ICE's Sprecher asks SEC to end PFOF

Exchange shorts

ICE: NYSE and some money managers are asking the SEC to abolish the rebates paying practice. ICE Chairman and CEO Jeff Sprecher noted that without rebates, NYSE would only need one stock exchange.


ISDA reported that trading of interest rate swaps fell 80% on the first day of the SEF trading mandate.


MCX plans to sell its stakes in MCX SE, MCX SE Clearing corp. and Dubai Gold and Commodity Exchange to raise INR 9 billion, according to The Economic Times.


CBOE will close its CBOE Stock Exchange (CBSX) as this no longer fits into its strategic business plan.


LME: Rusal, the largest aluminum producer, will oppose LME’s warehouse system moves in court, as new warehouse rules affect Rusal’s selling prices.


TMX will deploy its new Quantum XA trading engine on TSX starting in June. The Quantum technology already runs on TMX Select, achieving median latency of 26 microseconds.


Business Wire will stop providing HFTs with direct access to its service through a dedicated low latency feed.


BME 4Q13 EPS increased 25% y/y to EUR 0.46, below consensus estimates of EUR 0.48. BME officials said they are seeing more high frequency traders entering the Spanish market.


Banks and CCPs believe that the European Commission will decide the US regime is equivalent to that in Europe, as it appears that U.S. and EU regulators are willing to work together on cross-border issues, according to


FTT: Estonia wants pension funds to be exempted from any financial transaction tax.

SEC named Stephen Luparello as Trading and Markets Director. Mr. Luparello is a partner at WilmerHale and spent 16 years at the FINRA.


Ontario Securities Commission will cut fees for some struggling smaller companies, ranging C$235-C$17.3k for registered firms and C$160-C$13.2k for reporting issuers.


MiFID2 will require providers of investment products to present consumers with the total of the cost of their investment including everything that affects the amount returned to investors.

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at 

Equity Research Desk ( provides fundamental analysis of global capital markets related entities to support the investment process of buy-side analysts at hedge funds and traditional money managers. The company focuses its coverage on securities exchanges, discount brokers, trading platforms, asset managers, financial-related technology companies and intellectual property assets in the US, Europe, Asia, and Latin America.

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