EXCHANGE NEWSWIRE, 01 September 2010
JPMorgan plans to close down its proprietary trading desks to comply with Volker Rule provisions, according to Bloomberg. The first desk to go will be the commodities desk, affecting fewer than 20 traders (one in the US the rest in the UK), with fixed income and equities’ desks next in line.
Goldman Sachs is said to plan to move it proprietary desk to the asset management division to comply with new rules.
CBOE plans to roll out its second US equity derivatives exchange, C2 Options Exchange, in late October 2010.
EEX Power Derivatives Market launched trading of Phelix-Off Peak Futures which allow trading participants to improve their portfolio structures.
KRX received Financial Services Commission (FSC) approval for its amended Derivatives Market Business Regulation regarding the promotion of long-term KTB futures.
Tokyo Financial Exchange (TFX) welcomed UK-based G.H. Financials as its first remote trading member without an office in Japan.
SMX’s launch of gold, oil and euro-dollar futures was met with limited investor response, with gold being the most popular contract. Chief Executive Thomas McMahon said SMX will introduce US dollar-Australian dollar and dollar-yen futures sometime soon to boost regional appeal.
Euroclear appointed Lieve Mostrey as Executive Director, Chief Technology and Services Officer; he will also be part of the Management Committee and the Executive Board. Ms Mostrey was previously an Executive Committee member at BNP Paribas Fortis.
ITG’s proprietary dark aggregation technology was awarded a patent by the US Patent and Trademark Office, entitled "Method and System for Providing Aggregation of Trading on Multiple Alternative Trading Systems." The company also filed a suit against Liquidnet alleging infringement of the newly issued patent.
Janus plans to launch a global high-yield and global investment grade bond funds within three funds and a series of global bond funds after that, according to chief fixed income strategist Colleen Denzler in an interview with InvestmentNews.
China’s second largest asset management company, E Fund, will launch the country’s first officially registered hedge fund after the government eased rules last July. The company will raise funds from high net worth individuals and will “seek to hedge market risk through stock index futures and other tools” and “maximize returns of each unit of risk.”
MF Global appointed John Sturges as Head of Asian Sales Trading and Alisdair Montgomery as a Sales Trader in Tokyo. Mr. Sturges was previously Co-Head of Japanese Equities at Instinet Japan and Mr. Montgomery previously worked at HSBC in Tokyo.
Charles Schwab was upgraded to “Outperform” from “Market Perform” at Raymond James. No price target was provided.
CFTC unveiled retail currency rules which require firms matching customers with brokerage firms to register with regulators, but did not incorporate such strict limits on funds borrowed for currency trading as originally proposed.
ICMA announced that Simon White, Head of Senior Issuance of the Lloyds Banking Group London, will be the new chairman of its UK, Ireland and Americas Region.
French ministers are calling for tighter rules on the European Union’s commodity derivatives markets in order to cap commodity price’s volatility.
Provided By: Equity Research Desk, www.erdesk.com