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Looking for Continued Growth, SGX Goes West Asia/Pacific,Commentary,Exchanges, OTC & Clearing,Feature

Singapore Exchange has had a good stretch of late. The exchange’s fiscal first quarter results were reported on October 25, showing approximately $149 million in revenues, a 7 percent year-over-year increase, and net profits of $66 million, a 9 percent year-over-year rise. In a move to bolster such growth, SGX announced the opening of SGX America and a corresponding Chicago office on October 17. The opening represents the exchange’s first brick-and-mortar presence in the United States. The office may have started with just two people in a temporary workspace, but SGX CEO Loh Boon Chye sees the American branch as…

Vela to Expand Trading Technology Capabilities with OptionsCity Acquisition; Bond Traders Double Down on 2017 Fed Bets Via Options Hedges; Gaming the Yuan – Making Money on a State-Controlled Currency Newsletter,Options

Observations & Insight LSE Working On More Italian Derivatives Growth JohnLothianNews.com “We are also working and in close contact with the clearinghouse, because one of the key elements in developing derivatives markets now and probably in the time to come is post-trade efficiency.” The LSE bought Borsa Italiana in 2007. Nicolas Bertrand, the LSE’s head of derivatives, says in the past three years the exchange saw double digit volume growth with increasing support from international participants in the FTSE MIB futures complex. In Q3 2017, Borsa Italiana will extend its trading hours with the goal of capturing even more international…

John Lothian Newsletter: Banks face $27bn risk from failed derivatives payments; JPMorgan Quietly Tests ‘Blockchain’ With 2,200 Clients; Hong Kong Exchange adds new renminbi futures John Lothian Newsletter,Newsletter

First Read Risk Off: How The Industry Can’t Fail Jim Kharouf, JLN Bruno Iksil, aka “the London Whale,” has issued a letter to the media arguing that his actions in the market were directed and overseen by senior executives at J.P Morgan Chase when it lost $6 billion in 2012. What is troubling about the case is that it is still a story. In pre-2008 years, if a trader lost a large sum of money, it was called a losing trade. But these days, it’s cause for a multi-year investigation. The crux of the problem with this case is simply…

John Lothian Newsletter: Bernanke, Paulson and Geithner Join Yale Effort to Update Crisis-Response Playbook; ITG pays $20m fine to settle ‘secret trading desk’ claims; Federal Judge Rules SEC In-House Judges ‘Likely Unconstitutional John Lothian Newsletter,Newsletter

First Read US options market to slam trading reforms Futures & Options World The chief exec of US options giant the International Securities Exchange will tell the US government on Thursday its plan to change US trading rules will have a “very unfortunate outcome” if it is not amended to include options. Gary Katz, speaking on behalf of the many US options exchanges, will tell the US Department of Labour in an open hearing in Washington its plan to exempt options from a new definition of the assets that can be traded by pension-holders will hurt investors. jlne.ws/1IJVX0K ***** There…

JLN Financials: Doubts raised over global forex platform; Look Out for Volcker in Illiquid Market Already Feeling Squeezed; UK To Be First Non-China State To Issue Renminbi Bond Financials,Newsletter

First Impressions Thank You for Playing Today’s JLN Financials newsletter is topped by three stories with a common theme. Can you spot it? Let’s play. Six years after the global financial crisis and four years after the passage of Dodd-Frank, and the story from market participants is one of failure – or at least of having fallen short of initial goals. Summary of the Dodd-Frank Act => http://jlne.ws/X6HB6X Behind door number one we have a foreign exchange market that simply cannot come together under one roof, despite the best intentions. Thus, regulations have failed the first test, which is increased…

John Lothian Newsletter: Deutsche Börse Sees Sharp Rise in Profit; Dissent at SEC over bank waivers; Singapore overtakes London for offshore renminbi trading John Lothian Newsletter,Newsletter

First Read Congratulations to our survey prizewinner Sarah Rudolph Last week we completed our annual survey, or rather our first annual survey in three years. We are grateful to all those who took the 30 seconds (or so) to answer the questions. Thanks for helping us out! The prize, which was a choice between an iPad Mini or a pair of Bose Quiet Comfort Noise-Canceling Headphones, went to Lynne Howard-Reed, director of marketing at the CBOE, who was chosen in a random drawing among all those who completed the survey. (She chose the iPad Mini.) She said it was the…

John Lothian Newsletter: OCC eyes rebate cuts for members; SGX Introduces RMB FX futures; FIA Global Elects Directors John Lothian Newsletter,Newsletter

First Read Boca Bits and Pieces Douglas Ashburn The latest installment of our occasional JLN series “Bits and Pieces” comes to you via Boca Raton, FL, where several of us are hiding from this year’s winter-that-won’t-quit. We hear that Chicago was again slammed with a storm and the nasty weather will reach New York by Thursday. By the way, John is with us in Florida, despite the mistaken byline that made people think we left him in breezy Chicago. The FIA kicked off this year’s conference by introducing the new FIA Global brand and structure at a morning press briefing….

John Lothian Newsletter: 17 Brokerage Firms Agree to End Analysis Previews; Credit Suisse ‘helped US tax evaders’; London and Singapore make move on renminbi trading John Lothian Newsletter,Newsletter

First Read CME Group Launches FuturesFundamentals.com Educational Website CME Group, the world’s leading and most diverse derivatives marketplace, announced today that it has launched FuturesFundamentals.com, an innovative educational website to help explain the role of futures markets in everyday life. jlne.ws/1fqINDQ ***** This is an excellent production from the CME. The way this industry is going to grow like it used to grow is through education, education and education. ++++ ADM’s Juan Luciano Takes Over President Role From CEO Shruti Date Singh – Bloomberg Archer-Daniels-Midland Co. Chief Operating Officer Juan Luciano took on the additional role of president, a title…