Floor killing ICE plans to expand NYSE floor
The New York Stock Exchange (NYSE), part of Intercontinental Exchange (ICE), announced plans to expand its floor-based trading operations, offering investors even greater access to trade all U.S. securities for the first time with NYSE’s unique market model. This move represents an investment by ICE in the NYSE trading floor operations to bring greater value, transparency and efficiency to the U.S. equity markets. NYSE MKT will expand to include trading in all U.S. securities when it moves to an electronic Price/Time model in the second quarter of 2017.
The U.S. Commodity Futures Trading Commission (CFTC) has obtained a federal court Consent Order against Defendant Jon S. Corzine, former CEO of MF Global Inc., requiring him to pay a $5 million civil monetary penalty for his role in MF Global’s unlawful handling of customer funds, totaling nearly one billion dollars. The order prohibits Corzine from registering with the CFTC in any capacity.
Bombay Stock Exchange
The Bombay Stock Exchange, India’s oldest exchange, started trading single-stock and equity-index futures at the India International Exchange or INDIA INX. “The exchange will reclaim some lost market share to equity-futures in Singapore, currency derivatives in Dubai and structured products in Hong Kong,” Bombay Stock Exchange CEO Ashishkumar Chauhan said in an interview to Bloomberg. The International exchange will trade for 22 hours a day and will allow foreign investors and non-resident Indians to trade.
The International Swaps and Derivatives Association (ISDA) announced in January the launch of a new Japanese jurisdictional module that allows market participants to comply with Japanese regulations. The regulations require contractual stays to be included in certain financial contracts not governed by Japanese law. The ISDA Resolution Stay Jurisdictional Modular Protocol (JMP) was launched May 3, 2016 in response to regulatory changes.
CME Group announced the expansion of the foreign exchange (FX) offering with six FX monthly futures contracts to provide participants with access to the front months of the FX forward curve with the capital and operational benefits of trading listed futures. FX monthly futures will be offered on six currency pairs and listed on Chicago Mercantile Exchange in February subject to regulatory review.
Also, CME Group announced it had cleared a record 1 trillion in Mexican peso (MXN) interest rate swaps in a single day on Jan. 12, 2017. This was an equivalent of more than $47 billion in notional value. This latest record surpassed the previous record of MXN 659 billion ($32 billion) set on Dec. 16, 2016.
Elisha Wiesel, previous chief risk officer for the Goldman Sachs securities division, replaced Marty Chavez on Jan. 16 as chief information officer. Wiesel brings 23 years of experience as an analyst in the bank’s commodities division where Chavez also began his career. Wiesel was named managing director in 2002 and partner in 2004.
Euronext, the first pan-European exchange, signed a binding offer to acquire 100% of the share capital and voting rights of Clearnet, a multi-asset, Eurozone-based Central Counterparty (CCP). The acquisition is expected to strengthen their long-standing relationship and deliver multi-asset CCP based in the Eurozone to create a compelling value proposition for customers based on capital efficiencies, product innovation and execution certainty.
Hong Kong Exchanges and Clearing Limited (HKEX) plans to offer Renminbi (RMB) Currency Options a U.S. dollar/Offshore RMB (USD/CNH) contract in the first quarter of 2017, subject to market readiness. The new options are expected to complement HKEX’s USD/CNH Futures and other RMB Currency Futures, which lead the world with liquidity and distribution among exchanges.
Trump Tweet App
When President Donald Trump tweets about a public company, the market listens, and if you hold the stock of one of the companies that has come into his crosshairs, finance app Trigger thinks you’ll want to know about it. The app will send you alerts when Trump tweets about stocks you own. The free iPhone app works by letting you set up financial “triggers,” which you can then use to guide your investment decisions.
The fresh high for Bitcoin is now trading at levels not seen since November 2013. The digital currency rose more than 100% in 2016, and is expected to reach $3,000 in 2017.
In its first approval of commodity trading, the Securities and Exchange Board of India (Sebi) gave in-principle approval to the Indian Commodity Exchange (ICEX), anchored by Reliance Capital, to launch the world’s first exchange-traded diamond futures. With diamond futures contracts, the ICEX will empower diamond manufacturers in India to be a price maker rather than a price taker, “ said ICEX CEO Sanjit Prasad.
NYSE & Zebra Capital Management
NYSE and Zebra Capital Management announced the launch of the NYSE Zebra Edge Index (ZEDGENY), which will incorporate behavioral finance research on high-turnover, or “popular” stocks, with the goal of capturing higher returns with lower volatility. The NYSE Zebra Edge Index is the first to be founded on the academic research demonstrating the relationship between highly traded stocks and returns by economist emeritus Roger Ibbotson, one of the nation’s most respected thought leaders in behavioral finance.
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Thanks for including the informative article on Larry Williams in [the January] issue. His contributions to the industry are legion and he, more than any other, has touched traders’ lives and futures. Very well deserved tribute to Larry for the numerous contributions he has made over many decades.