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Tag Archives: clearinghouse

Finding Opportunity: Peter Lenardos, CFO, Cinnober Says Growth and Profitability Are Coming Blog,Exchanges, OTC & Clearing,Feature

Cinnober has built its reputation in the industry as a pioneer and an opportunistic company that looks for new ways to address market needs. So in many ways it was not surprising the firm hired Peter Lenardos as its new CFO two weeks ago. With his background in investment research at Royal Bank of Canada and elsewhere, he has watched the industry from a specific lens that focuses on the financial condition of a company, as well as its strategic positioning.  When he got the call from Cinnober’s CEO Veronica Augustsson, he was ready to bring a different approach to…

Brexit’s Influence on Global Markets Feature,Mwiki,Video,video

MiFID II was more than 20,000 pages with 21 million paragraphs of regulation. Considering its scope, things have gone rather smoothly since it went into effect in January. But for Simon Puleston Jones, FIA’s head of Europe, there is no time to rest on the laurels of a successful implementation with Brexit looming.  Brexit cuts across all the other issues on FIA’s plate in Europe. One aspect of MiFID II left unresolved is equivalence assessments, which are impacted by Brexit. The Emir review this year, with its third party clearing components, is impacted by Brexit. (It makes sense the FIA…

SEC Urges End to CAT standoff; Deutsche Boerse plans FX expansion; HKEX working with ASX on blockchain John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Our Page Of The Day yesterday was industry legend Robert J. O’Brien, who turned 100 years old yesterday. His contributions to the industry and interviews with Mr. O’Brien were documented in the RJO O’Brien Centennial Video about the firm’s own 100 year anniversary in 2014, a video produced by John Lothian Productions.~JK Longtime accounting and back office professional Mark Connelly has left the futures industry. He started a new position as senior vice president – operations for All Clean Services responsible for running the Midwest Region. His responsibilities include managing and growing the…

Clearinghouses Push Back Against Worries Over Their Size; Two Sigma rapidly rises to top of quant hedge fund world John Lothian Newsletter,Newsletter

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First Read Hits & Takes By JLN Staff Bad news for Deutsche Boerse as the judge in the insider trading case against Carsten Kengeter declined to approve a settlement that was submitted by prosecutors. As reported by the FT, the case is crippling Deutsche Boerse at this time. It’s pretty hard to execute a strategy if you don’t know whether the CEO will remain. Nonetheless, Eurex has been posting some strong numbers in its interest rates complex this year. Brexit could open up more clearing opportunities for the exchange. Potential moves in other regions, say Asia, could open up some…

Cybersecurity is very, very tough: How a SIFMU’s cyber chief sees the threat Blog,Commentary,Feature,Mwiki,Options

The OCC’s new chief security officer talks about risks and prevention.  It’s alarming and getting ugly. The Equifax hack in March compromised the personal information of an estimated 40 percent of the United States population. The Bangladeshi central bank is down $81 million after the SWIFT messaging system was hacked in early 2016. The SEC recently disclosed that a 2016 hack of its EDGAR database may have resulted in trading on nonpublic information for personal gain. Then there are the cyber breaches of retailers: Target in 2013, which settled for $18.5 million, and Home Depot in 2014, which settled for…

Cloudy with clearing: What the next clearing house looks like Blog,Commentary,Feature,Options

John Davidson joined OCC as president and chief operating officer in May with a firm focus on ushering in the next generation of clearing technology for the world’s largest clearing organization. Davidson is one of several recent executive team hires tasked with executing the switch from one established technology platform to something new. This is no small task for Davidson, who reports to OCC Chairman and CEO Craig Donohue and works closely with Scot Warren, OCC’s executive vice president and chief administrative officer. OCC’s ENCORE system now stands at about 20 years old, and while there have been many upgrades,…

Euronext renews deal with LSE business in clearing u-turn; CFTC Finds that The Bank of Tokyo-Mitsubishi UFJ, Ltd. Engaged in Spoofing of Treasury Futures and Eurodollar Futures; Investors Have Never Been More Short Volatility Futures John Lothian Newsletter,Newsletter

First Read Hits & Takes This from Financial Executives International Daily today, “Blockchain can speed up all transaction processing, from fund transfers to proxy voting. That could save investment banks 30 percent of their infrastructure costs by 2025, according to Accenture and McLagan.” The report can be found HERE. ~JK Asia Pacific Financial News from John Lothian News for August 7, is available HERE. ~JJL Great nicknames continue. Igor Oystacher was known as “Snuggle Bear” and an options trader/s gained the moniker “50 Cent” — now we have a supposed bitcoin manipulator known as “Spoofy.” ~SD True, China built a…

Weighing the Impact of Proposed Tax Reform on Centrally Cleared Markets; Please Stop Talking About the VIX So Much; Derivatives Behind Equities Boom or Bust at Europe’s Major Banks Newsletter,Options

Lead Stories Weighing the Impact of Proposed Tax Reform on Centrally Cleared Markets FinReg|Alert – Q&A with Craig Donohue, OCC Executive Chairman and CEO Tax reform is climbing back to the top of the White House agenda, with President Donald Trump telling The Wall Street Journal last week that overhauling the tax code is his next priority following healthcare legislation. While it’s still tough to project exactly what that tax overhaul might look like, some market participants are already voicing concern about the potential for unintended consequences. bit.ly/2tWRlGg Please Stop Talking About the VIX So Much AQR If anyone reading…

Frankfurt Emerges as Biggest Banking Winner After Brexit; State Street Exits Its Dark Pool, Selling BlockCross to Instinet; U.K.’s Euro Clearing Business at Risk as ECB Requests More Powers John Lothian Newsletter,Newsletter

First Read Making the Johannesburg Stock Exchange a Global Player JohnLothianNews.com “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…