EXCHANGE NEWSWIRE, 16 September 2010
CME: a CFTC report said that the futures exchange may be lacking compliance staff to prevent wrongdoings in its market, a response to CME’s “inadvertently” placed test orders on active metals and energy markets last Monday.
NYX appointed Michelle D. Greene, who was most recently Deputy Assistant Secretary for Financial Education and Financial Access at the US Department of the Treasury, to be Vice President, Head of Corporate Responsibility as well as Executive Director of NYSE Foundation.
HKEx and major securities associations and agency groups agreed to adjust the morning session opening time to 9:30 am from the current 10:00 am to open in line with the Shanghai Stock Exchange.
HKEx CEO, Ronald Arculli, indicated that the exchange had 47 new listings this year.
BMV completed the rollout of its new FIX platform for the cash and derivatives markets, based on the Common Customer Gateway from NYSE Technologies.
NZX experienced several hardware server failures related to index feeds this morning, but was the issue was settled by mid-morning to function normally.
Plus Markets: vice chairman Simon Brickles resigned as the new management team engages in an aggressive cost-cutting campaign that has drastically reduced technology expenditure and headcount.
Thailand Futures Exchange (TFEX) announced the upcoming launch of three IR futures this year, the first being bond futures on October 18, and then two short-term IR futures by end November. According to Managing Director Kesara Manchusree, TFEX will also “allow block trade at the end of the year.”
Tullett Prebon applied for category 2 membership at LME.
Pipeline: average US trade size increased to 93,297 shares per trade and announced the expected launch full operations in Europe by the start of 2011.
The SEC received a letter from top executives of prop trading firms Quantlab Financial, Hudson River, RGM Advisors and Allston Trading, which stated that “increasing market maker obligations would come at a high cost.” It also said that any benefits experienced by the firms “come at a substantial cost for all investors as they degrade competition and raise barriers to entry.”
SIFMA commented that covered US bonds are an invaluable supply of funds, and that it is an apt time now to develop a legislative framework supporting this market.
The CFTC and the SEC joint public roundtable discussion saw criticism for the requirement of swaps to be traded on exchanges. Investors highlighted that the rules might backfire as relatively low derivatives trading volumes might cause traders to take advantage of the information disclosure and charge investors more instead of less.
Japan: Newedge Japan’s CEO Julien Le Noble commented that “Japanese regulators seem to be very supportive of remote membership across futures and equity exchanges”, in a bid to attract foreign liquidity. Other remote trading agreements with Japanese exchanges are expected to follow after the precedent set by Tokyo Financial Exchange (TFX).
Provided By: Equity Research Desk, www.erdesk.com