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.
Tag Archives: ICE
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.
John Lothian Newsletter: MF Global Collapse Prompts Clash Over Collateral; Exchanges Push Back Deadline For New Stock-Market Safeguards; Greek Default Insurance Doesn’t Need to Pay Out After Bailout, ISDA Says John Lothian Newsletter,Newsletter
Considering the MF Global collapse and how it damaged customer funds, various participants in the futures industry bring forth proposals on how to protect customer collateral. Exchange operators in the US agree to let regulators have another three months to figure out what to do about flash crash rules, though they didn’t agree to stay seated while waiting. The ISDA determines that the Greek bailout doesn’t constitute a default event, so insurance doesn’t activate. ICE reports success at keeping most “stupid algo” orders out of its market. And in today’s top box, a JLN Options Sarah Rudolph interview with Russ…
John Lothian Newsletter: NYSE Euronext and CME kick off race for LME; US Regulators Take Aim At Trades Made In Error; Traders Manipulated Key Rate, Bank Says John Lothian Newsletter,Newsletter
Reports are in that NYSE Euronext and CME Group (and possibly ICE) have made a bid for the London Metal Exchange. Regulators are expressing an interest in somehow regulating or punishing firms that let rogue orders into the market. An unnamed bank in Canada allegedly named UBS, has told regulators there that traders were successful in manipulating LIBOR interest rates. In the top box, John Lothian writes about more fallout from MF Global (looks like nobody’s getting 1099 forms for last year); an article discusses customers who scrape excess funds out of their futures accounts each night, post MF Global;…
John Lothian Newsletter: CFTC Requires Registration by Mutual Funds With Commodities; NYSE Euronext Chief Faces Up To Standalone Challenges; Eurozone dismisses Greek budget deal John Lothian Newsletter,Newsletter
The CFTC votes 4-1 to require commodity-including mutual funds to register with the agency. NYSE-E’s Duncan Niederauer faces a DB-less future, and surveys the coming challenges. In the latest episode of, “There Will Be Greece,” the Eurozone turns its back to the Mediterranean country’s latest budget cut package, calling it incomplete. In the top box, JLN Editor-in-Chief Jim Kharouf takes a swing at JLN Boss-of-All John Lothian’s opinion of CME Group’s CBOT Building deal; and John bids adieu to Jeremy Grant of the Financial Times (who is only moving to Singapore, not offworld).