Changes to trading in equities an investor boost for bourse
INVESTOR-friendly changes to the way that equities are traded on the JSE are good for the profile of the bourse and will keep it in line with its global peers, said Harry Ioannou, head of distribution and sales trading at Macquarie SA.Macquarie’s head of cash equities, Sarah-Jane Wagg, blew the kudu horn when the market opened on Monday, in honour of the broker being the first to execute a trade using the JSE’s new central order book cross.The trade had been executed on September 26 between two domestic clients, Ioannou said, speaking after the launch of the JSE’s equity market enhancements."[The central order book cross] trade functionality will be used in the market extensively," he said.Central order book cross trades are pre-negotiated trades matched within the best bid and offer spread without interference from other traders. The trades are published to the market only once they have been executed.Previously, brokers would pre-negotiate trades and then arrange to execute them e...
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