SummerHaven Investment Management, a firm that acts as a commodity trading advisor (CTA) and commodity pool operator (CPO), has been penalized $500,000 by the CFTC on charges that it engaged in wash sales and other non-competitive transactions. The firm has also been charged with falling short in supervising these activities, according to the CFTC. The… Read More >>
CME Group Ends Most Open Outcry Trading
Eurodollar Options Pits to Stay Open Derivatives exchanges operator CME Group has announced that the physical trading pits shut down since March 2020 because of the COVID-19 pandemic will remain permanently closed as global financial markets move toward a post-pandemic phase. Not all open outcry venues will close, though. “The Eurodollar options pit, which was… Read More >>
CFTC Wary of Futures Markets’ Embrace of Bitcoin-based Instruments
Bitcoins, the digital “crypto” currency that in 2017 became one of the world’s fastest growing assets, reaching a high of more than $11,000, an increase of more than 900 percent for the calendar year, may still have its detractors, who compare its sudden popularity to Dutch Tulip Mania in the 17th century, or to the… Read More >>
Flash Crash Trader Hit with $38M+ in Sanctions
Navinder Singh Sarao, the U.K. resident known as the “Flash Crash Trader,” has been ordered by a U.S. court to pay a $25,743.174.52 civil monetary penalty and $12,871,587.26 in disgorgement for multiple charges of futures market manipulation. Sarao was extradited from the U.K. to the U.S., where he faced criminal charges for the same acts…. Read More >>
Nasdaq, CME Group Name New Executives for 2017
Nasdaq and the CME Group are changing their executive line-ups just in time for what is likely to be a new regulatory and investing environment next year under the new Trump administration. Nasdaq has announced that its board of directors has selected Adena Friedman to be the next president and CEO, and a new member… Read More >>
BNP Paribas Joins trueEX SEF
French banking giant BNP Paribas has joined the trueEX swap execution facility (SEF) offering its derivatives clients the ability to leverage direct clearing, broad support of global currencies, and low-cost execution of interest rate swaps via the trueFIX application programming interface (API) platform, officials say. In particular, the trueFIX API “provides asset managers and institutional… Read More >>
Tullett Prebon Buys CME’s Hybrid Trading IT
Interdealer broker Tullett Prebon is acquiring from CME “a long term license of a hybrid trading technology” that it will further develop internally “to provide bespoke, proprietary, customer-facing capabilities,” officials say. Tullett Prebon has been busy lately, having purchased the hybrid, U.S. voice-broking business operations of Creditex from the Intercontinental Exchange (ICE), and before that… Read More >>
ESMA Pries Open Derivatives Clearing
Although not all clearinghouses will be happy, the European Securities Market Authority Association (ESMA) decision to allow more choice in trading and clearing was welcomed by the London Stock Exchange Group (LSEG) and Nasdaq Stock Market, which have long championed greater competition in derivatives clearing. The so-called open access rule, set out under Markets in… Read More >>
Sapient Debuts Portal to Compliance Platform
With the official debut of the CMRS Portal, an outsourced, “low-touch” web link, consultancy Sapient Global Markets is targeting smaller securities firms that have a fairly low volume of derivatives trades to report to regulators and other organizations. The CMRS Portal will allow firms to use the services of the established Sapient CMRS (Compliance Management… Read More >>
Borsa İstanbul Picks Orc for Connectivity
Orc, a specialist in electronic trading technology for listed derivatives, reports that its interface with Turkey’s Borsa İstanbul now “enables quoting and trading” for all Orc clients on the exchange that are using the Orc Execution Bricks or the Orc Trading Bricks platforms. “Turkey is becoming an increasingly attractive market, with a steady rise in… Read More >>
