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Author Archives: Sarah Rudolph

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Rudolph is managing editor of John Lothian News (JLN).

Billy Assimos, the Face of Ceres Standard

Along with the hand signals and colorful jackets, Ceres Cafe, the bar/restaurant housed in the Chicago Board of Trade Building, has long been a tradition in the Chicago trading world, and it has changed along with that world. For many traders and others who work in and around the building, Ceres has been like a second home – or second office – where they could go to catch up with other traders and brag or commiserate about the day’s trading action, gossip, eat, and enjoy the generous pours that the place is famous for (along with their famed oversized fried…

Smart Money, Smart Women: What Successful Women Say About The Possibilities Standard

Women have come a long way in the financial sphere. As recently as 1989, when Ilyce Glink, the founder and president of Think Glink Media, went with her husband to a bank to apply for a mortgage, the banker they spoke with – a woman – told her there was no need for her to put her own income on the form. “Oh honey, your income doesn’t really matter. We’ll use your husband’s,” the banker said. Glink was then – and is now – a self-employed woman who bought shares of Intel and “a small company called Microsoft” in 1987. …

Direct Match’s Jim Greco and William O’Brien Talk Treasuries – Traded Electronically Standard

Source: www.vpsi.org

Direct Match is a FINRA-registered broker dealer that recently announced plans to offer an all-to-all electronic trading platform for US Treasuries later this year – the first of its kind.  JLN spoke with Jim Greco, the company’s CEO and co-founder, and William O’Brien, its new executive chairman, about the why and the how of the new platform. Q: How did the idea of founding Direct Match come about? Jim: I’ve been involved in the markets for a long time, on different sides. I worked for Getco and built the platform KCG Acknowledge, which was a bilateral streaming platform for trading…

ICAP’s blockchain initiative would slim down middle and back office processes Standard

Excitement about blockchain technology and debate about the potential uses for it were top of mind at last month’s FIA Boca conference, and one of the more likely possibilities for its use is to streamline post trade operations for banks and their FCMs. ICAP, the largest broker for OTC trading, just completed a successful proof of technology test case using blockchain technology and the company believes it could transform the middle and back office, cutting down dramatically on the number of processes necessary and therefore on time and cost. “Banks own large amounts of technology and spend considerable time validating…

Squeezing Pennies: Clearing Houses Reach For Compression, Margin Relief and Netting Standard

When it comes to clearing and settlement today, the name of the game is capital efficiency. With a host of regulations hitting the market, particularly with bank capital requirements under Basel III, exchanges and clearing houses are moving quickly to find ways for banks and clearing FCMs to lower the amount of cash they need to hold onto in the name of lower systemic risk. It is an interesting time to be in the clearing space, as clearing firms offer a number of new services and some oldies aimed at clearing FCMs. Portfolio margining, which has been done more or…

ISE Getting A New Parent Standard

Amid all the talk about mega-deals in the exchange space, Nasdaq has grabbed the latest headlines with a deal to buy the International Securities Exchange, (ISE) for $1.1 billion. The transaction is expected to close in the second half of 2016. The move bolsters Deutsche Boerse‘s pocketbook in its push to merge with the London Stock Exchange. From Nasdaq’s perspective, they get a relative bargain in the ISE, which was bought by Deutsche Boerse’s Eurex for $2.8 billion cash in December 2007. At the time, the ISE held 28.1 percent of the US equity options marketshare, second only to CBOE…

TAC Meeting Part 2: Algo Traders Say Reg AT Putting Trading Firms at “Precarious, Unwarranted and Unnecessary Risk” Standard

At the top of the list  at the CFTC’s Technology Advisory Committee meeting on Tuesday was a discussion of the CFTC Proposed Rule: Regulation Automated Trading (Reg AT). The most contentious aspect of the discussion was whether or not the CFTC should be allowed to look at firms’ computer code for their automated trading systems and hold them in a repository. The CFTC seems convinced this is necessary and the automated traders seem equally convinced that it is a terrible thing to do. Access to firm’s proprietary codes would help the CFTC determine whether there was intent in cases of…

CFTC Tackles the What Ifs of Blockchain Standard

On Tuesday the CFTC’s Technology Advisory Committee (TAC) met to discuss a few issues including “Blockchain and the Potential Application of Distributed Ledger Technology to the Derivatives Markets.”  A mouthful to be sure, but a timely discussion. As the first time the TAC has held a public panel on blockchain, the quick take-away was summed up by commissioner Christopher Giancarlo who said it is difficult to know where this will all lead but regulators should not stand in the way of a potentially important technology. Sandra Ro from CME opined that 2016/2017 is when we will start to see blockchain…

Reg AT Stirs Concerns Ahead of CFTC TAC Meeting Standard

The CFTC’s Technology Advisory Committee (TAC) was scheduled to meet on Tuesday to discuss three issues important to the trading industry: 1) the CFTC’s proposed Regulation Automated Trading (Reg AT); 2) swap data standardization and harmonization; and 3) the potential of blockchain and distributed ledger technology to the derivatives market. Unfortunately, winter storm Jonas, aka Snowzilla, hit Washington DC with a record two feet of snow, and the meeting has been postponed. In the weeks leading up to the meeting, there has been a steady stream of stories about blockchain, which is seen as a bit “sexier” than a 500-page…