ICE back in the market

April 15, 2016 09:00 AM

Intercontinental Exchange (ICE) entered into a definitive agreement to acquire Standard & Poor’s Securities Evaluations Inc. (SPSE) and Credit Market Analysis, two assets under the S&P Global Market Intelligence business unit, from McGraw Hill Financial. When completed, the acquisition will enable ICE to offer customers new data and valuation services. Under the terms of the agreement, ICE can elect to satisfy its payment of the purchase price due at the close of the transaction in either cash or shares of ICE’s common stock. All other terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.

OptionsHouse

Online broker OptionsHouse announced in March that it has formed a non-clearing futures commission merchant (FCM) that will launch in Q2 of 2016, subject to regulatory approval.  OptionsHouse SVP of Brokerage Joe Corso said, “While others are exiting the FCM business, we decided to step up to ensure an outstanding multi-asset class trading experience for our customers.

Green Key

Green Key Technologies announced the appointment of Paul Christensen as its new CEO. Christensen most recently served as Managing Director and Global Co-head of Goldman Sachs’ Principal Strategic Investments team. He has been responsible for conceiving and executing a series of the industry’s leading ventures. Anthony Tassone, Green Key Co-founder and CEO since the firm’s inception, will assume the new role of Chief Product Officer, responsible for product innovation and development.

Wall Street Week

Anthony Scaramucci’s Wall Street Week will be televised on FOX Business Network starting Friday, March 18. The iconic program originally hosted by Louis Rukeyser, was resurrected last year by Scaramucci, who is also co-managing partner and founder of Skybridge Capital.

Ullink

Ullink announced the launch of a Drop Copy and Trade Risk Mitigation service that will provide buy-side and sell-side firms with a ready-to-use solution to reduce trading risk, improve client service and help meet regulatory requirements.

Nasdaq/ISE

Nasdaq announced on March 9 that it has agreed to purchase the International Securities Exchange from Deutsche Bourse for $1.1 billion. The transaction is subject to regulatory approvals and is expected to close in the second half of 2016. After the report, ICE announced that it was considering making a counter offer. 

Estimize 

Estimize, the crowdsourced financial estimates platform, launched its latest initiative, Forcerank. This skill-based contest is for stock market fans who want to test their skills and earn cash. Competitors rank the performance of 10 stocks, with the goal of winning the money and respect of their peers each week. Those interested can download the iOS app from the Apple app store to enter the following week’s contest. CNBC dubbed the concept,“weekly fantasy sports for stocks.” 

Duco/CME

Global fintech provider Duco Technologies and CME Group announced at the 41st Annual Futures Industry Conference in Boca Raton, FL.  that later this year, CME Group will offer Duco’s reconciliation service to its member firms, enabling them to simplify processes around fee structures without needing to invest in infrastructure or IT resources. Duco Cube will ensure that the firms’ back-office systems are aligned with CME Group’s exchange fee pricing components.

ISE

The ISE announced that its Chief Technology Officer (CTO) Robert Cornish has assumed the position of Chief Information Officer (CIO) after the retirement of current CIO Daniel Friel. Thomas Reina, formerly Senior Vice President, Technology Development, has become CTO.

SGX/NSE

India Index Services & Products Limited (IISL), a National Stock Exchange (NSE) group company, and Singapore Exchange (SGX) announced in March their intention to introduce futures on Indian sector-specific index futures on SGX. This is the first time that derivatives on Indian sector indices are being launched outside India. SGX will list four USD-denominated index futures contracts based on IISL’s sector indices, specifically the SGX Nifty Bank Index Futures, SGX Nifty IT Index Futures, SGX Nifty CPSE Index Futures and SGX Nifty Midcap 50 Index Futures.

Citigroup

As Citigroup continues its build-out into equities trading the company has hired Quentin Andre as head of global structured sales and Dirk Keijer as head of derivatives sales for Europe, the Middle-East & Africa. Both previously were with Goldman Sachs Group.

Bats

Bats Global Markets received SEC approval of the Bats Client Suspension Rule, assisting the company in taking swifter action to prohibit manipulative behavior on the Bats Exchanges. The Rule, which was approved Feb. 18, distinguishes itself by specifically addressing disruptive quoting and trading practices, such as spoofing and layering, via an expedited process.

CME Group

CME Group has appointed Eli Cohen as Executive Director, Associate General Counsel, Asia. In this role, Cohen will be responsible for legal and regulatory work for CME Group’s Asia Pacific local office operations, as well as legal work for local marketing and sales activities of CME Group’s exchanges, clearinghouse, data repositories and partner exchanges in the region.

ICE 

ICE announced that David Farrell, Senior Director, Global Soft Commodity Operations, has been promoted to COO of ICE Futures U.S. Farrell reports to Trabue Bland, President of ICE Futures U.S. Hester Serafini joins ICE as COO of ICE Clear U.S. She will report to Tom Hammond, President of ICE Clear U.S. and is responsible for managing the clearing house operations. Serafini joins the company from J.P. Morgan.

Goldman Sachs

Eric Dobkin, among the longest-serving partners at Goldman Sachs--he spent 49 years working for the same company--announced he is retiring.

SIX Securities

Swiss post-trade services provider SIX Securities Services has launched CO:RE, its new repo trading platform. Replacing its legacy system, the CO:RE trading facility will provide single-point access for over 160 Swiss domestic and international clients to the multi-currency Swiss repo market. The platform provides real-time trading and collateral monitoring, and functionality for regulatory requirement compliance.

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.