The launch from the ground up of a number of exchanges abroad is expected to translate into new jobs in the product development, tech, research, operations, compliance, business development, finance and marketing areas. In Jersey City, New Jersey-based Direct Edge is making plans to launch an all-electronic exchange for Brazilian equities. Pending regulatory approval, Direct Edge Brazil will be headquartered in Rio de Janeiro, opening in the fourth quarter of 2012. Direct Edge Brazil is set to offer trading in all Brazilian equities, ETFs and depositary receipts.
A Brazil-based CEO is soon to be named to lead the team in Rio de Janeiro. Direct Edge Brazil, if approved, will take on BM&FBovespa, the leading exchange in Latin America. In other news, BATS Global Markets and Brazilian asset manager Claritas are hashing out the details behind clearing and depositary services in Brazil.
New African Exchange
With a Botswana headquarters, Bourse Africa, a Pan-African commodities and derivatives exchange, is set to launch in the middle of 2012. Bourse Africa is planning to offer currency futures in major African currencies against the U.S. dollar, as well physically-deliverable or cash-settled commodity futures in key pan-African commodities and physically-deliverable commodity spot contracts. The launch was delayed from its original 2009 date. At the time, plans were to hire at least 100 for the new exchange.
In Asia Too
Back in May, the Hong Kong Mercantile Exchange began official trading. The HKMEx is an electronic platform for commodities trading in Asia-Pacific. Trades are cleared and settled by London-based LCH.Clearnet. The HKMEx is also launching a number of emerging market indices of mainland China, Russia, Brazil, India and South Africa equities. The interest comes as not much of a surprise. According to the World Federation of Exchanges, trading decreased in the Americas by 9.3 percent, while volumes grew by 13.8 percent in Asia-Pacific. The Americas decrease was primarily due to U.S. exchanges.