New for Traders: Week ending June 15

Commodities

  • Hong Kong Exchanges & Clearing Ltd., host to the world’s fifth-largest equity market, agreed to pay 1.39 billion pounds ($2.15 billion) for the London Metal Exchange, which handles more than 80 percent of global trade in industrial-metal futures.
  • The Dubai Gold and Commodities Exchange (DGCX) announced an extension of its trading hours. From June 4, 2012, the Exchange will open from 07:00 (UAE time), 1 hour and 30 minutes earlier than its previous opening time. The extended trading time will provide DGCX participants with a 30 minute window before the exchange traded currency derivatives markets open in India.

Options

  • The International Securities Exchange (ISE) announced that order management functionality is now available in PrecISE Trade®, ISE's innovative, front-end execution system. PrecISE users are now able to route orders to other PrecISE users for execution. Additionally, PrecISE offers a new "parent/child" feature, or the ability to stage larger orders and divide them into smaller orders to better control order management and execution.  

Forex

  • OANDA announced that the company will soon execute its one-billionth transaction as an online broker. To celebrate the milestone, OANDA is awarding $10,000 to the customer who makes the first trade immediately after the trading platform transaction counter hits 1,000,000,000. Prizes also will be awarded to the second and third trades following the billionth transaction ($1,000 and $500, respectively).

Financials

  • The Chicago Board Options Exchange (CBOE) announced that it will begin disseminating values for its first interest rate-based volatility index, the CBOE Interest Rate Volatility Index (ticker: SRVX), on Monday, June 18. The SRVX Index is designed to offer fixed income options traders and portfolio managers a standardized and transparent measure of interest rate swap volatility.
  • SGX launched trading of dual-currency ETFs on June 15, which allow investors to trade foreign currency denominated ETFs in SGD. The ETFs also are fungible so investors can trade the instruments in either USD or SGD, regardless of the currency in which it was first bought or sold.
  • Knight Capital Group, Inc announced that it has agreed to acquire certain assets and liabilities of Penson Futures, the futures division of Penson Financial Services, Inc. The terms of the acquisition call for $5 million in cash, approximately half of which covers exchange memberships and equipment, plus potential earn-outs based on financial results in the three-year period following the close.
  • CBOE: Chicago Futures Exchange (CFE) launched trading in CBOE NASDAQ-100 Volatility Index (VXN) futures. There initially will be only four consecutive monthly contracts listed, compared to VIX futures which have contracts with expirations trading for the next nine months.

Technology

  • Accelize and ENYX announced a partnership aimed at providing acceleration solutions to the financial services industry. The combination of Accelize’s low latency FPGA network adapter cards and infrastructure building blocks (IP) and ENYX financial expertise, FPGA design expertise, and finance-specific building blocks (IP) will enable their joint customers to design and deploy customized ultra-low latency FPGA based trading, basket pricing and pre-trade risk solutions whether they are FPGA experts or not.
  • Patsystems announced that PFGBEST joined Patsystems XConnect in Chicago to offer the trading platform to its global client base. By using the Patsystems XConnect front end trading platform, customers of PFGBEST receive low latency access to several futures exchanges, including CME Group, Eurex, IntercontinentalExchange (ICE), LME, and NYSE Liffe.
  • OptionsCity Software announced its connectivity to NYSE Liffe, the global derivatives exchange of the NYSE Euronext group.
  • Object Trading announced that The Kyte Group is extending its global collocation DMA coverage with Object Trading. Kyte previously used Object Trading for customers connected to its London and Frankfurt collocation offices and are now expanding its coverage to Chicago and Milan.
  • CME will allow brokers to trade both futures and swaps based on oil, natural gas, gasoline and heating oil on a single electronic screen, instead of on two systems as is currently done. CME OTC Solutions unit managing director Michel Everaert also said that “a lot of the elements in the proposals for swap-execution facilities are in CME Direct”, although Dodd-Frank rules have yet to be finalized.
  • OptionsCity Software announced the launch of Algo Store, an online algorithm repository and collaborative environment that provides a market for traders and developers to create, purchase and download trading algorithms.
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