News

Tradeweb officially enters the corporate bond trading fray

Tradeweb is extending the reach of its electronic fixed income and derivatives trading into the corporate bond market. The company launched the Tradeweb U.S. Corporate Bond Marketplace Wednesday with live streaming prices for round-lot trades and request for quote and list trading for both round-lot and odd-lot trades.

Apple Pay competitor MCX explains CurrentC exclusivity agreement with retailers

Merchant Consumer Exchange, the organization behind the forthcoming merchant-owned mobile payment solution CurrentC, says it has an exclusive agreement with its retailers that prevents them from accepting solutions like Apple Pay and Softcard.

Interdealer SEFs losing IRS market share to dealer-to-client platforms, Tabb says

The patterns of trading activity on Swaps Execution Facilities are starting to shift, according to a new Tabb Group study, with client-facing SEFs winning a growing percentage of interest rate swap trading volume. The emerging pattern is a sharp contrast to when SEFs were first introduced last fall, when early signs indicated that trading activity would continue to mimic the trading patterns in the OTC swaps market before the introduction of electronic trading.

DTCC's FICC aims to submit draft proposal for tri-party repo utility by year-end

The Depository Trust and Clearing Corporation's Fixed Income Clearing Corporation subsidiary plans to submit a draft proposal for a utility to provide central clearing in the $1.6 trillion tri-party repo market by the end of the year. The utility will leverage FICC's GCF Repo platform, which is used for central clearing of repo transactions between dealers.

Is the SEC engaging in insider trading 2.0?

Two separate academic studies suggest that some paying subscribers may be getting Securities and Exchange Commission filing information ahead of the general public, the Wall Street Journal reported....

Financial services execs increasingly look past Bitcoin to the potential of the blockchain

While Bitcoin has attracted an oversized amount of attention, both positive and negative, several executives at financial services firms are increasingly looking past Bitcoin to the blockchain technology that underpins it--and they see strong potential for financial services.

Apple Pay faces first hurdles from Walmart, Rite Aid and CVS

When Apple entered the competitive mobile payment space this fall with its launch of Apple Pay, it was hailed as the solution that would rise above the pack, buoyed by an easy-to-use design and a fiercely loyal customer base. But now, the company is seeing just how competitive that mobile payments landscape is, with retailers Walmart, Rite Aid and CVS all reportedly shunning Apple Pay in favor of solutions that they have had a hand in developing.

Next Deutsche Borse CEO expected to continue Asia push

When Reto Francioni steps down as CEO at the end of May, Deutsche Borse will replace him with a banking executive with experience in Asian and international markets, a signal that the exchange operator will continue its emphasis on Asian markets as an avenue for growth.

Farmers and Merchants' Bank centralizes processing and automates audit trails with ECM

When Long Beach, Calif.-based Farmers & Merchants Bank decided to implement an enterprise content management system years ago, automated audit trails and centralized management of business processes were not part of the plan. Instead, the firm simply wanted to free up storage space.

European Union regulators seek FX traders' Facebook messages

European Union antitrust regulators have asked banks to turn over FX traders' Facebook messages as part of the investigation into potential rate rigging of FX benchmarks. Regulators are looking beyond work emails and instant messages and asking banks to supply all communications between traders, including social media, according to Bloomberg, which cited three anonymous sources.

Hong Kong-Shanghai stock exchange link is delayed, driving down HKEx stock price

Shares in Hong Kong Exchanges and Clearing, Ltd. (HKEx), the world's largest listed stock market operator, closed down 4.7 percent Monday on news that the link between the Hong Kong and Shanghai...

Dueling technologies strive to become standard

A few years ago, Near Field Communication (NFC) technology was being billed as the next revolution in mobile payment. When data began to show that mobile payments were experiencing year-on-year growth more on the pace of an ongoing evolution than a sudden big bang, some corners of the market focused criticism on NFC.

Addition of T-bill trading to eSpeed signals further expansion

Nasdaq's eSpeed has added U.S. Treasury bills to its electronic government bond trading platform and reports that it is already seeing notional average daily volume exceeding $4 billion and daily highs exceeding $10 billion. ESpeed says the introduction of T-bill trading is part of a larger plan to "ultimately complete the entire Treasury complex," and the move also signals Nasdaq's efforts to further diversify into fixed income, currency and commodities.

Bank of England investigates glitch that caused 10-hour crash of key payments systems

Bank of England Governor Mark Carney promised a "thorough, independent review" this week after a 10-hour failure of a payment system whose daily payments processing volumes total 277 billion British pounds.

 

MSCI says 'Expected Shortfall' risk calculations can be backtested

Since the financial crisis, the Basel Committee on Banking Supervision has encouraged the financial industry to replace the Value-at-Risk (VaR) method of calculating risk, an industry standard, with Expected Shortfall, a method the committee believes will better capture potential extreme losses during market crisis periods. MSCI now says the chief problem preventing Expected Shortfall, the fact that backtesting it was too difficult, is now solved.

Credit Suisse puts its HOLT Company Analyzer application on Bloomberg app portal

Credit Suisse has made its HOLT Company Analyzer application available to Bloomberg users by adding it to the Bloomberg App Portal. The move marks the first time that entry-level access to Credit Suisse's proprietary company analyzer has been made available on demand to a wider audience.

El-Erian joins P2P firm that seeks to shake up traditional lending

Scott Saunders, the founder of peer-to-peer lender Payoff says that much of traditional lending is "aimed at keeping borrowers in a perpetual state of debt." He is looking to shake up...

Wall Street says audits, crisis response plan needed to combat cybercrime

In the wake of this summer's cyberattack on JPMorgan, a Wall Street trade group representing hundreds of securities firms, banks and asset managers is speaking up on how the securities industry's cybersecurity should be managed. Detailed audits that are customized to individual firms' business models and an industry crisis response plan will be required to safeguard the industry, the Securities Industry Financial Markets Association said in an 11-page paper released last week.

UBS and trueEX are first to stream much-anticipated MAC swaps

UBS Neo and trueEX have launched live order book trading of market-agreed coupon or MAC swaps, the standardized futures-like swaps that quant funds have long-anticipated could lend themselves to live streaming prices. MAC swaps have never before been listed as live actionable prices.

ICE outlines plans for shoring up Libor against abuse

The new administrator of the London Interbank Offered Rate, or Libor, has unveiled its proposed plans for basing calculation of the Libor rate on actual transactions, instead of estimates, to make it less susceptible to manipulation.