New for Traders: ICE to cut grain trading hours

Commodities

  • ICE will cut its electronic US grain trading hours from May 13 in response to feedback from customers, and in an effort to match CME’s reduced trading hours, according to Reuters. The new trading hours will see ICE begin at 5pm central time on Sunday and run till 1.30pm central time on Monday. For the rest of the work week, markets for crops such as corn, wheat and soy will trade from 7pm till 1.30pm central time.
  • CME listed the Kansas City Board of Trade building for sale, although no sales price was listed for the 166,000 square foot building. CME may also sell the building that houses its New York-based energy trading floor and leasing back space for open outcry trading there.
  • CME will list a 1,000-ounce physical delivery silver futures contract in June, adding to COMEX’s current 5,000-ounce contract that has physical delivery and a 2,500-ounce contract settled in cash.
  • CME will list its iron ore futures contracts on its electronic platform starting May 13, in order to increase liquidity in the SGX-dominated derivatives market.

Options

  • Nasdaq completed the acquisition of a 25% stake in Dutch derivatives trading venue TOM, The Order Machine. The agreement also includes an option for NDAQ to acquire an additional 25.1% stake of the remaining shares to secure a majority stake in TOM.
  • International Securities Exchange Holdings, Inc. (ISE) announced ISE Gemini as the brand name of its new options exchange. The SEC published ISE's Form 1 application for a second exchange license on March 7, 2013, and ISE Gemini is targeted for launch in Q2 2013, pending SEC approval. 

Financials

  • Liquidnet launched trading of Thai stocks on its platform, marking it the introduction of its 10th market in Asia. Liquidnet also stated that demand for investment opportunities in Southeast Asia was boosting institutional investors’ appetite for large block liquidity.
  • Nasdaq will re-launch its Nasdaq OMX PSX exchange as a venue for exchange traded products (ETPs) with a “price-time priority” structure, in which orders are ranked by price, and orders with the same price are ranked by the time they were entered, Reuters reported.
  • Bermuda Stock Exchange launched its new NDAQ-powered X-stream trading platform.

Technology

  • Continuum and CQG, Inc. announced a partnership with AlgoFast to supply AlgoFast’s algorithmic event trading software with CQG’s global market data and trade execution capabilities.
  • Trading Technologies International, Inc. (TT) and The Mexican Derivatives Exchange (MexDer) today announced that TT has linked its X_TRADER derivatives trading platform to MexDer via the CME Group’s Globex platform. TT’s connection launched concurrently with CME’s iLink enhancements for MexDer via Globex, which were released on April 14.
  • Nasdaq and CME are building a HFT link between Nasdaq’s datacenter in New Jersey and CME’s in Illinois

Forex

  • SGX will launch futures in the INR, SGX, AUD and the AUD/JPY cross in 3Q13, Reuters reported. According to SGX head of derivatives Michael Syn, “it’s playing to our natural geographical advantage that most of the key trading heads, the key price-makers and many of the key policymakers are based where we are matching and where we are trading.”
  • DGCX launched a mini INR futures contract, one-tenth of the size of the current INR contract. This move comes as part of a plan to increase the flexibility and attractiveness of the derivative for investors. According to the Financial News, the smaller contract is priced at INR 200,000 ($3,690) per lot compared to INR 2m per lot for the existing contract. The mini contract can also be cross-margined with the regular DGCX INR contract.
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