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Markets
A market is a location where a Seller and a Purchaser can come together to complete a transaction. In the past, a market has usually been a physical location where the actual goods being offered for sale were brought so that potential purchasers could examine and evaluate them for quality and quantity.
The pricing for any good or service is influenced by the abundance or scarcity of the commodity, which are a reflection of the conditions necessary to, and ability to, produce the commodity, and the need / demand (or even desire) for the commodity. The interaction of Sellers and Purchasers competing with each other to sell (offer) or evaluate and purchase (bid) a specific commodity essentially create the "market price" for the commodity. Price Discovery is the determination whether a commodity is abundant or scarce, and what the demand is for it: what one or many Sellers will sell the product for and just how much one or many Purchasers will pay for it (a Purchaser may immediately become a Seller after purchasing the commodity). In an "efficient market" there is no pre-existing relationship between the Seller and the Purchaser, and there is no fixed, minimum or maximum price for a commodity: the sales volume of a commodity will stall at a certain price and the abundance / volume of the commodity will be cleared at a certain price, essentially reaching a price equilibrium where Sellers and Purchasers are receiving and paying exactly what they want or what they need. The purpose of a financial market is to either promote trade, raise capital or transfer risk. The market transaction can be for either the immediate sale, purchase and delivery of the commodity (cash or spot price / market) or for the sale, purchase and delivery at a later date (futures contract / market). The transaction can be completed on an exchange, which has, and the participants agree to abide by, a formal set of rules and regulations that govern the quality, quantity, pricing, sale and delivery of the commodity or service (the exchange monitors and manages the transaction). The transaction can be "Over-the-Counter" (OTC), which is a semi-private transaction with some rules and regulations but much less oversight compared to a formal and managed exchange (usually the Seller and the Purchaser are the only market participants in the transaction). The formal and managed exchange can still be a physical location where non-professionals (cash market) or professionals (cash and futures market) stand face-to-face to complete a market transaction (market participants). The formal and managed exchange can also be an electronically-linked network where nonprofessional and professional market participants communicate information about the quality, quantity, pricing, sale and delivery of the commodity or service through telecommunications and/or computer-based network.
Please also see the separate page for Cash / Spot Price Markets
Exchanges
There are exchanges for the: Sale and purchase of stock / equities (capital market) Sale and purchase of debt securities / bonds (capital market) Sale and purchase of currencies (Forex market for futures and options; there is no exchange for spot transactions) Sale and purchase of bank loans Agricultural (soft) commodities (futures and options) Base metals and precious metals (hard) commodities (futures and options) Energy-related commodities (petroleum, refined petroleum, natural gas, coal, electricity) Plastics and polymers Financial insturments futures and options (derivatives market on stock prices, bond prices, exchange indices, currency rates, interest rates) (risk transfer) Weather or catastrophe risk
As indicated above, an exchange (market) can be either a physical location or a computer-based electronic network, and offer for sale and purchase either for immediate delivery or trade (sell) futures contracts and options. One must be a member of the exchange or has trading privileges on the exchange, or is employed by a company that is a member, or has an account with a company or individual who is a securities broker, futures commission merchant (FCM) or an introducing broker (IB) that is an exchange member in order to access the exchange. All exchanges are regulated entities, and exchange participants are regulated by the Securities & Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA); in the United Kingdom, the Financial Services Authority (FSA); in Japan, the Financial Services Agency (FSA).
Please also see the separate page for U.S. and International Commodities and Futures Market Exchanges Please also see the separate page for U.S. and International Stock Exchanges Please also see the separate page for U.S. and International Electric Power Exchanges
browser-based trading platform is seconds slower than an ECN direct access integrated application however, it does not require downloading an application). The applicaion may also allow for dual / multi-monitor configurations. The trading platform provides real time quotes for the bid (purchase) and ask (sale) price for the product, and also should provide a data feed of information relevant to the market (previous pricing data, economic news releases and analysis). There are four sources for a front-end trading platform: Download an application provided by a broker, data center, proprietary trading group. Lease / license from an independent software vendor. Develop a proprietary application. Download an application provided by an exchange. There is a substantial difference between institutional ECN connection / trading platform and retail account connection / trading application (professionals / non-professionals who trade from a home office through a retail broker). The institution can afford the higher-quality hardware and direct access. The retail client is using an off-the-shelf desktop computer and an installed software application (download or disk), and usually accessing the market or exchange through an account that is accessed through a web browser. If the retail client does not have a broadband connection and a direct access ECN connection then they cannot effectively compete. In some instances, the retail client will actually just be trading with the broker and not actually with the exchange and / or marketmakers (although it will be an ECN-like environment).
Trading Platforms
Bloomberg SwapTrader is a multi-dealer swaps trading platform delivered via the Bloomberg Professional service. BT Radianz is an Internet Protocol (IP)-based network provider (connectivity and hosting) that links a number of market participants, trading platforms and exchanges. Calypso provides straight through processing products for interest rate derivatives, credit derivatives, risk analysis and back-office processing. CME Globex is the electronic platform for trading futures and options on the Chicago Mercatile Exchange (CME). Globex Trader is the front end trading application that connects a user either directly or via the Internet to CME Globex. COMTEX is a news consolidator that provides financial news from multiple sources and includes economic, corporate, and legislative, corporate announcements for US-based publically traded companies, Reuters, Dow Jones, and Associated Press news reports, SEC public company filing information. CQG Trader and CQG Integrated Client are 2 front-end trading platforms that routes orders to several of the the major futures and options exchanges. CQG Integrated Client provides more detailed market data, analytics, and order routing. CQG Trader is an order entry and account management interface without the analytics. Deutsche Bank dbFX is a platform for trading foreign exchange in more than 20 major currency pairs. FXSelect is a currency management platform. EBS / Electronic Broking Services trading platforms for foreign currency trading includes EBS Spot, EBS Prime and EBS Market Data. EBS Metals is a trading platform for trade execution for precious metals on the EBS Spot system. EBS was acquired by ICAP (see below) in 2006.
e-cbot is the electronic trading platform (LIFFE-CONNECT) for the Chicago Board of Trade (CBOT). Connectivity to the system is also available through Bloomberg, CQG, Inc., EasyScreen, eSpeed, FfastTrade, GL TRADE, NYFIX, Rolfe & Nolan, Townsend Analytics, Ltd., Trading Technologies, 7 Ticks, RTS Realtime Systems Group and Cunningham Trading System (CTS). eSignal provides Trade Manager and Account Manager. eSpeed is a multi-product (US treasuries, European government bonds, futures and foreign exchange) trading platform with middle and back office applications that support clearance, settlement, tracking and reporting of trades, and provide links to outside entities such as the Government Securities Clearance Corp., National Securities Clearance Corp., and most other global clearing organizations. Originally operated by Cantor Fitzgerald, eSpeed merged with BGC Partners (April 2008) which had separated from Cantor Fitzgerald in 2004. EuroLight is APX Groups trading platform for the APX Power NL / APX Gas NL and the APX Power UK / APX Gas UK energy exchanges. APX Translator will make EuroLight compatible with Trayport GlobalVision Trading Gateway. Genesis Securities, LLC, provides the front-end Laser trading platform for equities trading and displays all of the real-time Level I and Level II information for the quote, ECN books and Time & Sale Prints, together with tick charts and minute charts. The application provides direct order routing to all major ECNs, NASDAQ Super Montage and NYSE DOT. Order types include limit, market, reserve, stop market and stop limit. GL TRADE provides straight through processing products GL STREAM, GL WIN, GL RUBYX, GL CLEARSTREAM, GL SETTLE US, GL RIMS, GL TXPRESS for trading futures and options on a number of exchanges. ICAP is provides voice and electronic front-end trading of of inter-dealer OTC financial products and services in energy, foreign exchange, interest rates, credit and equity markets, as well as data, commentary and indices. Interactive Data Corporation (IDC) provides of financial market data and analytics on various securities. Operations include Interactive Data Pricing and Reference Data, Interactive Data RealTime Services, Interactive Data Fixed Income Analytics, and eSignal. Lava Trading, Inc. (owned by Citigroup), provides the LavaFX trading platform and sell side platforms (Lava ColorBook, Lava Trading Floor, Lava ColorPalette) and LavaX, a neutral, multibroker platform for the buyside. Marco Polo Network is a front-end platform for emerging markets listed equities and equities derivatives. Provides cross-border, direct market access (DMA) to linked axchanges. MetaTrader 4 from MetaQuotes Software Corp., provides a retail platform for futures, options and forex trading, and is used by several retail brokers including FXDD, ODL Securities, PFGBEST, UWC (United World Capital). Misys Opics Plus is a front-end platform for derivatives, fixed income, equity and treasury trades. Misys Summit is a multi-product, multi-function front-end to back-end platform that can trade treasury, derivative, fixed income and commercial loan products, perform trade confirmation and settlement, collateral management, and accounting and reporting. Murex provides straight through processing products as part of the MX.3 platform. NASDAQ PORTAL Market is used by broker-dealers, qualified institutional buyers (QIBs) and private and public companies from around the world to negotiate and trade 144A Securities (unregistered equity, derivative and debt securities).
NSC (Nouveau Systme de Cotation) is used by broker-dealers on Euronext. Numerix provides pricing and risk analytics for fixed income, credit, foreign exchange, hybrids, cross currency, inflation rate and equity derivatives. NYMEX ClearPort is the internet-based electronic platform for trading and clearing futures and options on the New York Mercantile Exchange (NYMEX) energy, metals and soft commodity contracts. Oak Systems OAK and OAK II are front-end live bid and offer price platforms for electronic trading (the OAK platform interfaces directly with the electronic order routing systems adopted by the futures and options exchanges) and will also route orders to a specific exchange for pit traded or open cry markets trades. Omgeo LLC (a joint venture of the Depository Trust & Clearing Corporation / DTCC and Thomson Financial) provides post-trade, pre-settlement products. OpenLink Financial provides a group of Straight Through Processing products such as Findur and Endur. Reuters Data Feeds, Work Station and DataScope products provide news and pricing information on various markets and products. Reuters 3000 Xtra is a high-speed, integrated information and transaction service. Reuters Kondor Trade Processing (KTP) provides back-office products for processing, delivery, confirmations, payments, collateralisation and accounting across all instruments. Reuters Trading for Foreign Exchange platform allows participants to trade FX from their Reuters terminal. Rolfe & Nolan provide Straight Through Processing platforms for futures and options trading. Frontend products include Edge (which can route orders to electronic and floor-based exchanges), QST, RANorder (which utilizes HTML and Windows front-end interfaces for order entry and account access). Middle office products include Fees Direct and Margin Direct. Back office products are RANsys or RISC. SmartStream Technologies provides middle and back office products. STAR, Sucden Financial's in-house developed futures and options trading platform, provides access to many of the world's major exchanges. Sucden FX Trader Pro and Currenex are desktop platforms for forex trading. SunGard provides an extensive group of Straight Through Processing products. Swapstream sPro and sDealer platforms are front-end trading systems specifically designed for medium- and long-term interest rate swaps. SwapsWire (owned by 21 major banks / investment banks) provides trade capture, broker confirmation and counterparty confirmation for multiple OTC derivatives products including interest rate swaps, forward rate agreements, overnight index swaps, caps, floors, swaptions, credit default swaps and equity options. TradeStation (TradeStation Securities) is a trading platofrm for stocks, options, futures or forex. The TradeStation Network delivers real-time (for an additional fee) and delayed (free) index, equity and equity options, forex, and futures and futures options data, as well as foreign market data, market news feeds and free fundamental data.
TradeWeb is a fixed-income securities and deriviatives trading platform that provides live auction pricing / quotes and trade execution. (indirect subsidiary of Thomson Financial) Traiana (owned by ICAP) provides the back office Harmony system (for foreign exchange electronic trading). NetLink is also a post trade netting service for the foreign exchange market. Trayport GlobalVision Exchange Trading System and Trading Gateway are front end products for futures and options and will connect to existing mid and back office platforms to facilitate STP using XML-based APIs. Trepp CMBS Analytics on Bloomberg provides a trading platform for the CMBS secondary market. Vision Financial Markets provides the Vision Advantage (powered by Rolfe & Nolan) and the Vision Xpress front-end, futures trading platforms.
Settlement discharges the obligation of the payer financial institution to the payee financial institution with respect to the payment order. Final settlement is irrevocable and unconditional. Clearing Houses are normally affiliated with a particular exchange and are authorized to settle the contracts of that exchange. Normally, the two parties to a trade are members of the exchange and its affiliated clearing operation. The two members enter into a contract and enter the details into the electronic trading system so that the trade can be matched between the two parties. The clearing house assumes a contractual obligation in the transaction by functioning as the intermediary between the transaction: the clearing house assumes financial risk by functioning the counterparty for both parties. In this manner each party is protected from the default of either party as the clearing house functions as the buyer and seller of the contract. In order to cover its obligations the clearing house maintains its own capital base, bank facility guarantees, and collects member margin payments. Settlement of an exchange monitored or OTC transaction irrevocable cash payment for a currency, commodity, security or derivative contract premium may be conducted several ways (Bond and Repo clearing is slightly different process): One-way cash payment, made electronically or physically Payment of one currency for the receipt of another currency Delivery vs payment, or the simultaneous exchange of cash for a security Settlement Instructions must at a minimum include: Name of Institution Name of clearing bank and ABA routing Number (if applicable) Account Number SWIFT Address Multilateral Netting Settlement System allows 2 counterparties with numerous transactions between them to sum the total due to eachother and settle through a single payment / receipt by just paying the difference between the two amounts to the party that has the net due amount. This situation requires that the 2 parties execute a bilateral Netting Agreement prior to entering into any transactions. <>
ACT
The Automated Confirmation Transaction (ACT) service is the clearing and reconcilliation electronic system for trades completed through NASDAQ trading services and the OTC Bulletin Board.
CDCC
Canadian Derivatives Clearing Corporation (CDCC) is the issuer, clearinghouse, and guarantor of equity, index and interest rate financial derivative contracts traded on the Montral Exchange. CDCC also provides clearing, settlement and administrative services to the Winnipeg Commodity Exchange and the WCE Clearing Corporation. Bourse de Montral Inc. is the sole holder of the shares of CDCC. In order to align itself to the change to a for-profit status of its parent company, CDCC has received regulatory approval of amendments to its by-laws that allow it to also become a for-profit organization. It is the only clearinghouse to offer clearing services on both options and futures products.
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Clearstram
Clearstram (formerly known as CEDEL / Centrale de Livraison de Valeurs Mobilieres, which was merged with Deutsche Brse Clearing in January 2000) is a wholly-owned by Deutsche Brse and provides securities clearing and settlement, and post-trading services.
Depository Trust Company (DTC) The company's primary role is transferring ownership of securities between participants by bookentry form and also through physical delivery (custody and safekeeping). The company also provides tax services (reclamation of taxes on dividends withheld on foreign securities), processing of IPOs, and has oversight of dividend and interest payments. The DTC also provides custody and clearing services for securities from many nations in addition to U.S. issued securities (the DTC can settle in several currencies). The DTC is a member of the Federal Reserve System. <>
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Euroclear
Euroclear, which is primarily owned by its user members, provides clearing and settlement of domestic and international securities transactions (Euroclear Bank SA/NV). The Euroclear group also acts as the Central Securities Depository (CSD) for Belgian (Euroclear Belgium), Dutch (Euroclear Nederland), French (Euroclear France SA), Irish and UK securities (Euroclear UK & Ireland Limited). On 1 January 2007, EMXCo also became part of the Euroclear group. The EMX Message System is the de facto standard for fund order routing in the UK and provides order-routing services throughout Europe. Euroclear UK & Ireland Limited is the former CRESTCo, Ltd. CREST originally commenced operations on July 15, 1996, by replacing the old paper-based Talisman equity share settlement system of the London Stock Exchange and converted the old share registrar custody format to an electronic format (also replaced the Taurus electronic system that had failed to be implemented in March 1993).
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Fimat / Newedge
Fimat (Fimat International Banque S.A.) is a wholly owned subsidiary of Socit Gnrale Group, and offers straight through clearing and execution services on listed or OTC derivatives and cash products such as fixed income, tangible commodities, forex, financial Futures & Options and equities. Fimat is a clearing member of all of the major dirivatives exchanges around the world. Please Note: On August 8, 2007, Calyon and Socit Gnrale signed a joint agreement to combine their respective global brokerage activities which currently comprise the Fimat and Calyon Financial groups. The closing of the merger was January 2, 2008, and the new entity will be called Newedge. At Closing, Socit Gnrale and Calyon will each own 50% of Newedge Group. Effective January 2, 2008, Fimat USA, LLC changed its name to Newedge USA, LLC.
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Through its subsidiary International Derivatives Clearinghouse, LLC, participants can clear and settle new and existing OTC U.S. dollar denominated interest rate swap contracts traded bilaterally with dealers. The IDCG is a subsidiary of the NASDAQ OMX Group. The Bank of New York Mellon owns a minority investment in the IDCG, and provides margin and collateral management services to the IDCG.
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LCH.Clearnet
LCH.Clearnet Group was formed following the merger of the London Clearing House and Clearnet SA in 2003. The London Clearing House clears contracts for the IPE (International Petroleum Exchange, now known as IntercontinentalExchange / ICE Futures), LIFFE (now know as NYSE Liffe) and the LME (London Metals Exchange). Banque Centrale de Compensation SA, which traded as Clearnet, was formed in 1969 to clear contracts traded in Paris commodity markets. LCH.Clearnet also clears for ICAP Electronic Brokering Services (EBS), eSpeed, SwapsWire, EDX London. In the 1st Quarter 2010, LCH.Clearnet cleared its first credit default swap index contract.
Monte Titoli
Monte Titoli (part of Gruppo Borsa Italiana) was founded in 1978 and since 1986 has been the Italian Central Securities Depository for all Italian financial instruments (including Italian Government bonds). SWIFTNet provider.
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Omego OASYS
Many investment managers use the OASYS and OASYS Global (cross-border) trade allocation and confirmation service (an Electronic Trade Confirmation / ETC) to exchange trade details and allocations automatically with broker / dealers following trade execution of equity, fixed-income and
foreign exchange transactions (known as trade through or process straight through). The ETC systems allows the broker to avoid the time delay of either mailing the client a confirmation letter or sending a fax confirmation, and allows for T+1 and T+0 settlement. Additional ETCs include Salerio ETC, Sungard Transaction Network, SmartStream. OASYS is owned and operated by Omego (former Thomson Financial ESG).
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Clearing Houses
Other exchange / professional / national clearing and settlement operations include: Bombay Stock Exchange Clearing House INTERBOLSA (Sociedade Gestora de Sistemas de Liquidao e de Sistemas Centralizados de Valores Mobilirios, S.A. (Portugal, in cooperation with LCH.Clearnet, SA) Hong Kong Exchanges and Clearing Limited KELER (Central Clearing House and Depository (Budapest) Ltd. Kansas City Board of Trade Clearing Corp. Merrill Lynch Professional Clearing Corp.'s PEACE Clearing system (clearing agents for professional trading accounts both on floor market makersand off floor hedge funds) Norwegian Futures and Options Clearinghouse (NOS Clearing ASA) SFE Clearing Corporation Pty. Limited, functions as a central counterparty clearing organization. SFE Austraclear provides depository, clearing and settlement systems, and registry services of a range of over-the-counter (OTC) products. Japan Securities Clearing Corporation. <>
ConfirmHub, LLC
ConfirmHub provides confirmation processing of brokered, exchange-traded, and bilateral transactions in the energy trading markets. ConfirmHub allows energy traders and back offices to receive their NYMEX brokered and bilateral OTC cleared trades, as well as their futures and OTC trades, on a single confirmation platform.
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Payment Systems
Payment Services are provided by various kinds of institutions including banks and non-bank financial institutions. All interbank obligations resulting from retail payment such as checks and electronic funds transfers are cleared on a multilateral net basis by the ACH (Automated Clearing House). The payment and settlement arrangements have been changing significantly in recent years. Payment arrangements previously based almost exclusively on cash and paper-based payment instruments have been changing to electronic payment arrangements at a rapid rate.
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euro CHAPS (Clearing House Automated Payment System) - Bank of England EPM (European Payment Mechanism) - European Central Bank As of November 17, 2007, TARGET was replaced by TARGET2, characterized by a single technical platform called the Single Shared Platform (SSP), which is an attempt to harmonize the different, national RTGS systems. http://www.dnb.nl/dnb/home/file/EN_GUI_tcm47-155886.pdf (.pdf format) TARGET / Euro Large-Value Payaments Systems statistics www.ecb.int/stats/payments/payments/html/index.en.html
BACS
BACS is a not-for-profit payment system in the United Kingdom and is owned by 13 banks and building societies (UK and European). The company's two principal electronic payment systems are Direct Debit and Bacs Direct Credit. Ownership financial institutions include: Abbey Alliance & Leicester Commercial Bank Bank of England Barclays Bank Coutts & Co Clydesdale Danske Bank HBOS (Halifax and Bank of Scotland) HSBC Bank plc Lloyds TSB Bank Nationwide Building Society NatWest Northern Rock The Co-operative Bank The Royal Bank of Scotland
VocaLink
VocaLink (owns the Faster Payments service, which is a GBP / only system) processes payments for the UKs BACS clearing system.
On Demand Market and General News Aggregators & Search (Data Vendors & Databases)
These entities provide breaking market news and international news to desktop screens on either a proprietary basis or by subscription to the service. These entities include ACN Newswire, Action Economics, Acquire Media, AP Financial News, Atos Origin, Bloomberg, Bridge, Business Wire, CEP News Pro, Comtex, Dialog Proquest, Dow Jones Newswire, Ecovision, Factiva (Dow Jones & Reuters), Factset, Fides, Financial Content, Financial Times Global Service, Fininfo, Genios, GIN Global Information Network, GlobeNewswire, Grab Networks (Voxant), Hugin, Infobolsa, Investnet,
JCN Network, LexisNexis, LexisNexis ABIX, MarketWatch, Markit, Newstex Finance Newsfeed, Newstex Public Companies Newsfeed, Proquest, Relegence, Reuters, Telerate, TrackData, Thomson Gale, Thomson Financial, YellowBrix.
www.apca.com.au/
Canadian Payments Association (CPA / lAssociation canadienne des paiements) (Franais / English) Clearing Corporation www.clearingcorp.com/ www.chips.org
Clearing House Interbank Payments System (CHIPS) Clearstream www.clearstream.com/ Settlement and custody for the Deutsche Brse. CLS (Continuing Linked Settlement) Bank
www.cls-services.com/ www.cblc.com.br/cblc/Default.asp
Companhia Brasileira de Liquidao e Custdia / CBLC (Brazil) (Portugus / English) Depository Trust Company www.dtc.org/ www.dtcc.com/
Electronic Clearing House (ECHO) www.echo-inc.com/ (Originally an interbank FX settlement system, now provides commercial credit/debit card, paper check and bank payment processing services) Electronic Payment Services (Hong Kong) Emerging Markets Clearing Corporation www.eps.com.hk/
www.e-m-c-c.com/
EUREX www.eurexchange.com/ Clears EURO denominated derivative contracts (interest rate, equity, equity index) for the Deutsche Brse and the Swiss Exchange (SWX). Euroclear www.euroclear.com/ www.ecsda.com/
www.ecc.de/ www.ficc.com/
Global Banking & Securities Transactions (GBST / Australia) Hong Kong Exchange and Clearing, Ltd. www.hkex.com.hk/
www.gbst.com/
IberClear (El Depositario Central de Valores de Espaa) IBOS (Inter-Bank Online Systems) www.ibosassociation.com/ www.idcg.com/ (Korean / English)
www.ksd.or.kr/Eng/index.jsp
LCH.Clearnet www.lchclearnet.com/ (Formed by the merger of the London Clearing House and Clearnet SA); Clears contracts (financial, equities, energy, non-ferrous metals and commodities) for the International Petroleum Exchange (IPE), Euronext / LIFFE, London Metal Exchange (LME), The London Stock Exchange (LSE), Endex, virt-x, Powernext. Monte Titoli www.montetitoli.it/ nacha.org/
National Automated Clearing House Association (NACHA) National Securities Clearing Corporation OASYS / OASYS Global / ALERT (Omego) Options Clearing Corp. (OCC) SFE Clearing / Australclear SIS SegaInterSettle AG www.nscc.com/
http://www.omgeo.com/
www.optionsclearing.com/
www.sfe.com.au/
www.sec.sisclear.com/sec/cm/index.htm www.swift.com/
Society for Worldwide Interbank Financial Telecommunications (SWIFT) Swiss Interbank Clearing www.sic.ch/
UN/CEFACT United Nations Centre for Trade Facilitation and Electronic Business finance.org/ Verbrfaskrning slands (Icelandic Securities Depository) www.vbsi.is/
www.tbg5-
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