The SEC gives a thumbs-up on a plan to upgrade anti-flash-crash rules for next year. ICE and HKEx have been told by the London Metal Exchange to think over their purchase plans very carefully, and then resubmit them later this week. Federal investigators are paying more attention to statements made by MF Global employees that warnings of trouble and insufficient funds were ignored shortly before the company imploded.
Tag Archives: ICE
John Lothian Newsletter: HK Exchanges gets OK to launch yuan futures; Traders call for changes to broker reporting; Glitches halt new Goldman trade platform John Lothian Newsletter,Newsletter
The Hong Kong Exchange scores a World First, receiving approval to begin trading yuan currency futures later this year. Fund managers are calling on brokers to change how they report trades, allowing better understanding of who is getting the best results. Goldman Sachs becomes the latest trading platform provider to trip up, announcing delays in the release of its new platform due to “logistical issues.”
John Lothian Newsletter: CME, ICE Clearinghouses Designated Systemic by U.S. Panel; Oslo Bors to charge for excessive orders; Euro Zone Crisis Boils as Leaders Fail to Signal New Steps John Lothian Newsletter,Newsletter
The clearinghouse operations for CME Group and IntercontinentalExchange are now said to be “systemically important” by regulators, bringing them closer to increased Dodd-Frank supervision. Oslo Bors takes action against quote stuffers, and announces penalties for placing too many orders without enough accompanying dealmaking. Eurozone leaders fail to conclusively identify a useful salvation plan in recent meetings, rekindling fears of a messy and painful resolution to the region’s financial woes.
John Lothian Newsletter: ICE grain contracts kick off turf war with CME; Red Flags Said to Go Unheeded at Chase; China’s Citic in algorithmic trading deal John Lothian Newsletter,Newsletter
ICE launched its first grain contracts yesterday. Much analysis and discussion abounds regarding JPMorgan’s big loss, including stories that warnings of trouble from inside the company had been ignored. China’s Citic Securities buys into algorithmic trading software, signaling an increase in automatic trading in Asia. RJ O’Brien has a plan to mollify grain traders over extended trading hours, and tries to get the CFTC’s attention. BOX Options Exchange mulls the possibility of allowing after-hours trading on its options products.
From Aaron Gill of ICE: I am pleased to say I successfully completed the London marathon. I didn’t make my target time of 4 hours, but still finished in a somewhat respectable 4.27 hours. I am most proud of the fact that despite hitting a very tough wall at mile 18, I didn’t stop and walk, but ran the whole thing. It was an incredible experience; a mix of extreme emotions, of highs and lows, but the one constant was the phenomenal support from the crowd. There wasn’t a moment in the race where the crowds weren’t there in strength,…
John Lothian Newsletter: ICE and Cetip Agree to Develop Brazilian Debt Trading Platform; CME’s Donohue likely to leave before annual meeting next month; Spanish economic crisis deepens John Lothian Newsletter,Newsletter
ICE and CETIP announce plans to create a bond trading platform for Brazil. CME’s departing CEO says actually, it looks like he’ll be leaving sooner than expected. Spain receives a rating downgrade and announces that unemployment is just a fraction under 25 percent of the workforce. In today’s top box, you’ll find two hefty “Five Minutes” interviews: one with Bart Mallon of Cole-Friedman, Mallon & Hunt talking about the JOBS act and hedge fund advertising; and one with new DTCC CEO Michael Bodson about his perspective on where things stand and where they’re headed.
John Lothian Newsletter: LCH.Clearnet in Discussion to Buy Nasdaq’s Rate Clearinghouse; Hedge fund industry fights criticism; Former MTR Chief Replaces Arculli at Hong Kong Bourse John Lothian Newsletter,Newsletter
LCH.Clearnet is talking to Nasdaq OMX about buying its IDCG clearinghouse. The hedge fund industry, along with continuing to grow, is continuing to fight criticism that funds don’t add much investment value. Chow Chung-Kong, formerly CEO of MTR Corp., is named to take over from Ron Arculli at HKEx. In the US, ICE debuts a web site; CME Group discards a building; and the MF Global trustee is annoyed at a regulatory loophole that helped cause the whole mess.
John Lothian Newsletter: NYSE Seen Facing Tough Battle To Unsettle CME Rate Futures; U.S. Swap Regulators Said to Weigh Dealer Line Above $3 Billion; EMCF to process trades for Turquoise John Lothian Newsletter,Newsletter
NYSE Euronext is seen by some as having a tough fight ahead in their introduction of new interest rate futures. Regulators are considering using the $3 billion mark for determining which financial traders are Dodd-Frank swap dealers. London’s Turquoise will clear its trades through EMCF, signaling the clearinghouse’s willingness to fight to regain lost market share. In the top box, ICE announces new contracts; GFI Group, RJO and Newedge announce management changes; and Doug Ashburn (from Tuesday’s JLN FX newsletter) finds common ground between Longfellow and leverage.
John Lothian Newsletter: CME to Offer Swaps Users Cash Protection That Beats CFTC Rule; EU unveils plan to overhaul settling of trades; Greek bond swap prospects lifted by fresh pledges John Lothian Newsletter,Newsletter
CME Group intends to allow swap traders to keep their collateral cash at a third party. The EU reveals its plans for reforming the way that trades are settled. As the March deadline nears for Greece’s debt payment, more creditors are agreeing to accept the transaction’s terms. In merger news, both CME Group and ICE note their continued interest in hooking up with somebody; and TOCOM is said to be talking to CME Group about a deal to use Globex.