Clear Street has launched Clear Street U.K. in London, the first major step by the maker of cloud-native securities transaction services to expand beyond North America, officials say. Clear Street’s product suite includes offerings for financing, derivatives products, execution services, and futures clearing. Following approval by the U.K. regulator Financial Conduct Authority (FCA), Clear Street… Read More >>
ION Launches Connectivity to FMX Futures Exchange
Trading and operations systems provider ION has launched connectivity to the recently launched FMX Futures Exchange. The connectivity will allow firms to trade via ION’s execution and post-trade product suite, officials say. ION will support transactions via the new futures exchange through ION’s “cleared derivatives front-, middle-, and back-office platforms.” ION’s offerings for cleared derivatives… Read More >>
DTCC & CME Push to Expand Treasuries Deal & Other News
DTCC, CME Need Regulators to Allow Cross-Margining Expansion Post-trade infrastructure system and services provider DTCC and derivatives exchanges company CME Group report that they would like to improve their cross-margining arrangement so that clearing members of CME and the Government Securities Division of DTCC’s Fixed Income Clearing Corp. (FICC) can trade and clear U.S. Treasury… 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 >>
Bitcoin-Based Futures Are Risky Business: Regulators
An investor bulletin from the SEC and the CFTC is warning investors to be fully aware of the risks that come with Bitcoin-based futures given the many pitfalls that come with cryptocurrency trading. The “Funds Trading in Bitcoin Futures” bulletin from earlier this month targets “investors considering a fund with exposure to the Bitcoin futures… Read More >>
Merrill Lynch Commodities Penalized $36.5M for Spoofing
The CFTC reports that it has settled charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer that is part of the Bank of America Corp. (BAC), for “spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts.” The settlement will cost MLCI an estimated $25… Read More >>
CFTC Penalizes Morgan Stanley for Large Trader Omissions
The CFTC has ordered Morgan Stanley and Co. to pay a $350,000 penalty for omitting futures and options data from its required part 17 large trader reports. Morgan Stanley’s omissions spanned a 10-year period, from 2007 to 2017, and affected “thousands of line items of information,” according to the CFTC’s order, which simultaneously filed and… Read More >>
CME to Offer CCP Services in Europe
CME to Offer Clearing for Global Firms The Chicago Mercantile Exchange Inc. (CME) has gotten the approval of the European Securities and Markets Authority (ESMA) to operate in the European Union as central counterparty clearinghouse (CCP). The notice came as part of an ongoing update of approved CCPs based in third countries, according to ESMA… Read More >>
Credit Suisse to Leverage FIS Utility
Swiss banking giant Credit Suisse will be outsourcing its post-trade futures and cleared over-the-counter derivatives operations and technology to banking and payments technology vendor FIS in order to leverage the cost savings of a utility model, bank officials say. The Derivatives Utility from FIS targets market participants “including futures commission merchants (FCMs)” that want cost-efficient… Read More >>
CME to Close Outcry Options Trading in NYC
CME Group officials report that they will close the exchange company’s New York trading floor for outcry trading by the end of 2016 because of declining volumes for open outcry options. The affected venues are the Commodity Exchange (Comex), a designated contract market that offers products subject to Comex rules and regulations, and the New… Read More >>
