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JLN Options: Approval Pending, Miami Exchange Plans Its Launch Newsletter,Options

Lead Stories Approval Pending, Miami Exchange Plans Its LaunchJacob Bunge, The Wall Street JournalThe Miami Options Exchange plans to open for business Dec. 7, though the market has yet to be granted formal approval by U.S. regulators.The planned stock-options exchange, which aims to become the 11th U.S. options market, told banks and financial firms of the expected launch in a notice that outlined the final tests of its new trading system.http://jlne.ws/QM0Y1N Only The VIX Gets The Fiscal CliffJoe Weisenthal, Business InsiderIf you watch coverage of the Fiscal Cliff, you might think that on January 1, the economy is going to…

John Lothian Newsletter: Fears Over Counterparty Rules Dent LSE; FSA Seeks To Mend Libor, Not End It; Asian Energy Markets Liquid Enough To Sidestep Dodd-Frank Compliant Firms John Lothian Newsletter,Newsletter

The London Stock Exchange’s value takes a hit as it announces that new European regulations will significantly impact LCH.Clearnet, the clearing company it is about to control. Also in the UK, the Financial Services Authority takes over the Libor interest rate project and seeks to clean house without completely abandoning the index. In Asia, CME Group notes that energy trading companies are liquid enough that they can avoid trading swaps with U.S. Dodd-Frank-regulated firms.

John Lothian Newsletter: SEC Looks for the ‘Kill Switches’; CME Announces Launch of Chinese Steel Rebar Swap Futures; Exchanges See No Unfairness in Data Delivery Speeds John Lothian Newsletter,Newsletter

The SEC launches a broad investigation and overhaul of order placement systems and controls, seeking new ways to control and mitigate damage from high-speed orders.  Sort of “Finding Nemo: The Financial Episode”, perhaps. CME Group announces the planned launch date for the exchange’s new Chinese steel rebar swap futures contract.  Exchanges have carefully considered the various speeds and methods available for market participants, and have concluded that it’s really ok to charge more for better access.  In today’s First Read section, be sure to check out the JLN Metals box and the interview there with Michael Turek, senior director of…

John Lothian Newsletter: Australian Exchange Chief Criticises HFT; Money-Laundering Inquiry Said To Target U.S. Banks; ASEAN Link Lures Retail Investors To Boost Trade John Lothian Newsletter,Newsletter

The leader of Australia’s ASX says high-frequency trading is inherently dangerous, and he doesn’t much fancy the exchange model of depending on its high-volume presence for survival. A money-laundering probe is taking shape in multiple agencies, targeting a number of American banks that may have allowed sloppy money controls to help criminal enterprises hide their cash. The ASEAN link between Malaysia and SGX goes live today, raising hopes of better trade in that region from the network.

John Lothian Newsletter: Regulator Orders External Review After Peregrine Collapse; KSE, BSE In Talks Over Cross-Listing Of Indices; Euro Crisis Faces Judgment Days John Lothian Newsletter,Newsletter

The head of the National Futures Association orders an overhaul of staffing and processes in the wake of the agency’s failure to detect Peregrine Financial Group’s fraud over many years. Exchanges in Karachi and Bombay are well along in talks to cross-list futures products; Karachi is also talking with NYSE Euronext about listing index products in the U.S. The euro crisis is found very much present and dangerous inside the eurozone, and the time is nearing for the next round of hand-wringing decisions and plans for the leaders of that area. In First Read today, take a look at the…

John Lothian Newsletter: No Criminal Case Is Likely In Loss At MF Global; JPMorgan Chase, Deutsche Subpoenaed Over Libor; ASX Hit By Drop In Equity Trading Value John Lothian Newsletter,Newsletter

Civil suits are planned and filed, but as MF Global investigators near the end of their work, it looks increasingly likely that no criminal charges against executives will be filed.  Subpoenas for information are freshly filed with seven new banks in the ongoing and expanding LIBOR scandal investigation.  Australia’s ASX releases fresh financial data for the issues it trades, and equity value is sharply off so far in 2012.  In First Read today, take a look at the MarketsWiki.tv interview with author Bob Swarup, who discusses the history of financial crises and the outlook for managed funds.

John Lothian Newsletter: LME Iron Ore Ambitions At Risk After Steel Failure; SGX Seeks Slice Of Rmb Securities Market; NYSE Brokerage Plan That Doesn’t Display Orders Approved by SEC John Lothian Newsletter,Newsletter

The London Metal Exchange (and by extension, HKMEx) have big plans for iron ore products, but the exchange’s recent competitive failure with steel calls those plans into question.  Singapore Exchange announces that they’re ready to list, trade, quote and settle securities in renminbi.  NYSE Euronext’s controversial plan to offer undisplayed orders gets approval from the SEC.  And in First Read, John Lothian bids a fond farewell, though not to this newsletter or his company.

John Lothian Newsletter: New Australia Stock Exchange Targets Asian Firms, Investors; U.S. Regulator Concedes Oversight Lapse in JPMorgan Loss; NYSE, Knight Criticize Nasdaq Compensation Plan Over Facebook John Lothian Newsletter,Newsletter

Australia’s soon-to-launch Asia Pacific Exchange hopes to build its business by bringing in Asian listings, rather than competing head-to-head from the start with the ASX.  The US Comptroller of the Currency says that missing JPMorgan’s wide-open risk throttle was, in hindsight, on the lax side of the regulatory fence. NYSE, Knight and others react to Nasdaq’s Facebook-failure compensation offer with loud raspberries, saying it’s a thinly-disguised bid to create a pricing advantage.

John Lothian Newsletter: NYSE’s Head Of Technologies Business Resigns; Deutsche Boerse Signs Up Seven Banks for Interest-Rate Clearing; ASX Signs Confidentiality Agreement Mulling Link Buy John Lothian Newsletter,Newsletter

NYSE Euronext flags its second major executive departure in two days, as NYSE Technologies chief Stanley Young heads for the exit. Deutsche Boerse’s Eurex exchange signs up a full hand of banks to use its new EurexOTC platform that will debut later this year. Australia’s ASX signs nondisclosure agreements with Link Market Services, as it lines up a possible purchase of that company. The CFTC issues subpoenas to JPMorgan over their Whale Trade, in order to more closely examine it for impropriety.