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Category Archives: Exchanges, OTC & Clearing

Top news from exchanges, clearing, settlement and trade execution facilities

The Most Popular Stories of 2016 on JohnLothianNews.com Standard

As we end 2016 we should all stop in at Ceres in the Chicago Board of Trade Building for a stiff drink and to shake the hand of Billy Assimos. He was the focus of the most read story on www.johnlothiannews.com in 2016, according to Google Analytics. Sarah Rudolph penned the story, “Billy Assimos, the Face of Ceres” in June of this year. Assimos is the longtime manager of Ceres, a restaurant and bar in the CBOT Building, and a friend of many. I guess it pays to serve the stiffest drinks in Chicago. Coming in second place was Jim…

Head East: TT’s Robbie McDonnell Sees Opportunity In Asia As Never Before Standard

It’s gonna be a good year after all for Asia’s markets. Robbie McDonnell, Trading Technologies’ executive vice president of global sales, who returned to Asia full time in recent months, said the region got a nice volume bump in November but the real growth is soon to come for a region that is implementing new technology, new partnerships and more ways to increase trading flows East to West. Let’s start with the numbers, as 2016 was shaping up to be a down year for Asian derivatives markets. The Asia-Pacific group of exchanges as a whole were down 8.6 percent over…

Women Rising To The Top: Chitra Ramkrishna, Adena Friedman Take Top Roles In The Exchange Space Standard

There was another historic election this month, this one at the World Federation of Exchanges’ annual meeting in Cartagena, Colombia. The WFE elected the first female chair in its 56-year history. Chitra Ramkrishna, managing director and CEO of the National Stock Exchange of India, will serve as WFE chairperson for the next two years. She succeeds Juan Pablo Cordoba, CEO of the Bolsa de Valores de Colombia. She is also the first woman to head up an exchange in India, beginning in 2013, and has been a pioneer in helping develop India’s capital markets. Neither is a small feat. Ramkrishna…

A Basel netting issue: Pushing for less burdensome capital requirements in the options market Standard

The unintended consequences of financial regulation have been seeping into the markets since the first rule was made in the wake of the financial crisis. One prime example is the leverage ratio, which determines the required capital of general clearing members. The actual calculation of the capital requirement within the Basel III leverage ratio framework is a particular sticking point for the OCC. Right now, the Current Exposure Method (CEM) is used in the calculation, whereas the OCC and a wide swath of industry participants believe that the Standardised Approach for Counterparty Credit Risk (SA-CCR) would better encapsulate the nature…

Phupinder Gill is Leaving the CME Group? Standard

Phupinder Gill is retiring at the end of the year, the CME announced. That is the cover story. What the real story is will be more difficult to discover, but this much is clear, this was not the plan. When I interviewed Gill at a Chicago Executive’s Club luncheon earlier this year we discussed the approach of developing your successor. Gill laid out how the CME had identified a group of CME executives that were all being groomed as successors. To have Terry Duffy named as CEO, and Gill to exit so quickly, smacks of some other kind of decision…

The Black Swan – the new symbol of the United States of America Standard

  Yah baby, Yah! Dodd-Frank, gone. Clearing mandate, gone. Regulations, gone. Low interest rates, no problem. Volcker Rule, gone. Volatility, you bet. Bullish on the exchange sector, you bet. The American voters just unleashed the greatest gift on the world of trading we could have ever asked for. We will now have volatility at all times of the day and night. Binary contracts just became a big thing. Forget about market direction. You better learn to trade volatility. We just made the Black Swan the new symbol of the United State of America. Goodbye Eagle. You want some Twitter rants…

Impact: Navigating Regulation and What Comes Next, Part 1 Standard

At FIA Expo 2016, JLN spoke with a variety of participants in today’s markets about the ongoing effects of regulation and what those mean for the future of their businesses.   In Part 1 of our three-part series, Phupinder Gill, CEO of CME Group; Drew Shields, CTO of Trading Technologies; Dave Snowdon, co-founder, director and CTO of Metamako; and Hazem Dawani, president and CEO of OptionsCity, provide their thoughts on subjects ranging from issues with MiFID II clock synchronization to the shifting clearing landscape.  

CFTC’s Massad Recaps 2016 Standard

Chairman says Reg AT is next big item on the list to finish before yearend. The futures industry’s regulator had several initiatives in 2016 but the top items were tackling the issue of cybersecurity, margin and the upcoming finalization of automated trading rules. On cybersecurity, the CFTC adopted rules for the exchanges, clearing houses, trading platforms and trade repositories that require more testing of platforms and systems to make them more secure. “That’s probably the biggest single threat to financial stability in our markets today,” said Timothy Massad, chairman of the Commodity Futures Trading Commission, who spoke with John Lothian…

A Tangled Web: Exploring The Explosive U.S. Growth Of Options On Futures Standard

Options on futures volumes have been on the rise since the financial crisis. To explore the reasons for the trend, John Lothian News spoke with a variety of industry participants over the course of the summer.  The cause of the increasing volumes is an amalgam of larger trends in the financial industry, and the effects are a bright spot in an overall dark landscape.   Click here to view the article.