A consortium of banks and asset managers are banding together to create a new electronic marketplace for equities trading in Europe. To be called Plato Partnership, the group is designing the platform with the goal of improving market fairness.
Jeffries Group appears to be looking for an exit from its Jeffries Bache futures and commodities business after posting sharply lower fourth quarter results. The firm posted a loss of $92.4 million compared with a year-earlier profit of $109.9 million.
A glitch forced the shutdown of the International Securities Exchange's two options markets early in the trading day Monday, and the two markets remained closed for the remainder of the day.
CME Group may be weighing the introduction of a hybrid product that with some qualities of swaps and some of other exchange-traded derivatives, the company's chief executive suggested at a conference this week.
Interdealer broker ICAP plans to merge its EBS electronic foreign exchange business with its BrokerTec electronic bond trading business. The new business, to be called EBS-BrokerTec, will be headed by current EBS chief executive Gil Mandelzis as CEO, and ICAP group chief executive Michael Spencer as chairman.
CME Group has raised its bid for interdealer broker GFI Group to an offer of $5.25 in cash and stock, which puts it on par with a competing all-cash offer of $5.25 per share from the interdealer broker BGC. The new offer replaces the CME's initial bid of $4.55 a share, announced in July.
The FX market now sees more than $5 trillion in turnover a day, but the rate of growth in this complex and fragmented market may have been surpassed by its rate of change. Last year's Triennial Central Bank Survey of foreign exchange and derivatives markets activity conducted by the Bank for International Settlements, found that two-thirds of the trading growth in the market since the last survey in 2010 came from non-dealer financial institutions, pointing to a growing role of smaller banks, institutional investors and hedge funds in a market that once had a more clear-cut dealer-to-dealer and dealer-to-client structure.
Markit has sold technology assets of its open messaging service to rival financial communication company Symphony Communications Services LLC. Key technology that Symphony will gain through the acquisition is a secure directory for managing contacts across the financial industry.
Singapore Exchange (SGX) has selected TradingScreen as the technology provider to set up Asia's first electronic bond trading venue. SGX plans to launch the electronic bond trading platform in mid-2015.
BSE Ltd., formerly known as Bombay Stock Exchange, is deploying intelligent network I/O software and hardware from Solarflare to boost the performance, stability and precision timing of the exchange's trading platform.