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SIX Turns 10: SIX’s Urs Rüegsegger Says the Vertical Model and Interoperability Works Feature,MWEd,Video,video

Ten years ago, SIX Group was formed in a merger between SWX Group, Telekurs Group and SIS Group, creating a new vertical business model. Urs Rüegsegger, chairman of SIX Swiss Exchange, helped lead that transition and growth as CEO of the exchange for nine years before stepping down last December. JLN’s Jim Kharouf sat down with Rüegsegger at the WFE’s IOMA Conference in Chicago to talk about how SIX and its clearing business has grown over the past decade. SIX Group’s exchange, clearinghouse and other business lines, including credit card transaction processing, have grown steadily over the past decade. Its…

Big Banks Poised to Scoop Up Fintech Startups, Report Finds; Frankfurt-London Truce Died Along With Deutsche Boerse Deal; Data Clash Heats Up Between Banks and New York Stock Exchange John Lothian Newsletter,Newsletter

First Read NEX Stop, The Future Of Markets Jim Kharouf – JLN Sometimes the machine needs a reboot. Such is the case with NEX Group, the former ICAP group minus the ICAP voice brokerage business. By now, we know that NEX’s CEO Michael Spencer looked to the future and decided that voice brokering wasn’t it. That doesn’t mean it isn’t valuable. But it just isn’t what he wants to do with his time or shareholder money. So what’s left? Plenty actually, although it took me a while to figure it out. In a simplistic sense, the company is rolling all…

John Lothian Newsletter: Deutsche Börse chief Carsten Kengeter maps out path to growth; The World Wide Web, the New Frontier in Fraud; Asset managers ‘fatigued’ by cost and scale of regulation John Lothian Newsletter,Newsletter

First Read Bits & Omissions By John J. Lothian Yesterday I excluded the name of another contributor to my Boy Scouts’ fundraising for their trip to the World Scout Jamboree in Japan. I would like to thank Mr. Keizo Goto, senior managing director of The Financial Futures Association of Japan for his contribution. Mr. Goto was himself a scout and was very thoughtful and generous to contribute to these three boys’ trips from Elmhurst to his home country, so that they may enjoy the world scouting experience at the 23rd World Scout Jamboree Thank you Mr. Goto! We have just…

John Lothian Newsletter: ICE CEO Sprecher wants regulators to look at ‘maker-taker’ trading; U.S. regulator approves BATS/Direct Edge; SIX Group to build pan-European clearing house John Lothian Newsletter,Newsletter

First Read The CME Should Buy the CBoe Soon John Lothian The CME Group should buy the CBoe soon. I can’t believe I am writing this, but that is the conclusion I have come to. The reason why is that if they don’t act soon, the CBoe may become too expensive to justify buying. The CBoe stock price was up 76 percent last year and its market cap is $4.3 billion. The CME’s stock was up 55 percent, still outperforming the market, but not the CBoe. CME’s market cap stands at $25 billion, just a shade above InterContinentalExchange’s (ICE) $23.7…

Jürg Spillmann Reflects on Past, Future of Derivatives Interview,Video

Jürg Spillmann

Jürg Spillmann has led the technology revolution in the derivatives industry for 25 years. Now that he is stepping down from his post as deputy CEO at Eurex and into retirement, Spillmann says derivatives markets still have a solid future ahead. Spillmann says the market environment and the slew of new regulations have been difficult for the derivatives markets, but futures products will remain a key financial instrument. “I still believe that the futures and derivatives products that we provide are safe with the clearing house attached to it,” Spillmann said. “There’s a future for the products we offer.” Spillmann…

John Lothian Newsletter: Six buys Oslo Clearing for $32m; Chile’s BEC set to list Nasdaq stocks; BoE’s Haldane says technology may trigger UK banking revolution John Lothian Newsletter,Newsletter

Swiss exchange operator SIX Group reaches out to buy Norwegian clearing house Oslo Clearing, giving it access to clearing operations as regulatory change increases the importance of that sector. Nasdaq OMX is set to activate a year-old listing agreement with Chilean exchange BEC. Bank of England’s Andrew Haldane suggests that a banking revolution may shortly occur as technology changes the way business is conducted; no word on whether the revolution will include upgrading the ethical practices of the industry.

John Lothian Newsletter: Exchanges hit again by trading error; Six Group on acquisition hunt; TSE’s Tender for Osaka Bourse Succeeds as Pledges Exceed Maximum John Lothian Newsletter,Newsletter

Nasdaq and other exchanges cancelled trades on Wednesday after bad orders caused prices to rise too far, too fast; perhaps adding a simple “CTRL+Z” to exchange trading platforms would be in order at this point.  Switzerland’s SIX Group has extra cash in its pocket and is looking at some kind of strategic acquisition.  The Tokyo-Osaka tieup continues forward, as the exchanges announce that TSE’s tender offer has succeeded.  In First Read today, John Lothian announces returning and renewing sponsors for MarketsWiki.

John Lothian Newsletter: Traders boycott CME Eurodollar options; Clearing houses face capital stress tests; Senators defend CFTC in court over position limits John Lothian Newsletter,Newsletter

Independent traders at CME Group put hands in pockets on Friday and refused to trade Eurodollar futures in protest against private block trades. New global clearing house rules from IOSCO prescribe large capital buffers and stress tests. In the USA, senators have filed a brief in support of the CFTC’s efforts to impose position limits in the oil market. SIX Group in Switzerland says they’ve got a billion Swiss francs in a suitcase and are looking for something good to buy. In the top box, Nicole Rohr provides commentary from last week’s gold conference in New York, and an interview…