EXCHANGE NEWSWIRE, 30 August 2010
SMX launched today its first four contracts (euro-dollar futures, gold and euro WTI and Brent Crude). Future plans include introducing other currency contracts, and SMX hopes to get 5% of the total Asian derivatives market volume.
DTCC is currently in early-stage discussions regarding a stake in EMCF. EMCF clears trades for Chi-X Europe; BATS Europe; Burgundy, and Quote MTF. The move follows increasing competition in the European clearing industry amid low trading volumes.
CME: CFTC’s investigation of anti-competition practices in CDE��0s Treasury-futures markets after a complaint by ELX Futures LP now includes assistance from the Justice Department’s antitrust division.
OTC Global Holdings, the largest independent OTC interdealer broker, established the Ion Energy and P&P Oil divisions in the newly launched OTC Europe business.
HKEx is thinking about introducing a Yuan currency futures market as early as end of 2010 or early 2011. An exchange spokesman commented that there’s no fixed plan yet for Yuan futures products but the size of each contract will be CNY1 mn ($147.1K).
HKEx will revise futures contracts margins starting 1 September 2010. The margin adjustments are calculated based on HKFE’s standard margining methodology and its usual company procedures.
BATS Europe will launch trading of Depository Receipts (DRs) on the BATS Europe Integrated Book and Dark Book, pending regulatory approval. 50 DRs will be traded initially; pricing and go-live date will be informed in the future. BATS Europe Smart Order Routing service will be made available for onward routing to the LSE International Order Book (IOB) and to other MTFs.
ASX faces more competition from Morgan Stanley’s expansion of e-trading functionalities, as the investment bank launches its inaugural dark pool in Australia (MS Pool) and two new algorithmic products.
NZX released the first global dairy markets report "The Dairy Trader"; that will be published three times per week with data and commentary on global dairy markets with the focus on the New Zealand dairy industry.
Bloomberg’s brokerage arm made an agreement with dark pool operators which allows real-time matched-trade access to Bloomberg’s hedge fund customers and asset managers, providing buy-side players with greater transparency on dark pool trades.
Newedge highlighted the dangers of regulatory arbitrage to the European Commission, and recommended it to align its OTC derivatives and clearing reforms with those of the US as well as to “discourage any clearing solutions that artificially exclude brokers from participation”.
Charles Schwab will acquire Windward Investment Management, an investment advisory firm specialized in ETFs with $3.9 bn in AUM, for $150 mn in stock and cash. The deal will be closed by 4Q10 and SCHW estimates that it will be modestly accretive in 2011.
Provided By: Equity Research Desk, www.erdesk.com