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You can almost hear the inertia – it’s like the grinding of heavy, rusty machinery.
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Germany’s short selling ban could be replaced by tougher regulation which would ban speculation on currency derivatives and would restrict the use of equity futures to go short.
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Allan Mendelowitz, head of Ce-Nif, has urged US legislators not to water down proposals contained within the Senate’s Wall Street Reform Act which would mandate data monitoring of all financial transactions.
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As Hugo Cox discovers, there is plenty of appetite for high speed trading in Asia and Brazil, from both the traders and the exchanges. All that needs to happen is for barriers to be cleared away.
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China has confirmed that it will allow Qualified Foreign Institutional Investors to trade the China Financial Futures Exchange’s CSI 300 equity index futures.
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The US Commodity Futures Trading Commission initiated a public hearing yesterday (May 19) into the feasibility of futures and binary options linked to movie box office receipts.
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The US Senate passed the Wall Street Reform Bill last night, taking the lead among developed nations in addressing the causes of the financial crisis and giving Democrats victory in perhaps the hardest battle in their campaign to strengthen financial regulation.
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Frankfurt hasn’t half the glamour and hubbub of London – but when it comes to derivatives, it’s the gently pulsating heart of the European market. Tom Osborn reports from the banks of the Main.
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Commodity trading advisors outperformed spectacularly in the traumatic markets of 2008, but were wrongfooted by the rebound in 2009. Have they emerged from the crisis with their appeal enhanced? Elise Coroneos reports.
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Women In Listed Derivatives (Wild), a new group for women in the exchange-traded derivatives industry, yesterday held its fourth event, which took place in Chicago.
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Eurex has shaken up its customer and sales strategies, creating two new clearing teams and a new product management and services team to sit between its product development and sales teams, FOi has learned.
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Paul Volcker, the veteran US central banker, is confident that the ‘Volcker Rule’ forbidding commercial banks from proprietary trading will be passed into law in the US.
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Derivatives trading has been volatile and volume has been high for a second week running, after the agreement of a euro zone debt rescue package last weekend and the formation of a new government in the UK.
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In a tightly controlled derivatives market like India’s, regulatory permission to launch a new product is like the starting gun in a race. As Benjamin Beasley-Murray reports, the hardest battle now is over FX derivatives.
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Pacific Investment Management Company (Pimco), the US bond fund manager, has hired Mikael Angberg, former head of Nordic equity derivatives sales at BNP Paribas, as head of business development in the Nordic region.
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The Bahrain Financial Exchange has confirmed that it will be formally launched in October. It will list cash instruments, derivatives, structured products and Sharia-compliant financial instruments.
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Data for futures and options on the Russian Trading System market on Bloomberg is now being sourced using the RTS Fix/Fast feed. The move is part of RTS’s policy of improving market data distribution to its customers.
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Prudential Bache Commodities, Prudential Financial’s futures commission merchant arm, has promoted Ryan Byrne, the head of its equity derivatives desk, to take over responsibility for its precious metals desk. The previous head, Ray Keenan, stepped down in April.
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Capital Futures, the broking arm of Taiwan’s Capital Group, has begun using Orc Software’s Connect tool to provide clients with direct market access to the Taiwan Futures Exchange.
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CME Group has bought the right to offer cleared over the counter swaps based on Net Energy’s Canadian Daily Index for Western Canadian Select Heavy grade crude oil. The group will offer cash-settled swaps on its Nymex trading floor, with clearing through its ClearPort clearing service
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Dubai Gold and Commodities Exchange plans to introduce three currency futures on June 15. These will be on the Swiss franc, Australian dollar and Canadian dollar, all against the US dollar. They will be cleared by the Dubai Commodities Clearing Corporation.
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The European Climate Exchange has ruled that Carbon Emission Reduction certificates generated by large hydroelectric projects will not be included in its basket of eligible CER types.
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Eurex is set to launch butter and skimmed milk powder futures in the second quarter of 2010. Both will be settled in cash, based on spot market references.
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The Futures Industry Association has urged the US Commodity Futures Trading Commission to withdraw its proposal to introduce position limits on US energy derivatives trading.
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India’s National Spot Exchange has launched what it called the first mini gold contract aimed at the retail market. Investors can trade gold in one gramme denominations.
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Fiserv has cut the cost of pre- and post-settlement activity by improving TradeFlow’s foreign exchange capabilities. It automatically identifies which trades are available for Continuous Linked Settlement, so there is no longer a need to work with custodians for exception management.
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US interdealer broker GFI has hired Robert Roberto as North American head of equities. Roberto joins from Knight Trading, where was managing director and head of institutional sales trading.
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Goldman Sachs Futures has joined Singapore Exchange’s securities market as a trading and clearing member, the US investment bank announced on March 22. It is already a member of its derivatives segment. The addition brings the total number of SGX securities trading members to 25.
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The Indonesian Commodity and Derivatives Exchange plans to list crude palm oil futures this month. The launch of the commodity will intensify competition in the region for dominance in crude palm oil trading.
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Trayport Exchange Systems and 3i Infotech are to develop a new trading platform for the Jakarta Futures Exchange.
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Yann L’Huillier has been appointed chief information officer of Compagnie Financière Tradition, the parent company of Tradition, the Swiss interdealer broker.
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LCH.Clearnet SA has migrated all its 56 members to the BT Radianz Shared Market Infrastructure. The migration took more than six months. The clearing house also plans to roll out BT Radianz to 68 members of LCH.Clearnet Ltd and five other partner organisations by May.
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NYSE Liffe will launch malting barley futures and options on May 10. The euro-denominated contracts will be based on malting barley from any European origin and have a lot size of 50 tonnes. The exchange suggested they could be used for hedging by maltsters, brewers and distillers.
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The London Metal Exchange has issued the first warrants based on its new cobalt contracts, introduced on February 22.
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Walter Lukken is to start on May 1 as chief executive of New York Portfolio Clearing, the joint venture between NYSE Liffe US and the Depository Trust and Clearing Corporation which plans to clear bonds and derivatives together.
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NYSE Liffe US has appointed three new independent directors to its board. They are Andrea Corcoran, adjunct professor of futures regulation at Georgetown Law Center; Ronald Filler, professor of law at the New York Law School; and Todd Petzel, chief investment officer of Offit Capital Advisors.
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Coming soon to an Apple enthusiast near you. Nasdaq OMX has launched a portfolio manager application for Apple’s new iPad, similar to its existing product for the iPhone.
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Nasdaq OMX PHLX, the US options exchange, has listed options contracts based on the level of its QNet index of internet stocks. Launched in 2007, the index tracks the performance of web-based service firms, such as those that host domains, access providers and site designers.
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The New York Mercantile Exchange will launch eight petroleum swap futures on April 25. They are the Singapore Mogas 95 unleaded vs. Singapore Mogas 92 unleaded spread (Platts), European 3.5% fuel oil (Platts) cargoes FOB Med BALMO, Singapore fuel oil 180 cst (Platts) crack spread, East-west naphtha: Japan C&F vs. cargoes CIF NEW spread (Platts), European 1% fuel oil cargoes FOB Med (Platts), European 1% fuel oil cargoes FOB Med vs. European 1% fuel oil cargoes FOB NEW spread (Platts), Mont Belvieu ethylene (PCW) financial and Mont Belvieu ethylene (PCW) BALMO.
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NYSE Euronext will launch a dividend index future on the Amsterdam Exchange Index on May 3. It is based on the cumulative value of ordinary gross cash dividends from the individual constituents of the AEX index over one year. The period begins on the business day after the third Friday in December.
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NYSE Euronext’s decision to stop using LCH.Clearnet and create two new clearing houses of its own will lead to a substantial change in the European clearing landscape, and will feed into the interoperability debate .
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NYSE Liffe US will list interest rate futures in the third quarter of the year, to coincide with the opening of New York Portfolio Clearing, the joint venture between the exchange and the Depository Trust & Clearing Corporation.
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Japan’s Osaka Securities Exchange and Jasdaq Securities Exchange announced in early April that the merger between the two exchanges had been completed.
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Deutsche Börse Group’s remuneration report for 2009 shows a fall in performance-related remuneration for the exchange’s senior management. The exchange has already announced restructuring plans that will involve substantial job cuts (see FOW, April 2010).
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Boutique investment bank Thomas Weisel Partners will integrate its suite of algorithmic strategies into Portware’s Enterprise platform using the Fix Algorithmic Trading Definition Language (FIXatdl). Portware is a multi-asset electronic trading systems provider.
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RealTick has added Goldman Sachs’ global futures and options execution services to its platform. The trading platform’s users can now use Goldman Sachs’ latest algorithms and direct access execution services for the futures and options markets.
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RiskMetrics Group has partnered with Syncova to develop an integrated solution for risk-based margin management. The firm will provide this via the Optima platform for hedge funds and prime brokers. RiskMetrics Group provides risk management and corporate governance services. Syncova is an independent margin services provider.
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Post-trade specialist Omgeo has announced that Samsung Securities is the first broker in Asia to connect to its central matching engine, Omgeo Central Trade Manager.
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The US Securities and Exchange Commission is to investigate exemptions employed by mutual and exchange-traded funds in their use of derivatives because of what it calls the increased complexity of the instruments employed.
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The Singapore Exchange will list futures on the soon-to-be-launched Nikkei Stock Average Dividend Point Index by the third quarter of this year, subject to approval by the Monetary Authority of Singapore.
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Sucden Financial will bring multi-asset trading facilities to its institutional and corporate clients through a new system called Storm, which enables users to have direct market access to a range of cash equity and derivatives exchanges and platforms. The system uses SunGard’s technology.
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The Tokyo Commodities Exchange is to relist its gas oil futures contract on May 6, in response to calls from Japan’s oil and gas industry to restart trading amid rising volatility.
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Tradeweb announced in early April that an insitutional client had used Tradeweb for the first time to centrally clear an electronic swap on a multi-dealer platform.
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The Tokyo Stock Exchange and the Tokyo Commodity Exchange have finalised their agreement to introduce a Japanese carbon trading exchange. When live, the new Japanese carbon exchange will be the first dedicated carbon bourse in Asia.
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Trading Technologies plans to provide direct access to BM&F Bovespa’s new multi-access platform via its X_Trader system.
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BM&F Bovespa, the Brazilian securities, commodities and futures exchange, has said it will launch cash-settled hydrous ethanol futures and options on May 17.
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The Commodity Futures Trading Commission has told US market participants to ensure that they comply with position limits on significant price discovery contracts at all times during the day, rather than just at the end of the day.
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In an intervioew with FOW, Jun Li, executive vice president at the Dalian Commodity Exchange, has said the exchange is examining increasing its product suite.
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Intercontinental Exchange’s £395m ($604m) takeover of Climate Exchange will give the group a further grip on the booming European energy markets, a senior London-based analyst has said.
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A snapshot of derivatives-related measures - FOW summarises the key points in Senator Dodd's bill.
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Proprietary trading carries its own risks and rewards. But do the risks – and returns – look different from 31 floors up Dubai’s Jumeirah Lake Towers? Tom Osborn meets the Dubai trading arcade, DPTG.
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Vincent Cable, the Liberal Democrat shadow Chancellor, has said the exchange-traded futures industry serves as a model of transparency for the effective running of financial markets.