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Nasdaq OMX achieved a net income of $108m and net revenue of $390m in the second quarter of 2010. These were up 9% and 6% respectively.
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Futures and Options Intelligence has today added the China Financial Futures Exchange, one of the world’s most exciting exchanges, to its database of world derivatives exchanges.
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CME revenue rises 29%, ICE reaches twin milestones, Tax saps Helex profits, UK renewables grew, coal declined in 2009, CBOE lists KKR options
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The London Stock Exchange’s derivative market could soon list the National Stock Exchange of India’s S&P CNX Nifty 50 options, as the two bourses signed a letter of intent to explore collaboration on July 28. However, LSE will need to check that it can offer futures as these are already listed at Singapore Exchange and CME Group.
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Goldman Sachs has launched a new derivatives clearing services (DCS) business. Customers will be able to route listed and over-the-counter derivative trades to a central counterparty.
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The London Metal Exchange achieved record volumes for the first half of 2010, when 59.3m lots were traded. Average daily volume rose 8.1% to 478,000 and total volume rose 7.5%.
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Bahrain Financial Exchange has secured a deal with the UK’s FTSE Group to list derivatives based on its regional indices.
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The Singapore Exchange plans to introduce mini monthly metals futures contracts, beginning in the first quarter of 2011. They will be cash-settled against prices from the London Metal Exchange.
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Two new ETCs launched on Xetra; Patsystems reports 6% turnover increase; Principia launches SaaS version of Principia SFP; LSE cosies up to NSE; New contracts on CBOE
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If you think the US derivatives clampdown is mainly on the over-the-counter market, you haven’t been reading your Dodd-Frank carefully enough. Philip McBride Johnson highlights five threats to futures and options markets in the Act, and counting…
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LME announces record volumes for first half of 2010; Nasdaq gets Smarts; Knight rides in for Astor; BNY Mellon Clearing partner with MF Global; Three new options on CBOE; CFTC charges Dawson Trading with commodity pool fraud
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The hot new idea of the past two years in listed equity derivatives has been dividend futures and options. Exchanges all over the world have started to offer them, and the main contracts have attracted brisk trading. As Roger Aitken reports, many equity derivative specialists are convinced the product is here to stay.
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The Tehran Stock Exchange has launched trading in single stock futures, beginning with the two most liquid stocks, Parsian Bank and Karafarin Bank.
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Crude oil has been unable to break forcefully above $80, despite a rally in recent weeks, and could fall back later this week towards $77 for a barrel of West Texas Intermediate, according to research published yesterday by the Dubai Gold and Commodities Exchange.
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Liffe extends Eonia liquidity scheme; SunGard acquires Fox River Execution; National Stock Exchange to launch new SSFs; StanChart hires Michael Haigh; Nymex to list Palladium Options; SGX sets dividend index fees
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To promote market transparency, Singapore Exchange is proposing new rules and measures to provide more information on short selling of shares and bonds.
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Singapore Exchange has agreed a partnership with Eurex, in which Eurex will promote SGX’s new set of futures and options on the Euro Stoxx 50 Index of leading European stocks.
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The US Commodity Futures Trading Commission has this week begun publishing its new Traders in Financial Futures reports, superseding its Commitments of Traders Reports.
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Five US trading firms have created a new exchange in Chicago, offering interest rate swap futures. Eris Exchange will go live on Monday July 26, the backers said on Friday.
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Scotia and StanChart join LME as associates; SGX to clear OTC container swaps; Base metals could enter backwardation; CBoT to double inter-commodity spread rates; Liffe’s Milling Wheat breaks 50,000 mark; ICE Futures US extends price cuts; NFA bars Montgomery Commodities
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Feel free to add your own using the Comment function - best one wins a large bar of chocolate (if we can still afford it).
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Roger Liddell, CEO of LCH.Clearnet, has said there is little prospect of interoperability between European derivatives clearing houses. The term means giving customers the choice of where their trades are cleared.
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Boom of the year in world futures has to be the dollar-rupee contracts at two leading Indian exchanges, which are beginning to chase the Kospi Option in trading volume. With a third exchange just about to join in the fun, Colin Packham examines the causes of this market’s astonishingly rapid success. He discovers that, despite some obstacles ahead, further growth is likely – proof that sometimes, there is huge pent-up demand to trade futures.
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The sugar price has further to fall after a steep market spike in March, a Sucden analyst said this week – but then it will recover.
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The US Commodity Futures Trading Commission’s Technology Advisory Committee is to discuss the thorny issue of defining a swap execution facility at its next meeting, says panel member Michael Cosgrove.
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The Commodity Futures Trading Commission has revealed the 30 areas in which it is working to introduce new rules, as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law yesterday.
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The Hungarian Power Exchange was launched on Tuesday July 20, offering a day ahead power market for the country, in partnership with Epex Spot and European Commodity Clearing.
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International Securities Exchange, the US options platform owned by Deutsche Börse, has begun offering orders which do not feed into the US National Best Bid or Offer (NBBO) scheme for options trading.
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CME cheers as Dodd-Frank is enacted; Chocfinger down on cocoa trade; BME and Clearstream ready European trade repository; Dow Jones Indexes predicts oil downturn; ICE rebates oil market maker fees; Chilton hails “historic and heroic” bill; Wholesale brokers’ body applauds creation of SEFs
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South Korea’s remarkable Kospi 200 Option is a mould-breaking product, unlike any other in listed derivatives. Astonishingly, it is still growing fast. But having climbed to a new peak, the Korea Exchange’s way forward could lie up or down. KRX is linking up with the world’s top exchanges, opening the prospect of yet more liquidity. But at the same time, Korea may impose a tax on derivatives trading. What would that do to the Kospi’s legendary retail demand? Colin Packham reports.
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Roger Liddell, chief executive of LCH.Clearnet, is to step down in July 2011, after completing five years with the group.
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Allan Mendelowitz, co-founder of the Committee to Establish the National Institute of Finance (Ce-Nif), has called the Dodd-Frank Act’s provision for mandatory transaction data monitoring “a tribute to the power of American democracy”.
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Record levels for Eurex dividend contracts; Madrid exchange launches first commodity ETFs; 87% more funds permit derivatives; EEX and Eurex report carbon trading first; Bankers to swim Channel for Futures for Kids
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Every week, another alarm about European sovereign and banking risk. Is the euro tottering? Could European states default? Derivatives are central to managing credit, interest rate and currency risks – but in this unsettling new environment, those risks are changing. Elise Coroneos asks whether the derivatives market is fit for the task.
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CESR consults on OTC reforms; Exit Paine at LSE; ICE seeks risk manager; OSE stays open late; EEX to publish solar data; DGCX adds Omnesys Technologies; BNY Mellon's new derivatives head; ISE woos FX market makers
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US non-profit organisation the Conference Board has issued guidance to corporate directors on how to prevent shareholders accumulating undisclosed stakes in companies using cash-settled derivatives.
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The enlarged role for clearing houses likely to be included in planned EU legislation on derivatives could lead to conflicts of interest, two London trade associations have warned the European Commission.
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CESR appoints new head and deputy; LCH’s SwapClear enjoys record IRS volumes; Barnier calls Dodd-Frank bill an important step; Nomura joins CLS as shareholder and settlement member; Swift acquires SunGard unit; BM&F completes $612m bond sale; Aziz and Bardwell get new roles at ASX; ECX extends market maker scheme; Record daily wheat volumes on KCBT; ICE announces fees for calendar spread options; Eurex amends ArcelorMittal contracts;
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Commodities broker Sucden Financial has released its Quarterly Base Metals Report, which analyses and forecasts prices for aluminium, copper, lead, nickel, tin and zinc.
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When the London Stock Exchange bought Borsa Italiana in 2007, it gained a gem in Milan’s Italian Derivatives Exchange Market, with its diverse customer base of local retail and institutional investors, prop shops and banks. And as Tom Osborn discovers in Milan, possessing those twin loves of LSE boss Xavier Rolet – a liquid equity derivatives market and a clearing house – the exchange is fast becoming the jewel in the LSE’s crown.
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Forts, the Russian Trading System Stock Exchange’s futures and options trading division, has this week begun offering futures-style options on refined platinum futures.
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The Securities and Exchange Board of India confirmed on July 15 that exchanges would be allowed to offer physically settled equity derivatives, though the regulator stopped short of announcing the delivery mechanism.
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SunGard develops clearing gateway for Nord Pool; ISDA issues amicus brief on Swedbank vs Lehman; Absa Capital upgrades with SunGard’s Front Arena for cross-asset trading; Geithner: Reform will stop the fires burning again; CFTC Commissioner Bart Chilton embraces bill, calls it “monumental challenge”; Finra issues Ponzi scheme warning; Hellenic Exchange spins off clearing house; CME to launch mini Nifty 50 futures
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Gary Gensler, chairman of the US Commodity Futures Trading Commission, said yesterday (July 15) that the Dodd-Frank bill becoming law will not herald the end of financial reform in the US.
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The US Senate opened a new chapter in financial markets history this afternoon by passing the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 39. Only President Obama's signature is now required for the Act to become law.
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Eurex is to collaborate with the Bombay Stock Exchange and list futures and options on the Sensex equity index on October 4. The equity index future is the BSE’s only liquid contract.
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Four of the world’s largest exchanges have told the Commodity Futures Trading Commission that while they broadly welcome its proposal to regulate colocation services, they have several concerns.
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The Futures and Options Association and its own European Industry Council have issued a joint statement in response to the European Commission’s Public Consultation on Derivatives and Market Infrastructures.
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The US Senate this morning voted through the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 38, allowing it to defeat a Republican filibuster.
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R3cognition, the compliance software firm, is hoping to grow its client base after officially rebranding. It was previously known as R3D Systems.
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Since the launch of the euro in 1999, two exchanges have dominated European financial derivatives – Eurex and Liffe. Now the London Stock Exchange wants to challenge them, starting with a pan-European range of single stock futures. How credible is this, from an exchange that basically offers Italian and Russian equity derivatives? Nicolas Bertrand, LSE’s head of equities and derivatives, told Siân Williams why he thinks the LSE can shake up the hierarchy.
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It’s lucky the cavalry happened to be passing. Deputy O’Malia and Deputy Dunn were sound asleep in the stables when Cantor and Veriana’s Knockabout Hollywood Carnival rolled into town and tried to pitch its tents in the main square.
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Thai bourse to list interest rate futures from October; Korea Exchange-Eurex link on track for August launch; UK, Germany and France push to reduce emissions; BM&F Bovespa holds carbon workshop; CBOE lists QuickLogic option
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The London Stock Exchange Group’s second quarter derivatives revenues have risen by 17% on the previous quarter. Figures were boosted by May’s month of record trading on its Italian Derivatives Exchange Market subsidiary, part of Borsa Italiana.
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Icap, the world’s largest interdealer broker, enjoyed an 8% year-on-year rise in revenues in its second quarter. In the period April-June, the group’s profit grew by 5%. The firm says it is anticipating an upswing in demand from the introduction of electronic broking in parts of the interest rate derivatives markets this year.
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APX-Endex, Rotterdam port plan exchange for biomass trading; ABN Amro takes 25% stake in TOM; Exchange shares fall 10% during Q2, survey says; SMX holds competition for test traders; Finra to publish more information about dodgy brokers; Turner warns: credit must be reduced
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Natural Gas Exchange,a wholly-owned subsidiary of TMX Group, has added a new natural gas clearing point at Michigan Consolidated Gas Co, an integrated natural gas utility in Michigan owned by DTE Energy Co.
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New Zealand has proposed reforming its derivatives regulation as part of its overhaul of financial legislation. The country has concluded two prominent financial laws are outdated.
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NYSE Liffe US to become sole US exchange for MSCI-based futures; Birley to leave ECX within three months; ICE adds December contracts to ECX EUA Futures; HKEx to introduce Agricultural Bank of China options; stock admitted for short selling; Deutsche Börse appoints Barbara Georg as new manager for IPO candidates and listed companies
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Deutsche Börse, the German exchange and clearing house operator, has said European Commission proposals that every clearing house should have a risk committee could create conflicts of interest between market participants.
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The Rosario Futures Exchange has enjoyed its strongest month since the advent of the financial crisis, with 5.8m contracts changing hands, up from 5.5m traded in June 2009.
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Five new trading firms joined NYSE Amex Options as market makers on July 12.
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NYSE suggests WSE order-routing link; ASX passes baton to Asic; Cinnober tells EC: don’t be limited by current technology in CCPs; Deutsche Bank lists 10 new ETCs on LSE; Nikkei indexing experts visit DCE; ISE launches Tesla Motors option
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Russian Trading System’s derivatives trading division Forts has enjoyed a second successive month of strong volumes in June, with trading up 16% on last June, at 56.5m contracts.
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The Johannesburg Stock Exchange has adopted the ‘maker taker’ pricing model for its equity derivatives, and has cut trading fees for single stock futures and options traded through the central order book almost to zero.
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The Chicago Board Options Exchange yesterday (July 9) won its legal battle with the International Securities Exchange to keep the exclusive rights to list its suite of index options.
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USE selects Marketplace Technologies and Omnesys Technologies; SMX signs Phillip Futures as its first GCM; LME opens Asia office; CBOE lists Tesla Leap option; NYSE Amex expands market maker scheme
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Options traders often see volatility as their ally. Unlike other traders, they aren’t scared of it – in fact, they reckon they understand its ways. But this year, volatility has been a faithless friend. Here one day, gone the next. Theo Casey examines some of the freaky results and considers what options players can do about it.
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Nicolas Breteau has been appointed chief executive officer of Newedge, succeeding Patrice Blanc, who has decided to leave the firm for personal reasons.
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BM&F Bovespa, the Brazilian exchange, has enjoyed a strong month of trading in its equity options segment.
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The Polish Futures Market, a subsidiary of the Warsaw Commodities Exchange (WGT), has signed an agreement with WDX Organisation to list Wocu Futures and Options.
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The Singapore Exchange and the London Metal Exchange have begun talks to explore “opportunities that exist in Asia” and possible collaboration.
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Dalian volumes slip 55% year on year; Athex volumes fall 4%; Turek joins Newedge’s metals team; Xtrakter moots European Trade Repository; RTS launches EUR/USD options; Two new options on CBOE
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The Securities and Exchange Board of India said yesterday (July 7) that it was halving the minimum margins that exchanges require of traders in Indian single stock futures and options.
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NYSE Euronext reported that average daily volumes in European derivatives rose 2.6% year on year in June 2010 to 4.7m contracts, but were 44.1% lower than in May.
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The Warsaw Stock Exchange has chosen NYSE Euronext as its strategic partner for all software development, FOi has learnt. The first joint project will be to develop the WSE’s new trading engine.
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The Singapore Exchange has said it is now better placed to “capitalise on emerging Asian opportunities” after it implemented a new organisation structure on July 1.
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Volumes grow 24% at LSE’s markets, and at Warsaw’s, but plunge at Tocom and Meff; InVivo chooses Brady while BES picks Calypso; Dechert’s new partner
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The Hong Kong Mercantile Exchange is still working on preparations for its launch, but is unable to set a firm timetable for going live, a spokesperson said.
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Steel futures volumes at the London Metal Exchange achieved another record in June 2010, when 14,800 lots of its Mediterranean steel billet contract were traded. This represents 960,000 tonnes of steel and has a notional value of $401m.
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Macquarie Securities Group, the institutional equities arm of Macquarie, has hired Rupertus Rothenhäuser as head of sales for structured products & exotics, Europe.
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The China Financial Futures Exchange has told futures brokerages to limit the number of transactions customers can make in CSI 300 Index Futures, which have become wildly popular since their launch on April 16.
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LCH and LME to launch gold forward clearing; EEX’s carbon volumes soar in June; DGCX’s Rupee/ Dollar future achieves daily record; Mitropoulos receives honorary life membership of Baltic Exchange; Equity index fees change at Eurex; WSE amends some fees on currency futures; ABN Amro and Fortis Bank Nederland are now legally merged
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Average daily volume across all three ICE futures exchanges was a record 1.35m contracts in June 2010, up 24% from June 2009.
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An average daily volume of 10.9m contracts were traded at Eurex and ISE’s derivatives markets in June, a 2% year-on-year rise on June 2009’s 10.7m.
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France’s Edhec-Risk Institute has published a study arguing that financial theory does not support investing in capitalisation-weighted stock indices, such as the Euro Stoxx 50 or S&P 500.
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Average daily volume at the Chicago Mercantile Exchange Group in June was 12.2m, up 8% year on year.
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Daiwa to acquire KBC’s convertible bonds and Asian equity derivatives businesses; ASX June volume grows 9% year on year; OMIP starts to use Trayport’s trading system; OSE volumes grow 24% year on year; SGX volumes rise 4% in June
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After US options trading set a new record in May, June has been quieter, with 311.2m contracts cleared by the Options Clearing Corporation – 2% less than in June 2009 and 23% down from the 405.9m traded in May.
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New Zealand’s emissions trading scheme expanded on July 1 to include three sectors that account for half the country’s carbon emissions.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act still includes a watered-down version of the Volcker Rule and the Lincoln Amendment, both of which seek to limit deposit-taking banks’ engagement in riskier activities, often involving derivatives, such as proprietary trading and swap dealing.
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CBOE weekly options start trading on Thursdays; DTCC establishes London-based subsidiary; DGCX achieves monthly record; Futures trading falls 36% at Tokyo Financial Exchange; TSE index volumes rise 450% in first quarter of 2010; Aviva Investors to use Calastone’s automated messaging settlement service; Thai Futures Exchange resumes plans to trade 10 baht gold futures
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The US House of Representatives approved the Dodd-Frank Wall Street Reform and Consumer Protection Act yesterday (June 30) by 237 votes to 192, with all but three Republicans opposing.
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The efforts by two US companies to start markets in derivatives on film box office receipts have run into a brick wall, as Congress has effectively banned the idea – along with onion futures, outlawed since 1958.
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Bulltick Capital Markets joins Fidessa’s connectivity network; Green Exchange appoints five directors; Reinhart to use Brady’s risk management solutions; HKEX ponders dividend index futures; ASX to launch ASX Net; Insignis launches futures data aggregation service
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The UK Financial Services Authority has fined and banned PVM Oil Futures’ rogue trader Steve Perkins, nearly a year to the day after his late night alcohol-fuelled trading caused a brief spike in the price of Brent crude oil.
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CFTC approves Cantor movie contract; Eurex to offer more Stoxx index contracts; HKEx has an eye on dividend futures; ICE confirms crude contracts launch; NYSE Liffe US to launch new MSCI futures; Wind in CCFE sails; Nasdaq slashes fees on OMX; CBOE launches options on Oasis Petroleum
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Numerix, the derivatives valuations and risk management software company, has expanded its partnership and distribution agreement with Misys, the UK application software and services provider.
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The consolidation of Japan’s derivatives exchanges accelerated again yesterday (Monday June 28) when Tadashi Ezaki, chief executive of the Tokyo Commodity Exchange, said Tocom would be interested in listing three of Tokyo Grain Exchange’s most active futures.
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The Bank for International Settlements released its 80th Annual Report today, to coincide with its annual general meeting, describing how international regulatory efforts are striving to make the financial system less procyclical and prone to shocks.
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