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Tag Archives: Direct Edge

John Lothian Newsletter: SEC Charges Direct Edge Exchanges With Failing to Properly Describe Order Types; Transaction-tax plan brings fresh Wall Street battle to Capitol Hill; Turkey agrees derivatives deal with London Stock Exchange John Lothian Newsletter,Newsletter

First Read Bats Pays $14 Million Settling Claims Markets Obscured Rules By Sam Mamudi and Annabelle Ju, Bloomberg Bats Global Markets Inc. is paying a record fine to settle allegations that two stock exchanges it bought last year obfuscated a central part of how their trading system worked. jlne.ws/1Ab3QW1 ***JK: Giving the bad news first… ++++ Bats Global Markets Statement Regarding Today’s Securities And Exchange Commission Announcement BATS BATS announces the conclusion of two separate investigations into the development of order types; one relates to BATS and the other relates to Direct Edge. With regards to BATS, the Securities and…

John Lothian Newsletter: BATS, No. 2 in stocks, considers second U.S. options exchange; Son of Big Board Father No Friend to NYSE; First Day Of Business For New LIBOR Administrator John Lothian Newsletter,Newsletter

First Read Home Run: Don Davis Talks About Peer-to-Peer Investments JohnLothianNews.com The US financial crisis has wreaked havoc for the past several years on the mortgage lending business, not to mention many homeowners and debtors. It also has created opportunities for innovative firms that are looking for new ways to help homeowners and make a nice return at the same time. Don Davis, president of Novus Investments sat down with Jim Kharouf, editor-in-chief of John Lothian News, to talk about how his firm is profiting from the ongoing fallout from the mortgage crisis and the rise of peer-to-peer lending, at…

John Lothian Newsletter: SEC Approves BATS-Direct Edge Merger; Traders faces European repository rerun; Derivatives exchanges raise the stakes John Lothian Newsletter,Newsletter

First Read Bits & Pieces John Lothian Former Livevol CEO Paul Finnegan has landed at ConvergEx. Finnegan is now director of software sales at the LiquidPoint options business of ConvergEx Group. In honor of this new job, we made Paul Finnegan our MarketsWiki page of the day. ConvergEx is expanding its sales trading force across the U.S. In addition to Mr. Finnegan in Chicago, the company added Sean Croll as SVP, sales, San Francisco and Alexander Krasutsky as VP, sales, New York. Advantage Futures today is announcing significant reductions in server colocation pricing. Yes, a price reduction. Tuesday, Feb. 10…

John Lothian Newsletter: Maker-taker pricing: Econ 101?; Europe’s Banking Risk Plan Is a Long Shot; Deutsche Bank chief says change needed on FX fixings John Lothian Newsletter,Newsletter

First Read NFA Board Election Results John Lothian The story of the NFA board election results were not very different from many years gone by, with incumbents re-elected across the board. However, two candidates, their candidacy supported by this newsletter, were re-elected over extremely well qualified challengers encouraged to run by NFA staff members. Rogue incumbent candidates Doug Bry and Ernest L. Jaffarian were re-elected to the NFA’s board of directors representing CTA’s and CPOs, the NFA announced yesterday. Congratulations to Bry and Jaffarian, and to Adam Cooper (Citidel) and Brendan Kalb (AQR) for well run campaigns. Also winning re-election,…

John Lothian Newsletter: ICE CEO Sprecher wants regulators to look at ‘maker-taker’ trading; U.S. regulator approves BATS/Direct Edge; SIX Group to build pan-European clearing house John Lothian Newsletter,Newsletter

First Read The CME Should Buy the CBoe Soon John Lothian The CME Group should buy the CBoe soon. I can’t believe I am writing this, but that is the conclusion I have come to. The reason why is that if they don’t act soon, the CBoe may become too expensive to justify buying. The CBoe stock price was up 76 percent last year and its market cap is $4.3 billion. The CME’s stock was up 55 percent, still outperforming the market, but not the CBoe. CME’s market cap stands at $25 billion, just a shade above InterContinentalExchange’s (ICE) $23.7…

John Lothian Newsletter: Deutsche Boerse Looks to Asia, Calls on Europe to Be Competitive; Trading on combined BATS-Direct Edge set for February; Position limits on electricity trade lifted John Lothian Newsletter,Newsletter

First Read John’s Bits & Pieces The CFTC’s Technology Advisory Committee meeting in Washington, DC has been cancelled and will be rescheduled for early February due to an expected snow storm hitting the area today. Luckily, I decided to participate in the meeting from Chicago via teleconference. Former NYBOT Clearing executive George Hasse, Jr., a member of the FIA Futures Hall of Fame, is now an innkeeper at the Fig and Olive Bed and Breakfast ELX has a new name, logo and website. They are no longer ELX Futures, but ELX Markets. Check out www.elxmarkets.com Pat Kenny continues to make…

John Lothian Newsletter: U.S. regulator underdisclosed improper loans to AlphaMetrix; CFTC Approves Tighter Commodity Trading Rules; KCG Mulls Selling Stake in Combined BATS-Direct Edge John Lothian Newsletter,Newsletter

First Read SEFCON IV SnapshotJohnLothianNews.com The Wholesale Markets Brokers’ Association Americas (WMBAA) is an industry advocacy group made up of five inter-dealer brokerage firms (IDBs): BGC Partners, GFI Group, ICAP, Tradition and Tullett Prebon. Since 2010, the WMBAA has hosted its annual SEFCON conference on issues surrounding swap execution facilities (SEFs), a new type of financial transaction execution entity created by the Dodd-Frank Act. SEFCON IV, on November 18, 2013 in New York, will feature a status update on SEFs from regulators, legislators, dealers, traders and other market participants. Conference chairman Chris Ferreri offers a glimpse as to what attendees…

JLN Options: Investors Seek More Transparency on Corporate Hedging, Derivatives Exposures Newsletter,Options

LEAD STORIES Investors Seek More Transparency on Corporate Hedging, Derivatives ExposuresEmily Chasan, The Wall Street JournalCorporate disclosures on hedge accounting and derivatives trading are so opaque that investors are often unable to see the true risks companies face from engaging in those activities, according to a new report from the CFA Institute, which is recommending companies improve disclosures in those areas.http://jlne.ws/W91pQf S&P 500 Advances to Five-Year High on Economic ReportsBy Rita Nazareth & Sarah Pringle, BloombergU.S. stocks rose, sending the Standard & Poor’s 500 Index to a five-year high, amid better- than-forecast initial jobless claims and housing data.http://jlne.ws/XGRl34 GFI announces…

JLN Options: CBOE Holds its Own in 2012 – JLN Options Newsletter,Options

CBOE holds its own in 2012by Sarah Rudolph William Brodsky has chosen an auspicious time to step down from his role as the Chicago Board Options Exchange’s CEO and become executive chairman of the board. The CBOE has seen steady growth in trading volumes from 2000-2011; average daily volume was down seven percent in 2012, but that was after the exchange hit a record high in 2011, and the 2012 number was an increase over 2010. “We had a good year in what was a relatively bad year for the financial industry,” Brodsky told a group of reporters at a…