StoneX Group Inc., a global financial services network, has entered into a definitive agreement to acquire futures brokerage R.J. O’Brien (RJO), while private equity giant KKR will purchase post-trade solutions provider OSTTRA from co-owners S&P Global and CME Group. In both cases, the main driver was the expansion of clients and offerings. RJO to Join StoneX RJO will join StoneX… Read More >>
Advantage Futures Migrates to ION’s XTP Platform
Advantage Futures, a Chicago-based futures commission merchant (FCM), has migrated to ION’s XTP cleared derivatives trade processing platform to achieve “extensive automation across clearing and settlement workflows,” officials say. “After using the same post-trade technology platform for decades, Advantage Futures sought a flexible, modern solution that could provide extensive automation across clearing and settlement workflows,”… Read More >>
FCMs Want Automation Over Headcount for Recs
Futures commission merchants (FCMs) offering sell-side clearing have been making “significant progress in automating” post-trade reconciliation since 2021 and want to apply technology rather than staff members to recs problems, according to the fourth quarter edition of the “Acuiti Sell-Side Clearing Management Insight Report.” However, firms have “some way to go to fully optimize the… Read More >>
FIA Wants FCMs Exempt from Repo Clearing Proposal
Walt L. Lukken, president and CEO, of the Futures Industry Association (FIA) has sent a letter to the SEC asking the regulator to exempt futures commission merchants (FCMs) from complying with proposed rules that would set new standards for covered clearing agencies for U.S. Treasury securities. “The SEC has proposed rules that would significantly expand… Read More >>
Interactive Brokers Settles Exchange Fees Case for $1M
The Commodity Futures Trading Commission reports that it has settled charges against Interactive Brokers LLC, a registered futures commission merchant, for “failing to diligently supervise its employees’ handling of exchange fees charged to customers.” The commission’s order calls for Interactive Brokers to “cease and desist from violating the CFTC regulation addressing supervision, pay $710,828.14 in… Read More >>
ISITC & SIFMA Push for Margin Call Process Improvements
ISITC’s Margin and Collateral Working Group and the Securities Industry and Financial Markets Association’s Asset Management Group (AMG) have combined forces to launch a collection of best practices to help firms grappling with increased margin calls across collateralized products. The new document, “ETD and Cleared OTC Margin Call and Communication Standards and Settlement Processing,” is… Read More >>
