New for Traders: Week ending July 13

Technology

  • Space Expedition Corporation and former Goldman Sachs trader Anton Kreil announced they will attempt to set a new World Record by executing the “First Trade in Space” aboard the XCOR Lynx MK II shuttle in 2014.
  • Portware announced it has completed its acquisition of the technology and analytical assets of Aritas Group, Inc.  The acquisition also includes a portfolio of seventeen patents covering Aritas’ predictive analytics and algorithmic optimization technology.
  • Imagine Software announced the general availability of the Imagine Financial Platform (IFP) and the Imagine Marketplace. With these new offerings, Imagine provides a cloud-based environment enabling financial institutions, service providers, consultants and other third parties to use, create, and distribute apps.
  • Lido Isle Advisors has created the Rotman Ratio, a new managed futures ranking formula to assist investors in the evaluation of investments. The Rotman Ratio seeks to identify investments with the best combination of the following (based on historical, actual performance): CAROR, Max. Drawdown, and Monthly Sharpe Ratio. This results in one numerical output, making the identification of top-ranked programs based off this historical data very simple.

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

  • Cleartrade Exchange has launched five steel swaps contracts, creating the first opportunity to trade Chinese domestic steel products electronically outside of China. The launch also makes electronic trading in steel scrap derivatives possible for the first time.
  • Maple Group received approval from the Ontario Securities Commission (OSC), which issued a No-Action letter confirming that the bureau does not intend to challenge Maple’s proposed acquisition of TMX. The Competition Act provides a one-year period following the completion of the transaction during which the Commissioner of Competition may raise the issue before the Competition Tribunal.
  • TSE-OSE merger has been approved by Japanese regulators, according to a statement issued by Japan Fair Trade Commission (JFTC). TSE will move on with its JPY 480,000 per share takeover of OSE, and is expected to be completed on January 1, 2013.

Options

  • The NASDAQ OMX Group announced 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.
  • 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.

Forex

  • Tullett Prebon announces the beta launch of tpSPOTDEAL, a spot FX platform with Integral Development Corp. as its chosen technology provider.
  • 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.

Financials

  • London Stock Exchange (LSE) and Singapore Exchange (SGX) signed an agreement to offer trading in each other’s top stocks. The agreement will allow LSE members to trade shares of SGX’s top 36 companies, and SGX members will be able to trade in companies that make up the FTSE 100 Index.
  • Direct Edge plans to offer free trading at market close starting 4Q12, and will compete directly with NYSE and Nasdaq, which are currently the only bourses to execute closing orders.
  • NYSE will launch its new Retail Liquidity Program (RLP) on August 1 after receiving SEC approval. NYSE said that initiative is complementary to existing product offerings and is intended for firms that service retail order flow. Under the program, retail brokers connect directly to the exchange and receive rebates for sending orders to the bourse, and match flows against designated market making firms which benefit from trading fee discounts and for providing liquidity. The retail brokers will have to submit orders that offer a price improvement that is a minimum increment over the protected best bid and offer.
  • HKEx received approval from the Securities and Futures Commission (SFC) to list the first RMB qualified foreign institutional investor (RQFII) A-share ETF, which allows RMB raised outside of mainland China to be invested in an instrument replicating the A-share Chinese blue chip index performance.
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