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  • Newedge reorganises into four global divisions 12 March 2010

    Newedge, the derivatives broker owned by Société Générale and Crédit Agricole, announced a reorganisation of its business yesterday at the annual Futures Industry Association conference in Boca Raton, Florida.

  • Isda publishes reports to explain OTC risk protections 11 March 2010

    The International Swaps and Derivatives Association has today published two reports designed to improve understanding of how collateral is used to mitigate credit risk in the over the counter derivative markets.

  • EEX — ‘central clearing cheaper than OTC’ 09 March 2010

    Those who claim it is cheaper to engage in derivatives over the counter than through a central clearing counterparty are not taking the cost of credit risk into account, according to a study by the European Energy Exchange.

  • N2eX to launch derivatives in next six months 09 March 2010

    N2eX, the power exchange venture run by Nasdaq OMX and Nord Pool, will launch futures “within six months”, according to Geir Reigstad, president of Nasdaq OMX Commodities.

Regulation

  • Gensler: OTC derivatives reform should be global 16 March 2010

    Gary Gensler, the chairman of the Commodity Futures Trading Commission, said in a speech to the European Parliament’s that reform of the way over-the-counter derivatives are regulated must be “comprehensive and international”.

  • Two Argentine exchanges hold merger talks 15 March 2010

    Argentina’s leading futures exchanges, the Mercado a Término de Buenos Aires and Rosario Futures Exchange, are holding talks on a possible merger, FOW has learned.

  • Isda publishes reports to explain OTC risk protections 11 March 2010

    The International Swaps and Derivatives Association has today published two reports designed to improve understanding of how collateral is used to mitigate credit risk in the over the counter derivative markets.

  • CFTC criticises ICE’s market oversight 09 March 2010

    The Commodity Futures Trading Commission has recommended that ICE Futures US should expand its regulatory oversight team after concluding that its compliance team was under “notable strain”.

Exchanges

  • Photos from FOW's 2nd Derivatives World Latin America 2010 17 March 2010

    On March 2, FOW travelled to São Paulo to offer a unique forum for the key players in the Latin American derivatives market, exploring the opportunities and challenges currently facing in the region.

  • Two Argentine exchanges hold merger talks 15 March 2010

    Argentina’s leading futures exchanges, the Mercado a Término de Buenos Aires and Rosario Futures Exchange, are holding talks on a possible merger, FOW has learned.

  • MexDer hopes CME order routing deal will match BM&F’s 10 March 2010

    Mercado Mexicano de Derivados’s order routing deal with CME Group will aim to match that of its neighbour BM&F Bovespa’s, MexDer CEO Jorge Alegría has told FOW.

  • All change at HKEx with arrival of new chief executive, senior appointments 09 March 2010

    Charles Li Xiaojia succeeded Chow Manyiu as chief executive of Hong Kong Exchanges and Clearing, in mid-January. Li will be the first chief executive of HKEx with a mainland Chinese background, having been educated in China and then the US. He was chairman of JP Morgan China from 2003 to 2009 and a non-executive director of the Shanghai Pudong Development Bank.

Firms

  • Newedge reorganises into four global divisions 12 March 2010

    Newedge, the derivatives broker owned by Société Générale and Crédit Agricole, announced a reorganisation of its business yesterday at the annual Futures Industry Association conference in Boca Raton, Florida.

  • ASB rolls out Calypso 09 March 2010

    New Zealand Bank ASB has gone live with Calypso to provide integrated trading, processing and risk management. The treasury platform is cross-asset and can process front and back office reports and manage risk for foreign exchange, money market and interest rate derivatives trading.

  • Banus leaves BarCap 09 March 2010

    Rod Banus, head of futures Asia Pacific at Barclays Capital, has left the bank. Officials in Singapore have not yet been told plans for his replacement.

  • Di Stasi becomes global head of corporate equity derivatives at UBS 09 March 2010

    Salvatore ‘Chicco’ di Stasi has been appointed global head of corporate equity derivatives at UBS in London. He reports to Matthew Koder, head of global capital markets, and to Jason Barron, global head of equity derivatives.

Clearing

  • EEX — ‘central clearing cheaper than OTC’ 09 March 2010

    Those who claim it is cheaper to engage in derivatives over the counter than through a central clearing counterparty are not taking the cost of credit risk into account, according to a study by the European Energy Exchange.

  • Newedge becomes Nodal Exchange clearer 09 March 2010

    The UK arm of French brokerage Newedge has joined US power market Nodal Exchange, via its membership of LCH. Clearnet, Nodal Exchange was launched on April 8 last year, becoming the first exchange to offer locational futures contracts and related services to the US power market, with LCH.Clearnet as its central counterparty clearing house. Newedge becomes the seventh general clearing member to support trading on the exchange.

  • Deutsche Börse to help Chinese clearing house 23 February 2010

    Deutsche Börse has signed a cooperation agreement with the People’s Bank of China to help set up a new interbank clearing house for over-the-counter derivatives.

  • Nasdaq-built clearing system goes live at SGX 23 February 2010

    Singapore Exchange introduced a new derivatives clearing system, SGXClear, in December.

Technology

  • Advent Software releases 2010 OSI compatible Axys 3.8 09 March 2010

    Advent Software updated its turnkey portfolio accounting and reporting suite at the end of January to Axys 3.8 which is compatible with the new reference system for options, which recently came into place called the Options Symbology Initiative (OSI). The update enhances the system to support the 2010 OSI, which is an overhaul of the old five-character options symbol which switched over to a 21 digit system on February 12.

  • ASB rolls out Calypso 09 March 2010

    New Zealand Bank ASB has gone live with Calypso to provide integrated trading, processing and risk management. The treasury platform is cross-asset and can process front and back office reports and manage risk for foreign exchange, money market and interest rate derivatives trading.

  • FFastFill adds HSBC 09 March 2010

    HSBC has joined the trading platform offered by FFastFill, the futures trading software provider.

  • First Derivatives buys Cognotec 09 March 2010

    First Derivatives announced mid-February that it has bought the Dublin internet trading firm Cognotec out of receivership. It paid Eu3.4m ($4.6m) for the company. Cognotec was once worth more than Eu150m and employed 200 people, but its value fell in 2007 after it lost its biggest customer. The company was placed in receivership on January 22. It owed about Eu6.9m to Barclays Bank. Cognotec was founded 20 years ago by Brian Maccaba, one of the legendary pioneers of using the internet for foreign exchange trading.

People

  • Banus leaves BarCap 09 March 2010

    Rod Banus, head of futures Asia Pacific at Barclays Capital, has left the bank. Officials in Singapore have not yet been told plans for his replacement.

  • Di Stasi becomes global head of corporate equity derivatives at UBS 09 March 2010

    Salvatore ‘Chicco’ di Stasi has been appointed global head of corporate equity derivatives at UBS in London. He reports to Matthew Koder, head of global capital markets, and to Jason Barron, global head of equity derivatives.

  • LME starts search for new chairman, restructures commercial department 09 March 2010

    The London Metal Exchange (LME) is looking for a new chairman after Donald Brydon handed in his notice in early February.

  • LME to launch Asia desk 09 March 2010

    The London Metal Exchange will open LME Asia, its first overseas office, in Singapore in April. The office will be headed by its commercial director Liz Milan.

Visit FOI

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  2. Newedge reorganises into four global divisions

  3. India to liberalise some aspects of equity derivatives

  4. The Chinese are right to be cautious

  5. Editorial: Tax me, baby, one more time

Poll

Should the CFTC impose position limits on energy speculators?

Yes
54%
No
46%

Quote

If you look at the empirical evidence nothing supports the idea that speculators are driving prices in futures markets

Craig Donohue, CME’s chief executive


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