Instinet: HKEx needs to break clearing and settlement monopoly
Instinet's Asia chief executive Glenn Lesko says Hong Kong needs to open up clearing and settlement to allow competing exchanges to operate
While Hong Kong already has dark pools that enable anonymous block trades, Instinet's Asia chief executive Glenn Lesko says its regulatory regime is still unfriendly to "lit pools", or electronic communications networks (ECN) such as Direct Edge, BATS and the Instinet-owned Chi-X, and the territory risks lagging behind rivals such as Australia and Japan. Alternative trading system providers in Japan will start clearing their trades on Japan Securities Clearing Corp (JSCC), which is partly owned
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