Key clearinghouses for derivatives markets have “ample resources to withstand extremely stressful market scenarios,” according to CFTC Chairman Timothy Massad, who was commenting upon the results of the regulator’s supervisory stress test of CME Clearing; ICE Clear Credit, ICE Clear Europe and ICE Clear U.S., all part of the Intercontinental Exchange (ICE); and LCH Clearnet…. Read More >>
SEC Chair Mary Jo White to Step Down
SEC Chair Mary Jo White will be stepping down as the Obama administration draws to a close, leaving behind a legacy of a reinvigorated agency amid criticism from the left. The departure will also allow President-Elect Donald J. Trump to reorient the SEC. SEC officials say that during White’s tenure, the regulator “brought more than… Read More >>
Droit to Grow Operations With $16M Cash Injection
Droit Financial Technologies, an over-the-counter (OTC) derivatives trading systems vendor, is expanding operations to foster the acceptance of its real-time, decision-making engine for point-of-execution compliance. This is possible because of a $16 million, Series A minority investment via Goldman Sachs, Pivot Investment Partners and Wells Fargo. A principal trading firm, DRW, also participated in the… Read More >>
Elizabeth Warren Asks Obama to Fire SEC Chair
A lightning rod for the financial services industry, U.S. Senator Elizabeth Warren (D-Mass.), an outspoken critic of Wall Street, is taking on Mary Jo White again, and has asked the Obama White House to fire the head of the SEC because of Warren’s concerns about public companies disclosing political contributions. In her recent letter to… Read More >>
Bats Exchange to Acquire Pioneering SEF
A pioneer in the push for swap execution facilities (SEFs), the Javelin SEF will likely become part of Bats Global Markets, according to an acquisition plan recently announced by Bats officials. Bats officials decline to reveal the financial details of the acquisition but say that the “deal is intended to accelerate Bats’ plans to offer… Read More >>
Ops Issues Lost in the Horrible Hoopla
The U.S. race for president is becoming an odd mix of entertainment and a train wreck that you can’t stop watching. Yet, while everyone’s emotions are being run ragged, there are some issues related to securities operations that quickly got lost in the horrible hoopla. The first securities Ops issue that I thought would be… Read More >>
Glass-Steagall May Survive the U.S. Presidential Race
The major U.S. political party conventions to nominate Donald Trump and Hillary Clinton for president have been nothing if not colorful. Yet hidden among the balloons and confetti is the news that both political parties have more or less endorsed a return to the Glass-Steagall provision separating commercial and investment banking. Our first stop is… Read More >>
New Rules Clarify Security-Based Swaps Reporting
The SEC reports that it has adopted “new rules and guidance … designed to increase transparency in the security-based swap market.” The additional rules, proposed by the SEC’s division of trading and markets as amendments to existing SEC rules intended to implement mandates under Dodd-Frank’s Title VII, are “related to rules regarding the regulatory reporting… Read More >>
FINCAD Debuts Web App for F3 System
FINCAD, a valuation and risk analytics vendor for derivatives portfolios, has added a web-based portfolio analytics and risk application to its F3 offering in an effort provide a more straightforward interface and improved usability, officials say. The FINCAD F3 with the new F3 WorkStation is being targeted at quants, portfolio managers, traders, and risk managers… Read More >>
Elizabeth Warren, Others Push for Derivatives Overhaul
U.S. Senator Elizabeth Warren (D-Mass.) and two other Democrats in Washington, D.C. are proposing sweeping legislation governing derivatives that includes authorization for the CFTC to collect user fees from financial services firms to cover its budget in a way similar to fees collected by the SEC. Industry observers, however, counter that if those fees are… Read More >>
