Regulators in the EU are said to be preparing a thumbs-up for the ICE/NYSE Euronext merger deal. The new credit-default swap futures at ICE listened to crickets at yesterday’s debut, but by afternoon began to see trading. In Japan, easier stock-shorting rules are slated to become permanent in November. In today’s First Read section, take a look at our latest MarketsWiki.tv video interview (as well as the last two – we’ve been busy!): Jeremie Bacon, the new president of Orc Americas, talks about why he decided to leave the firm he co-founded, Backstop Solutions, and his future with Orc Group.
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June 18, 2013: EU Said to Raise No Objections to ICE Takeover of NYSE Euronext; ICE Sees Late Trade in Credit-Default Swap Futures; Relaxed Japan Short-Selling Rules to Be Permanent From November
June 17, 2013: Japan Exchange plans infrastructure bourse; LSE to launch electronic swaps trading venue; Bid to relaunch synthetic CDO unravels
The operator of the Tokyo Stock Exchange plans to open a new exchange in a couple of years that will focus on raising capital to rebuild national infrastructure. The London Stock Exchange plans to open a new electronic swaps trading venue. Two big banks set up a sales effort for some notorious CDO products, but fail to get the sale done as investors back away. In First Read today, take a look at the new MarketsWiki.tv interview: Jack Schwager, the Market Wizards author, talks about hedge fund managers and how the CTA space has changed, what’s happened to managed futures since its breakout year in 2008 and his opinion of just how much growth is left for CTA sector.
June 14, 2013: In Fight Over Bank Rules, Regulator Calls for Compromise; EU agrees breakthrough in market rules; FX Rates Said to Face Global Regulation in Libor Review
A CFTC commissioner wants the regulatory agency to reach out and compromise with overseas regulators on regulating foreign risk. In a probably unrelated turn of events, EU member states reached a milestone agreement on certain bank transactions and competition between clearing companies. As LIBOR’s fallout rolls onward and new allegations of currency rate manipulation surfaces, regulators around the world consider the idea that it might be good to regulate the way currency rates are set. In today’s First Read, take a look at another excellent MarketsWiki.tv interview: Julie Dixon, managing principal at Titan Regulation, discusses the origins of the Market Access Rule and how it affects buy side firms and their trading activity. She also offers advice on how hedge funds and broker-dealers can be sure their programs are compliant, and what a firm may expect during a regulatory audit of its risk systems.
June 13, 2013: NYSE Euronext has ETF plan approved; House passes bill that would exempt foreign trades; Nasdaq appoints Tom Wittman to head its U.S. stock market
The SEC allows NYSE Euronext to allow ETF managers to pay market makers in order to improve liquidity. The US House of Representatives passes a bill that would exempt offshore trading from Federal oversight. Nasdaq OMX appoints a new head to run its US stock exchanges.
June 12, 2013: Traders Said to Rig Currency Rates to Profit Off Clients; Singapore seeks to roll out market circuit breakers; EOX Exchange files with CFTC for contract market designation
As if interest rate manipulation weren’t enough, now regulators are investigating claims that foreign-exchange traders at major banks manipulated currency rates via collusion in last-minute market trading. Singapore Exchange wants to add volatility circuit breakers to its trading systems to add safeguards against excessive price swings. OTC Global Holdings’ trading platform subsidiary EOX Exchange files with the CFTC for approval to trade futures contracts. In today’s First Read, take a look at the latest MarketsWiki.tv video interview; Justin Llewellyn-Jones, chief operating officer of Fidessa, talks about how Fidessa is adapting to the new global marketplace and the demand for multi-asset class platforms and networks.
June 11, 2013: ASX plans rights issue to meet new capital rules; NYSE Euronext appoints Eric Forest as Chairman and CEO of EnterNext; European swaps reporting deadline facing further delays
Australia’s stock exchange goes on a capital-raising mission. NYSE Euronext picks a CEO for their new EnterNext venture. Regulatory reform in Europe is said to have hit a roadblock as underfunded regulators and industry opposition takes its toll.
June 10, 2013: Exchange CEOs See Euronext Sale Reshaping EU Equity Market; Hedge Funds Win Collateral Reprieve in SEC Dodd-Frank Shift; UK short-selling suit to test Esma powers
Industry execs see the possible sale of Euronext as shaking up the exchange balance in Europe. Asset managers get a welcome exception to Dodd-Frank credit-default swap collateral rules from the SEC. In the UK, a lawsuit over short selling rules could be a larger test over the power that cross-border regulators may wield in the future.
June 7, 2013: Foreign derivatives push divides US regulator; U.S., Britain Ready Criminal Charges in Libor Case; US regulators sue binary options broker
Dissent within the CFTC over timelines for new rules governing foreign derivatives rises to the surface, and casts doubt on the future of those regulations. The US and Britain are both reported to be readying criminal charges against employees of Barclays bank for their role in monkeying with the LIBOR interest rate benchmark. Another binary options trading company comes under fire from the CFTC for violating the agency’s ban on off-exchange options trading.
June 6, 2013: Martin Abbott to step down as HKEx’s Co head of Global Markets and LME’s CE; SEC moves to tighten regulations on money market funds; LME sets date for clearing house launch
London Metal Exchange Chief Executive Martin Abbott announces his departure from HKEx. The SEC as expected announces their proposed new regulations for the money market industry. The London Metal Exchange sets its date to launch its new clearing operations, confirming the previously announced discontinuation of clearing operations with LCH.Clearnet.
June 5, 2013: MF Global ends bankruptcy as trustee Freeh steps down; Stock Exchanges Seek Curbs on Dark Pools to Fight Exodus; SAC Flap Is Liable to Hit Wall Street
How Well Do You Network? This is a Test.
Jessica Titlebaum – Orc Group
Some people say it’s money, but I think it’s networking events that make the world go ‘round. They give you an opportunity to establish and maintain connections as well as build a successful brand with a purpose. An industry event is the catalyst to take networking to the next level.
With the summer season upon us, hopefully, I have gathered a list of upcoming events that you should make an appearance at in Chicago. Some are invite only, some are only for women and some are open to everyone but, to ensure that the right amount of beverages and appetizers are ordered, you must RSVP.
On another note, I would have included New York events, but I figured this was good incentive for our friends to come to Chicago. Dorothy Friedman, I am talking to you.