Source: John Lothian Newsletter
Exchange operator CME Group posts an overall daily record volume this week. Korea plans to launch the country’s third stock exchange; this one will focus on smaller businesses. The head of Japan Exchange Group says that the company is on track for record profits. First Read CME reports record single-day volume Neil Munshi in Chicago [...]
Read article
Source: John Lothian Newsletter
The SEC intends to announce its first ideas for reform in the money market sector next week. Even as the focus for the London Metal Exchange shifts toward Asia and its new parent, traders there are supportive of the new direction. The SEC’s anticipated fine and decision arrives for Nasdaq’s substandard handling of last year’s [...]
Read article
Source: John Lothian Newsletter
Nasdaq OMX NLX and LCH.Clearnet get regulatory clearance to clear and trade, and plan to turn on the lights on May 31. Markit responds to trader apprehension over planned credit-default swap futures by planning to publish a daily list of constituents used by the futures contract. Mongolia, seeking foreign investors for its fast-growing economy, wants [...]
Read article
Source: John Lothian Newsletter
Constructors of the newly proposed financial transaction tax in Europe are backing away from an across-the-board implementation as opposition from many corners continues unabated. The Shanghai Futures Exchange opens its metals warehouses to overseas participants in a bid to take business from the LME. The head of the recently-closed Hong Kong Mercantile Exchange steps down [...]
Read article
Source: John Lothian Newsletter
London Stock Exchange plans to begin single-stock options trading next month. Options clearinghouse OCC plans to undo dividend-linked options trading, something that has been popular on Nasdaq’s option-trading platform. NYSE Euronext opens the door and turns on the lights at Enternext, its new small-to-medium company trading venue. First Read CBOE weights its regulatory role Lynne [...]
Read article
Source: John Lothian Newsletter
A group of investment firms sue the CBOE, alleging improper fee assessment over a multi-year period. FINRA extends a new regulatory reach to stock trading platforms catering to high-frequency traders, and takes a closer look at dark pools. After earning jeers and criticism in 2008, credit rating agencies are taking fresh damage for their mis-estimation [...]
Read article
Source: John Lothian Newsletter
Police in Hong Kong are taking a closer look at potential financial irregularities at the recently-shuttered Hong Kong Mercantile Exchange. The ICE-NYSE merger has formally been submitted to the EU for testing and, they hope, approval. ICE Endex and the European Energy Exchange face off over an expanding market in Turkey. First Read CME Plans [...]
Read article
Source: John Lothian Newsletter
The CFTC is sifting through a mountain of email in its search for ISDAfix rate manipulation, hopefully at a rate of more than a few hundred a day. The head of Colombia’s stock exchange says the country’s financial markets are due for a spruce-up to attract foreign investment. In the wake of Bloomberg’s recent trouble [...]
Read article
Source: John Lothian Newsletter
A final-minute trading burst at the NYSE sent a stock’s price from $90 to $0.01 and back up again on Friday, causing the exchange to bust most of those trades afterwards. Fledgling Hong Kong Mercantile Exchange (HKMEx) ceased trading operations last week, relinquished its trading license and settled the handful of outstanding open contracts, vowing [...]
Read article
Source: John Lothian Newsletter
The CFTC votes 4-1 on a package of new rules that nobody likes very much, including the CFTC. Nasdaq posts the latest trading halt caused by a system fault. Regulators prepare to issue a big fine to an exchange, and are considering increasing their regulatory presence there in the future. First Read CFTC Moves the [...]
Read article
Source: John Lothian Newsletter
The CFTC today prepares to vote on Dodd-Frank rules pertaining to swap trading, and is expected to adopt rules easier than originally expected for banks. The London Stock Exchange looks toward the settlement side of finance as a possible avenue for growth. Nasdaq’s new NLX exchange hooks up with tech firm Trading Technologies as it [...]
Read article
Source: John Lothian Newsletter
Exchange Eurex is said to be almost ready to launch a Euribor product to compete with Liffe and Nasdaq’s new NLX platform. The U.S. SEC considers the possibility of tapping a Charles Schwab exec to head up oversight for stock markets and trading companies. The London Stock Exchange posts positive numbers and sees reason for [...]
Read article
Source: John Lothian Newsletter
NYSE Euronext hasn’t yet decided on how to separate its Euronext unit, as interest in that division increases from other players. The CFTC is looking for confirmation that a large number of metals and energy trades by major traders over the past two years were legitimate. Financial service company INTL FCStone announces a 90 percent [...]
Read article
Source: John Lothian Newsletter
Peter Randall, ex of Chi-X, starts the process of putting together a consortium to make a run for the Euronext exchange group. Clearinghouses DTCC and Euroclear plan to team up and give each other access to their collateral inventory to help improve liquidity. Bloomberg News admits that reporters have been monitoring the use of financial [...]
Read article
Source: John Lothian Newsletter
BATS Chi-X Europe gets regulatory approval to operate as a full-fledged exchange. An SEC commissioner advances the notion that self-regulating exchanges should also be actively overseen by the SEC. The London Stock Exchange picks up a new London head of equities from BofA Merrill Lynch. First Read The Last Few Yards Patrick Thornton-Smith – Traiana [...]
Read article
Source: John Lothian Newsletter
Turkey seeks a dancing partner for the country’s exchange, and considers teaming up with the London Stock Exchange and Nasdaq. The Financial Conduct Authority in the UK begins a major sweep of major banks in a probe of the way they work with large pension funds. The CFTC considers reducing the number of Dodd-Frank-required quotes [...]
Read article
Source: John Lothian Newsletter
Bats Chi-X Europe more than doubles its market share for Russian depositary receipts over the last several months as it makes inroads into LSE territory. Securities brokers in China are doing better and better in their proprietary trading endeavors, while those practices are being increasingly outlawed in the West. Hong Kong Exchanges picks its new [...]
Read article
Source: John Lothian Newsletter
Nasdaq OMX plans to introduce contracts of steel on its futures exchange, with help from the World Steel Exchange. CME Group makes its own plans for new contracts, eyeing two new crude oil products by year’s end. Exchange operator Deutsche Börse is the combo breaker today, announcing not new contracts, but a new technology and [...]
Read article
Source: John Lothian Newsletter
In the wake of two technical faults in two weeks, exchange CBOE decides to hold off a bit on its plans to extend its trading day. Customers at the London Metal Exchange make dark suggestions that if the EU insists on pursuing aggressive regulatory reform, the LME’s business might very well head to Hong Kong [...]
Read article
Source: John Lothian Newsletter
Clearing company DTCC files a lawsuit, taking aim at regulator CFTC for creating a rules it says inappropriately favors competitor CME Group. Exchange CBOE suffers its second (though this time more limited) operational fault in a week. Hedge funds, struggling to find a decent place to sit and be profitable for a while, look to [...]
Read article
Source: John Lothian Newsletter
IntercontinentalExchange hopes global pricing benchmarks for natural gas will help lift its own gas futures market. NYSE CEO does not want the SEC endorsing the idea of a separate stock exchange for small companies. Brokers at London’s Tullett Prebon reportedly took former RBS trader Neil Danziger to strip clubs and on trips to Las Vegas. [...]
Read article
Source: John Lothian Newsletter
NYSE Euronext announces the creation of a new subsidiary in France targeting small and medium sized businesses. The Twitter post-hack debate shifts into second gear as both Twitter and financial regulators consider the implications of traders having rapid access to news, real or imagined. The CFTC mails out notices to banks reminding them that they [...]
Read article