Source: John Lothian Newsletter
The CFTC decides that maybe SEFs can have a little more time after all to comply with new regulations; but only a little more. New European startup Aquis Exchange picks November 14 as its starting time, pending approval to open its doors. CME Europe puts its opening date on hold as regulators are said to [...]
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Source: John Lothian Newsletter
With the CFTC under fire from just about everyone on the planet over impending swap trading rules, the agency looks set to ignore just about everyone on the planet and forge ahead with its October 2 deadline. Nasdaq OMX sets its sights on currency futures products to lure smaller investors into trading. It’s been in [...]
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Source: John Lothian Newsletter
NYSE and Nasdaq consider helping each other out with the stability of their exchange availability and technology. In another heartwarming tale of “hands across enemy lines”, Deutsche Bank is said to be talking with rivals about creating a new bond trading platform. And rounding out today’s feel-good headlines, Nasdaq plans to create a startup nest [...]
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Source: John Lothian Newsletter
JPMorgan, hit on all sides by allegations of wrongdoing, floats the idea of paying a very large fine in order to be absolved of all sins, all at once. The London Metal Exchange shuts off trading for a period yesterday, but in a break from the currently-fashionable practice of crashing due to computer failure, the [...]
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Source: John Lothian Newsletter
New swap trading platform trueEX plans to start execution on October 2. The US Federal Reserve was expected to conclude a commodity storage review by now, but hasn’t, leaving watchers wondering when to expect an update. NYSE Euronext wants to change its rules to make it less likely that trading houses will cancel option trades [...]
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Source: John Lothian Newsletter
The SEC’s 80-year ban on advertising private investments comes to an end, and startup companies worry about running afoul of unclear disclosure rules. In Europe, dark pools took a record high percentage of trading volume in August. Questionable Euribor-setting quotes are suddenly, sharply down in occurrence since regulators began paying closer attention and fining banks [...]
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Source: John Lothian Newsletter
The Vienna Stock Exchange declares itself unhorsed and bested by Eurex, and will leave the derivatives field of combat next March. Gary Gensler of the CFTC, having once called for the termination of the LIBOR benchmark rate, now says that the rate doesn’t need to be eliminated; it’s enough to let the global regulatory community [...]
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Source: John Lothian Newsletter
Options clearinghouse OCC names Craig Donohue, formerly of CME Group, as its new chairman. The head of the UK’s primary regulator plans to caution other countries that national interest may trump global regulatory cooperation in some cases. Directors at Australian exchange ASX resign after their hedge fund agreed to settle claims of improper trading. First [...]
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Source: John Lothian Newsletter
DRW Investments sues the CFTC to stop the agency from taking the trading shop to court for creating a better marketplace. The SEC declares itself the boss of foreign hedge funds, at least in some ways. Exchange CME Group plans to ramp up hiring in Asia to keep pace with rising volume in that region. [...]
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Source: John Lothian Newsletter
It’s the new normal; options exchanges suspended operations briefly yesterday as pricing information temporarily became unavailable. In Dubai, attendees at this year’s SIBOS conference look at the new financial landscape amid the regulatory changes in recent years. Last year’s failed exchange merger between Deutsche Boerse and NYSE Euronext looms large as industry mergers continue to [...]
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Source: John Lothian Newsletter
Larry Summers withdraws from consideration to lead the US Federal Reserve after a trial announcement of his selection via a newspaper in Japan was met with strident opposition. CBOE’s futures exchange shut down briefly on Friday for connectivity issues. In Europe, the European Commission says that the apparent illegality of a financial transaction tax is [...]
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Source: John Lothian Newsletter
In the US, the Obama administration proposes the creation of transaction fees in order to fund the CFTC. Hauled into a parent-teacher conference by the SEC, exchange leaders agree to develop new structural solutions to reduce the risk and frequency of market outages. Noting that only two of twenty SEF applicants have been approved by [...]
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Source: John Lothian Newsletter
Trading platform Tradeweb is in talks to buy BondDesk Group, with a price tag of up to $200 million. Derivatives trading is alive and well, but it looks different than it did some years back. Illegality may have killed the EU financial transaction tax plan, if “bad idea” wasn’t enough to do the job on [...]
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Source: John Lothian Newsletter
Deutsche Börse decides to shut down its pan-European platform Xetra in December, after failing to claim enough trading volume. An exec at Nasdaq OMX suggests that present and future efforts to upgrade the reliability of stock exchanges are at odds with the complexity of the overall system. Singapore Exchange and Clearstream agree to team up [...]
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Source: John Lothian Newsletter
Europe’s big plans for a financial transaction tax are tripped up after legal advisers in the EU suggest that the plan might run afoul of existing treaties and laws. The CFTC asks for input on ideas that it has about regulating automated trading. Five years after the Lehman Brothers collapse that began a long series [...]
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Source: John Lothian Newsletter
TradeWeb to open two swap execution facilities. Hedge funds under pressure to lower fees. The trading floor on the CBOT is a little emptier after Citigroup closed its trading desks there. First Read Joseph Granville, Bearish Stock Newsletter Publisher, Dies at 90 By Nikolaj Gammeltoft Joseph Granville, a newsletter writer and technical analyst who moved [...]
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Source: John Lothian Newsletter
Brokerage ICAP is said to be nearly done with settlement talks with regulators over its role in the LIBOR rate-fixing scandal. Nasdaq is said to be in the process of acquiring a small but noticeable stake in Turkey’s Borsa Istanbul. Trading platform Bats Chi-X Europe turns a profit for the first time in recent months, [...]
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Source: John Lothian Newsletter
Aquis Exchange hires a senior compliance officer, as its October launch date approaches. In a thoroughly international story, regulators in New York demand transaction records from local European bank branches regarding their dealings in Jordan and Turkey. CME Group’s new London exchange is said to be hoping to launch at the end of this month. [...]
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Source: John Lothian Newsletter
Brokerage ICAP is next in line to apply to become a swaps execution facility in the US. The EU takes its first steps toward bringing shadow banking under control, with rules intended to make the cash camps safer. Brazil’s exchange prepares to change its benchmark index rules in the hope of stepping up presently awful [...]
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Source: John Lothian Newsletter
Global regulators at the last minute pull away from imposing stricter risk controls on the over-the-counter markets. Italy starts up its second phase of financial transaction tax plans, implementing a charge on high-frequency trading. JPMorgan says that the LME’s proposal for faster warehouse waiting times would render two-thirds of the aluminum warehouse industry unprofitable. First [...]
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