New for Traders: Week ending August 24

Forex

  • CME is applying to the U.K.’s Financial Services Authority, in the hopes of creating a London-based derivatives exchange. The exchange, CME Europe, would launch in mid-2013, and would initially trade FX futures.
  • ICAP’s BrokerTec and the London Stock Exchange’s MTS unit announced the launch of a series of Eurozone repo market indexes for eight Eurozone sovereign bond markets in the fourth quarter.
  • Moscow Exchange will launch USD/RUB FX swaps with maturity of the second part of 9 months and 1 year on August 20, broadening the range of Exchange’s long-term swaps. 
  • India’s MCX Stock Exchange received approval to launch currency options on its platform. MCX-SX will introduce options on the USD-INR currency pair; although a launch date has yet to be announced. The exchange also received regulatory approval in July to start trading equities, equity futures, interest rate futures and wholesale debt products.

Commodities

  • CME Clearing Europe announced it has extended the range of eligible collateral types to include gold bullion.
  • CME Group announced the launch of U.S. Midwest #1 Busheling Ferrous Scrap (AMM) futures, effective Sept. 10. If approved, this will be the first ferrous scrap futures contract available to U.S. steel industry participants.
  • GemShares LLC, a Chicago-based financial firm, was issued a patent for a grading index for a specialized investment grade of diamonds. This will enable the securitization of diamonds, allowing the stones to be included in investment portfolios and providing a new hedging tool for the diamond industry.

Options

  • NYSE Amex Options, one of NYSE Euronext’s U.S. options exchanges, announced that it has received SEC approval to eliminate position limits for options on the SPDR S&P 500 Exchange-Traded Fund as part of a 14-month pilot program.
  • Chicago Board Options Exchange Inc. (CBOE) will launch trading in a CBOE S&P 500 Range Options, a new type of S&P 500 Index options contract, beginning Aug. 28.
  • Miami International Securities Exchange (MIAX) published its application to the SEC to become the US’s 11th equity options venue. SEC is seeking comment on the exchange in order to decide on the MIAX application.

Technology

  • Direct Edge launched Edge Ticker PlantSM, an accelerated market data aggregator. Edge Ticker Plant leverages the Connect EdgeSM network and Exegy ticker plant technology to integrate more than 20 market data feeds with direct market access to all major U.S. equity exchanges.
  • The International Swaps and Derivatives Association, Inc. (ISDA) and Markit are now on-boarding buy-side market participants to ISDA Amend, a technology-based solution that facilitates Dodd-Frank compliance by allowing swap market participants to amend agreements covering swaps, including ISDA Master Agreements.
  • Corvil introduced a new range of appliances for its CorvilNet Latency Management System, which will provide twice the processing capacity, and more than double storage capacity and data capture rates.

Financials

  • Chi-X Canada ATS Limited announced plans to launch a second lit marketplace, CX2 ATS, in the first quarter of 2013. With CX2, Chi-X Canada will establish a different market model and provide the trading community with greater choice and functionality.
  • CETIP and ICE jointed launched a Brazilian fixed income trading platform called “Cetip | Trader”. ICE will provide the technology for the platform, which will combine electronic trading, voice confirmation, straight through processing and real-time and historical data in a single tool that will provide transparency, price formation and workflow automation to Brazil’s fixed income markets.
  • BATS Global Markets filed to launch a Retail Price Improvement (RPI) program on the BATS BYX Exchange, a response to NYSE’s recent installment of its Retail Liquidity Program.
  • Direct Edge will no longer penalize traders for sending large numbers of trade messages that don’t result in actual trades. The firm’s program will reduce the rebate to firms that average one trade per 100 messages over a one-month period.

Regulation

  • The CFTC announced the launch of ciciutility.org, a website on which market participants can register for CFTC Interim Compliant Identifiers (CICI). Registered entities and swap counterparties use these legal entity identifiers (LEI) to comply with CFTC reporting regulations. The commission eventually plans to introduce a related global LEI system.
  • The CFTC approved final conforming amendments to regulations governing the activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs). The new rules require CPOs and CTAs to disclose information on swap intermediaries and activities for both their futures and swaps.
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