New for Traders: FIA and FOA combine to form FIA Global

The Futures and Options Association and the Futures Industry Association today announced an agreement in principle to combine their two organizations under one global structure and brand called FIA Global.

Financials

  • ASX will eliminate minimum size thresholds and tick size reform and instead will monitor the impact of price improvement rules which were launched in May. This move is a response to a reduction in dark trading volumes resulting from new price improvement rules.
  • HKEx launched trading of the iShares RMB Bond Index ETF, the first offshore CNY-denominated bond ETF in Hong Kong on Tuesday. The ETF will be traded and settled in both HKD and CNY, with each currency bearing a separate stock code, the Trade News reported.
  • National Futures Association (NFA) and TeraExchange announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for TeraExchange's swap execution facility.
  • ICE launched trading in its index credit default swaps futures on Monday afternoon, after seeing zero trades earlier in the session.
  • Societe Generale plans to launch AlphaY, its U.S.-based European dark pool, in response to growing dark liquidity demands from its US clients.

Options

  • CME will introduce three wheat options contract on its Kansas City Board of Trade (KCBT) hard red winter wheat futures, starting from July 1, pending regulatory approval. The contracts include an option on KCBT hard red winter wheat versus CBOT soft red winter wheat, another option on KBCT wheat versus Minneapolis Grain Exchange hard red spring wheat, as well as weekly KCBT options.

Commodities

  • CME will introduce three wheat options contract on its Kansas City Board of Trade (KCBT) hard red winter wheat futures, starting from July 1, pending regulatory approval. The contracts include an option on KCBT hard red winter wheat versus CBOT soft red winter wheat, another option on KBCT wheat versus Minneapolis Grain Exchange hard red spring wheat, as well as weekly KCBT options.
  • CME Group is exploring the sale of the NYMEX Building, the headquarters to the New York Mercantile Exchange (NYMEX). The 16-story, LEED-certified building is located at One North End Avenue overlooking the Hudson River immediately west of Brookfield Place (formerly the World Financial Center) and Goldman Sachs Tower.

Technology

  • Keyboard Trader now supports trading of futures and spreads over T4 API. You can trade spreads, baskets, or a full portfolio with single key triggers. 
  • ITG introduced a web-based real-time algo viewing tool called ITG Algorithms Prism. According to ITF head of algorithmic trading, Jeff Bacidore, “buy-side firms want a greater understanding of how algos work and more transparency, and we expect this tool to change how asset managers use algos.”
  • ICE Futures US launched the interval price limit (IPL) functionality on futures contracts, which will act as a temporary circuit breaker on ICE’s electronic platform. The usage of IPL will help reduce the probability and effect of short-term price spikes or unusual movement.

Forex

  • TMX Atrium announced that it has upgraded its connectivity to Knight Hotspot FX, in response to client demand.
  • SGX launched depository services for yuan-denominated bonds this week, in an effort to support Singapore’s development as an offshore hub for issuers and investors of yuan-denominated bonds.

Managed Funds

  • Horizon Cash Management LLC announced the Emerging Manager Fund Cash Account. Horizon created the account to provide small and emerging fund managers with a safe alternative for cash balances that are in excess of margin requirements.
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