April 13 2016

elb2BATS learn lessons from past IPO issues, O’Malia on risk tweaking and more…frantically busy day for me as I travel, here’s today’s daily exchange bulletin…

Last call for ICDA Blockchain conference next week: To qualify for a GBP 320 discount ticket (normal price GBP 695) use the code “YOUNG320” to claim your discount here.

Public Markets

Greifeld: ‘Flash Boys’-Related Rule May Muddle U.S. Stock Market

John McCrank – Reuters

Approval of a new regulatory standard related to the U.S. stock exchange application of startup trading platform IEX Group would prompt exchanges to create thousands of new order types and greatly complicate the market, Nasdaq CEO Robert Greifeld said on Tuesday.

PLY: Hmmmm…


Industry Says Derivatives Rules Need Tweaking To Spot Risks Better

Huw Jones – Reuters

“Effective data reporting is absolutely essential to the derivatives reform program set out by regulators,” Scott O’Malia, CEO of the International Swaps and Derivatives Association (ISDA), said in a joint statement with 12 other trade bodies.


CME Says Preparing To Open Account At the Fed

Ann Saphir – Reuters

CME received notice from the Federal Reserve that it is authorized to open an account at the U.S. central bank, allowing it to better safeguard cash deposited by its traders.


Markit, ISDA Said to Discuss EU Settlement of Antitrust Probe

Aoife White & Gaspard Sebag – Bloomberg

Markit & ISDA are in settlement talks with the EU in a bid to end a five-year antitrust investigation into the CDS industry.


ISDA Publishes Updated EMIR Classification Letter



NSD & Egypt’s CSD Sign MoU


National Settlement Depository (NSD), Russia’s CSD, and Misr for Central Clearing, Depository and Registry (MCDR), Egypt’s CSD, have signed a MoU at the Moscow Exchange Forum.

Private Markets

Bats Heeds Lessons From Failed IPO (subscription)

Nicole Bullock – Financial Times

Chris Concannon, CEO of Bats, frequently has his rival US exchanges operator and former employer Nasdaq on his mind.


Cash-Strapped MSEI Works On Revival Plan

Shrimi Choudhary – Business Standard

Metropolitan Stock Exchange of India (MSEI), formerly MCX Stock Exchange (MCX-SX), has listed around 130 companies and is in the process of doing so for another 40 on its platform. Most of these were earlier listed on the now-defunct Delhi SE.


Sri Lanka Revives Stock Trade Levy After Opposition To Capital Gains Tax


Sri Lanka’s bourse will reimpose a 0.3% share transaction levy it stopped in January after a proposal to tax capital gains met strong opposition amid a foreign outflow from the stock market.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 1.5%, FTIL up 2%.


Cloud9 Announces Closing of Investment by J.P. Morgan, ICAP, & Barclays


Cloud9 Technologies LLC, a cloud-based voice trading communication provider for financial firms and institutional traders, announced the closing of an initial investment round with J.P. Morgan, ICAP, and Barclays. Cloud9 replaces traditional telephone-based trading hardware (turrets) to deliver secure, compliant, real-time voice communications for the trading community while adhering to stringent compliance and security standards required by financial professionals.


Sebi Looking At Ways To Limit Algo Trading, Co-Location Benefits

Jayshree P. Upadhyay & Sachin P. Mampatta – Livemint


Keynote Address Of CFTC Commissioner J. Christopher Giancarlo Before The Cato Institute, Cryptocurrency: The Policy Challenges Of A Decentralized Revolution – “If Allowed To Thrive, Blockchain May Finally Give Regulators Transparency”



CME Announces Clearing of First Interest Rate Swaptions Trade



LME Extends Liquidity Provider Programmes To Include Nickel, Tin, Lead (subscription)

Metal Bulletin

LME has extended its Liquidity Provider Programme (LPP) to include nickel, tin and lead, and has also reopened its tender for market-making positions in aluminium, copper and zinc.


SIFMA Releases White Paper Recommending Improvements To Disclosure In The Municipal Securities Market



Sebi Panel Suggests Introducing Derivatives Based On New Commodities

Anirudh Laskar – Livemint

Sebi will frame a new set of eligibility criteria for a commodity to be used as an underlying asset in the futures market.


India – New Products Like Options Or Indices To Hit Commexes By H2 Of FY17

Ram Sahgal – The Economic Times

New products like options or indices or an expanded list of futures for the commodity derivatives market could see the light of day in H2 of FY17 after the subgroup of the Commodity Derivatives & Advisory Committee (CDAC) on new products and participants submits comprehensive recommendations to Sebi by June end.


Dhaka SE To Launch ETF Soon

Financial Express

Dhaka SE will launch ETF soon to diversify the stock market.


Expansion Of FTSE4Good With Launch Of ASEAN 5 Index



Tokyo SE To Begin Calculating And Publishing Currency Hedged Indices With Daily Hedging (Swiss Franc)


Career Paths

LeapRate reports that Nick Hamilton has joined FastMatch as of April 11th, as the Director of Sales – Europe. Nick joins FastMatch after 3+ years at Citigroup where he was responsible for eFX Sales out of London to UK Hedge Funds including Global Macro Hedge Funds, CTAs and Systematic Funds.

FOW reports that Cleartrade Exchange (CLTX) is set to part ways with its CEO Richard Baker at the end of April.

PLY: Good luck to Richard with his next position, he has been an interesting force in the commodities and freight trading world…

UK’s FCA Bans Former RBS LIBOR Submitter, Paul White


Financial Calendar

11 – 17.04 – Coinsilium’s Blockchain Tech Lab at Runway East at Finsbury Square, London

12-14.04 – ISDA AGM – agenda  

19 – 20.04 – ICDA Blockchain Conference

20.04 – SGX Q3 Results FY2016  

21.04 – I-Cham Breakfast, in Dublin, Ireland, Guest Speaker Patrick L Young discussing investment in CEE & SEE markets  

26.04 – CFTC’s Market Risk Advisory Committee – agenda

New! 09.05 – TMX Q1 2016 Results – press release

All forthcoming exchange / investment related events are now listed in our Events page.

Share Notes

ICE insider Charles A. Vice sold 3,500 shares on Wednesday, April 6th at $235.24 (bargain $823,340.00). He now owns 63,483 shares.

ICE Director Frederic V. Salerno sold 837 shares on Monday, April 11th at $232.62 (bargain $194,702.94). He now owns 3,253 shares.

Other stories

Testimony Of CFTC Chairman Timothy G. Massad Before The U.S. Senate Committee On Appropriations, Subcommittee On Financial Services & General Government, Washington, DC



Testimony On The Fiscal Year 2017 Budget Request Of The U.S. Securities And Exchange Commission – Chair Mary Jo White Before The Subcommittee On Financial Services & General Government Committee On Appropriations United States Senate




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