Chicago-based R.J. O’Brien & Associates (RJO), the venerable futures brokerage and clearing firm, has celebrated its centenary birthday. It is the “oldest and largest independent” brokerage and clearing firm in the U.S., the company reports. The 100-year milestone, recognizing RJO as the Chicago exchange’s “last surviving founding member firm,” was marked by an award ceremony… Read More >>
FICC Wants to Expand Tri-Party Repo Clearing
The Fixed Income Clearing Corp. (FICC), a DTCC subsidiary, wants to provide centralized clearing for more participants in the estimated $1.6 trillion institutional tri-party repo market and will be asking the SEC and the Federal Reserve for the permission to do so. The FICC oversees the confirmation and settlement of fixed-income securities for U.S. markets…. Read More >>
CME Group to Slash 150 Jobs
CME Group is cutting its global workforce by five percent or approximately 150 positions, officials say, adding that the layoffs are part of a restructuring effort. Most of the job cuts will come from the exchange company’s technology division although there are cuts to come from corporate and administrative functions, officials add. “Our industry has… Read More >>
CME Group Overhauls Leadership Structure
CME Group, the Chicago-based derivatives marketplace created from a merger of the Chicago Mercantile Exchange and the Chicago Board of Trade, has announced what it characterizes as a “new leadership structure” intended to “better meet the needs of its global customer base,” according to a CME statement. The new structure will see the former… Read More >>
Ex-NYSE Euronext Exec to Head CME Europe
Derivatives exchange company CME Group has named former NYSE Euronext Amsterdam CEO Cees Vermaas as managing director and CEO of CME Europe Ltd., its London-based derivatives exchange, according to a CME Group statement. When Vermaas steps into his new role on Jan. 2, 2015, he will report to William Knottenbelt, CME Group senior managing director,… Read More >>
BGC Bid for GFI Challenges CME’s Offer
Interdealer broker BGC Partners wants to acquire rival GFI Group via a direct appeal to shareholders that could undo the CME Group’s two-step bid for GFI Group, announced in July. In addition to intermediary brokerage services, GFI offers trading technology and support services for over-the-counter and listed markets. The businesses for these services are playing… Read More >>
Brazilian Exchange Dives into Post-Trade Overhaul
BM&FBOVESPA, the merged Brazilian exchange operator, is delivering the first phase of a major post-trade processing overhaul via the launch of a clearinghouse for derivatives, intended to streamline and ease the collateral burden for its customers. An operator for securities and derivatives markets, BM&FBOVESPA provides registration, clearing and settlement services. It also acts as a… Read More >>
New Silver Benchmark Launches
Derivatives marketplace CME Group and news and market data provider Thomson Reuters have launched a new LBMA Silver Price mechanism in partnership with the London Bullion Market Association (LBMA), according to a CME Group statement. The LBMA Silver Price mechanism is an over-the-counter spot silver market with a new transaction-based price-setting mechanism that is IOSCO-compliant… Read More >>
London Bullion Market Picks CME Platform
CME Group, the Chicago-based derivatives exchange company, reports that it has been appointed by the over-the-counter (OTC) silver market and the London Bullion Markets Association to provide an electronic solution to transform the London OTC silver spot price situation, according to a statement citing CME’s William Knottenbelt, senior managing director, EMEA. The CME Group’s transaction-based… Read More >>
Aluminum Futures via CME
CME Group, a derivatives exchange and technology company, has begun trading North American physically delivered aluminum futures contracts. The first 56 contracts, with four different expiry months, were traded last week by Macquarie Bank Ltd., the executing firm, CME reports. “We’re pleased to see broad-based support for our new North American physical aluminum futures contract… Read More >>
