The Warsaw Stock Exchange is tightening the screws on its often-unruly younger sibling, the New Connect alternative market for small companies, by halting trading in 14 companies that failed to file their quarterly reports on time.
The earliest the 14 can return to the trading floor is Thursday – if they get their paperwork in no later than the end of Tuesday. Continue reading »
Zambia’s second bourse is hoping to kick off trading “in weeks”, giving investors a chance to trade derivative products alongside the bonds and equities available on the main Lusaka Stock Exchange (LuSE).
Peter Sitamulaho, deputy chief executive of the Bonds and Derivatives Exchange Zambia, or BaDEx, said the bourse is just waiting on getting its first clearing member, which would guarantee trades: “When the first bank signs, we will be able to trade.” Continue reading »
Tens of millions of Thai baht worth of stock trades later, the shoe has finally dropped: the Stock Exchange of Thailand is launching a probe into share price movements of cash-and-carry retailer Siam Makro ahead of Monday’s $6.6bn takeover offer by CP All, the country’s biggest convenience store operator.
As beyondbrics noted, the market was buzzing with rumours for weeks before the announcement. Continue reading »
The old adage about getting further with honey than with vinegar holds true for flies, and looks to be just as valid for stock exchanges, as Warsaw’s exchange begins to flirt with its long-time rival in Vienna.
Bloomberg broke the news on Tuesday that the two were in talks. It looks as though discussions are still very preliminary, but the fact that they are talking and not hissing at each other is a big change – largely due to a change at the top of the WSE. Continue reading »
Russian initial public offerings have a tendency to flop. But not so that of the Moscow Exchange, the epicenter of the country’s financial markets.
Russia’s main stock market began trading on its own platform on Friday after raising Rbs15bn ($499m) in an IPO that organizers say was oversubscribed. Positive news and perfect timing: Vladimir Putin is hosting a meeting of G20 finance ministers in Moscow today where he will be flagging the merits of the Russian capital as a budding global financial center. Continue reading »
The MCX-SX. Is it a dangerous chemical compound? A state of the art camera? Or a new type of heavy artillery? No, it’s India’s new stock exchange.
Beyond its slight tongue-twister of a name, though, will the MCX-SX offer anything of value? Continue reading »
By Tarik Kurbegović, chief executive, Sarajevo Stock Exchange
On the walls of the conference hall of the Sarajevo Stock Exchange hang copies of shares from the era when Bosnia was ruled by the Austro-Hungarian monarchy. While this suggests a long tradition of capital markets culture, it does not, alas, reflect the true state of awareness among Bosnian citizens. We have started to work on improving the country’s financial literacy. But it will take time. Continue reading »
The push to create a network of commodities exchanges in Africa, following a pioneering experience in Ethiopia, has received a big boost after the World Bank and Morgan Stanley invested in a new company to build markets, writes Javier Blas in the Commodities Note.
Eleni Gabre-Madhin, founder of the Ethiopia Commodity Exchange, has launched a new company to try to replicate elsewhere in Africa and Asia the experience of Ethiopia. The World Bank’s International Finance Corporation, which invests in the private sector, and Morgan Stanley have put $5m into the venture. Continue reading »
The clang of a bell announced the launch of Kenya’s new small and midcap market segment on Tuesday, but its founders are determined that will be the only old-fashioned thing about it.
The Growth Enterprise Market Segment (GEMS) could be the solution to several constraints on the growth of Kenya’s economy, which relies on small business for 40 per cent of the country’s $36bn GDP, and may provide the route for Kenyans to invest in the country’s nascent natural resource sector. Continue reading »
Adam Maciejewski, the new head of the Warsaw Stock Exchange (pictured), is promising to be a much lower key executive than his predecessor – probably a good thing after Ludwik Sobolewski was fired this week after being accused of trying to solicit funds from listed companies to invest in a movie starring his girlfriend.
Although he has been involved with the WSE since 1994, the quick choice of Maciejewski to replace Sobolewski was a bit of a surprise – though the fact that an insider and not a politician got the job was reassuring for market participants. Continue reading »
By Ulf Carlsson of NASDAQ OMX
There are clear signs that high frequency trading has reached the Asia-Pacific region, and not simply based on the flurry of recent industry conferences on the subject. Order-to-trade ratios in the markets have grown steadily over the last five years as an increasing number of hedge funds and market making firms have set up business in the region. Most regional exchanges are showing a greater focus on speed and are offering first class co-location facilities to their client trading firms. At the same time, software vendors are flying in from London and New York to offer their high speed services to potential Asia-Pacific customers. We also experienced our first flash crash this past October at the NSE in India. Continue reading »
For the past few months the Tehran Stock Exchange has looked like a green island surrounded by lava flows. State-run media have boasted of growth unprecedented in the bourse’s 46-year history, as the main index, the Tedpix, has leapt 45 per cent since September, sending the market capitalisation of traded companies to a run of record highs.
On that evidence, you would think the country’s economy was prospering – and not facing unprecedented sanctions and international pressure over its nuclear programme. Continue reading »
On Wednesday, the FT publishes a special report on Latin American capital markets. Here, Lars Ottersgård of NASDAQ OMX argues that the region’s bourses should adopt a single brand. Continue reading »
Small companies in Nigeria rejoice! A formal exchange for over-the-counter (OTC) trading is set to open in the country next month, a move that should create greater liquidity for small companies and more transparency for investors looking to invest in unlisted securities. The National Association of Security Dealers (NASD), initially set up as an association of stockbrokers, is behind the new platform.
OTC trades are those conducted through dealer networks rather than central exchanges, a route usually used by smaller companies and those that don’t meet listing requirements. Continue reading »