New silver pricing benchmark?

Exchange Shorts

ICE: NYSE executive Joseph Mecane will leave the company during its integration with ICE, according to the Wall Street Journal. This follows the announcement made last week that NYSE CEO Duncan Niederauer will leave the company in August.

Moscow Exchange signed a deal with Horizon Technology to provide a new “all-market” gateway for the Moscow Exchange. The new platform will include full support for order, pre-trade risk management, low-latency and exchange native market data feeds, and MOEX members will have access to the full range of services, FTSE Global Markets reported.

LCH.Clearnet: former CEO Ian Axe had received nearly EUR 3.8m in compensation in 2013, up from EUR 2m in 2012, the Financial News reported.

Chicago Mercantile Exchange and London Metals Exchange are each talking separately to market participants about hosting a new silver pricing benchmark, Market Watch reported. According to sources, LME’s proposal is already in relatively advanced stages, while that of CME’s is still in the early stages.

Commodity Futures Trading Commission Acting Chairman Mark Wetjen said that the industry should consider changing or withdrawing the advisory released under former Chairman Gary Gensler, which aimed to curb bank efforts to go around the Dodd Frank Act by applying to the trading rules to these transactions, Bloomberg reported. According to Wetjen, the policy should be revised because it extended the reach of rules to deals arranged in the United States but were held overseas.

CFTC director of clearing and risk, Ananda Radhakrishnan, stated that United States has no option but to enforce its own standards globally because other financial regulators have failed to establish a framework for swap execution facilities.

CFTC Acting Chairman Mark Wetjen said that the agency’s plan to introducing mandatory clearing for FX derivatives is being slowed down as “there are some things we need to learn and understand a bit netter…there are some questions about feasibility, readiness and the like that we’re still trying to sort out.”

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 mariano@erdesk.com. 

Equity Research Desk (www.erdesk.com) 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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