PLY: NASDAQ’s new tech infrastructure is a fascinating development while the welcome new rules for forex at least ought to clear the air.
Plaudits to Chairman Kenneth Farrugia and his Finance Malta staff who produced a magnificent conference yesterday where the local financial centre was showcased and it was my pleasure to participate, discussing FinTech. I’ll be back in Malta soon when Malta SE Chairman Joseph Portelli is hosting the FESE Convention 15/16th June, once again at the excellent Hilton Hotel. Meanwhile for those whose jurisdiction lacks government buy-in – read this and weep – Malta is in the top tier of government engagement with the Prime Minister, Finance Minister and Minister for Digital Engagement all making speeches to the conference – and each was passionately pro market, pro growth and thought provoking on the problems facing regulation. All in all a fascinating day, many thanks to Finance Malta for the invitation.
Meanwhile ICDA have delivered a discount code for their upcoming CyberRisk conference in London, July 20th: Secure a place at GBP 295 with the code YOUNG295.
PLY: The gorgon refuses to die and if it lives, it will kill markets. The desperation of Chicago / Illinois to balance the books rightly attracts Terry Duffy’s attention as it is a huge potential threat to CME and a gift to all other markets if locally enacted.
GTX SEF, LLC (GTX) of Bedminster, N.J., TeraExchange, LLC (Tera) of Summit, N.J., and FTSEF LLC (FTSEF) of Great Neck, N.Y. Each had previously operated under temporary registration status.
PLY: That leaves the scores on the doors: just one temporarily registered: Clear Markets North America, Inc. with 2 pending registration, 21 registered and 4 withdrawn. We’ll update our rolling SEF ready reckoner after EI goes out, you can find the data here.
Japanese lawmakers passed a bill late Wednesday stipulating that all “virtual currency” exchanges must be regulated by the country’s FSA.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX up 2.5%, FTIL up 1.5%.
The Nasdaq Financial Framework is comprised of three components:
Nasdaq Core: The heart of the framework, which is an open, deterministic, high-speed communication, operations and resiliency layer. Based on best business practices, the Nasdaq Core is the operational hub driving business applications across the Nasdaq Financial Framework.
Nasdaq Core Services: A set of optional shared services that empower Nasdaq business applications with additional capabilities beyond the direct connection to the Core for operations, messaging and other core framework services. Services include Connectivity (supporting ITCH/OUCH/ FIX/FIXML/ISO15022/20022), Data Store (collects data from any source connected to the Core), and Blockchain.
Nasdaq Business Applications: End-to-end portfolio of business functionality supporting the full trade lifecycle. Modular in nature and fully interoperable, Nasdaq Business Applications are seamlessly integrated but decoupled from the Nasdaq Core, making it easy to add new functionality, replace or enhance technology platforms. These applications also enable market operators to boost their competitive edge and meet rapid implementation timelines to launch new markets, models and services.
PLY: Very interesting, an all encompassing framework for IT delivering NASDAQ’s solutions holistically.
Lionel Laurent – Bloomberg
The biggest change hitting currency markets is technological: computers are replacing human traders. Not just in the spot market, but also in options and swaps, where electronic trading accounted for an estimated 43 to 57% in April, according to Aite Group.
The Foreign Exchange Working Group of the BIS released the first phase of a global code of conduct for wholesale foreign exchange markets and principles for adherence to the new standards. The complete global code and the adherence mechanisms, which aim to promote the integrity and effective functioning of fx markets, will be released in May 2017.
Chris Spink – Reuters
Traders in the fx market will be banned from talking about any specifics on trades but allowed to disclose general “market color” under proposals to improve conduct in the industry.
Patrick Graham – Reuters
EBS BrokerTec strongly supports the publication of the first phase of the global code of conduct (Global Code) for the wholesale FX market. We welcome this initiative to strengthen the market and have been actively engaged in the development of the Global Code as members of the Market Participants Group (MPG) and through participation in various regional Foreign Exchange Committees (FXCs).
PLY: …& a lot more folks agree with said report…
Patrick Graham – Reuters
Tom Polansek – Reuters
The U.S. Government Accountability Office (GAO) has accepted a request from the Senate Judiciary Committee to launch a review of cattle pricing, including the impact of HFT on futures, after ranchers complained about a sharp price drop last year.
Instinet announced that Richard Parsons will become CEO of Instinet Europe. Parsons currently serves as Instinet Europe’s Head of Sales & Trading. He will succeed current CEO Adam Toms, who is stepping down to pursue other interests.
Pirum Systems, a leading provider of post-trade market infrastructure technology for the securities finance industry, announced that Ben Challice will be joining the senior management team as COO.
27.05 – Record date TMX $0.40 dividend
New! 07-08.06 – FIA IDX
All forthcoming exchange / investment related events are now listed in our Events page.
PLY: They didn’t call for pre-emptive regulation but the usual nanny stating of the precautionary principle obsessed EU allows for typical grandstanding…before the MEPs went off and collected their cash allowances for the day, that is. As things stand, it’s the folding paper bearer bonds issued by the QE obsessed that fund terrorism, but at least headlines justify expenses in the MEP world..