U.K. Finance Minister makes a stand on rigging

Exchange Shorts

InterContinental Exchange (NYSE:ICE): NYSE head of cash equity market operations, Lou Pastina, will leave the company as part of its integration with ICE, Reuters reported. Pastina has been with NYSE for the past years, and is the latest executive to leave NYSE.

U.S. House Appropriations Agriculture subcommittee rejected a proposal to allow CFTC to spend more money on regulatory efforts and less on information technology.

Dodd Frank Act’s lack of guidance on the swap dealer provisions means swap dealers are left in the dark when it comes to monitoring their own compliance, according to Cargill compliance head Risk.net reported.

U.K. Finance Minister George Osborne aims to make rigging exchange rates a criminal offense, and will reject EU’s plans to outlaw currency market manipulation, Reuters reported. Osborne wants a Bank of England-led panel to recommend new criminal sanctions which meet the needs of London, the world’s largest currency trading center. According to Osbourne, “Our own rules will be as strong or stronger than those of the EU, but will preserve flexibility to reflect specific circumstances in the U.K.'s globally important financial sector.”

LCH.Clearnet gained EMIR approval to become a designated clearing house.

Chicago Mercentile Exchange Clearing CEO Kim Taylor stated that if EU authorities don’t give the approval to U.S. clearing house rules, it could drive EU banks out of U.S. CCPs, leaving them unable to provide clients with clearing services, Risk.net reported.

Warsaw Stock Exchange: the Polish Government, which holds a controlling stake in the exchange, proposed appointing former Deputy Treasury Minister Pawel Tamborski. WSE plans to speed up a merger with CEE Stock Exchange Group.

Asia Pacific Stock Exchange (APX) will adopt NDAQ’s X-stream platform and aims to offer RMB-denominated trading and derivatives after the new system goes live later this year, FTSE Global Markets reported.

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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