IBS Journal January 2016


Nasdaq completes major phase of IT revamp at Borsa Istanbul…


Turkey’s stock exchange, Borsa Istanbul, has gone live on a new platform supplied by Nasdaq. It supports equity market, clear- ing and settlement, and risk management. Derivatives, debt securities and precious metals markets are to follow. The new platform consists of nine live


components so far, including trading and clearing, settlement, market data manage- ment, index calculation, market surveil- lance, business intelligence (BI), and pre- and post-trade risk management. The project has been underway since


the start of 2014. This major initiative is known as Bistech (‘transformation with technology’). Nasdaq says it ‘is a critical milestone in a series of major transformative steps aimed at making the Turkish capital markets more globally competitive’. Also, Borsa Istanbul hopes to launch an IPO in 2016, so it needed to establish itself as a more viable proposition to internation- al investors. Tuncay Dinç, CEO of Borsa Istanbul,


comments that the new platform will offer ‘greater opportunity, innovation and flexi-


Borsa Istanbul © sseinitiative.org


bility’ to the market participants worldwide. ‘Bistech transformation is a huge step for Borsa Istanbul on the path toward our vision of becoming a global player,’ he states. In addition to technology, Nasdaq has provided the exchange with advisory ser-


vices. It also holds a 5% equity stake in Bor- sa Istanbul. Borsa Istanbul is itself a shareholder of a number of stock exchanges in the region plus LCH.Clearnet.


Tanya Andreasyan


…And splashes $100m on Chi-X Canada acquisition


Nasdaq has reached a deal for the purchase of Chi-X Canada, the North American unit of trading platform group Chi-X Global. The acquisition, which is expected to close in Q1 2016, will give Nasdaq access to the Canadian equities market, of which 22% is handled by Chi-X. Financial details have not been dis- closed but the sum is believed to be around $100 million. The deal also sees Nasdaq come into


direct competition with TMX Group’s Toronto Stock Exchange, which controls 70% of the trading market in Canada. Nasdaq has described the acquisition as a chance to enhance the trading expe- rience for customers by proving ‘greater uniformity’ in technology.


As reported by IBS Intelligence in


November, Chi-X’s parent company Nomu- ra tapped up the services of advisory firm Moelis & Co. to explore potential sale options after receiving an unsolicited offer from an unnamed company in May 2015. The trading platform had also seen


Big trouble in little Canada


TMX Group could be in trouble with the Competition Bureau of Canada, meanwhile, as trading start-up Aequitas has filed a complaint about alleged anti-competition practices. According to the complaint from the start-up, TMX Group is using its dominant


market position to control the pricing of market data in Canadian capital markets. ‘In the area of market data, we believe the TMX has remained, in effect, an unfet-


tered monopoly, leveraging its market power to charge prohibitive and monopolistic prices,’ says Jos Schmitt, President and CEO of Aequitas.


interest from Singapore Exchange Ltd. Existing Chi-X Canada clients will be


moved onto Nasdaq’s Inet exchange over the next 12 months. Dan Kessous, CEO of Chi-X Canada, will continue to lead Chi-X’s equities trading business in Canada.


Alex Hamilton


Challenged in your Core Banking upgrade? IBS launches IBS Chat


IBS Intelligence has launched its IBS Chat Forum, a global platform to bring industry participants together on everything related to banking and financial services technology. Log on to www.ibsintelligence.com/ibschat and connect with peers across the globe now!


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