JPMorgan Chase is creating a new Global Credit Index group focused on trading credit index products like exchange-traded funds and credit default swaps benchmarks. The bank says the new 12-member group is being formed in response to increasing customer preferences for trading index-based fixed income products instead of individual bonds.
Global asset manager Russell Investments has partnered with FX technology company Integral Development Corp. to launch an FX trading platform for buy side firms. Called the Russell FX (RFX) Network, the platform helps buy-side firms internally net trades and externally match trades among the buy-side community.
Several firms were expressing interest in purchasing UK retail FX trading firm Alpari after the Swiss National Bank's surprise decision to un-peg its currency from the euro last week left Alpari and others in the industry with deep losses. Alpari applied for insolvency on Monday.
Switzerland's SIX Swiss Exchange is the latest to attempt to tackle liquidity issues in the corporate bond market. The exchange plans to launch an electronic corporate bond trading platform in the first half of the year aimed at facilitating trades of large blocks of less liquid corporate bonds.
DRW Trading Group has agreed to acquire smaller rival Chopper Trading, marking a consolidation of two prominent Chicago-based high-speed proprietary trading shops.
BGC has upped its bid for rival interdealer broker GFI, hoping to win the final battle in a half-year-long bidding war for the firm with CME Group. Its new all-cash offer of $5.60 per share for GFI represents a 7 percent increase over the $5.25 a share stock offer from CME.
Manoj Narang, a vocal defender of high-frequency trading, is planning to leave Tradeworx, the high-frequency trading firm that he founded, according to a Reuters exclusive. Narang told Reuters that...
Clearpool Group's new order execution tool, Iris, will adjust orders for more efficient execution, including aggregating smaller orders to give them better placement in venues that prioritize size. The new tool is designed to level the playing field against dominant players, the company says.
Nasdaq is building its stake in a fast-growing section of the ETF market, through the acquisition of smart beta index provider Dorsey, Wright & Associates. The $225 million acquisition is expected to close in the first quarter.
Broadridge Financial Solutions has acquired real-time foreign exchange solutions provider TwoFour Systems LLC to better serve a growing interest in FX, particularly in global markets. The two companies, which have had a marketing partnership since November 2013, completed the deal in Dec. 30. Terms were not disclosed.