Launchpad to seed traders

August 16, 2015 09:00 AM

Launchpad to seed traders

HC Technologies LLC and Tudor Investment Corporation announced the formation of LaunchPad Trading LLC, a joint venture established to actively seek the next generation of trading talent. The initial goal will be to recruit global macro traders who specialize in trading global futures and forex markets. Trading in single stock names will not be permitted. The collective aim is to invest proprietary capital in early career portfolio managers and groom them to potentially manage customer assets on the Tudor platform or form their own asset management firms (see Futures, page 60). 

CME Group

CME Group Inc. closed most of its open outcry futures pits as planned in July, despite last-minute calls from a handful of traders and brokers and a temporary stay by the Commodity Futures Trading Commission (CFTC).
CME adequately responded to concerns four traders and brokers submitted to the CFTC, according to attorneys who reviewed regulatory filings at Reuters’ request.

CME and CBOT

Effective on Sunday, July 5, 2015, for trade date Monday, July 6, 2015, and pending all relevant CFTC regulatory review periods, The Chicago Board of Trade will amend the CME Globex trading hours for non-expiring grain and oilseed futures and all grain and oilseed options as follows:


TradingScreen

TradingScreen, an independent provider of electronic trading solutions, and a group of 15 of the largest long-only asset managers in Europe have launched TradeCross, the first buy side-designed crossing platform for fixed income corporate bonds. With the support and collaboration of these asset managers, TradeCross will look to enable participants to uncover hidden liquidity from buy-side inventories along with other new sources of liquidity to complement the traditional trading approach for credit products.

Barclays

Barclays fired Antony Jenkins as chief executive after three years after he lost the confidence of its non-executive directors. He was replaced with chairman John McFarlane on an interim basis.

ISDA

The International Swaps and Derivatives Association Inc. (ISDA) launched a tender process to select a third party to build and operate a crowdsourcing utility for the ISDA Standard Initial Margin Model (ISDA SIMM). The utility is intended to aggregate and compile risk data to enable market participants to implement the ISDA SIMM consistently.

Bitfury

BitFury Group added James Newsome, former CFTC Chairman and former CEO of the New York Mercantile Exchange (Nymex), to its advisory board. Newsome is currently a founding partner of Delta Strategy Group, a government affairs firm located in Washington, DC.

Acadiasoft 

AcadiaSoft, a provider of margin automation, will link its MarginSphere electronic messaging service for OTC derivatives with ICAP TriOptima’s OTC trade reconciliation service and the Margin Transit Utility to be operated by the DTCC-Euroclear GlobalCollateral joint venture. The links seeks to create an open, seamless, end-to-end margin processing hub for non-cleared derivatives.

Pragma Securities

A report from Pragma Securities released in July found that recent changes to the calculation of the WM/Reuters spot FX rate (Fix), coupled with a shift in how banks handle client orders, have created unusually predictable patterns in the forex markets. The report, “New Trading Patterns Around the WM/R Fix,” also finds that algorithmic traders are well positioned to improve their performance trading in and around the window.

FundedByMe

FundedByMe announced that its partner Alix Global Sdn Bhd was awarded one of six coveted licenses to operate equity crowdfunding in Malaysia. Malaysia is the first South-East Asia country offering equity crowdfunding licenses. The license allows FundedByMe to start operations in the new market.

SEC

The Securities and Exchange Commission  named John C. Roeser associate director and deputy head of the Office of Market Supervision in its Division of Trading and Markets. Roeser will assume his new role immediately.

Intercontinental Exchange

Lynn Martin has been named president and COO of the Intercontinental Exchange’s Data Services, where she will manage the global data teams and platforms including ICE and NYSE market data, SuperDerivatives, the SFTI network and co-location business. She previously served as COO of ICE Clear U.S. 

About the Author

Editor-in-Chief of Modern Trader, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange.