Asia Risk 15: Exchanges have profited from derivatives but face new threats


On July 29, 2010 when Chi-X Japan starts trading, the Tokyo Stock Exchange (TSE) will not be wrong-footed. Arrowhead, the high-speed, high-capacity cash equity trading platform launched on January 4 this year, has elevated the efficiency of TSE’s systems to a level that is in line with global standards.

While alternative trading systems (ATSs) in Japan such as, SBI Japannext and agency broker Instinet’s CBX Asia and JapanCrossing have operated as direct competitors, their limited availa

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