Also, in February 2011, the Osaka Stock Exchange plans to launch J-GATE, a new high-speed order-matching engine for equity derivative trading. Proprietary trading systems (PTSs), which correspond to the multilateral trading facilities (MTFs) in Europe, still have only a small market share in Japan, but their trading volume is gradually increasing.
•  First, the sharp and largely unanticipated fall in U.S. residential land prices after 2006 was the main cause of the financial crisis of 2007-09. 1  For example, section 1074 of the Act mandates that the secretary of the Treasury submit recommendations to Congress about possible changes to government-sponsored housing finance. Earlier this year, the secretary fulfilled that mandate.