Bombay Stock Exchange in discussions to acquire United Stock Exchange

Exchange shorts

The Commodity Futures Trading Commission gave European trading platforms more time to register and meet new derivatives rules aimed to make the market more transparent, Reuters reported. The delay was issued by CFTC in a no-action letter after an agreement the regulator struck with the EU on Friday, which will affect solely London-based firms. CFTC also expects FCA to implement its own comparable rules on March 24, with foreign companies to get relief from the rules if they requested.

  • TMX Group is on the search for a new CEO as current CEO Tom Kloet plans to retire at end-August, the WSJ reported. According to Kloet, “the company is ready to go to the next phase and I think it needs a CEO prepared to commit to being here for five or six years or longer to see that through.”
  • NLX CEO Charlotte Crosswell stated that the London-based derivatives exchange has achieved 10% market share in one of its contracts, and it is now at a level of liquidity that will attract more market participants.
  • Nasdaq OMX will sell its trading systems to the Bangladesh bourse, the Gulf News reported.
  • Bombay Stock Exchange is in preliminary discussions to acquire United Stock Exchange, the Hindu Business Line reported. According to a BSE official, the exchange is open to opportunities, and BSE is already a strategic partner in USE, with a stake of nearly 45% as of end-December 2013.  Also, BSE will continue its fee waiver for transactions in currency and interest rate derivatives.
  • Vienna Stock Exchange de-listed all of its derivatives contracts, FOW Intelligence reported.
  • CFTC increased the intensity of its investigation of ‘exchange for futures’ deals, and has issued a special call asking Wall Street banks and other traders to show documents proving their EFS transactions were legal.
  • Japan’s Financial Services Agency proposed two phases for mandatory clearing for yen interest rate swaps. The first phase will commence in December 2014, and will include financial institutions with outstanding notionals exceeding JPY 1 trillion. The second phase, aimed for December 2015, will capture smaller financial institutions with outstanding notionals of JPY 300 billion and above.
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