Hong Kong Exchanges signs agreement with Shanghai and Shenzhen Stock Exchanges to securities market data:  Hong Kong Exchanges and Clearing Limited signed an agreement with the Shanghai and Shenzhen Stock Exchanges providing for the mutual exchange of securities market, and listed company data.

The information demand for China securities markets has grown as a result of increased investor interest in China markets. To satisfy the need, the Hong Kong Stock Exchange has reached an agreement with the Shanghai and Shenzhen Stock Exchanges on the mutual exchange, and web publication of securities market and listed company data.

The objective is to provide investors with direct and convenient access to data from the three securities markets, and to promote cooperation and information exchanges between the three bourses.

The recent agreement should form a basis for future market information cooperation among the three exchanges.

Discussion on the technical issues involving data exchange between the three bourses is under way. The Hong Kong Stock Exchange expects information for China Securities markets to be available on its web site later this year.

Stock Exchange of Thailand slashes fees to attract new listed companies: The Stock Exchange of Thailand is set to reduce its annual fee by 50%, and its application fee by 67% effective from 1 July 2001. In addition, the first 10 listed companies on the Market for Alternative Investment (MAI) in 2001 will be exempted from the listing application fee, and initial listing fee, as well as benefit from a 50% reduction in the annual fee.

In taking these measure, the Stock Exchange of Thailand intends to encourage more companies to list, as well as find ways to reduce the burden for presently listed companies. The Exchange’s goal is to facilitate future business growth, and increase capital raising. 

At the beginning of this year, the Stock Exchange of Thailand announced a moratorium on fees for capital increases for listed companies.

The annual fee to be cut by 50% will be implemented at a regressive rate, which will vary according to the paid up capital of each listed company. The more paid up capital a company has, the cheaper the rate will be.

Arab Unified Stock Exchange set rules for listing: The Unified Arab Stock Exchange, during its Technical Committee meeting held in Beirut on 11-12 June adopted a series of rules and regulation for the selection of shares to be listed on the Arab Stock Exchange.

The rules contain several criteria related to company capital, profits, book value, number of shareholders, and information to be disclosed.

The participants at the meeting also discussed the criteria for selection of brokerage firms to be approved by the Arab Stock Exchange, such as those related to their solvency, nature of business, and information to be disclosed.

During the meeting, three important market institutions were also approved:

1. the Arab Market Financial Network will secure securities trading;
2. the Arab Clearance Institution was approved to perform all security clearing and settlement operations on the stock exchange; and 
3. the Arab Stock Exchange Information System will disclose data and corporate news. 
  
London Stock Exchange introduces new “Attribute-Led” market: Building on the success of other `attribute-led` markets such as techMARK, the London Stock Exchange recently launched the first stage of its landMARK initiative in the North West. The principal characteristic of landMARK is that it distinguishes regional companies from others traded on the London Stock Exchange. The landMARK companies are in fact regrouped according to their location in the country.

A dedicated landMARK website (www.londonstockexchange.com/landmark) has been established to ensure easy access to detailed information about companies in each region, as well as information about the financial community that supports and advises them. This will increase companies’ visibility, and enable investors, professional advisers, analysts, and journalists to identify local companies that are making a real difference.

LandMARK has attracted support form organizations that represent the private investor and retail broking communities. In fact, many investors make a point of investing in companies that are local to them. LandMARK also represents a new resource for the investor who has a regional investment focus.

The landMARK website will give companies a strong basis for their own locally-focused investor relations campaigns, and provide a point of focus for press and broadcasters in their local and financial business coverage.

The first stage of the initiative, landMARK northwest, groups together around 120 companies from the region, which are traded on either the main market or AIM. It is expected that landMARK will be extended to include all UK regional areas by the end of 2001.

NASDAQ goes decimal: On 9 April 2001, the NASDAQ Stock Market converted all its listed equity securities to decimals. A first pilot program of 14 NASDAQ stocks, and one OTC security was carried out according to plan on 12 March 2001. A second pilot grogram conversion to decimals, with an additional 177-issuer companies and their associated 199 securities, was then implemented successfully. The conversion by NASDAQ to decimals is governed by he Decimals Implementation Plan for the equities and options markets that was submitted to the Securities and Exchange Commission. 

Singapore Exchange lists single stock futures on its derivatives market: The Singapore Exchange intends to list single stock futures contracts on its derivatives trading (SGX-DT) market. Still subject to regulatory approval from the Monetary Authority of Singapore, the introduction of these new instruments is scheduled to take place in the third quarter of 2001

Initially, these futures contracts will be based on selected stocks listed on the Singapore Exchange Securities Trading (SGX-ST). To be announced at a later stage, the list of stocks will include blue chip companies that attract global trading interest with their large capitalization, and their inclusion in major indexes. The exchange also plans to introduce the single stock futures on other regional and global stock at a later stage.

NYSE implements automatic order execution: With the implementation phase of NYSE Direct+complete, the Exchange’s advanced automatic execution service for limit orders of 1,099 shares or less in now accessible to investors through NYSE member firms. The NYSE initiated the NYSE Direct+pilot program at the end of December 200, and began full-scale implementation on 28 February 2001.

With NYSE Direct+,NYSE member firms have the choice of automatic execution on limit orders of 1,099 shares or less. A step beyond traditional electronic communication networks (ECN’s) NYSE Direct+orders are immediately executed against the full depth and liquidity of the NYSE market.
 
During the implementation of pilot program, NYSE Direct+execution speed averaged 2.5 seconds from the point of order entry to order confirmation to the corresponding member firm. NYSE Direct+ orders are designated as NYSE Direct+ by member firms adding the indicator NX to the Super Dot order format. The auto execution feature is activated when the limit order’s price is equal to or better than the NYSE published bid or offer.

The order is then executed, and the transaction report is returned directly to the firm via Super Dot, with verification of a NYSE Direct+ execution. Trades are reported to the Consolidated Tape with an “E” identifier noting the automatic execution.

With technology at its core, NYSE Direct+ and the portfolio of Network NYSE market- information products and order execution services offer a new dimension in customer choice by providing new and exciting ways for customers to access the Exchange’s liquidity and information resources.