TheTradeNews.com

ITG launches algo viewing tool

Richard Henderson — Tue, 18 Jun 2013 16:13:46 GMT

Buy-side traders will have greater visibility of automated trading decisions with a web-based tool launched by execution and research broker ITG that displays real-time metrics including the venues algorithmic orders access.

Brokers told to integrate high- and low-touch

John Bakie — Tue, 18 Jun 2013 10:10:04 GMT

Buy-siders are keen to see integrated high- and low-touch services from brokers and enhancing synergies between the two roles will be key for broker development in coming years, according to new research from consultancy Woodbine Associates.

ICE adds interval price limit circuit breaker

John Bakie — Mon, 17 Jun 2013 11:30:36 GMT

Intercontinental Exchange (ICE) Group's ICE Futures US exchange has today launched interval price limit (IPL) functionality on futures contracts.

HFT impacts minimal, report finds

John Bakie — Fri, 14 Jun 2013 16:21:55 GMT

High-frequency trading (HFT) makes up just a small percentage of the market, despite a common perception that is has become widespread, according to research by brokerage Abel/Noser.

Bloomberg sole SEF applicant so far

John Bakie — Fri, 14 Jun 2013 12:07:09 GMT

Almost a month after the Commodity Future Trading Commission's (CFTC) publication of its rules for swap execution facilities (SEF), the only applicant is the regime's leading detractor.

House backs foreign derivatives exemption

John Bakie — Thu, 13 Jun 2013 16:51:35 GMT

The US House of Representatives has approved legislation that would exempt foreign derivatives trading by US firms from federal oversight, raising hopes that US regulators will relax their proposals.

Pressure mounts on CFTC to extend cross-border exemption

Richard Henderson — Tue, 11 Jun 2013 14:56:39 GMT

A group of six US sell-side associations has petitioned the Commodity Futures Trading Commission (CFTC) to extend a cross border exemption for swaps rules that expires next month.

Report reveals lack of sell-side algo knowledge

John Bakie — Tue, 11 Jun 2013 14:47:17 GMT

Execution consultants need to get a better handle on how their algorithms work in order to secure business, according to buy-sider participants.

Academics give thumbs down to dark pools

Simon Osborne — Tue, 11 Jun 2013 12:42:35 GMT

The Sydney-based Capital Markets Cooperative Research Centre (CMCRC) has looked into North American dark pools. It doesn't like what it sees. Its findings are likely to generate some controversy.

Brokers support OTC clearing standard

John Bakie — Mon, 10 Jun 2013 15:43:47 GMT

The International Swaps and Derivatives Association (ISDA) has signed up the first four firms to support its initiative to develop standardised reporting for cleared OTC derivatives.

Buy-side unprepared ahead of OTC clearing deadline

John Bakie — Fri, 07 Jun 2013 13:14:46 GMT

With the latest OTC derivatives clearing deadline due on Monday in the US, concerns remain that buy-side firms and third-party technology firms that serve them are not ready for the increased regulatory burden.

MarketAxess adds CDS data to BondTicker

John Bakie — Tue, 04 Jun 2013 13:00:18 GMT

Trading platform and technology provider MarketAxess has added live intra-day data for credit default swaps (CDS) to its BondTicker data service.

Eris tweaks swap futures to attract buy-side flow

Tue, 04 Jun 2013 11:46:32 GMT

US futures market Eris Exchange, one of three US exchange operators that championed swap futures last year, has reduced the notional size of the instruments by 90% ahead of next week's swap clearing mandate.

GFI hint expanded offering with new hire

Richard Henderson — Tue, 04 Jun 2013 10:56:25 GMT

US wholesale broker and market operator GFI Group has indicated an expansion of electronic trading services with the appointment of James Toffey as global head of electronic markets - a new position in the firm.

Nasdaq to use Corvil for operation performance monitoring

John Bakie — Tue, 04 Jun 2013 9:31:36 GMT

Nasdaq OMX is set to implement operation performance monitoring (OPM) across its US platforms.

ISDA casts doubt on SEF quote rules

Fri, 24 May 2013 15:52:58 GMT

The International Swaps and Derivatives Association has voiced disagreement with recent rules that dictate a minimum number of quotes market participants must seek when trading on new swap execution facilities.

ConvergEx upgrade reduces latency for Millennium ATS

Fri, 24 May 2013 15:50:45 GMT

Brokerage and trading services provider ConvergEx has upgraded the infrastructure behind its US alternative trading system (ATS) Millennium ATS, claiming to have reduced latency by 75%.

Buy-side firms concerned over sales trader knowledge

Tue, 21 May 2013 15:25:48 GMT

Over half of asset managers do not agree that sales traders understand their business and how they generate alpha, according to research from US consultancy Woodbine Associates.

Barclays sees value in dark pool reporting

Tue, 21 May 2013 11:38:34 GMT

Barclays has confirmed it will continue reporting monthly aggregate data from its US dark pool LX citing the industry benefits of greater transparency, a month after rival dark pool operator Credit Suisse ceased relaying similar data.

SIFMA appoints new CEO and president

Mon, 20 May 2013 17:32:46 GMT

Sell-side trade body the Securities Industry and Financial Markets Association has appointed former US senator Judd A. Gregg as CEO and former US representative Kenneth E. Bentsen, Jr. as president.

CFTC gives SEFs green light

Fri, 17 May 2013 16:14:25 GMT

Swap execution facilities have been given the go-ahead after the US Commodity Futures Trading Commission passed final rules on OTC derivatives trading, including dropping the number of bids buyers must request to three.

Buy-side clearing issues grow as swaps face liquidity dip

Richard Henderson — Thu, 16 May 2013 15:35:19 GMT

Many buy-side firms will not be ready for the 10 June swaps clearing deadline under the Dodd-Frank Act, which will contribute to an estimated US$55 trillion notional shortfall, research has shown.

Cleared US dollar IRSs increase ahead of buy-side deadline

Paloma Migone — Thu, 16 May 2013 13:34:52 GMT

The number of US dollar-denominated interest rate swaps being cleared has jumped by 10% since US rules kicked in two months ago, according to a new tool using data from the Depository Trust and Clearing Corporation.

Traiana's management tool for swaps goes live

Paloma Migone — Thu, 16 May 2013 13:32:58 GMT

Traiana's risk management service for swap clearing is set to go live with users after the post-trade solutions provider completed testing with its first futures commission merchant.

Quote milestone signals US market weakness

Richard Henderson — Tue, 14 May 2013 8:37:45 GMT

The US market infrastructure is on the verge of managing a capacity of three million quotes a second, but the growing disparity between quotes and filled orders will weaken the market, believes one high-frequency trading expert.

Volumes drift ahead of OTC derivatives reform deadlines

Richard Henderson — Tue, 14 May 2013 8:35:22 GMT

Global OTC derivatives trading volumes have slipped as market participants adjust to impending regulation and the emergence of swap futures, new data has shown.

Euroclear expands collateral offering to US with DTCC

Paloma Migone — Tue, 14 May 2013 8:29:37 GMT

Post-trade services providers Euroclear and the Depository Trust and Clearing Corporation are joining forces to allow firms to manage holdings at both depositories across the Atlantic as a "single collateral pool".

Is the waiting over for SEF rules?

Fri, 10 May 2013 14:50:09 GMT

Final rules on how OTC derivatives will be traded under Dodd-Frank could be revealed next week, with the US Commodity Futures Trading Commission scheduled to discuss key reforms.

Will FPL shine new light on US order routing?

Rob Daly — Tue, 07 May 2013 14:14:46 GMT

Institutional investors may gain easy access to a bonanza of equities execution data as the Americas buy-side execution working group of standards body FIX Protocol Limited examined whether to adapt its messaging protocol and execution venue reporting guidelines to support data on where orders were routed, but not filled.

CFTC faces second lawsuit over ‘anti-competitive’ rules

Paloma Migone — Tue, 07 May 2013 13:50:22 GMT

Progress on derivatives rules under Dodd-Frank has been dragged down further with the US Commodity Futures Trading Commission facing a second lawsuit and accusations of being anti-competitive.

'Hash crash’ further erodes confidence in US market – report

Paloma Migone — Tue, 07 May 2013 13:18:16 GMT

Market confidence has been dwindling since the 'flash crash,' but a new report shows the recent Twitter fiasco that sent markets on a free fall last month had relatively little impact on participants' outlook.

Electronic trading set to mushroom for US corporate bonds?

Fri, 03 May 2013 11:10:53 GMT

Research firm Aite Group has issued a report that concludes electronic institutional trading models are set to increase their participation in the US corporate bond trading markets. The firm predicts that electronic trading will account for 40% of the market this year compared to 30% in 2012.

ICE sets date for US credit futures

Fri, 03 May 2013 10:55:14 GMT

The InterContinental Exchange (ICE) will launch its first US credit futures contracts next month, which will offer an alternative to credit default swaps that are due to migrate to new electronic trading facilities, subject to rules being finalised.

Direct Edge offers new incentive to high-volume users

Thu, 02 May 2013 16:42:15 GMT

US exchange operator Direct Edge has released its latest incentive for high-frequency trading by offering active market participants a reduced fee to remove and route shares.

SEC plans ‘robust and workable’ roadmap for cross-border swaps

Thu, 02 May 2013 8:48:56 GMT

The US Securities and Exchange Commission yesterday unveiled its new framework for cross-border swaps, with chairman Mary Jo White claiming that its ‘substituted compliance’ approach would reduce the regulatory complexity faced by global market participants.

CFTC to address systemic risks, moots ‘guidebook’ on swaps data

Chris Hall — Wed, 01 May 2013 14:18:27 GMT

The Commodity Futures Trading Commission (CFTC) is to lay out its plans to bolster the stability of US derivatives markets with the publication of a concept release before the end of June. Speaking ahead of yesterday's meeting of the CFTC's technology advisory committee.

Derivatives tax proposal ‘would punish risk management’

Thu, 25 Apr 2013 14:38:11 GMT

A US budget proposal that would change how derivatives are taxed could, if agreed, increase portfolio risk and damage both the derivatives and underlying markets, investor bodies and analysts claim.

Aladdin deal shifts credit market towards open platform

Thu, 25 Apr 2013 10:28:03 GMT

MarketAxess has said its deal with BlackRock's Aladdin Trading Network to develop a platform for the US$14 trillion US credit market will increase the market's focus on a single set of open-platform solutions despite a likely increase in competing venues.

Twitter Tuesday shows US equity market resilience

Thu, 25 Apr 2013 10:18:43 GMT

Tuesday's Twitter-inspired mini-crash confirmed the US equity market's vulnerability to misinformation in the social media age, but a rapid rebound suggested the resilience of trading systems, industry experts have stated.

Bloomberg lawsuit will not stem swap futures

Richard Henderson — Tue, 23 Apr 2013 15:55:00 GMT

Bloomberg's legal action against the Commodity Futures Trading Commission this week will not constrain the growth of swap futures, experts have warned.

Inertia ‘to blame for near-savage markets’

Tue, 23 Apr 2013 13:26:36 GMT

A breakdown in the consensus over market structure has left investors confused in conditions of "near savagery" as they scour the margins for advantage, according to California-based Jones Trading.

LX framework targets toxic trading

Mon, 15 Apr 2013 17:23:54 GMT

Barclays has introduced a 'toxicity framework' to its LX dark pool that it claims makes predatory trading easier to identify.

Bloomberg futures exchange ‘one of several options’

Mon, 15 Apr 2013 17:21:45 GMT

Bloomberg today qualified its earlier announcement that it would set up a futures exchange if the Commodity Futures Trading Commission failed to amend an "arbitrary and capricious" rule it says penalises OTC swaps at the expense of futures trades.

Buy-side swaps reporting thwarted by vendor reliance

Mon, 15 Apr 2013 17:20:37 GMT

Asset managers' reliance on advice from third-party vendors and clearing brokers as they prepare for new swaps reporting and trading regimes could lead to significant compliance delays, an expert has warned.

ISE to launch second options exchange

Mon, 15 Apr 2013 17:19:38 GMT

Deutsche Börse-owned International Securities Exchange will launch its second US options exchange before the end of Q2, the company said yesterday.

Dark trading set to rise in Canada

Mon, 15 Apr 2013 17:18:28 GMT

Dark trading in Canada is set to recover slightly over the next year, as market participants acclimatise to dark pool rules introduced last year, according to a new TABB report.

MF Global to change US laws, accelerate MIFID II

Tue, 09 Apr 2013 17:31:09 GMT

The collapse of MF Global could strengthen US laws and accelerate the implementation of MIFID II after a judge in New York last week approved a bankruptcy plan for the collapsed brokerage, according to buy-side firms.

Will corporate actions survive social media?

Rob Daly — Tue, 09 Apr 2013 15:58:36 GMT

While corporate compliance departments are still coming to terms with all the regulatory changes springing forth the implementation of the Dodd-Frank Act, the US Securities and Exchange Commission threw a curveball to the industry in early April by approving social media as a distribution channel for corporate actions announcements.

New swaps standard offers buy-side flexibility

Richard Henderson — Tue, 09 Apr 2013 15:41:59 GMT

A new industry-led reporting and communication standard for OTC derivatives will give buy-side firms greater scope to automate regulatory-mandated reporting, including splitting margin payments to central counterparties.