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Making the Johannesburg Stock Exchange a Global Player Standard

“The JSE, for eight years in a row now, was rated number one, two or three in the world by the World Economic Forum for the quality of financial market regulation.” The Johannesburg Stock Exchange is in the process of adjusting much of its infrastructure. It already transitioned from T+5 settlement to T+3 settlement (with no failed trades thus far); the derivatives trading technology is being replatformed; Cinnober is supplying a new clearing system that will be live at the start of 2018; and London Stock Exchange Group’s MTS is playing a role in revamping bond trading on JSE. Looking…

You’re Invited to FOW-John Lothian News Trading Chicago on June 28th! Standard

This one-day event at the Swissotel on June 28th is aimed largely at the end-users of the markets: commodity trading advisors, asset managers, hedge funds and proprietary traders.  The event is free to attend for CTAs, asset managers, props and hedge funds. To register click HERE. For full conference information, click HERE. The conference will cover the issues that impact those firms directly – regulation, technology and market structure, with an underlying thread of trading in an age of uncertainty. All of this will be delivered in a variety of formats, from an Oxford-style debate on the Dodd-Frank Act’s repeal…

Montréal Exchange’s CEO Focused on Structural Adjustments Standard

“The world is looking to trade more and more Canada and the fact that we’re only open during our own time zone is a bit prohibitive for some of the international clients.” Last year, Montréal Exchange launched single stock futures and it turned out to be its best product launch in a decade based on rapidly growing open interest. The exchange also revamped its 5-year bond contract in order to make sure all points on the curve are accessible. With those changes in place, 2017’s goals center around structural change. MX is altering its own rules to open its market…

Osaka Exchange’s CEO Discusses Its Global Footprint Standard

“Our priority is to diversify our investor base. About 70 percent of our investors are from outside of Japan and 30 percent are domestic …  For the domestic investors we didn’t see active participation from Japanese institutional investors so far.”   The Osaka Exchange – JPX Group may be looking for more institutional activity, but its night sessions see a lot of action already. Osaka Exchange President & CEO Hiromi Yamaji said that after extending the night session to 5:30 a.m. Tokyo time, the overall share of trading activity that occurs at night rose to more than 42 percent in…

LSE Working On More Italian Derivatives Growth Standard

“We are also working and in close contact with the clearinghouse, because one of the key elements in developing derivatives markets now and probably in the time to come is post-trade efficiency.” The LSE bought Borsa Italiana in 2007. Nicolas Bertrand, the LSE’s head of derivatives, says in the past three years the exchange saw double digit volume growth with increasing support from international participants in the FTSE MIB futures complex. In Q3 2017, Borsa Italiana will extend its trading hours with the goal of capturing even more international order flow. The recent success of Borsa Italiana has translated to…

LME Working To Get Exchange Structure Right Standard

“I think we have to be honest that no market structure is going to be the optimal solution for all of its customers. No exchange is in a position where it doesn’t have these open questions. But we probably have more open questions than most at the moment.” The London Metal Exchange and its newly minted CEO Matt Chamberlain spent the first part of 2017 implementing all sorts of admittedly stressful updates and revamps to its trading technology. Now, Chamberlain’s task is to adapt the exchange’s structure for the 21st century. The LME released a discussion paper earlier in the…

ICE’s Hutcheson Talks Benchmarks and Assuming the Helm of ICE Clear Europe Standard

“I think there’s a strong push from the regulatory side to make non-standardized business expensive. That has already started to bite in a number of asset classes but hasn’t really reverberated fully through the industry.” Finbarr Hutcheson, currently the president of ICE Benchmark Administration (IBA), will be taking over ICE Clear Europe later in the year when Paul Swann retires. In the meantime, Hutcheson still has plenty to focus on at IBA.  Opened for business in 2014, IBA maintains three key benchmarks: LIBOR, ICE Swap Rate (formerly ISDAFIX) and the LBMA Gold Price. But it is expanding into some non-benchmark…

Eurex CEO Sees Plenty of Structural Growth Potential Standard

“We also see a lot of structural growth potential… If we look at the equity index complex, there is a clear trend of many asset managers moving to passive investment structures. We see that … on the derivatives side [adding] new liquidity pools to global index families.” Thomas Book, CEO of Eurex Frankfurt AG and Eurex Zurich AG, believes the exchange can take advantage of the opportunities presented by a changing European landscape. Low interest rates for a long time equated to low interest in Eurex’s fixed income offerings — this year the exchange has seen new adoption of the…

CME’s Knottenbelt Discusses International Plans and CME Europe Closure Standard

This year the CME Group decided to close CME Europe and CME Clearing Europe, but the exchange group does not see the shuttering as changing overall international and European expansion plans. Rather, the investment CME put into Europe is going to continue to pay dividends as investors overseas realize the offsets CME has to offer given its broad product suite. In this first video from our Exchange Leader Series filmed at FIA IDX, William Knottenbelt, senior managing director, international, with CME Group, talks about the decision to close CME Europe and the international outlook for CME for the rest of…