New for Traders: Week ending June 29

MF Global

  • SecondMarket a broker/dealer specializing in bankruptcy claims is creating an electronic auction where former MF Global customer can have multiple buyers bid for their claim. The seller can set a minimum price they are willing to sell their claim at and multiple bidders compete to meet or exceed that price. SecondMarket will charge 0.5% of the proceeds the seller receives from the auction to be held on July 16.

Commodities

  • GAIN Capital Holdings, Inc. announced that it has acquired Open E Cry, LLC, a futures broker offering direct access futures trading. This is the first time GAIN is entering a partnership with a pure play futures/options broker, expanding its product portfolio to strategically advance its portfolio and become a key player in the this market.
  • CME confirmed that it will launch a US steel scrap contract in the fall in a move to expand its ferrous derivatives contracts offering. The contract is likely to be cash-settled, but no other details were available.

Options

  • The Options Industry Council (OIC) and the Chartered Institute for Securities & Investment (CISI) have signed a content sharing agreement making OIC's equity options educational materials available to CISI's global membership. The agreement allows CISI to provide its members access to the full suite of OIC print and digital material.
  • 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. 
  • The NASDAQ OMX Group announced Friday that its BX Options exchange has become a participant exchange in the Options Clearing Corporation (OCC), bringing the total number of U.S. options markets to 10. Following the deal, all standardized options contracts traded on NASDAQ OMX BX can offset against the same contracts traded on other domestic options markets, ideally leading to increased efficiencies for member firms.

Forex

  • Dow Jones Indexes and FXCM will jointly launch the Dow Jones FXCM Yen Index, an index measuring changes in the value of the Japanese yen against a basket of the US dollar, the euro, the Australian dollar and the New Zealand dollar.
  • 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

  • BATS Global Markets announced the results of the annual reconstitution of the BATS 1000 Index, a U.S. equities market benchmark, which will become effective prior to market open on Monday, July 2. As a result of the reconstitution, a total of 30 companies will be replaced in the Index. Some of the companies being added to the Index include LinkedIn Corporation (LNKD), GNC Holdings Inc. (GNC), The Madison Square Garden Company (MSG), Medivation, Inc. (MDVN), and Marathon Petroleum Corporation (MPC).
  • HKEx signed a joint venture with Shanghai Stock Exchange and Shenzhen Stock Exchange to develop index-linked and equity derivative products. The partners will each invest HKD100m (US$12.89m) in the new company, which will be established within three months of the agreement signing.
  • Direct Edge will introduce attribution functionality to EDGA and EDGX starting September 2012, pending SEC approval. This is supposed to enhance the Direct Edge Market Maker Program by allowing market makers to identify themselves as willing to buy and sell securities on the exchanges to facilitate continuous two-sided markets, Finextra reported.
  • NYSE Euronext will list Groupe Eurotunnel stocks on its London-based board. Groupe Eurotunnel will delist from the LSE. This is the first listing of NYSE Euronext London. In addition, NYSE will list shares of Burger King in New York.
  • The Commodity Futures Trading Commission’s Division of Market Oversight today certified a Dow Jones Industrial Average Futures contract submitted by the Osaka Securities Exchange on April 30, 2012. The contract satisfies the requirements of the Commodity Exchange Act and the Commission’s Regulations and may be offered or sold to persons in the United States through OSE’s direct access terminals located in the U.S.

Technology

  • OptionsCity Software announced that it has signed an agreement to integrate with YellowJacket, an advanced communication platform operated by IntercontinentalExchange designed to meet the needs of traders and brokers in the derivative markets. OptionsCity’s pricing and theoretical values will be displayed within ICE’s YellowJacket interface beginning in the third quarter of 2012.
  • Nasdaq OMX Group, Inc. announces that the Hong Kong Exchanges & Clearing Ltd (HKEx) will upgrade its derivatives trading system and clearing system to Nasdaq’s Genium INET technology. In addition HKEx has extended its support contract with Nasdaq OMX for a further five years. The platform upgrade is scheduled to be in effect by fourth quarter of 2013.
  • ASX will introduce new functionalities to its Centre Point anonymous mid-spread matching engine. New features allow traders to set a minimum fill size for their orders and post sweep orders seeking for price improvements prior to routing to the other markets.
  • Omgeo added new functionality to ProtoColl, its automated collateral management solution, which will give users a single view of their collateral exposures across bilateral and centrally cleared OTC derivatives trades, exchange-traded derivatives and other transactions.  A 2011 report by Finadium and Omgeo forecast that collateral required in the OTC derivatives market will increase by 41% over the next 12 to 18 months, in part owing to new regulatory requirements.
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