The recent frenzy of exchange mergers is rooted in tough market conditions for US and European equity exchanges, forcing them to move away from their bread and butter operations to new asset classes.
Latest articles from Transaction banking
Massive mergers: How IT can make or break M&A
March 21, 2011Technology is not always a primary consideration in banking M&A activity. But the success, or failure, of subsequent IT integrations can make or break any deal.
Evolving backdrop raises questions over capital controls
March 21, 2011Massive capital flows into Asia led many Asian countries to introduce capital controls and other mechanisms in a bid to stem flows and limit rising currency valuations. However, rising inflation and talk of interest rate rises have raised fears about slowing growth, leading to money flowing the other way.
Post-trade processing: Challenges and trends
March 18, 2011Philippe Chambadal, CEO of middle- and back-office processing technology provider SmartStream, discusses the post-trade landscape and the regulatory and operational challenges facing market participants.
Asia fails to balance currency and inflationary pressures
March 15, 2011Asian policy-makers have been trying to balance currency management with controlling inflation. Rising inflation and rising currencies suggest policy makers have failed to get the balance right.
Bank-to-bank volumes no longer biggest FX driver
March 10, 2011Last year, customer volumes overtook interbank volumes in the foreign exchange market for the first time. Electronic and high-frequency trading help to account for the change, as does the rise of retail participants – but regulatory change is also helping to cement this trend.
Renminbi takes the slow road to domination
March 10, 2011The battle over the valuation of the Chinese renminbi has often been characterised by vitriolic debate and has seen a titanic clash between Washington and Beijing about the right level for the currency and the speed of appreciation. But efforts to internationalise the renminbi are already taking effect.
Decision time on FX CCPs
March 8, 2011Two central counterparties are currently being built to clear foreign exchange options. There is a great deal of preparation to be done.
Who pays when banks fail?
February 22, 2011A wave of regulations to force creditors to share the pain when 'too big to fail' banks run into trouble will panic investors, say the bankers. But some investors argue the proposals need to go even further.
The appeal of electronic trading for emerging markets
February 16, 2011Appetite for algorithmic and high-frequency trading strategies is rocketing, and many exchanges are gearing up to attract this flow. But significant regional disparities and regulatory barriers may hinder development.