High frequency and high speed traders are looking for new playgrounds, as volume in their existing markets shrinks and competition intensifies. The increasingly bitter war over the sale vs. destruction of failed exchange Plus may come to a head on Monday as shareholders meet to decide the company’s ultimate fate. As part of its post-purchase plans for the London Metal Exchange, Hong Kong Exchange is looking at rewriting controversial warehousing rules to improve the flow of metal to buyers.  Greece votes against being rash, aggressive and hasty with its debt problems, but the early-reaction rally in Europe has already faded as investors review Greece’s choices of “rock” and “hard place”. In the top box today, Jim Kharouf writes about a bright spot in the financial landscape: futures volume for some contracts at NYSE Liffe US are substantially better than at this time a year ago.  MarketsWiki passes the 25 million page view mark and MarketsReformwiki has passed the 1.5 million page view mark.

The London Metal Exchange looks over the buyout bids it received, and tells NYSE Euronext, “Hey, thanks for playing. But no.” Eurex Clearing announces a fee cut of up to twenty percent for Xetra transactions. Greece decides not to stiff its bondholders in the middle of a contentious political reorganization, and makes its payout as required. In the top box, you’ll find JPMorgan commentary by Doug Ashburn from yesterday’s JLN FX Newsletter; and John connects the dots between winning, horrible trading losses, and food.

NYSE Euronext pulls the curtain back on a new look and greater global focus. Greece provides more fuel for analysts predicting their departure from the eurozone, though the degree of concern regarding that event varies greatly. In the wake of massive, allegedly surprising and potentially increasing losses, at least three top executives (not including Jamie Dimon) are said to be heading for the exit. In the top box today, you’ll find an interview with Peter Weibel of TriOptima, talking with JLN’s Doug Ashburn about central counterparty clearing.

Brokers, exchanges and clearing houses are ready to start with new FX clearing rules. IOSCO says that regulators around the globe should implement flash-crash-related regulatory reforms that the USA put in place… though, hopefully, IOSCO is specifically targeting the sensible ones that made a difference. Greece gets paid, but some analysts see a broken swaps system. In the top box, John Lothian returns from Boca Raton with an overview of the FIA proceedings; Cinnober and NYSE Euronext get awards; and there’s lots of discussion regarding financial regulation and muppets, both individually and collectively.

The SEC is looking into the possibility that some exchanges favor their biggest customers at the expense of smaller traders. A couple of banks are already trying to make a market for Greece’s new bonds, even though they don’t exist yet. HKEx unveils plans to beef up their clearing house to meet post-2008 regulations and demand. The MF Global story continues, with continued protests over executive bonus plans; and recommendations from the NFA on how to better manage customer funds in the future. In Europe, now that Greece is no longer scalding hot, the financial transaction tax receives more attention.

MF Global’s bankruptcy plan includes significant bonuses for three senior execs of the firm. At the CBOE, a compliance executive has been placed on administrative leave as the SEC investigates company oversight. The London Stock Exchange steps up to buy a majority stake in LCH.Clearnet. In Europe, Greece successfully winds up its debt cycle with murmurs of impending doom rather than cheers.

CME Group intends to allow swap traders to keep their collateral cash at a third party. The EU reveals its plans for reforming the way that trades are settled. As the March deadline nears for Greece’s debt payment, more creditors are agreeing to accept the transaction’s terms. In merger news, both CME Group and ICE note their continued interest in hooking up with somebody; and TOCOM is said to be talking to CME Group about a deal to use Globex.

CME Group and BM&FBOVESPA agree to cross-list stock index futures, probably with a somewhat simpler symbol than CMEBMFBOVESPASP500. The British Bankers Association, as it helps to consider an improved way to calculate Libor that doesn’t involve collusion, quietly removes links on its web site to material explaining how they helped to design the old way of calculating it. Greece tells creditors balking at the bond swap deal that if they don’t accept the losses in the package, Athens may forcibly hand it to them anyway. TOCOM says no way, it’s not asking CME Group to take a stake in the exchange; at least, not yet. And in the top box, Doug Ashburn (from yesterday’s JLN FX Newsletter) grabs a eurozone crayon and draws a warning conclusion about the crisis there.

CBOE rolls out changes to its S&P options, hoping that the shifts will give a boost to the interest in those products. EU leaders sign a new agreement to be more careful with their money and their debt, with some countries already clearing their throats about financial difficulty ahead. Several people point out that the ISDA’s no-credit-event ruling yesterday regarding Greece’s debt and default was a specific answer to a specific question, not an “all clear” for the whole situation, and the falling financial piano is still whistling down from overhead. It being the start of a new month, you’ll find many links to the first major helping of monthly exchange results. And in the top box, an interview with Sunil Annapareddy of Gold Bullion International; an interview with Max Eagye of Altegris Clearing Solutions; and a peek at the top stories from the JLN Managed Futures and JLN Interest Rates newsletters.

Considering the MF Global collapse and how it damaged customer funds, various participants in the futures industry bring forth proposals on how to protect customer collateral. Exchange operators in the US agree to let regulators have another three months to figure out what to do about flash crash rules, though they didn’t agree to stay seated while waiting. The ISDA determines that the Greek bailout doesn’t constitute a default event, so insurance doesn’t activate. ICE reports success at keeping most “stupid algo” orders out of its market. And in today’s top box, a JLN Options Sarah Rudolph interview with Russ Chrusciel of SunGard’s Valdi Options Solutions.