New for Traders: Week ending January 18

A wrap-up of new products and services from around the industry.

Financials

  • Several exchanges admitted new members: BNP Paribas Securities Services joined Singapore Exchange as a clearing member, bringing the number of clearing members in the securities market to 27. The Dubai Gold and Commodities Exchange accepted Marex Spectron Group as a broker clearing member, and Banco Santander joined European Commodity Clearing as a general clearing member.
  • Peregrine Financial Group Trustee Ira Bodenstein asked a court for more time to shut down the bankrupt brokerage. In a court filing, Bodenstein said that he needs until March 15 to consolidate the firm’s business operations, sell off its assets and review customer claims.
  • The Tokyo Stock Exchange and Osaka Securities Exchange merged their operations to form the Japan Exchange Group, a new holding company.
  • MF Global Inc. (MFGI) reached an agreement with MF Global UK Ltd. to resolve all claims between the two entities. The deal will return between $500 million and $600 million to MFGI. The broad agreement also resolved claims between MFGI and MF Global Holdings as well as between Holdings and the UK affiliate.
  • The Hong Kong Futures Exchange (HKFE) revised margin requirements for futures contracts based on its normal procedures and standard margining technology. The changes will take effect on Jan. 2.

Technology

  • NYSE Technologies launched an Asian subsidiary, NYSE Philippines, which will run a Manila-based technology hub. NYSE Philippines will still manage NYSE Technologiest largest service desk, infrastructure and client systems monitoring, and connectivity and operations support.
  • Bolsa de Valores de Lima chose MillenniumIT’s Smart Order Routing technology to support its markets.
  • NASDAQ OMX announced that it will combine its market technology and corporate solutions business to drive growth and increase focus across its technology businesses.

Regulation

  • The Securities and Exchange Commission denied NASDAQ’s proposal to offer algorithmic trading, saying that the trading would compete unfairly with brokers’ algorithms.
  • The Commodity Futures Trading Commission approved ICE Clear Credit’s proposal to provide portfolio margining relief for buy-side clearing of credit default swaps.
  • The Indian government gave MCX Stock Exchange regulatory (MCX-SX) approval to become a recognized stock exchange. MCX-SX has already received a commencement certificate from the Securities and Exchange Board of India for going live in product segments including equity, wholesale debt (bonds) and interest rate derivatives.
  • The Depository Trust & Clearing Corp. (DTCC) announced that, as of Jan. 3, all registered swap dealers active in credit and interest rate trading are sending information to its swap data repository.

Commodities

  • NASDAQ OMX Commodities introduced German power futures, European-style options for German power forwards and futures, Swedish Norwegian electricity certificates and European Union aviation allowances futures. It also extended the German and Nordic power forward curves.
  • Beginning Feb. 25, SGX will offer iron ore futures and launch fungible freight and oil contracts.
  • CME Clearing Europe introduced two near over-the-counter (OTC) iron ore contracts for clearing: Iron Ore 62% CFR China Average Price Options and Iron Ore 62% CFR China Calendar Swaps.
  • The European Energy Exchange plans to launch three new futures contracts for trading of hydroelectric power from the Scandinavian and Alpine regions, along with wind power from northern Europe.

Managed Funds

  • The Hedge Fund Association announced that it has created a High Net Worth Advisory Board that will develop global educational programs and networking events for high net worth investors.

Options

  • Market Data Express, an affiliate of the Chicago Board Options Exchange, will launch the CBOE Customized Option Pricing Service on Jan. 14. The data service is designed to offer subscribers end-of-day indicative valuations for “customized” options including FLexible EXchange (FLEX) and some over-the-counter options.
  • The Miami Options Exchange (MIAX) launched on Dec. 7 after receiving regulatory approval from the Securities and Exchange Commission. It is the 11th U.S. equity derivatives market.

Forex

  • Nasdaq has entered into a partnership with Deutsche Bank and Imarex FS, designed to offer market participants access to an integrated trading and clearing service to FX products. Clients of the Nasdaq OMX’s Norwegian clearing house, NOS, will be able to trade FX products through Deutsche Bank’s FX trading platform.
  • Thomson Reuters enhanced its FX matching platform designed to boost capacity, scalability and performance. New features include a graphical user interface and click to trade capability.

 

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