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Guest Commentary: SEC Socializes Public Disclosure Commentary,Regulation

SEC

Guest Commentary by Eric Hazard and Jade Faugno of Intermarket Communications. Intermarket Communications is a specialist in strategic communications, public relations and marketing consulting to financial services providers. Intermarket’s client base includes asset managers, hedge funds, broker-dealers, investment banks, financial technology providers and exchanges, as well as derivatives and commodities specialists. Eric Hazard is a Vice President with the firm, having joined in 2007. Jade Faugno is an Account Executive and has been with Intermarket since 2011. In the immortal words of Heraclitus, “change is the only constant,” and once again the financial services industry – and those who communicate…

JLN Options: When options trading ahead of deals raises eyebrows Newsletter,Options

COMMENTARY & INSIGHT From the John Lothian Newsletter: One Giant Step for ISE…Gary KatzSince John was gracious enough to let me stand on his soapbox this week, I am going to use it for a little shameless self-promotion this morning. As I hope many of you have already seen, ISE announced the brand name of our second options exchange yesterday – ISE Gemini. While we are still pending regulatory approval and expecting to launch in late Q2, this is another major step forward for us. The name itself was chosen through an internal committee which honed in on Project Gemini…

JLN Options: Not Enough Reform on Derivatives Newsletter,Options

Lead Stories Not Enough Reform on DerivativesThe New York Times (Editorial)On Thursday, several bills to pre-empt the regulation of derivatives will be the focus of a hearing in the House Financial Services Committee. The bills, which have already passed the Agriculture Committee, must be stopped if the world is to be made safe from reckless risk-taking by banks. As it turns out, Representative Jeb Hensarling, Republican of Texas and the new head of the Financial Services Committee, may be the man to stop them.http://jlne.ws/17qYlag S&P 500 hits new record high; financials leadAngela Moon, ReutersStocks rose more than 1 percent on…

John Lothian Newsletter: SEC Proposes New Exchange Tests to Curb Computer Breakdowns; Swaps Trade Group Hires Consultant Amid Probe; New clearing rules have already been broken, FCMs say John Lothian Newsletter,Newsletter

The SEC proposes a new testing regime to evaluate the ability of exchanges and brokerages to recover from natural and terrorism-related disasters. As regulatory scrutiny of the ISDAfix swap rate increases, the ISDA brings in a consultant to evaluate whether there’s a better way to set that rate. FCMs clearing OTC derivatives say that new time-limit rules for clearing trades are already being overrun.

JLN Options: Exchanges Are Moving to Curb Private Trades Newsletter,Options

Lead Stories Exchanges Are Moving to Curb Private TradesNathaniel Popper, The New York TimesThe chief executives of the three largest stock exchanges are joining forces for the first time to push regulators to rein in the increasing amount of trading that is moving off public exchanges and onto platforms like so-called dark pools.http://jlne.ws/YIet46 ** As this week’s guest editor of the John Lothian Newsletter, Gary Katz, President and CEO of the International Securities Exchange, commented on the above story: “The US listed options industry has from the start precluded dark pools from trading the fungible products now available on eleven…

John Lothian Newsletter: Senate confirms Mary Jo White as SEC chairwoman; Warsaw Exchange Said to Hold Talks With Vienna Exchange; CFTC Said to Subpoena ICAP Brokers, Dealers on Swap Prices John Lothian Newsletter,Newsletter

Mary Jo White receives unanimous approval in her bid for confirmation as chair of the US SEC. The Warsaw and Vienna stock exchanges are in talks to discuss a possible merger. The CFTC has subpoenaed brokers at ICAP with regard to possible rate-fixing, though ICAP says that they don’t contribute to the rate in question.

JLN Options: SEC Delays Action on BOX’s Jumbo SPY Proposal Newsletter,Options

Lead Stories SEC Delays Action on BOX’s Jumbo SPY ProposalPeter Chapman, Traders MagazineThe Securities and Exchange Commission put off a decision on whether to approve a request by the BOX Options Exchange to introduce a “jumbo” options contract based on the SPY exchange-traded fund that is 10 times larger than the standard SPY option.http://jlne.ws/12qLktP VIX Futures Trading Hours Will Almost Double by June, CFE SaysNikolaj Gammeltoft, BloombergBusinessweekThe CBOE Futures Exchange LLC will almost double trading hours for futures linked to the benchmark gauge for U.S. options prices as part of a move toward around- the-clock market access.http://jlne.ws/13Y7vfJ Stocks Trim Losses,…

JLN Options: Citadel Asks Supreme Court to Hear Derivatives Case Newsletter,Options

Lead Stories Citadel Asks Supreme Court to Hear Derivatives Case Jacob Bunge, The Wall Street JournalOne of the biggest U.S. derivatives traders has joined a long-running legal battle over a lucrative slice of the market and asked the Supreme Court to decide the matter.Citadel LLC, which trades one in five stock-options contracts dealt daily on U.S. markets, has called on the nation’s highest court to loosen the hold of the Chicago Board Options Exchange over heavily-traded contracts linked to major stock indexes.http://jlne.ws/ZBUP5n U.S. Stocks Little Changed as Stimulus Optimism FadesLindsey Rupp & Nikolaj Gammeltoft, BloombergU.S. stocks were little changed, paring…

John Lothian Newsletter: Chi-X Poaches Getco’s Fildes as Australian CEO; Swaps Among Bank Affiliates Exempt Under CFTC Clearing Rule; S.E.C. Sets Rules for Disclosures Using Social Media John Lothian Newsletter,Newsletter

Chi-X Australia gets a new CEO from GETCO. Banks are covered under new Dodd-Frank swap market rules, unless they happen to be trading between their own affiliate companies. Spinoffs, anyone? The SEC announces guidelines and an affirmation that under certain circumstances it is ok for companies to use social media to announce things.