CBOE to implement non-stop VIX futures
- CBOE will implement non-stop VIX futures trading by year-end in order to attract more Asian trading, according to CEO Ed Tilly. Reuters also quoted Tilly stating, “we need to pick up the Asian trading day…we’re committed to this year.” CBOE will also evaluate whether to open a trading hub in Asia to facilitate trading.
- LME CEO Garry Jones said that the open outcry trading floor is essential for the validation of LME as the forum for benchmark non-ferrous metals prices.
- ASX is pushing for five-year time horizons on policies affecting market structures and hopes to keep key infrastructure for trading equities and derivatives local. According to ASX CEO Elmer Funke Kupper, “we would quite like to get a clear answer to that question for the next five year. We make investment decision on a five-year horizon. You need certainty,” as reported by the Sydney Morning Herald.
- CFTC acting chief Mark Wetjen believes that a proposed transaction fee on derivatives market participants is gaining political traction. Wetjen was also quoted saying that “it’s true that even from previous administrations there have been calls to impose some kind of tax or fee-like structure, but it does feel like this idea has taken on an air of more seriousness.”
- U.S. Federal Reserve examined how benchmark currency rates were calculated in 2012, Bloomberg reported. According to Fed spokeswoman, the Fed-sponsored Foreign Exchange Committee “undertook an effort to catalogue existing rates. This effort did not reflect concerns specific to the FX rate.”
- SEC proposed rules to safeguard the country’s largest clearing agencies from collapsing. According to Reuters, SEC’s proposal is aimed at clearing and settlement agencies such as the OCC and DTCC, which are considered “systematically important” market utilities.