Trade unions Fabi, First Cisl and Fisac Cgil have called for a strike at Borsa Italiana, the first in the exchange’s history.
The first act of the strike is scheduled for the last two working hours of 27 June, with further mobilisations slated until 13 July.
Action is being taken due to concern for job losses, a demand for pay rises and the belief that Euronext, which acquired the exchange in 2021, is making “constant, systematic and overall disinvestment from Italy” and reducing Borsa Italiana’s autonomy.
Commenting on the strike, Fisac Cgil’s Gabriele Poeta Paccati said: “We want to maintain a decision-making centre in Italy for all strategic functions of the stock exchange, including MTS.”
Responding to the planned action, Euronext has stated that it will engage in a constructive dialogue with the unions; “Euronext and the Borsa Italiana Group work constructively with trade union representatives to achieve the growth objectives of Italian companies and the group.”
Christian Bahr, head of index services, financial information, SIX
SIX has launched a series of global equity indices for the retail, private banking and asset management sector.
The indices have been created in response to growing demand from financial institutions for a clearer picture of the stocks and markets that their clients’ money is invested in and how they are performing, SIX explained.
The solution combines existing indices and instrument data into a single channel, including SIX’s Broad and Blue-Chip Indices and Swiss, Spanish, Nordic and ESG indices.
Users are able to view their equity investments through a digital portal using a web API, which SIX said will reduce the administrative burden of subscribing to several sources, SIX said. Clients will also be able to provide additional data sets and more granular performance details to their customers, including real-time pricing for a particular entity.
The SIX Global Indices can also form the basis for fully-customised indices and be used as use-cases for display, derived data, reporting, portfolio, risk and asset management, the firm added.
Christian Bahr, head of index services for financial information at SIX, commented: “Establishing a strong presence across the banking sector is paramount for recognition as a key player in global indices and global market data. With the relentless growth of passive investing, this has become increasingly important in recent years.
“Many financial institutions are in the process of renewing their online banking products, including their own websites and apps. SIX supports them with a more sophisticated overview of market performance for their investment-savvy customers, and our combined proposition around API delivery will make accessing this data faster, simpler, and more cost-effective for financial institutions. We eagerly anticipate creating further innovations in this exciting space.”
Marex is set to offer client clearing of interest rate swaps, and will become a member of LCH’s SwapClear service effective 15 July 2024, subject to final approval.
By offering this service, Marex aims to improve counterparty risk diversification, clearing capacity and market connectivity for users. It is the first non-bank FCM clearing member to provide this service through LCH SwapClear.
The service builds on Marex’s existing clearing memberships across energy, commodity and financial markets.
Commenting on the development, Thomas Texier, head of clearing at Marex, said: “Our entry into interest rate swap clearing is a significant move given the size of this market and complements our existing clearing offering.
“Recent consolidation in the interest rate swaps clearing market has heightened the need for new players. Our clients will be empowered to trade with greater confidence using Marex’s robust balance sheet, comprehensive end-to-end offerings and our consistent delivery on excellent client service.”
Iouri Saroukhanov, head of European derivatives, Cboe Europe.
IMC has joined pan-European equities derivatives marketplace Cboe Europe Derivatives (CEDX) as a direct trading participant.
The global market makers can now access the exchange’s index derivatives and equity options, and will provide further liquidity across European equity derivatives contracts.
CEDX was launched in September 2021, and uses a single access point to promote on-screen liquidity and increase operational and capital efficiency. Initially offering trading in futures and options, the exchange expanded to cover equities options in November 2023.
Iouri Saroukhanov, head of European derivatives at Cboe Europe, commented: “We are thrilled to welcome IMC to CEDX and further diversify the types of liquidity the exchange is offering to its institutional and retail participants. The support of a firm of IMC’s calibre demonstrates the broad appeal of CEDX, which is lowering barriers to entry for European derivatives through its pan-European model and promotion of deep and liquid on-screen markets.
“We look forward to IMC’s active participation across our range of equity derivatives and supporting us on our journey to create a larger and more efficient European derivatives market.”
Koen Langemeijer, Europe market making lead at IMC, added: “We are very excited to become a direct trading participant on CEDX and provide liquidity across the exchange’s range of pan-European equity derivatives contracts. We are strongly aligned with CEDX’s ambitions to enhance and grow Europe’s derivatives markets and look forward to providing its participants with access to our exceptional levels of liquidity.”
The Indonesia Stock Exchange (IDX) is upgrading its core trading platform to Nasdaq’s “most advanced” engine, allowing the exchange to quadruple transaction capacity and support the archipelago’s burgeoning capital markets and economic development.
The modular and scalable platform supports trading in traditional asset classes, including equities, fixed income, foreign exchange, and derivatives, as well as digital assets, providing the flexibility to support IDX’s objective of increasing the number of products and services it offers to clients.
Sunandar, director of information technology and risk management at IDX, said: “With this trading system and technology infrastructure upgrade, we envisage becoming more competitive and staying attractive for both domestic and international investors. We believe this partnership will speed up the modernisation advancement of the Indonesia capital market while supporting sustainable economic growth.”
IDX has seen trading volumes increase 65% since 2019, while the total number of investors trading on its exchange has grown by more than 400% to 12.6 million. Today, IDX has 921 companies listed on its exchange, an increase of 49% over the same period.
Magnus Haglind, head of marketplace technology at Nasdaq
Magnus Haglind, head of marketplace technology at Nasdaq said: “Nasdaq is playing a critical role at the heart of Indonesia’s modernisation story. We welcome the opportunity to support Indonesia Stock Exchange’s vision and ambition to become a world-class exchange. By supporting the development of a deep and sophisticated capital markets ecosystem in Indonesia, we can help deliver growth and prosperity across the country and wider region.”
The partnership will also see an extension of Nasdaq’s market surveillance arrangement with IDX, and an agreement to enhance IDX’s Index business to help foster a deeper and sophisticated global capital markets ecosystem. By bringing flexible architecture to the Index business, IDX will be able to quickly design and launch new indices.
The agreement builds on Nasdaq’s partnerships across the Indonesian financial system. In addition to Nasdaq’s long-standing relationship with IDX, Nasdaq provides market surveillance technology to OJK, Indonesia’s Financial Services Authority, the core technology platform that underpins KSEI, Indonesia’s central securities depository, and its Calypso treasury solution to Bank Indonesia, the country’s central bank.
Shui Yee Leung, executive director of APAC convertible bonds, Nomura International,
Markets Media spoke with Shui Yee Leung, Executive Director, APAC Convertible Bonds, Nomura International, who won Excellence in diversity and inclusion at the 2024 Women in Finance Asia Awards.
Shui Yee Leung
Who have been the main influences in your career?
Early on in my career, I was fortunate to have worked with two separate business leaders that supported and directed me to take on progressive opportunities outside my comfort zone, facilitating my growth to the next level. Their work ethic and managerial styles brought out the best qualities from their co-workers, developing naturally engaged and collaborative individuals, that they built into successful teams.
What is the importance of promoting Diversity & Inclusion?
DEI is essential to the sustainability of organisations, where the most valuable resource is its people. Promoting DEI fosters a sense of belonging amongst employees, facilitating better retention rates and providing employees with a safe and supportive environment in which they can all fully participate. We know from numerous studies that companies with more diversity are significantly more likely to outperform on profitability. Having a broad range of perspectives and experiences allows for similarly more broad ideas and innovation.
Where does the financial-services sector stand when it comes to gender equality?
There has been positive progress, but there is still a long way to go before equal access and equal representation. Whilst it is balanced at the entry level, female representation drops to less than one fifth in the C-suite* and around 5% for CEOs. Certain sectors and roles have significantly less women, such as fintech and trading. One way Nomura is addressing this is to proactively attract more women to these roles through education. Our Women in Trading Bootcamp introduces females to the world of trading, as well as tackling some of the misconceptions of working as a trader. (*Source: Statista 2024)
What can be done to close the gender-parity gap in financial services?
There is a multiplier effect where higher female representation in C-suite roles can positively impact the addition of women in leadership levels, meaning advancement is a crucial pillar to focus on. Asia and India, on average, lag North America, Western Europe and Oceania for senior women in finance. This is hindered in part by cultural expectations but also by less mature introduction of administrative measures. Hong Kong will finally mandate all listed firms to have at least one female board member from 2025. Holding firms accountable and having them demonstrated their HR processes encompass diversity can help encourage adoption of best practices.
What are your current Diversity & Inclusion initiatives at Nomura?
We have implemented inclusive hiring practices that include working with our recruiters to target diverse representation in the candidate pool. This is reinforced by unconscious bias and DEI training and gender diversity in our interview panels. We embed similar policies into our Advancement process. Our mentoring and sponsorship programs develop our female talent pipeline, to put them forward for opportunities. Beyond this, we have undertaken reviews of our benefits and infrastructure to be fair and equitable, such as our parental support program, inclusive benefits policies covering same sex partners and gender-neutral bathrooms. We support the evolving needs of employees at different life stages, such as through flexible work arrangements (FWA) and family care initiatives. I myself benefited from Nomura’s FWA program when my children were young, before returning full time to continue expanding my work role. Building on the culture of the firm, our four employee networks, Women In Nomura, Pride, Life & Families and Mental Health, bring people together around common areas of interest, to provide support and channels for feedback from the ground to help drive change.
Payal Ray, regional human resources business partner & head of diversity equity inclusion, BNP Paribas
Markets Media spoke with Payal Ray, Regional Human Resources Business Partner & Head of Diversity Equity Inclusion at BNP Paribas, who won Excellence in Commodities at the 2024 Women in Finance Asia Awards.
Payal Ray
What was your reaction to winning the award?
Being nominated and recognized by the business teams I support is immensely rewarding. As I sat listening to the achievements and speeches of fellow winners at the Award Ceremony, I felt a profound sense of inspiration, energy, humility and gratitude. It is an honor to be acknowledged among such incredible women leaders who are shaping our industry.
What is your company culture?
The culture at BNP Paribas embodies a true sense of community. Colleagues respect and appreciate one another, generously sharing their knowledge, expertise and time. Most importantly, we work together as a collective, fostering a collaborative and supportive environment.
How your career has been enhanced by exposure to diverse people, places, or experiences?
Growing up in Mumbai, I was surrounded by a warm, supportive but fairly homogeneous community. The doors to a diverse and multicultural world opened up when I joined BNP Paribas as a Graduate- meeting and working with colleagues from all over the world, becoming financially independent and having the means to travel, experience different countries, their food, their people and thereby assimilating little pieces of culture into my own to create a beautiful mosaic. And now that I’m bringing up 2 children in Singapore, these diverse experiences are making me realise how powerful this cosmopolitan exposure from a young age can be. All of this has fuelled a respectful curiosity, the desire to listen, observe, understand and appreciate people for their uniqueness and the ability to find common ground and connect no matter how different we might seem to be. I approach my career with the same philosophy – the mindset for learning through experiences and using it to help others (be it the business or individuals) to achieve their goals.
How do you deal with pressure or stressful situations?
With 2 young kids and a dual career household, pressure and stress are constant. Over the years I have found a few effective ways of dealing with stress and pressure that work for me. For one, I find naming what I’m feeling is the first step in then ‘taming’ that feeling and identifying the source of the stress. Putting in place steps that address the source naturally follows. But there are certain stressful situations that cannot be immediately resolved – acknowledging that you have to ‘ride it out’ or very often ‘ask for help’ (something we know women find difficult to do) is definitely the reality. Of course, there will always be my go-to choices – prioritising things that bring me joy – spending time with my family, painting, speaking to a friend or a mentor. At the end of the day, I always remind myself of all the things I’m truly privileged and grateful for.. that helps me.
What’s your favorite workplace tradition?
That would be our annual BNP Paribas DEI festival called ‘Inclusion Days’, celebrated globally every October. This event is a true celebration of our organization’s rich diversity, and each year, our events and initiatives grow more innovative and creative. The highlight is undoubtedly the ‘Food and Culture Day’ – a delightful tapestry of global delicacies, with colleagues sharing the rich histories and traditions behind their cuisines. It fills me with immense pride and privilege to work in such a diverse and inclusive organization.
Markets Media spoke with Karina Kam, Lead Sales Executive APAC, Nasdaq, who won Excellence in Commodities at the 2024 Women in Finance Asia Awards.
What is your reaction to winning the Award at the 2024 WIFAA Awards?
I was quite speechless when I learnt that I would be awarded the winner of the Rising Star Award. I wasn’t sure I was qualified to be nominated and certainly didn’t expect to win anything. There are so many talented and inspiring women in the field, and I felt honored just to be nominated. Winning the award was a huge surprise and a validation of all the hard work and dedication that I have put into my career.
Briefly describe your background and career to date.
I graduated with an Exercise Science Degree from The University of Hong Kong. I worked briefly at Tesla, knowing that I wanted to be in Sales, but I also learnt early on that the automobile industry wasn’t for me. I subsequently applied for a Sales Analyst job in Nasdaq Hong Kong, starting my Nasdaq business development career in Investor Relations and ESG Services, gaining exposure working with listed companies. After my first year in Nasdaq, I made a lateral move into the Customer Success team in ESG Services, focusing on service delivery and developing skillset in relationship management. After a few years, I have transitioned into Nasdaq’s newly formed Financial Technology, which provides mission-critical capital markets and regulatory technology solutions to the financial services industry. In my current role, I manage Nasdaq’s relationships with Banks and Brokers in APAC, driving sales and retention for Regulation Technology, which includes Surveillance & Regulatory Reporting solutions, and Capital Markets Technology.
What have been the main drivers of your success?
I think my curiosity and willingness to learn new things are the main drivers of my success. I have been exploring different aspects of Nasdaq’s business, from Investor Relations, ESG to Fintech, and acquiring new skills and knowledge along the way. I was very lucky to have remarkable mentors, which have given me a lot of feedback and opportunities to grow professionally and personally.
What keeps you motivated?
Outside of work, I am also an advocate for women in sports! I am a footballer playing for Hong Kong Football Club, and we play at the highest level of Women’s Football in Hong Kong. With girls reportedly dropping out of sports more than boys as they develop into young adults, I want to demonstrate to the aspiring young girls that they can still participate in the highest level of sport while committed to their career. Being a part of a competitive team that shares a common passion and goal is very rewarding and empowering.
What’s your favorite aspect of working at Nasdaq?
Nasdaq’s dynamic environment has allowed me to advance my career. My focus for the last three years has been Regulation Technology, where we constantly need to innovate to keep up with regulatory changes and to prevent the bad actors who are also using new methods to manipulate the market. I also value the opportunity to work with diverse and talented colleagues who have different backgrounds and views, but all have a common drive for innovation.
Where do you see yourself in five years?
Probably still around in the Financial Technology space and finding creative methods to solve problems!
Markets Media spoke with Agnes Koh, Chief Risk Officer at SGX, who won Excellence in Risk Management at the 2024 Women in Finance Asia Awards.
Agnes Koh
What was your reaction to winning the award?
I was extremely honoured and humbled especially as I had begun my career in Risk management 18 years ago after coming out of an 8-year career break and without the “right credentials” then.
This was back in 2005 when it was more difficult than it is today to re-enter the workforce; opportunities were scarce then for return-to-work mums.
That is why I am very grateful that SGX Group as an employer was willing to take a chance on me. Despite my not being a quant, they valued my previous experience as a portfolio manager and were open to hiring someone with the practical risk experience navigating through different market crisis, rather than a person with the theoretical know-how.
The journey was tough, especially in the first year, from being 24/7 with the children to working in the office for many hours away from home. Like many working mothers, I struggled with the initial guilt feelings.
The difficult transition was eased as SGX, being the only market infrastructure in Singapore offered a unique and interesting, even exciting, proposition with so much to learn. Our management supported my proposal to rotate through other departments early on, which enabled me to learn quickly and to build new relationships outside the Risk team to better understand the purpose of the organisation and what makes it tick.
The past 18 years have been a time of continued growth for me, as SGX Group navigated the breadth of different crisis e.g. GFC, Covid-19, and operational incidents.
The openness to helping a new colleague immerse across the organization plus constant support and encouragement remains a hallmark of SGX Group even to this day.
In short, we as a team were able to create new opportunities amid adversity and I have benefitted greatly from this.
What keeps you motivated?
Having purpose pushes me forward especially at difficult moments. Risk management is dynamic and challenging; no day is ever dull.
I see my purpose as changing the mindset across the organisation about what good risk management is. It is not just about managing controls to stay out of trouble but is business enabling, strategic and creates opportunities for innovation and change.
What are the top risk management trends?
Cyber and third-party risks are difficult to control as even intensive effort may not necessarily reduce the impact of such a risk event on operational resilience.
Liquidity risk is critical. We are in an environment where money has greater value/cost due to higher interest rates versus a few years earlier. Liquidity risks in the financial models across the ecosystem may thus be underestimated.
As I said earlier, risk may not always mean trouble; it can be beneficial too. Understanding and appreciating both sides of the risk equation is crucial for new technologies such as AI and cloud.
What is your greatest professional achievement?
My team has had many professional achievements that I am proud of. These were made possible by being anticipatory and staying true to testing the resilience of our risk frameworks.
A more recent instance would be during the COVID-19 pandemic. As part of driving business continuity, we had tested the work-from-home capability of all operational functions across the organisation in September 2019 and discovered areas that were lacking. Plans for improvement were put into place so when Singapore went into lockdown in March 2020, a majority of the employees were able to work remotely with relative ease.
Consider also the 2008 Great Financial Crisis. The US Treasury Department had announced on Thursday Sept 11 that Lehman Brothers had to find its own rescue partner.
The Risk Management team took unprecedented steps to protect the Singapore market eco-system and ring-fenced the potential fallout risk from a global bank. There were difficult conversations with stakeholders and significant challenges but we stood our ground on the anticipatory actions implemented. When Lehman ultimately filed Chapter 11 bankruptcy on Monday Sep 15, the shock to global market reverberated for months and we were able to manage the risk in a controlled manner. Ultimately SGX Group and its members were unscathed.
Tell us about a passion you have outside the business.
Exercise ! I love to explore new ways to keep my mind and body healthy and functional. As a competitive sports person in my school days, keeping active outside of work is embedded in my DNA. Exercise is important to me because it keeps me both physically, mentally and emotionally able to handle the different pressures in my life. Over the years, my exercise habits have evolved to fit my body and mental timeline and I am constantly learning about the human body and how it functions.
I see a future where I could devote my time to understanding how the body and mind function. I would like to be an advocate to people within my age group to get them thinking differently about exercise. Exercise is not a chore but critical to maintaining our functional abilities and lifestyle. This as an important aspect as Singapore’s population ages.
What’s your advice to the next generation of women in finance?
Three things stand out for me.
One, keep learning, understanding and embracing changes and new technologies. They will be significant game changers and will be relevant in the workplace in the future.
Second, define your own success and find your purpose. I meet with many mid-career women in finance, some of whom have come back from career breaks and have found their way forward. Never feel guilty about taking that break as different things are more important at different stages of your life.
Finally, work hard and have the humility to ask for help.
The journey at work may be challenging. But I have found these 3 things invaluable in helping me to stay rooted and keep going.
Theresa Tan, executive vice president and head of Greater China and South Asia institutional, PIMCO
Markets Media spoke with Theresa Tan, Executive Vice President, Head of Greater China and South Asia Institutional, PIMCO, who won Excellence in Commodities at the 2024 Women in Finance Asia Awards.
Theresa Tan
Who have been the main influences in your career?
I am fortunate to have a number of great mentors guide me at different points of my career. One taught me to be exacting in my standards, another inspired me to be aspirational, and others emphasized the importance of compassion. A common attribute they all instilled in me is to hold myself to high standards, not to be afraid to try something new, and not fear failures.
What’s something you’re really proud of and why?
Just as I have benefitted from the counsel of many mentors, I have had the opportunities to work with, manage and mentor many colleagues of our next generation. Harnessing the potential of our next generation of talent is an area I am very passionate about, regardless of gender. Seeing them mature and grow within our firm brings me great satisfaction. I am very grateful to be part of their journey.
What are the current asset management trends?
The asset management industry is undergoing significant transformation driven by sustainability, technology, regulatory changes, and evolving investor preferences. In the last decade, we have witnessed substantial developments in sustainable investments and this will continue to evolve rapidly.
Looking ahead, we are in the early stages of embracing technology advancements in investment processes, such as the increasing use of AI and machine learning, and data-driven decision making. Likewise, in client management, I anticipate greater adoption of digital platforms, AI-generated service portals, and democratization. Additionally, we will see increasing adoption of alternative investments amongst asset owners.
Despite the changes, our key priorities remain unchanged: keeping tabs of market developments, staying close to our clients and meeting their needs.
What’s your favorite aspect of working at PIMCO?
PIMCO is a dynamic organization. There is never a dull day at the firm where new strategies, clients, market developments (including challenges) are constantly emerging and evolving. We thrive on the energy that comes from engaging with all these new initiatives.
The culture at PIMCO is highly collaborative, which I experienced first-hand when I joined the firm during the height of the COVID-19 pandemic. Everyone was very generous with their time, allowing me to seamlessly assimilate into my role.
I am also very thankful for the many opportunities and stretched assignments PIMCO has provided me, from overseeing the Singapore office to building up the Greater China and South Asia team, and moderating keynote sessions with prominent financial luminaries.
What’s your advice to the next generation of women in finance?
(1) Seek passion. Passion not only helps you feel energized and look forward to your work, but it also helps you navigate challenging periods.
(2) Embrace vulnerability and seek help. Don’t hesitate to ask for help, not just from senior colleagues but from peers across all levels. The collective strength of the people around you can support you through tough times.
(3) Don’t be afraid to fail or make mistakes. Each mistake will offer a valuable lesson. In fact, you often learn more from your failures than your successes. When you make a mistake, ask yourself: What went wrong? What can I do differently? How do I avoid repeating the same mistake?
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