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Exchanges all over the world have started to offer dividend futures and options, and the main contracts have attracted brisk trading. As Roger Aitken reports, the product is here to stay.
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Every week, another alarm about European sovereign and banking risk. Derivatives are central to managing risks. Elise Coroneos asks whether the derivatives market is fit for the task.
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The Korea Exchange is linking up with the world's top exchanges. But at the same time, Korea may impose a tax on derivatives trading. What would that do to the Kospis legendary retail demand? Colin Packham reports.
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The Australian Securities Exchange has installed a hosting solution at Equinix’s Chicago International Business Exchange data centre, which will allow it to offer US market participants direct access to its derivatives products.
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Catherine Bartzos, a managing director at JP Morgan, has become chairman of the supervisory board of ELX Futures, the new US interest rate futures exchange owned by banks and trading firms.
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Singapore Exchange has established a London office, which will be headed by David Battle, chief representative in Europe and North America. Battle, a former global head of marketing for listed derivatives at Deutsche Bank, joined SGX in July 2009.
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Bank of New York Mellon has formed a new clearing company, BNY Mellon Clearing LLC, to clear futures and derivatives trades for institutional clients.
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CBOE Holdings brought the long process of its demutualisation to a close on June 14 by pricing its initial public offering on Nasdaq at $29 a share – the top end of a price range that began at $27.
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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 following a meeting it held with the US on May 26.
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The Commodity Futures Trading Commission has rejected a rule amendment proposed by the Options Clearing Corporation.
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The Chicago Mercantile Exchange has launched its first iPhone app, available on the Apple app store.
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CME Group’s acquisition of Dow Jones’ index business has already borne fruit, with a plan to launch futures on the new Dow Jones CME Dollar Index in the third quarter of this year.
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Corvil has added application monitoring, troubleshooting and reporting to its CorvilNet latency management system, giving its users a single platform for latency management and data capture.
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Luis Laginha de Sousa will become chairman and chief executive of NYSE Euronext Lisbon from July 1, subject to regulatory approval.
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After weeks of negotations to reconcile the US House of Representatives’ and Senate’s versions of the Dodd-Frank financial reform bill, the House approved it on June 30 by 237 votes to 192.
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Reform of the EU’s derivatives markets moved forward in June when the European Commission published a consultation paper asking for feedback from the market on four specific topics.
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Derivatives specialists in London have been digesting the June 16 announcement of radical changes to the UK’s regulatory structure, due by 2012.
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GFI Group, the New York-based interdealer broker, is to buy 70% of Kyte Group, the London derivatives clearing and broking outfit, for cash and shares worth £38.3m.
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Gissing Technology, a new software company specialising in real time market data applications, announced its launch in London and New York this week.
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Jeff Heslop has become the US Securities and Exchange Commission’s first chief operating officer for information technology, financial reporting and records management.
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Joseph Sellitto and Christianna Wood have been elected to the International Securities Exchange’s board of directors.
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Ira Krulik will become chief operating officer at New York Portfolio Clearing on July 12.
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LCH.Clearnet is to offer US clients access to its SwapClear interest rate swap clearing service via a futures commission merchant model by the end of the year, pending regulatory approval.
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The Moscow Interbank Currency Exchange has announced plans for an overhaul of its trading setup, dubbed the Micex+ project.
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Craig Mohan has become managing director of colocation and data centre services at CME Group, a new position. He will report to Julie Holzrichter, managing director of global operations. He was director of global infrastructure at Citadel Investment Group.
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Nasdaq OMX Nordic announced on June 22 it had begun clearing interest rate swaps in Swedish kronor.
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New Zealand Exchange has promoted Fiona Mackenzie, its head of traded products, to head of markets. Before NZX, she worked in sales at Morgan Stanley.
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LCH.Clearnet, the Anglo-French clearing house, is to begin using overnight index swap (OIS) rate curves to discount its $218tr interest rate swap portfolio.
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SuperDerivatives, the derivatives valuation and multi-asset front office system, has appointed Jacob Matzliah as vice-president for Asia Pacific.
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The Toronto Exchange has finished building its colocation facility. Clients will be able to instal their trading applications from June 30 and access the trading engines and market data feeds of the Toronto Stock Exchange, TSX Venture Exchange and the Montreal Exchange. The site is designed to accommodate up to 200 colocation spaces.
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Algorithmic trading – which has already made great headway in financial derivatives markets – could be set to expand into commodities, according to Trayport, the commodities trading software specialist owned by GFI Group.
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Data centre provider Interxion is using AlgoSpan and Algo Technologies to enhance connectivity from its data centre in the City of London.
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Armajaro, the London-based commodities trading house, has appointed Terry Manning as its chief executive.
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BNP Paribas corporate and investment banking has made several appointments in equity derivatives flow sales, targeting German, Swiss and Austrian clients.
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MF Global, the cash and derivatives broker, returned to profit in the April-June quarter, which is the first of its 2010 financial year.
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Eurex has appointed Stuart Heath as head of its London office. He replaced Hartmut Klein on June 1. Eurex said Klein was moving into consultancy work.
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The Japanese government has issued a proposal to combine the trading of commodity futures and financial derivatives at a single trading venue by 2013.
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Macquarie Securities, the equities division of the Australian banking group, has hired Richard Sansaricq as head of delta one and synthetic prime brokerage sales.
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Encik Omar Merican resigned as chief operating officer of Bursa Malaysia with effect from June 1.
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BM&F Bovespa’s chief business officer, Paulo de Sousa Oliveira, has left the exchange to focus on his work as general director of Brasil Investimentos and Negócios (Brain).
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Penson GHCO, the Chicago futures commission merchant, hired a team of six from MF Global in mid-June to establish a new 24 hour global execution desk aimed at commodity trading advisors.
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Paul Ribbins has become head of risk management at Tullett Prebon, the London-based interdealer broker.
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Patrick Thornton-Smith has left software vendor FFastFill, where he had been managing director of post-trade processing.
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We are sorry to report that UBS’s co-head of Asian equity derivatives trading, Neil McCormick, died in an accident in London in early June. We offer our condolences to his family, friends and colleagues.
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Unlike other traders, options bods aren’t scared of volatility – in fact, they reckon they understand its ways. But this year, volatility has been a faithless friend. Theo Casey examines some of the freaky results.
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Crude oil has been unable to break forcefully above $80, despite a rally in recent weeks, and could fall back this week towards $77 for WTI, according to research published by the DGCX.
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The Tehran Stock Exchange has launched trading in single stock futures, beginning with the two most liquid stocks, Parsian Bank and Karafarin Bank.
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Roger Liddell, CEO of LCH.Clearnet, has said there is little prospect of interoperability between European derivatives clearing houses. The term means giving customers the choice of where their trades are cleared.
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Milan’s Italian Derivatives Exchange Market boasts a diverse customer base of local retail and institutional investors, prop shops and banks. Tom Osborn visits the exchange fast becoming the jewel in the LSE’s crown.
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Two exchanges have long dominated European financial derivatives – Eurex and Liffe. Nic Bertrand, the LSE’s head of equities and derivatives, told Siân Williams why he thinks the LSE can shake up the hierarchy.
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Brian Daly, managing director at Morgan Stanley, will take part in a cross-Channel swim to raise money for Futures For Kids, a fundraising charity set up by members of the futures industry.
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Allan Mendelowitz, of the Committee to Establish the National Institute of Finance, has called the Dodd-Frank Act’s provision for transaction data monitoring “a tribute to the power of American democracy”.
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US non-profit organisation the Conference Board has issued guidance to corporate directors on how to prevent shareholders accumulating undisclosed stakes in companies using cash-settled derivatives.
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The enlarged role for clearing houses likely to be included in planned EU legislation on derivatives could lead to conflicts of interest, two London trade associations have warned the European Commission.
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The Korea Exchange is linking up with the world’s top exchanges, opening the prospect of yet more liquidity. But Korea may impose a tax on derivatives trading. What would that do to the Kospi’s legendary retail demand?
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The Korea Exchange is linking up with the world’s top exchanges, opening the prospect of yet more liquidity. But Korea may impose a tax on derivatives trading. What would that do to the Kospi’s legendary retail demand?
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The US Senate opened a new chapter in financial markets history yesterday afternoon by passing the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 39.
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Gary Gensler, chairman of the US Commodity Futures Trading Commission, said yesterday (July 15) that the Dodd-Frank bill becoming law will not herald the end of financial reform in the US.
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The US Senate yesterday morning voted through the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 38, allowing it to defeat a Republican filibuster.
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It’s lucky the cavalry happened to be passing. Deputies O’Malia and Dunn were sound asleep when Cantor and Veriana’s Knockabout Hollywood Carnival rolled into town and tried to pitch its tents in the main square.
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ICAP, the world’s largest inter-dealer broker, has enjoyed an 8% year on year rise in revenues during its second quarter. From April 1 2010 to June 30, the group’s profit grew by 5%.
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The Rosario Futures Exchange has enjoyed its strongest month since the advent of the financial crisis, with 5.8m contracts changing hands, up from 5.5m traded in June 2009.
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The Chicago Board Options Exchange yesterday (July 9) won its legal battle with the International Securities Exchange to keep the exclusive rights to list its suite of index options.
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The Securities and Exchange Board of India said this week that it was halving the minimum margins that exchanges require of traders in Indian single stock futures and options.
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The Johannesburg Stock Exchange has adopted maker taker pricing for equity derivatives, and cut trading fees for single stock futures and options traded through the central order book to almost zero.
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BM&F Bovespa, the Brazilian exchange, has enjoyed a strong month of trading in its equity options segment.
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The Polish Futures Market, a subsidiary of the Warsaw Commodities Exchange (WGT), has signed an agreement with WDX Organisation to list Wocu Futures and Options.
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Software firm RTS Real Time Systems is working with National Exchanges Members of India (Anmi) to organise workshops, advising traders how to use algorithmic trading.
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The Dodd-Frank Act still includes watered-down versions of the Volcker Rule and the Lincoln Amendment, both of which seek to limit deposit-taking banks’ engagement in riskier activities, often involving derivatives.
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The Korea Exchange is linking up with the world's top exchanges. But at the same time, Korea may impose a tax on derivatives trading. What would that do to the Kospis legendary retail demand? Colin Packham reports.
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The UK Financial Services Authority has fined and banned PVM Oil Futures’ rogue trader Steve Perkins, nearly a year to the day after his late night alcohol-fuelled trading caused a brief spike in the price of Brent crude oil.