Source: John Lothian Newsletter
BATS Global Markets gets regulatory approval to offer pricing incentives to individuals who trade stocks. The DTCC, locked in a battle with CME Group and the CFTC over swap data reporting, takes issue with this week’s CFTC decision to pull back under pressure from CME Group. Around the world, global reform has exchanges under pressure, [...]
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Source: John Lothian Newsletter
Hong Kong Exchange gets approval from Britain’s financial regulator to proceed with its acquisition of the London Metal Exchange. Clearing house LCH.Clearnet looks to Asia as a way to diversify beyond Europe in the hunt for new business. The CFTC gives a final approval to a Dodd-Frank related swap clearing rule, starting waves of effect [...]
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Source: John Lothian Newsletter
Deutsche Börse announces changes to its senior management team. Exchange operator BATS looks to the debt market for financing, its first attempt to raise money since its failed self-IPO this past March. Miami Options Exchange forges ahead with plans to open its doors in early December, despite a lack of regulatory approval for that action. [...]
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Source: John Lothian Newsletter
As expected, Mary Schapiro announces her departure from the SEC, and Elisse Walter is tapped to take her place. Canada’s Mark Carney heads to Britain to take the head chair at the Bank of England. Spanish futures exchange MEFF shut down for several hours today; a “connectivity” issue was blamed, and trading has now resumed. [...]
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Source: John Lothian Newsletter
Chi-X Australia says that CEO Peter Fowler will cease to act in that role in early 2013, but will remain on the board of directors for the venue. CME Group receives CFTC approval to proceed with its derivatives data warehouse project. Nasdaq OMX moves aggressively to open its new interest-rate futures trading platform in order [...]
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Source: John Lothian Newsletter
Bats Chi-X Europe moves to substantially change its fee and cost structure for market participants. Australian regulators move to restrict and rein in high frequency traders and dark pool providers. An arrest is made regarding insider trading charges at SAC Capital Advisors, with the founder of that firm implicated for the first time in the [...]
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Source: John Lothian Newsletter
Tokyo Stock Exchange and Osaka Securities Exchange round the corner toward the merger finish line, as shareholders signal approval for the deal. Aquis Exchange, a new venue in Europe slated to open for business around the middle of next year, has hired its first directors. LCH.Clearnet looks to establish a hold in Asia as it [...]
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Source: John Lothian Newsletter
Where has equity volume gone? In part at least, it’s headed out the exchange door and over to a dark pool in the last few years. Politicians, still in a mindset that allows them to debate whether a fiscal cliff dive is a reasonable way to do their job, begin to consider working together as [...]
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Source: John Lothian Newsletter
Nasdaq rolls back the tarp on a new trading platform in the hopes of matching investors to Scandinavian bonds. The CFTC votes to appeal the recent court decision rejecting its position limit proposal. Broker ICAP decides to shut down NYSE floor trading operations as it works to weather the global low-volume storm. If you haven’t [...]
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Source: John Lothian Newsletter
JLN’s first video in the Restoring Customer Confidence series debuts with Ron Filler, a Professor at New York Law School, who discusses how gross margining could alleviate segregated customer account risk. The CFTC produces a proposal for reporting swaps positions, similar to the way that they currently report futures positions. As France’s new transaction tax [...]
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Source: John Lothian Newsletter
Swaps brokers find themselves in a fight for career survival as the regulatory landscape shifts in favor of futures trading. In the U.S., regulators begin to busy themselves with the topic of new controls for the money market, with some urging the SEC to proceed at full speed. In the ongoing dispute over swaps reporting, [...]
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Source: John Lothian Newsletter
NYSE Euronext’s moves a set of listings to new technology… and spends the day scrambling to try and restore trading on those companies. Clearing company DTCC joins the fight between CME Group and the CFTC on swap reporting, lining up with the CFTC against CME Group’s lawsuit requesting a halt to new incoming regulations. Direct [...]
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Source: John Lothian Newsletter
TMX Group plans to discontinue the listing side of recently-acquired Alpha Exchange as it consolidates functions within the company. The London Stock Exchange gets a regulatory thumbs up in France to proceed with its LCH.Clearnet takeover. NYSE Euronext shows signs of taking over more of the technology-listing sandbox from Nasdaq OMX. First Read Compromises may [...]
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Source: John Lothian Newsletter
CME Group goes to court, asking for help in preventing the CFTC from enforcing its new swap reporting regulations. Two broker trade groups in Europe are warning that new capital requirement rules may wreck the clearing industry in that region. Pressure mounts on the US adminstration and legislature from all sides to stop kicking cans [...]
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Source: John Lothian Newsletter
Regulators outside the US met face to face with CFTC commissioners in an attempt to explain the consequences of the CFTC attempting to dictate regulatory policy to other countries. In the US election’s aftermath, exchanges and other financial companies see fading chances of a Congressional regulatory turnaround on Dodd-Frank. And as the current administration’s first [...]
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Source: John Lothian Newsletter
NYSE Euronext, faced with new European regulations for clearing, plans to sell an assortment of stakes in other ventures in order to build a bigger capital buffer. Bats Chi-X Europe sets forth to become the first alternative trading system to register as an exchange. Archer Daniels Midland is said to be discussing bribery allegations with [...]
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Source: John Lothian Newsletter
NYSE Euronext pairs up with Brazil’s ATG to create a new trading platform for Brazilian stocks. IntercontinentalExchange says they expect more and more traders will begin to use energy futures rather than swaps, as the regulatory landscape continues to shift. In the wake of Hurricane Sandy, CME Group elects to delay the launch of their [...]
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Source: John Lothian Newsletter
IntercontinentalExchange asks the SEC for permission to take on a new project: clearing swaps for five countries in Europe. Standard & Poor’s gets taken to the woodshed in Australia, as a judge rules that the company did indeed mislead investors by slapping an “A-OK” rating onto rickety products that collapsed in 2008. BATS Chi-X Europe [...]
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Source: John Lothian Newsletter
Investors, told to stop speculating on EU government bond defaults, promptly begin the search for a different investment vehicle that will allow them to continue trading the same outcome. Bank regulators are increasing capital requirements after ongoing fraud and poor decision making shows no signs of subsiding. Barclays sets aside more money to pay fines [...]
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Source: John Lothian Newsletter
The London Stock Exchange receives a thumbs-up from French regulators on its plan to take control of clearinghouse LCH.Clearnet. CFTC commissioner Scott O’Malia reports being less than impressed with the way the agency set forth and then reeled back rules to govern energy derivatives. Global broker ICAP pulls the cover off of ISDX, its new [...]
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