News

BlackRock calls for lower exchange access fees, order routing transparency and fewer order types

In a letter to the Securities and Exchange Commission late last week, BlackRock put forth several suggestions for improving equities market structure including lowering exchange fees, requiring brokers to disclose order routing and execution metrics, and eliminating discriminatory or redundant order types.

ParFX currency platform designed to mitigate HFT, welcomes Virtu

ParFX, a currency platform designed to limit some of the effects of high frequency trading, has launched a new prime brokerage service that will allow buy side firms to trade through their prime brokers. Some of the first trades using the new service were made by HFT company Virtu Financial.

 

Deutsche Borse-backed Bondcube trading platform set to go live in November

Bondcube, an all-to-all bond trading platform that received backing from Deutsche Borse earlier this year, is planning to go live in November subject to regulatory approval in the US and UK, Financial News is reporting.

 

Banks target messaging in branches using facial recognition, digital signage and mobile devices

If it seems like a digital display in your bank branch is reading your mind, it might actually be reading your face. Retail branches are using increasingly sophisticated technologies to maximize marketing and customer service opportunities during customer branch visits with highly customized messaging. In the case of the digital displays on monitors inside the bank branch, that may mean that cameras attached to those monitors are scanning customers' faces.

BATS Global Markets begins president search

BATS Global Markets has quietly begun searching for a new president less than two months after the abrupt departure of William O'Brien, the Wall Street Journal is reporting. O'Brien had been...

Bitcoin derivative trading to launch on TeraExchange

Six months after designing the structure of a swap for hedging the price of bitcoin, Tera Group announced it has won regulatory approval for trading bitcoins on its swaps execution facility TeraExchange. TeraExchange's new platform for trading bitcoin derivatives includes a newly-developed Tera Bitcoin Price Index and will trade U.S. dollar bitcoin non-deliverable forward swaps.

ICE sees opportunity in further developing interest rate swaps clearing, CFO says

Through the acquisition of Liffe as part of its purchase of NYSE Euronext last year, Intercontinental Exchange has gained a stronger European interest rate swap trading presence. The exchange operator sees opportunity in building further interest rate swaps clearing services to complement that new interest rate swap trading, and its pending acquisition of SuperDerivatives will help build that business, ICE chief financial officer Scott Hill told an audience at a New York conference last week.

New CIBC chief overhauls executive management structure

CIBC's new president and CEO Victor Dodig began his new role by making sweeping structural changes to the executive management ranks of Canada's fifth largest bank. The changes include two key departures and expanded roles for many others as an eight-member executive committee was formed to replace the existing senior executive team.

Morgan Stanley shrinks and streamlines managed mutual fund program

Morgan Stanley is closing a managed mutual fund program acquired through its purchase of Smith Barney as part of an effort to streamline some of its managed account offerings, Reuters reported.

ADV sinks to lowest level since 2006

The already low average daily trading volumes dropped another 8 percent last month from 5.7 billion to 5.2 billion, reaching their lowest levels since 2006, according to the Tabb Group's monthly Liquidity Matrix. The drop came even as volatility experienced a slight uptick. The Chicago Board Options Exchange's CBOE Volatility Index saw volatility grow slightly from 12.3 to 13.5.

Thomson Reuters urges investors to reject TRC Capital 'mini-tender'

Thomson Reuters is urging investors to reject an unsolicited mini-tender offer from TRC Capital to buy up to 2.5 million Thomson Reuters outstanding shares or nearly 0.31 percent of the outstanding...

Barclays investment banking CEO says turnaround strategy emphasizes returns over revenues

Barclays is turning around its investment banking business with a strategy that focuses on return on investment rather than revenue growth, Tom King, CEO of Barclays' investment bank, told attendees of the Barclays Global Investor's Conference in New York.

Trade monitoring technology for spotting fraud also IDs HFT front-running

When proprietary equities trading firm Trillium Management LLC first began building a market monitoring tool several years ago, the goal was to spot illegal practices like the "layering" that several of its traders had been charged with engaging in back in 2010. But with the growth of high-frequency trading in U.S. equities markets, the firm found the tools could also provide a detailed look at how other market players can use sophisticated routing technology to jump ahead of orders.

Apple's late entrance into mobile payments smooths the bumps of forerunners

Apple's much-anticipated entrance into mobile payments uses fingerprint scans and tokenization to emphasize security and usability. The release, coming a year or more after rival mobile payment schemes from competitors such as Google, PayPal and mobile carrier-backed Softcard, aims to correct some of the hiccups that have drawn criticism for its predecessors.

ICE adds HCH to growing collection of clearinghouses

Intercontinental Exchange has agreed to make a strategic investment in Holland Clearing House (HCH) a derivatives clearinghouse based in Amsterdam that will be the company's first clearing house in continental Europe. The HCH investment, along with ICE Clear Singapore, which is being developed for launch in several months, signals the broadening global reach of ICE's clearing business.

Traders say derivatives trading is more transparent and more costly

The sweeping changes to the over-the-counter derivatives market ushered in by the Dodd-Frank Act have made trading more transparent, but also more costly, according to results of an International...

ICE's SuperDerivatives purchase highlights the importance of derivatives data

Exchange operator IntercontinentalExchange's announcement last week that it is buying financial market data provider SuperDerivatives for about $350 million will marry two companies that began taking a highly automated approach to the derivatives market, even before many of the derivatives markets themselves were fully committed to moving in that direction.

BGC offers to outbid CME for rival interdealer broker GFI

BGC Partners, the second largest interdealer broker by market capitalization, announced late Monday a $675 million all-cash bid to buy rival GFI Group. The bid challenges an agreement reached earlier this summer through which GFI Group would be acquired by Chicago exchange operator CME Group. BGC's offer represents a 15 percent premium over the CME agreement.

CFTC reportedly alerts justice department about criminal rate rigging of ISDAfix

The Commodity Futures Trading Commission has reportedly alerted the justice department that it has uncovered evidence of criminal manipulation of the ISDAfix benchmark. The CFTC has been investigating possible rigging of the benchmark since late 2012.

 

KCG agrees to sell its futures business to Wedbush Securities

KCG Securities has agreed to sell KCG Futures to Wedbush Securities Inc. KCG Futures, a registered Futures Commission Merchant, provides futures execution, clearing and custody services. Terms of the deal were not disclosed and the deal is expected to close by year end.