CME calls out the CFTC

Exchange Shorts

FX derivatives: Foreign exchange prime brokers and agency brokers will find easier to facilitate FX derivatives trades for their clients with a new set of procedures and rules drafted on July 29, 2014. New rules allow customers to agree that the FX intermediary may serve as their agent for the purpose of receiving the pre-trade disclosures, resolving an issue that prevented intermediaries from offering trade facilitation since the enforcement by CFTC of external business conduct rules as part of the Dodd-Frank Act in May 2013.

DB1’s Eurex and LCH.Clearnet will each launch inflation swaps early in 2015, pending regulatory approval; according to Risk.net.

China plans to launch equity index options in October this year but single stock options has been delayed. Challenges preventing the equity index options launch are margin calculation methodology and settlement rules that prevent market-makers hedging exposure.

Chicago Mercentile Exchange said CFTC regulation on position limits is based on incomplete and sometimes out of date data.

Shanghai Gold Exchange will launch bullion trading on September, 26. FTZ contracts will be priced and settled in yuans.

Haifa Mayor Yona Yahav sent a letter to Israel Finance Minister Yair Lapid requesting permission to open a stock market in the country’s third-largest city.

BSE will change active and passive equity trading fees to a flat 0.275bps beginning from September. Actual fees are 0.225 bps for passive orders and INR 0.325 bps on active orders.

NCDEX will sign a pact with multinational grain trading companies and corporate consumers to boost its forwards segment.

MCX will ask SEBI to waive the 2% cap on FTIL stake sale and enable FTIL to sell its entire 5% MCX stake via a block deal, according to The Economic Times.

Bursa Malaysia issued a public consultation paper to simplify the requirements to open trading and securities accounts.

DB1: Eurex will launch swaps compression services.

DB1 launched the HDAX Hedged USD Index, which measures the performance of the underlying HDAX while eliminating foreign currency fluctuations.

ICAP Singapore CEO Anthony Warner may resign after 25 years with the broker, according to Bloomberg. Danny Cheung, MD in Singapore, may succeed Warner.

JSE reported 1H14 EPS of ZAR0.389 (+14% y/y) on revenues of ZAR869m (+9% y/y) and expenses of ZAR508m (+4% y/y). JSE is restructuring operating model to better integrate business. JSE appointed Leila Fourie as an Executive Director.

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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