Andres Araya Falcone, Chief Information Officer at Bolsa de Santiago de Chile, provided this whitepaper, ‘Opportunities and challenges in financial markets integration: The MILA case.’ Download your copy here. In September 2009, three Latin-American stock markets and their respective Central Securities Depositories (CSDs) signed an agreement to integrate their equity markets. The Latin-American Integrated Market (MILA) was formed as a result, allowing brokers in Colombia, Peru and Chile to trade securities listed on any of the exchanges directly from their local terminals alongside the...

Chuck Chon, Co-Chief Executive Officer at SBI Japannext, provided this whitepaper on PTS venues in Japan. Download the paper here. In it he suggests that “the most significant difference between the primary exchanges, such as the Tokyo Stock Exchange (TSE) and Osaka Stock Exchange (OSE) and PTS venues, such as SBI Japannext (JNX) and Chi-X Japan, is the difference in tick sizes.” He goes on to argue that this tick size difference can allow investors to gain “tremendous improvement in execution results, realizing an additional 30-40bps on many wide bid/ask spread blue chip stocks.” One such...

In this whitepaper, Andreas Diessbacher of White River Group discusses which type of trading is best, systematic or discretionary, when trading commodity futures and options. He suggests that systematic trading programs are based on past data, and that whilst a knowledge of past trades might help you avoid historic losing positions, markets are evolving all the time, and every market situation is different, so some flexibility is required. In short, Andreas argues that in his opinion, “discretionary traders are gutsier.” Download the paper here for more information. Andreas will be...