New for Traders: Week ending January 25

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

Financials

  • NYSE Liffe will add pre-trade risk filters for brokers and migrate all derivatives products to the Universal Trading Platform matching engines.
  • 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.

Technology

  • ConvergEx Holdings signed a definitive agreement to sell Eze Castle Software and RealTick to an affiliate of private investment firm TPG Capital.
  • The newly launched East Africa Exchange chose Nasdaq OMX Group’s X-stream technology to support trading and clearing of equities and derivatives securities beginning in the third quarter of this year.
  • 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.
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Regulation

  • The Commodity Futures Trading Commission (CFTC) approved LCH.Clearnet as a derivatives clearing organization, allowing the clearing house to clear futures contracts, commodity options, options on futures contracts and swaps on interest rates and FX.
  • The Securities and Exchange Commission denied NASDAQ’s proposal to offer algorithmic trading, saying that the trading would compete unfairly with brokers’ algorithms.
  • The CFTC 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.

Commodities

  • CME Clearing Europe is now offering two over-the-counter European natural gas froward contracts: the United Kingdom National Balancing Point Natural Gas Physically Delivered Forward contract and the Netherlands Title Transfer Facility Natural Gas Physically Delivered Forward contract.
  • Borsa Italiana launched AGREX, the first European derivatives market for Durum wheat.
  • 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.

Options

  • TOM MFT launched trading in AEX index options on Jan. 21.
  • Tradition-ICAP introduced tradable volatility swaps on its Volbroker FX Options platform.

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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