First Read

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.

Exchange operator Nasdaq announces that they are toughening up real-time system monitoring to improve their oversight of their trade flow. Shareholders give a substantial thumbs-up to the ICE-NYSE merger. LCH.Clearnet starts a service in the US to give clearinghouse customers bankruptcy protection. In First Read today, take a look at the latest MarketsWiki.tv video interview: Tom Lloyd, general counsel at Campbell & Co., talks with John Lothian News Editor-at-Large Doug Ashburn about the emergence of managed futures mutual funds as an additional investment choice in the alternatives space, and explained some of the logistics behind setting up such a fund and carrying out the accounting, reporting and marketing functions.

EU regulators evaluating the proposed ICE-NYSE merger are looking at competetive risks in the soft commodity sector. US regulators continue to edge toward rules designed to mitigate the future potential for financial crises, but that progress also continues to increase tensions between the US and Europe. NYSE Liffe sets July 1 as the conversion date for beginning to clear derivatives trading through ICE Clear Europe.

Exchange operator CME Group posts an overall daily record volume this week. Korea plans to launch the country’s third stock exchange; this one will focus on smaller businesses. The head of Japan Exchange Group says that the company is on track for record profits.

The SEC intends to announce its first ideas for reform in the money market sector next week. Even as the focus for the London Metal Exchange shifts toward Asia and its new parent, traders there are supportive of the new direction. The SEC’s anticipated fine and decision arrives for Nasdaq’s substandard handling of last year’s Facebook IPO.

Nasdaq OMX NLX and LCH.Clearnet get regulatory clearance to clear and trade, and plan to turn on the lights on May 31. Markit responds to trader apprehension over planned credit-default swap futures by planning to publish a daily list of constituents used by the futures contract. Mongolia, seeking foreign investors for its fast-growing economy, wants to further develop its relationship with the London Stock Exchange. In First Read today, take a look at MarketsWiki.tv’s latest interview: Stephanie Hammer talks about some of the key themes and takeaways in her new book, “Architects of Electronic Trading”.

Constructors of the newly proposed financial transaction tax in Europe are backing away from an across-the-board implementation as opposition from many corners continues unabated. The Shanghai Futures Exchange opens its metals warehouses to overseas participants in a bid to take business from the LME. The head of the recently-closed Hong Kong Mercantile Exchange steps down from corporate boards and public office as irregularities at the former exchange are investigated.

London Stock Exchange plans to begin single-stock options trading next month. Options clearinghouse OCC plans to undo dividend-linked options trading, something that has been popular on Nasdaq’s option-trading platform. NYSE Euronext opens the door and turns on the lights at Enternext, its new small-to-medium company trading venue.

A group of investment firms sue the CBOE, alleging improper fee assessment over a multi-year period. FINRA extends a new regulatory reach to stock trading platforms catering to high-frequency traders, and takes a closer look at dark pools. After earning jeers and criticism in 2008, credit rating agencies are taking fresh damage for their mis-estimation of the US housing market.

Police in Hong Kong are taking a closer look at potential financial irregularities at the recently-shuttered Hong Kong Mercantile Exchange. The ICE-NYSE merger has formally been submitted to the EU for testing and, they hope, approval. ICE Endex and the European Energy Exchange face off over an expanding market in Turkey.