owned by the Blackstone/Thomson Reuters consortium. The stake accounted for around 30% at the time of the acquisition; and is expected to be worth up to £750 million by April 2024.  

“We are shifting from integration to transformation. Our strategic partnership with Microsoft, as well as the investments we are making in our market-leading infrastructure and venues, will create an even stronger platform for long-term sustainable growth,” said Schwimmer.

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In the first of our introductions to the distinguished nominees for Leaders in Trading 2022, we bring you the shortlist for one of the most highly coveted awards of the industry: the category of Outstanding Exchange Group. Cboe Global Markets, Euronext, London Stock Exchange Group (LSEG) and SIX Swiss Exchange are all in the running, so read on for more information on their activities over the past year.

Cboe Global Markets 

Cboe Global Markets needs no introduction. It’s a market giant covering equities, derivatives, digital assets and FX, across North America, Europe and Asia Pacific. 

It’s the activities of Cboe Europe that drove the nomination this year, however, and the past 12 months have been on many levels a landmark period for the exchange. In equities, it became Europe’s largest stock exchange by market share in April 2022 for the first time since January 2019, and has been the largest stock exchange by market share every month since June 2022, with an overall European equities market share of 24.9% in September 2022 – its highest share since January 2016.  

The group also successfully launched Cboe Europe Derivatives (CEDX) in September 2021, an innovative, pan-European equity derivatives exchange. CEDX marked Cboe Europe’s first foray beyond cash equities and into derivatives and the initiative continues to build momentum, with over 13,000 contracts traded since launch and Open Interest peaking at over 1,600 in September.  

EuroCCP, Cboe’s wholly owned pan-European clearing house, provides clearing services for CEDX. Beyond its diversification into equity derivatives clearing, EuroCCP has also demonstrated solid performance in cash equities, where it remains the most-connected CCP in Europe, offering equities clearing services to 47 trading venues. It has seen strong gains in preferred clearing, with over 17% of total cash equity volumes on Euronext’s exchanges in Amsterdam, Brussels, Lisbon and Paris cleared via EuroCCP through this model as of 30 September, up from 2% at the start of the year. 

Cboe Europe also deserves a mention for its thought-leadership role, supporting and advocating (often vocally) within the industry on a wide range of issues. It recently collaborated with trade associations on a statement of principles for establishing an EU equity consolidated tape, for example, an issue on which its supportive position is well-known. 

Other key developments throughout the year include the appointment of Nick Dutton, Cboe Europe’s Chief Regulatory Officer, to the FCA’s Secondary Markets Advisory Committee and the group’s membership of the Sustainable Trading initiative in May.  

Euronext 

The biggest pan-European exchange, connecting seven markets across the continent, Euronext had a strong year over 2021-22 with surging trading volumes and a series of successful acquisitions.  

The group saw its trading revenue swell to €465.3 million in 2021, driven by its completed acquisition of Borsa Italiana from the London Stock Exchange Group (LSEG) in April. In its fourth quarter and full year results, the exchange operator confirmed a 27% growth of trading revenues, alongside yield management in cash trading offsetting lower volumes compared with 2020. Fixed income trading revenue also increased to €65.8 million driven by a 45% growth year-on-year in its MTS cash trading activities. 

The strong performance has continued – trading revenues more than doubled in the first quarter, despite the adverse geopolitical conditions, while the second quarter saw trading revenues jump a further 15% with robust performance across all asset classes.  

FX volumes have also been surging – up 30% in September alone, one of the busiest months ever for the exchange, while on a quarterly scale, the average FX trading volume in Q3 2022 was comfortably above the $21.7 billion mark, up 24% from $17.5 billion a year earlier. 

In June this year, Euronext also entered into an agreement with Nexi for the acquisition of the former’s technology businesses, which currently powers Euronext’s fixed-income trading platform MTS and Euronext Securities Milan, in a further move to leverage its integrated value chain.  

London Stock Exchange Group 

At over 300 years old one of our most venerable of shortlisted candidates, LSEG has gone from strength to strength this year. The exchange group delivered a strong first half performance with continued revenue growth across businesses. Total income grew by £717 million to £3.7 billion, while its Data & Analytics business posted revenues up £482 million to £2.4 billion. Capital markets and post-trade have also been positive growth drivers for the group, with an especially strong performance in PTC derivatives on the post-trade side, as it supports clients seeking to manage risk given the ongoing uncertain rate environment.  

On the investment side, it’s been an exceptionally busy year for LSEG, which completed three acquisitions in 2022. Global Data Consortium Inc (GDC) globalised its digital identity and fraud prevention offering in the Customer & Third-Party Risk business; while the acquisition of MayStreet enhanced its Enterprise Data Solutions business, expanding LSEG’s capabilities across the latency spectrum through a global low latency network of over 300 cross asset, exchange and trading venue feeds. Finally, TORA came on board to provide multi-asset order and execution management capabilities, a major addition.  

The exchange has proven to be a valuable source of capital through the unprecedented market volatility of 2022, while the group has also been active in supporting wider regulatory reform. London Stock Exchange plc earlier this year launched of a new UK Capital Markets Industry Taskforce (CMIT), comprising CEOs, chairs and industry leaders representing private and publicly listed companies, asset owners and managers and the advisory services that support their access to capital and investments, chaired by CEO Julia Hoggett.  

Finally, the Group has actively supported and invested in new technologies and FinTechs, including an investment into BondCliq to improve access to fixed income data, working with FinTech Simudyne to develop a next generation intelligence-based simulation environment for market participants, and of course the partnership between LSEG’s Turquoise and bookbuilding platform Appital.  

SIX Swiss Exchange 

Finally, SIX Swiss Exchange is another worthy contender on the list. The group has had a busy year with numerous new products and services launched since 2021: including the introduction of block conditional orders for SwissAtMid (its non-displayed pool), allowing participants to manage fragmentation and execute large blocks more efficiently.  

The group also launched SIX Digital Exchange (SDX) with a tokenised bond, the world’s first bond with a purely digital tranche ever issued in a fully regulated environment;  while in July 2022 SDX launched the first ever tokenization of equity shares in a fully-regulated CSD based on distributed ledger technology (DLT). The group has been making a strong play in the digital assets space – 2021 was a record year for products with crypto currencies as underlyings, with trading turnover CHF8.6 billion, (+673% year-on-year), and the number of transactions growing by 634% year-on-year. It also saw 74 new ETPs listed with crypto currencies as underlying, including seven world premieres, and offers access to 16 crypto currencies – the largest offering on any regulated exchange. 

We also saw the launch of Swiss EBBO (improved access to best price and depth of liquidity); the  internationalisation of CONNEXOR (including roll-out in Asia-Pacific market); enhanced Quote on Demand (trading service to improve execution quality in ETFs and ETPs). 

The group has built out its technology further as well, with the expansion of the SIX Swiss Exchange European Microwave network operated by 12H to include low latency route linking Bergamo to Frankfurt. Integration work also started between SIX Swiss Exchange and BME technology platforms completing the first deliverable of the MDDX market data feed. The integration will add further products such as SpanishAtMid, blocks and is expected to provide an overall more complete, robust trading environment within the EU. 

The winner will be announced at the Leaders in Trading 2022 gala awards dinner at The Savoy Hotel on 3 November. For table enquiries, please contact Nathan Anacleto.  

The post Leaders in Trading 2022: Meet the nominees for…. Outstanding Exchange Group appeared first on The TRADE.

The new taskforce looks to ensure capital markets work effectively, directing capital into the real economy to create jobs and promote innovation.

Objectives of the taskforce include stimulating industry engagement to ensure that the UK’s capital markets serve those who seek capital and those looking to invest, and ensuring capital markets support the UK economy and strengthen its position as a global financial centre.

A wide range of sub-groups will make up the taskforce, deliberately drawing from industry, academia and civil society to ensure an inclusive and thorough debate on specific areas where change is needed can take place.

In addition, methods in which the ecosystem can evolve will be considered by the taskforce, alongside supporting current and future regulatory change to ensure the focus on implementing reform continues and is effectively adopted.

The taskforce will be chaired by Julia Hoggett, chief executive of the London Stock Exchange. It will consist of various CEOs, chairs and industry leaders from private and publicly listed companies, asset owners and managers as well as the advisory services that support their access to capital and investments – bringing together a group that represents the full end-to-end ecosystem of the public and private capital markets.

The inaugural members of the taskforce are:

• Exchange: Julia Hoggett, CEO, LSE (chair)
• Lawyer: Mark Austin, corporate partner, Freshfields, chair of UK Secondary Capital Raising Review and Listing Authority Advisory Panel Chair
• Corporate and investment bank: Katharine Braddick, group head of strategic policy and advisor to the group CEO, Barclays.
• Asset manager: Peter Harrison, CEO, Schroders
• Venture capital investor: Klaus Hommels, VC and Lakestar Founder
• Pension funds/insurer: Nicholas Lyons, chairman, Phoenix Group
• Private company CEO: Matthew Scullion, CEO and founder, Matillion
• Advisory/audit/accountancy: Dr Kay Swinburne, vice chair of financial services at KPMG UK
• Listed company chair: Sir Jonathan Symonds, chairman, GSK.

“Strengthening our financial ecosystem and thereby improving the competitiveness of the UK capital markets is a continuous task. It is vital to ensure the UK capital markets continue to provide efficient access to capital, which enables businesses to start, grow, scale and stay here, and provide all savers and investors with access to the best possible assets, generating the best possible growth potential,” said Hoggett.

“I am honoured to chair the UK Capital Markets Industry Taskforce. This is a great opportunity to work with senior practitioners across the financial markets to build on the momentum of the UK market reviews and reforms, and ensure our markets are right for future generations.” 

Later today, the government is set to publish the Financial Services and Markets Bill. The future regulatory framework (FRF) review for new post-Brexit financial services regulations was first introduced by Rishi Sunak in July 2021 and is set to be published today, with anticipation that the bill will include some of the Mifid II regulations being scrapped or watered down.

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European regulators set out plans in November last year to implement a single real-time post-trade consolidated tape provider per asset class with mandatory contributions.

Panellists praised this mandated approach to implementing a long sought-after tape, but seemed less excited about the UK’s plans for its own market data consolidation plans.

“Europe’s markets are suffering and regulators have chosen transparency to fix them,” said one panellist. “The European market is one of the most fragmented. The utility of having a tape is having a single view. We’ll use depth of book data for other things.”

Regulators in the UK have laid out potential plans for multiple tape providers as part of the Wholesale Markets Review (WMR), but have not specified whether it would be pre- or post-trade data…or both.

“Lessons have been learned by the European Commission and that is clear in their proposal put forward in November. There is political will. There is a mandate for a tape now and fall-back language that states that even ESMA could be a provider,” one panellist said.

This view was mirrored with almost all industry participants on stage, however, one noted that the European plans had left some questions unanswered primarily around the commercial governance and how it will physically operate.

The UK’s proposals for multiple consolidated tape providers have proved to be contentious, with many arguing this would muddy the waters and go some way to counteracting the positive change that having a consolidated data source might create.

“There’re three main issues with that [multiple providers]. One is utility, you don’t have a single reference price and the second is practicality,” argued one panellist. “We’ve seen the commission go down a mandatory contribution route, the UK will have to do the same, but will each one have mandatory contributions? Linked to that is the commercial aspect – in the EU there will be minimum standards for what a tape is, it’s difficult to see how that’s going to work and I think that’s why the EU went with a mandated model.”

As a counter to this, one panellist suggested that the “only benefit” of the multiple tape model was that it could enable participants to maintain their existing data contracts as opposed to integrating new technology.

Revenue

However, the European proposal is not without its faults and the proposed revenue model that would see all profits generated from the tape channelled back to incumbent European exchanges has ruffled a lot of feathers.

Panellists were divided on how the tape should reward its contributors – unsurprisingly given their vastly different commercial agendas – with one speaker suggesting the revenue model was unfair and another suggesting that only those that contribute to the price formation process should profit.

“It [Europe’s proposed revenue model] feels like a regulatory attempt to make exchanges engage,” one panellist said. “I understand the argument that dark venues might be taking from the market and not giving back but I think it’s tenuous.”

The panel as a whole, however, agreed firmly that revenue share should be linked to the volume and quality of data contributed.

Pre- vs post-trade

The age-old debate of pre- vs post-trade transparency and what should be included in a consolidated tape reared its ugly head on stage. As one of the main bottlenecks to implementing a tape, participants are divided on whether a tape should include either or both.

The UK is yet to stipulate what its tape will include, although Europe has confirmed that it will be sticking to post-trade. Panellists were united in their desire for each tape on either side of the channel to contain the same data, and avoid diverging rule sets.

“Pre-trade transparency for equities is an area where we would like to develop proposals, and this will be essential for retail participants,” one panellist said.

Pre-trade, noted another, would be essential for a fixed income consolidated tape. A post-trade tape for ETFs was desired by several of the speakers.

One thing is clear – the industry has been teetering around actually implementing a tape for several years now and at this point, stakeholders just want to see the thing done.

“We’re all hiding behind discussions around the details. Someone should just come forward as an operator and suggest something that we can work on,” said one panellist.

“A post-trade ETFs tape would be hugely welcome. There’s not much appetite for pre-trade in that space. I’m conscious we don’t do something for the sake of doing all things. Let’s not stop doing post-trade just because we can’t get agreement for pre-trade.”

The consolidated tape panel was the second of a series of three panels hosted by The TRADE at LSE on Tuesday as part of its inaugural Mifid II Review Roadshow, attended by over 100 industry participants.

Click here for more information about additional Mifid Roadshow events taking place across Europe this summer.

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US-based brokerage StoneX has joined the London Stock Exchange (LSE) and its pan-European multilateral trading facility (MTF), Turquoise, as a member.

The move will allow the London-based subsidiary of StoneX Group to expand its trading offering in cross-border equities and its cross-asset capabilities. 

As a member of LSE and Turquoise, StoneX can also provide more streamlined onboarding processes and comprehensive offering to its clients, including banks, institutions, family offices and retail traders. 

“Through its membership, StoneX and its clients will be able to benefit from access to LSEG’s deep, international pool of liquidity and innovative trading services,” said Dr. Robert Barnes, group head of securities trading and chief executive of Turquoise at London Stock Exchange Group. 

According to statistics seen by The TRADE last month, lit volumes on the Turquoise Europe MTF have soared since the venue was launched in the Netherlands post-Brexit. Lit average daily volume at Turquoise Europe increased by 10.1% from January to February and then by a further 20.5% from February to March.

Head of Turquoise Europe, Adam Wood, told The TRADE that the growth in the lit order book in the first three months of the year had been driven by its liquidity provision, retail participation and new demand from market participants for securities from the central and eastern Europe (CEE) markets.

“London Stock Exchange and Turquoise memberships are an important step for StoneX, not only to be able to more efficiently serve our local UK client base, but also to expand our global equities infrastructure and execute our broader corporate objective of delivering seamless access to the best sources of liquidity in every equity market,” said Jacob Rappaport, managing director and global head of equities at StoneX Financial Inc.

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