FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

Banchile builds on Fidessa’s sell-side trading platform and connectivity network

São Paulo, January 22, 2013 – Fidessa group plc (LSE: FDSA) has announced today that Banchile, Chile’s third largest brokerage house, has selected its Latin American sell-side trading platform to underpin its institutional trading activity. The scalable SaaS solution, which includes access to Fidessa’s extensive global connectivity network, will provide Banchile with a firm foundation from which to pursue its growth strategy. The decision followed an extensive due diligence process by Banchile.

Fidessa’s Latin American trading platform gives Banchile world-class technology and infrastructure, tailored to the region’s specific local regulatory and market needs. Banchile will benefit from Fidessa’s highly-sophisticated order management system, which delivers seamless straight-through processing of international institutional orders from order creation and routing, to automatic notice of executions and confirmations. Fidessa will also provide advanced trading tools, including algorithmic and basket trading capabilities, to augment Banchile’s service offering and facilitate complex trading workflows. The implementation of these new functions will complement Banchile’s research services and extend the services their execution desk provides.

In addition, Banchile will gain membership to Fidessa’s global connectivity network, which processes order flow of more than $800 billion each month, granting it access to 3,200 buy-sides and 180 venues globally. The system will be hosted by Fidessa and co-located at the Santiago Stock Exchange. With better proximity to the exchange, Banchile will gain access to reliable, low-latency execution capabilities and be able to leverage the exchange’s ongoing investments in infrastructure and improvements to its matching engine.

Jose Antonio Diaz, Chief Investment Officer at Banchile, commented: “Through Fidessa’s trading platform, we are leveraging the most sophisticated and robust trading technology used by market participants across the globe. This enables us to offer world-class service to our growing institutional client base. Fidessa’s in-depth knowledge of the region is evident and this, coupled with its strong reputation for delivery and support services, drove our decision to partner with them.”

Alice Botis, Head of Business Development for Fidessa in Latin America, added: “We are delighted to add Banchile to our growing Latin American client base, demonstrating the strong demand for Fidessa solutions by domestic and international market participants. We are seeing a lot of activity in the Andean region with firms replacing legacy vendor and proprietary systems and investing in customizable, high-throughput, low-latency trading solutions to enable high-quality execution, greater operating efficiency and a solid basis for growth.”

Source: Fidessa, 22.01.2013

Filed under: Chile, FIX Connectivity, Trading Technology, , , , , , ,

Colombia:Interbolsa joins Raptor network

Raptor Trading Systems Inc, an industry leading provider of advanced trading platforms and services for global financial institutions, has announced that Interbolsa S.A. SCB. is now a client of Raptor’s trading services group as well as a member of Raptor’s advanced network.

As the leading brokerage in Colombia, the addition of Interbolsa provides another strategic addition to Raptor’s extensive Latin American Network. Raptor provides a low latency, flexible network with DMA access to key exchanges and brokers across the region, including Bolsa de Santiago (BCS) and BMF Bovespa.

Andres Uribe Director Of Electronic Trading Interbolsa S.A. SCB., said: “This is an excellent opportunity for a leading brokers such as Interbolsa to have access to a global network which is supported by a flexible and advanced service such as Raptor. Interbolsa S.A. SCB. can now extend its reach globally through its partnership with Raptor and has immediate access to a broad network of institutions which can be leveraged for mutual benefit.”

Raptor has built an extensive network in the Latin American Region and actively works with clients to effectively leverage their global relationship and technology for maximum benefit. Teddy Lardos, CEO of Raptor Trading Systems, said: “Working with leading brokers and exchanges in the region provides an excellent opportunity for firms to access global liquidity in an efficient and cost effective manner. Given our strong presence in North America and the growing overlaps in listings between Colombia and North America, we are quite excited to work with Interbolsa and to provide a truly advanced service through are partners in the region.”

Raptor’s extensive Latin American network effectively complements its global network and trading offerings. The Raptor network provides global access to and from the Latin American region and enables clients to leverage Raptor’s advanced trading platforms and services. As one of the largest connectivity providers globally Raptor on average oversees 2.2 billion shares routed through its network each day. Raptor’s offering is differentiated by the flexibility provided by its platforms and an unmatched focus on client service.

Filed under: Colombia, Latin America, Trading Technology, , , , , , , , ,

Fidessa explores the development of electronic trading in Latin America

Fidessa group plc , provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced the publication of a white paper, Life in the fast lane: the development of electronic trading in Latin America. The paper explores the current trading landscape in Brazil, Mexico and the Andean region, and how recent technology and regulatory developments will affect domestic and international brokers trying to establish a rewarding position in these fast-paced markets.

White paper looks at market growth and trading technology in Brazil, the Andean region and Mexico

To highlight the unique trading conditions, market challenges, technology and regulatory changes shaping each market, Fidessa’s white paper considers specific regions in Latin America individually: from the extreme growth of Brazil as a strategic trading destination, to upgrades being made to Mexico’s trading infrastructure as well as the Andean region’s efforts to boost liquidity and exploit economies of scale. The paper explores the challenges presented by Latin America’s varying stages of growth as an electronic marketplace and concludes that flexibility, agility and scalability will be key attributes of the technology solution.

Alice Botis, Fidessa’s Head of Business Development in Latin America comments: “Latin America is attracting significant interest from global market participants and this shows no signs of stopping. Brokers are looking at the unique benefits each country has to offer and are taking the necessary steps to gain a presence in multiple locations across the region, in financial centers such as Brazil, Chile, Colombia, Mexico and Peru. Each country retains its unique style of trading, so it is important for buy-side and sell-side firms to understand how the marketplace is evolving in each region within Latin America and how those developments fit in with their local and global trading strategies.”

Source: Bobsguide, Fidessa 12.07.2012

Filed under: Brazil, Chile, Colombia, Latin America, Mexico, News, Peru, , , , , , , , , , , , , , , , , , , ,

Latin America: NYSE Technology & ATG stream line Trading & Data Access to LatAm

NYSE Technologies, the commercial technology unit of NYSE Euronext, and Americas Trading Group (ATG) are pleased to announce the production use of their high-performance order routing and market-data platform offering the global trading community low-latency access to the key trading venues in Latin America.  Leveraging NYSE Technologies’ Secure Financial Transaction Infrastructure (SFTI), the network connection delivers the lowest possible latency between New York and Sao Paulo.

Now the Global Capital Markets Community can leverage their existing SFTI connectivity to access ATG’s sponsored access gateways for direct order routing to Latin American exchanges and brokers.   Market data from key global financial markets is also available to clients in Latin America while Latin American market data can now be distributed world-wide.

“We are pleased to continue our strong partnership with ATG by working closely to expand our presence in Latin America to offer faster, simplified access to these highly attractive trading venues,” said Stanley Young, CEO, NYSE Technologies. “This is a key step in increasing access to, and liquidity in Latin America and working with ATG we will operate the highest performing route in the region.”

“Our local expertise, relationships and long-term commitment to the region combined with the technology and know-how NYSE Technologies brings to this project, create a compelling customer solution to a challenging market,” commented Martin Fernando Cohen, CEO, ATG.  “With the emergence of Sao Paulo as one of the world’s financial capitals, the increased access to local markets by global investors will enable local buy and sell side firms to play a significant role in the further emergence of a global capital markets community.”

ATG uses NYSE Technologies’ Managed Transaction Hub to offer access to local and cross border order flow between exchanges and brokers in Brazil, Mexico, Chile, Colombia and Peru.   All SFTI customers will have the ability to directly access Chile’s Bolsa de Comercio de Santiago, Colombia’s Bolsa de Valores de Colombia and Peru’s Bolsa de Valores de Lima using the ATG’s Mercados Integrados Latino Americanos (MILA) infrastructure.

Source: Mondovisione, 01.05.2012

Filed under: Brazil, Chile, Colombia, Exchanges, Latin America, Market Data, Mexico, Peru, Trading Technology, , , , , , , , , , , , , , , , , , , , ,

Brazils BM&FBOVESPA to aid Chiles Santiago SE (BCS) with Derivatives Knowledge Transfer exchange

BM&FBOVESPA and the Santiago Stock Exchange (BCS) signed an agreement today (April 12, 2012) that sets out the implementation of the Chilean derivatives market at the Santiago Stock Exchange. The agreement provides for the transfer of derivatives market knowledge from BM&FBOVESPA to the Chilean Exchange, encompassing products such as equity, interest rate and FX options and futures.

The alliance between the two exchanges began in December 2010 and other strategic projects are in the pipeline, such as connectivity and order routing and market data distribution in particular.

Source:MondoVisione, 12.04.2012

Filed under: BM&FBOVESPA, Brazil, Chile, Exchanges, Latin America, , , , , , , , , , ,

SunGard Opens Trading Network Hub in Chile

SunGard has established a SunGard Global Network (SGN) hub in Santiago, Chile. SGN provides global order routing, market data and associated services on 120 markets worldwide, linking 2000 asset managers and 500 broker dealers. The Santiago hub, SunGard’s third in Latin America after Mexico City and Sao Paulo, will provide international investors with access to Bolsa de Comercio de Santiago (BCS), Chile’s equity and derivatives exchange. In addition, financial institutions in Chile will be able to access the SGN brokerage community.

SunGard will also offer Valdi Market Access to Chile, which delivers Software-as-a-Service* (SaaS) based connectivity to markets worldwide through SGN. This direct market access service gives exchange members and their clients the ability to trade on electronic markets from any application connected to SGN. It is fully managed by SunGard, helping reduce their infrastructure and support costs. For Bolsa de Comercio de Santiago (BCS), the Valdi Market Access servers will be directly co-located at the exchange, offering low latency services.

Mr. Andres Araya Falcone, chief information officer of the Bolsa de Comercio de Santiago, said, “Chile continues to grow, and the region is focused on being an important player in the global economy. SunGard is supporting this growth by providing electronic trading solutions and global connectivity to market participants in Chile, which will help our exchange members find new investment opportunities. In facilitating exchange connectivity, this should also help attract new firms to the Bolsa de Comercio de Santiago.”

Danielle Tierney, an analyst at Aite Group, said “Opening a new hub in Santiago is a very strategic placement for SunGard. Santiago is the third largest individual exchange in Latin America by market capital and volume, in addition to being a part of the MILA integration of the Andean exchanges. By establishing this additional point of connectivity, SunGard has essentially made its SGN hub into a pan-LatAm offering.”

Philippe Carré, global head of connectivity of SunGard’s global trading business, said, “SunGard’s Valdi and SGN address the connectivity and execution challenges of trading multiple asset classes on multiple markets. SunGard already offers Valdi and SGN solutions in Argentina, Brazil, Chile, Colombia, Mexico and Peru, helping traders in Latin America access new markets and diverse liquidity, as well as helping international traders access Latin America markets.”

Source: A-TEAM Electronic Trading, 13.12.2011

Filed under: Argentina, Brazil, Chile, Colombia, Latin America, Mexico, News, Peru, Trading Technology, , , , , , , , , , , , , , , ,

Mexico: BMV Mexico´s stock exchange signs agreement with MILA of Chile, Colombia and Peru

During the Second Pacific Alliance Summit celebrated in Merida, Yucatan Mexico on Sunday, December 4th, the Mexican Stock Exchange (subsidiary of BMV Group) signed an agreement of intent with the Exchanges of Colombia, Peru and Chile to join Mercado Integrado Latinoamericano (MILA). President Felipe Calderon (Mexico), President Juan Manuel Santos (Colombia), President Ollanta Humala (Peru) and President Sebastián Piñera (Chile) were all on hand to witness the accord.

The agreement, which will begin to explore operational and technology requirements of this partnership, was signed by Dr. Luis Téllez President of BMV Group, Juan Pablo Córdoba, President of Bolsa de Valores de Colombia, Francis Stenning, General Manager of Bolsa de Valores de Lima (Peru), Mr. Pablo Yrarrázaval, President of Bolsa de Comercio de Santiago and Mr José Antonio Martínez Manager of Bolsa de Comercio de Santiago.

The partnership, which is subject to the authorization of regulators and legal adjustments, will integrate BMV Group to MILA with the goal of increasing listings and bringing further technological and operational benefits to participants in the region.

About BMV Group

BMV Group is a fully integrated Exchange Group that operates cash, listed derivatives and OTC markets for multiple asset classes, including equities, fixed income and exchange traded funds, as well as custody, clearing and settlement facilities and data products for the local and international financial community.

BMV is the second largest stock exchange in Latin America with a total market capitalization of over US$ 453.8 billion. The Exchange is home to some of the most recognizable and profitable global corporations, including: beverage giant Grupo Modelo, whose brands include Corona Extra and Pacifico; América Móvil, one of the largest telecommunications companies in the world; CEMEX, the world’s biggest building materials supplier; and Televisa, the largest media company in the Spanish speaking world, among many others. In addition, MexDer (the Mexican Derivatives Exchange) is also part of BMV Group and is the leading marketplace for trading benchmark Mexican derivatives products.

About MILA

Mercado Integrado Latinoamericano (MILA) is a regional partnership of the Peruvian, Chilean and Colombian Exchanges that started with an agreement signed on November 9th, 2010 to integrate a new trading alternative for LATAM equity markets. It aims i) to expand listing opportunities, ii) to add value in order routing, and iii) to provide market data distribution of the integrated market. It was launched on May 30th, 2011.

Source: Business wire, 05.12.2011

Filed under: BMV - Mexico, Chile, Colombia, Exchanges, Latin America, Mexico, News, Peru, , , , , , , , , , , ,

Chile: Santiago Stock Exchange Revamps IT for Latin America’s Integrated Market

One of the fastest growing regions for electronic trading is Latin America where the Santiago Stock Exchange Chiles central market has forged cooperative relationships with other exchanges in the region, including BM&F Bovespa, and revamped its IT trading infrastructure. In a Q&A with Wall Street & Technology, Andres Araya Falcone, CIO of Bolsas de Comercio de Santiago (BCS), explains how these joint initiatives in Latin America are driving the Chilean market to modernize the exchanges electronic trading infrastructure and prepare for an expected surge in messaging rates from market data.

Andres Araya Falcone

How is the Santiago exchange working with other Latin American markets?

By the end of 2010, the Santiago Stock Exchange had signed a linkage agreement with Brazils stock exchange, BM&F Bovespa, heralding the latest in a series of cooperative projects being run between Latin American bourses. The agreement, signed on December 13th, will enable connectivity between both exchanges for order routing and market data dissemination. It also includes separate initiatives for further development of the Santiago Stock Exchanges derivatives market, the establishment of joint initiatives related to settlement, clearing and central counterparty services, as well as access to the BM&F Bovespa/CME trading platform from Chile.

How will this agreement with BM&F Bovespa impact your technology needs for order routing and market data?

Market participants in both countries will be able to route orders for stocks, stock options and related derivatives listed on the others exchange. Both exchanges will also be able to receive and distribute each others market data. Clearing and settlement of orders will be done according to local market rules of listed instruments. These kinds of initiatives imply that the Santiago Stock Exchanges IT platform has to be prepared to manage more than 6 million orders per day.

Your exchange recently teamed up with the stock exchanges of Columbia and Peru to form the Integrated Latin American Market or MLA, which began operating in June. What are the goals of this initiative?

We have been working for the last 13 months on MLA to consolidate regional stock markets so they may become more attractive for local and foreign investors. MILA will attract more liquidity to the market because investors will have wider availability and a greater diversity of companies to invest in, in a bigger and more integrated market. Finally, listed companies will benefit even further from this integration through access to new and increased financial resources for their expansion.

I understand that Santiago Stock Exchange has adopted IBM Websphere Front Office as its feed handler to power its market data to investors worldwide? Why did you select IBM Websphere?

WebSphere Front Office (WFO) will be a very important technological component for the Santiago Stock Exchanges strategic integration plan with other markets, saving time and reducing project implementation risk. We found a lot of advantages in WebSphere Front Office. First of all, WFO supports over 100 data feeds, including U.S. and international data sources, with connectivity to exchanges, ECNs and consolidated data providers.

Second, the consolidated order book capability facilitates combining any number of order book feeds into a single consolidated view, with improved functionality to deliver information in a better way to our clients. Third, low data latency and high throughput on an integrated, high-performance, high-availability platform, with support for high-speed multicast and point-to-point message transport is one of the most important features of WFO and we are taking full advantage of all of them. Finally, full IBM local and international support, including services and consulting is a key part of the complete solution for the Santiago Stock Exchange.

We are implementing our technological platform over WebSphere MQ Low Latency Messaging network within which WFO is integrated. This will distribute market data feeds from MILA market (Integrated Latin American Market) and BM&FBovespa from Brazil as well.

How important is low latency trading to your marketplace?

In the Chilean market, low latency is becoming more and more important. Today, currently at least three brokerage houses are developing and using their own algorithmic trading strategies for the equities market in Chile. Additionally, we are currently observing algorithmic trading traffic from foreign brokers, especially from Brazil.

Algorithmic trading is sensitive to round trip latency. A broker who is nearer an execution venue than his peers will have an advantage because he will experience shorter network propagation delays. This has led to the practice of locating algorithmic trading servers in close proximity to execution venue servers. In practice this means that the Santiago Stock Exchange will need to check the following list: sufficient bandwidth to handle peak order and trade flows; support for the most popular versions of FIX; facilities for proximity hosting for algorithmic trading servers; conformance with widely adopted execution mechanisms and order types; monitoring and publishing quality of service parameters; order validation routines to prevent fat finger problems, among others.

Have regulations recently opened up Chiles market to foreign investment?

The first concept of DMA in Chile began with what we call “direct traders” (buy-side traders) facilitating these specially authorized institutional clients, to send direct orders to the market via a “broker sponsor”. Thus, pension and mutual funds, insurance companies and other institutions, using trading terminals provided by the Santiago Stock Exchange, can trade directly in our market. The next natural step was the incorporation of electronic networks to attract order flow from the U.S., Europe and neighboring countries in Latin America, especially Brazil.

What did BCS prepare its technology to accept order flow electronically?

In 2006, we built the first FIX interface using version 4.0 to connect to International Networks, to attract the order flow of our local equities market. After that, the Santiago Stock Exchange launched its initiative to modernize the equities electronic trading system and developed TELEPREGN HT, jointly with IBM, which went live in June 2010. This system is ready for algorithmic trading flow since it supports a throughput of over 3,000+ orders per second with sub-millisecond latency. In designing the system, we decided to use FIX 4.4 to enable easier connection via DMA with other exchanges, sell- and buy-side firms and market information vendors. This has greatly facilitated the connection to different networks, such as Bloomberg, Fidessa and SunGard, among others. For all these initiatives, FIX has been crucial in facilitating the integration with these listed networks. During 2011 we will announce new network agreements.

I understand that BCS expects the amount of market data being transmitted to go from 500,000 per month up to 6 million messages per day by 2012. Why do you expect your message rates to grow so rapidly? Is this from electronic trading?

Currently, referring to the equity market, 11 percent of order flow comes from DMA which represents an average of a 27 percent increase over the last 6 months, today 19% on average comes from Internet retail order flow and the rest comes from traditional OMS and trade workstations.

Source: Wallstreet & Technology by Ivy Schmerken (Ischmerken@techweb.com)@ischmerken , 24.08.2011

Filed under: Brazil, Chile, Colombia, Exchanges, FIX Connectivity, Latin America, Market Data, Peru, Trading Technology, , , , , , , , , , , , , , , ,

London LSE and Chilean BCS stock exchanges are discussing process of integration

Finance Minister Felipe Larraín advanced efforts to integrate the Chilean and London stock exchanges during a recent visit to the United Kingdom. A delegation of government officials and business leaders accompanied the minister on his trip to promote foreign investment in Chile.

After a ceremony on Wednesday in which Larraín opened the London Stock Exchange (LSE) at its headquarters in Paternoster Square, Xavier Rolet, CEO of the LSE Group, spoke about Chile-London relations.

“We are delighted to welcome Felipe Larraín and the Chilean delegation to the London Stock Exchange today,” Rolet said. “We have the expertise, depth of capital and liquidity to help support the next century of Chilean growth.”

Six Chilean companies are currently listed on the LSE, representing over US$30 billion. Two of the companies, Banco de Chile and Antofagasta PLC (both of the Luksic Group), are listed on the Main Market.

Four other Chilean companies—Herencia Resources, Mariana Resources, Geopark Holdings and Metminco—are listed on the Alternative Investment Market (AIM), which is the LSE’s market for smaller, growing companies.

The LSE represents 60% of European transactions and about 30% of European stocks. According to Rolet, the plan to integrate LSE with Chile’s stock exchange (IPSA) is a long-term project, as it requires technical and regulatory changes.

If the LSE and IPSA merge, Chile could become a gateway for Peru and Colombia to trade on the London market through the Latin American Integrated Market (MILA).

MILA was formed on May 30 when Chile, Peru and Colombia combined their stock markets to compete with larger Latin markets like Mexico and Brazil.

Source: Santiago  Times, 02.7.2011

Note by FiNETIK

Chilean Stock Exchange Bolsa de Comercio de Santiago (BCS) where as IPSA referese to BCS top 40 index Índice de Precios Selectivo de Acciones (IPSA)

Filed under: Brazil, Chile, Colombia, Exchanges, Latin America, Mexico, News, Peru, , , , , , , , , , , , , , ,

Andean Exchange Project MILA to Proceed without Peru

Peru’s Bolsa de Valores de Lima (BVL) has suspended its participation in Mercado Integrado LatinoAmericano (MILA), a link-up between BVL, the Bolsa de Valores de Colombia (BVC) and Chile’s Bolsa de Comercio de Santiago (BCS), citing challenges arising from its domestic tax regime.

MILA was created to provide domestic brokers with access across the three participating equity markets through an automated model of intermediated order routers. Once live, the platform will allow brokers in each country to send DMA orders via the infrastructure of local brokers in the other two countries, directly to the exchanges.  The second stage of the integration – slated for completion by the end of 2011 – will seek to address differences in tax and regulation by coordinating regulatory bodies’ and exchanges’ rules across Chile, Colombia and Peru.

The Colombian and Chilean market infrastructure providers will continue working on the integration project, and are evaluating the impact the news will have on the current work schedule and the timing of the implementation.

Source: The Trader, 23.12.2010

Filed under: Chile, Colombia, Exchanges, Latin America, News, Peru, Trading Technology, , , , , , , , , , , , ,

BM&FBovespa and Chile’s bolsa sign “joint operating agreement”

Brazil and Chile’s main exchanges, BM&FBovespa and Bolsa de Comercio de Santiago (BCS), signed a “joint operating agreement” on Monday allowing order routing between the two and which envisions Brazilian assistance in the development of derivatives markets in Chile.  Read FT full article here.

The development is another sign that exchanges in Latin America are gearing up for intra-regional competition for trading coming from abroad as regulatory technology barriers to easier access to the region are falling away.

Some exchanges are also forming alliances with neighbours to develop smaller markets to the levels of regional big-hitters Brazil and Mexico.

Brokers connected to BM&FBovespa, Latin America’s largest exchange, can send orders to Chile’s Bolsa de Comercio de Santiago (BCS), and vice versa in an arrangement that is also being used by BM&FBovespa and the Mexican bolsa with CME Group of the US.

The Brazil-Chile arrangement will initially be limited to stocks traded on both exchanges, as well as stock options and other related derivatives.

Carlos Kawall, director of international affairs at BM&FBovespa, told FT Trading Room by phone from Santiago. “We are undertaking an international expansion, in Asia but most importantly in our region, because we think that Latin America as an integrated unit has a lot of potential to be explored yet.”

The BCS last month joined an “Andean” alliance with smaller exchanges in Colombia and Peru, which gives traders in each country access to partner markets. Next year they plan to allow for direct access to markets and the standardisation of regulation.

Brazil will seek alliances with Colombia and Peru similar to that signed with Chile, Mr Kawall said.

In the first year, the focus of the agreement with Chile will be to “improve connectivity electronically from the country”, he says, but with the later possibility of assisting Chile develop its derivatives markets, encompassing options and futures on stocks, interest rates, and exchange rates.

BM&FBovespa is the third-largest exchange in the world by market capitalisation of the group itself and houses the world’s sixth-largest derivatives market by number of contracts. At the moment, most of Chile’s derivatives trading is done over the counter, rather than centrally cleared and with a counter party, as in Brazil.

By partnering up with Brazil, Chile’s exchange will also have access to the BM&FBovespa/CME trading platform for its markets. BM&FBovespa holds a 5 per cent stake in CME Group. Edemir Pinto, chief executive of the Brazilian group, was recently named to the board of directors of the Chicago-based group.

BM&FBovespa and BCS have also agreed to receive and distribute each other’s market data, and establishment joint initiatives related to settlement and clearing.

Source: FT Financial Times, 13.12.2010 By Vincent Bevins

Filed under: BM&FBOVESPA, Brazil, Chile, Colombia, Events, Exchanges, Latin America, Market Data, Mexico, Peru, , , , , , , , , , , , , , ,

Chile, Peru, Colombia to start trialing Combined Stock Trading Arrangement

The main securities exchanges in Chile, Colombia and Peru plan to begin trialing cross-border stock trading in an arrangement that may lead to the creation of Latin America’s second-largest bourse by market value.

The three exchanges, which signed a definitive agreement in Lima today, will begin testing with brokerages on Nov. 22 in a system known as MILA, they said in an e-mailed statement.

In a second phase the three countries may establish a common exchange in a bid to increase trading volume and lure more foreign investors. The combined market value of the three bourses is $657 billion compared with Mexico’s $464 billion and Brazil’s $1.5 trillion, according to data compiled by Bloomberg. There is “no horizon” yet for direct trading on each exchange, Colombian Securities Exchange President Juan Pablo Cordoba said.

“This is just stage one,” said Rupert Stebbings, head of the Colombian unit of Chilean brokerage Celfin Capital SA. “Full integration is likely to take a couple of years more owing to some significant differences in the tax regimes of each country as well as oversight and of course deciding where the home of the exchange will be.”

Source: Bloomberg, 09.11.2010

Filed under: Brazil, Chile, Colombia, Exchanges, Latin America, Mexico, News, Peru, , , , , , , , , , , , , ,

Fidessa Expands Access To Latin America With Connection To Santiago Stock Exchange of Chile

Fidessa group plc (LSE:FDSA), provider of award-winning multi-asset trading, portfolio analysis, compliance, market data and global connectivity solutions for the buy-side and sell-side, today announced its certification to provide access to the Santiago Stock Exchange (Bolsa de Comercio de Santiago).

The partnership is in preparation for the Santiago Stock Exchange’s forthcoming major trading engine upgrade that is being introduced to accommodate increasing volumes resulting from new DMA and algorithmic flows. Fidessa’s interface with the Santiago Stock Exchange will provide member firms access to electronically route orders to the exchange via the Fidessa trading platform or by directly leveraging Fidessa’s FIX connectivity. The connection will also provide Fidessa’s global clients with direct DMA access to the Santiago Stock Exchange.

José Antonio Martínez, CEO at the Santiago Stock Exchange, commented: “This partnership marks an important step in increasing direct market access for global firms looking for reliable connectivity into the region. The Santiago Stock Exchange is an undisputed cornerstone in Latin America’s capital markets and a benchmark for excellence among domestic and foreign investors. A technology partner such as Fidessa offers the quality and reliability we require to service both our local and global constituents.”

Alice Botis, Head of Business Development Latin America at Fidessa, adds: “We have worked hard to provide superior technology and customer service to clients in Latin America. By certifying with the Santiago Stock Exchange, we can provide valuable services such as direct market access, improved trade order entry and better algorithmic trading tools to global brokers and buy-sides who wish to trade more efficiently on the exchange.” The Fidessa connectivity network links over 2,400 buy-side institutions to more than 530 brokers and 130 markets around the world, providing a “one-stop-shop” for best execution services. Fidessa recently announced that it signed a deal to provide Celfin Capital in Chile with it’s hosted trading technology, and has also added over 16 valued Latin American brokers to its connectivity network including: Agora CTVM S.A, BES Securities, Casa de Bolsa Finamex, Celfin Capita, Credit Suisse Hedging-Griffo, Fator Securities, Grupo Bursatil Mexicano, ICAP Brazil CTVM, Interacciones Casa de Bolsa, Itau Securities, IXE Casa de Bolsa, Santander Investment Securities, Planner Corretora De Valores, Terra Futuros Corretora de Mercadorias S/A and XP Investimentos.

SOURCE: Finextra, 17.05.2009

Filed under: Brazil, Chile, Exchanges, FIX Connectivity, Latin America, Mexico, News, Trading Technology, , , , , , , , , , ,

Celfin Capital develops electronic trading capabilities with Fidessa

Leading Chilean broker adopts Fidessa’s trading solution and joins international trading network

Celfin Capital, one of the leading investment banks in Chile, today announced it has signed to take Fidessa’s hosted trading solution and join the Fidessa network .The partnership will allow Celfin Capital to receive Chilean and Peruvian equity flow, opening up an essential conduit to Latin American markets for brokers and asset managers globally.

Fidessa is the leading provider of multi-asset class trading, portfolio analysis, compliance, market data and connectivity solutions for the buy-side and the sell-side globally. Celfin Capital has adopted Fidessa for their electronic trading requirements along with built-in FIX connectivity to the Fidessa network enabling it to receive southbound electronic order flow. As part of the implementation Fidessa is building a direct link to the Bolsa de Comercio de Santiago for them.

José Antonio Labbé, CEO of the Brokerage House, Celfin says: “Celfin Capital has always strived to be a leader in the introduction of financial innovations to the markets in Chile and now in Peru, and through a number of key alliances we have been able to offer a wide array of derivative products and financial solutions to create a more liquid, transparent, and sophisticated financial environment for our clients. The upgrade of systems at the Bolsa de Comercio de Santiago gave us an opportunity to explore the possibilities of offering electronic order flow and onward routing capabilities and to develop truly international services for our clients. The partnership with Fidessa, and connectivity to the Fidessa network, are part of our overall goal to establish clear distinction between our services and those of our competitors, and to position ourselves as a leading broker in Chile.”

Celfin Capital chose to work with Fidessa primarily for the global reach of buy-side clients and member and non-member brokers on their network. Fidessa demonstrated the ability and readiness to work with Celfin Capital and evolve the solution in parallel with its business. Mr. Labbé continues: “In particular we were impressed by Fidessa’s willingness to build a direct link to the Bolsa de Comercio de Santiago for us, and the flexibility of their approach. It enables us to route orders from non-member brokers and creates a powerful proposition for global and local clients alike.”

Source: Bobsguide, 25.01.2010

Filed under: Chile, Exchanges, FIX Connectivity, Latin America, News, Peru, Trading Technology, , , , , , , , , , ,

CMA launches Latin America algo trading offering

CMA the leading Market Data, Order Management and Connectivity provider in Brazil has officially launched CMA Algoritmos onto its Trade Hub platform.

CMA can now provide algorithmic trading as a part of its portfolio of leading LatAm capital markets services and applications. CMA product offerings are currently in use throughout Latin America by over 17,000 workstations, 75 brokers with access to over 100 global exchanges.

CMA Algoritmos is a sophisticated suite of solutions particularly designed for and by the Brazilian trading market with uses throughout Latin American, Europe and North America. The user simply defines trading strategies, customizes triggers while being able to utilize many common methodologies such as SpreadMaker, VWAP, TWAP, QuickBasket, Best Offer, Volume Tracker and Financial Summary as a few examples.

CMA has enabled Algoritmos onto CMA Trade Hub, the largest network of services and applications utilizing all versions of FIX in Latin America, so that any interested trading party Buy-Side or Sell- Side in North America, Europe or beyond would have instantaneous access to broker dealers for execution.

The CMA services and applications on Trade Hub are utilized by more than 17,000 workstations from 60 brokers and many of their clients in Brazil as well as 15 other brokers and their clients throughout: Argentina, Chile, Peru, Colombia, Mexico and Spain. The addition of Algoritmos makes trading Equities, Futures, Options and Foreign eXchange in Latin American Capital Markets even more lucrative.

Source: FINEXTRA, 23.11.2009

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