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Automated Trader Update: The cross-border swap saga continues

First Published 21st March 2013

AT summit dates announced, O'Malia on swap data collection & cross border regulation, IOSCO called to take lead, COBA project disbands, NYSE announces mini-options, SGX & PDS sign MOU, CME clearing approved, Janney selects INDATA iPM Cloud, BATS in US disaster recovery test, Anova bridges DC news & NASDAQ markets, FXone certified for Knight Hotspot FX, FFastfill connects to HKMEx, Redline's InRush 3 certified for Thomas Reuters FX platform, new ITG POSIT Alert launched, Options enhances Metro

Automated Trader Summit Dates Announced

With the pace of change in technology, regulation and market structure continuing to accelerate and vanilla strategies becoming ever more crowded, market participants have had to become increasingly creative and diverse in their approach and are evolving and adapting business models and trading strategies faster than ever before in order to find and keep a competitive edge. Join Automated Trader in Chicago on 14th May and New York on 16th May to discuss the most pertinent issues for trading firms globally. Further dates in Europe and Asia to be announced shortly.

Despite all the fanfare about swap data transparancy, an outspoken commissioner at the CFTC has some blunt words about how efforts are going. Commissioner Scott O'Malia describes a less-than-rosy start to swap data collection.

O'Malia did have a more positive report on the cross-border regulation saga, but the market's continuing concern was there for all to see in a public call by industry leaders for IOSCO to take the lead and help achieve a more consensual result on how cross-border regulation should be applied.

Industry developments

A project led by a pair of exchange veterans to establish a consolidated tape for Europe is being wound down. In the announcement, the project's proponents listed the views from various corners of the industry.

NYSE Euronext announced the availability of mini options on NYSE Arca and NYSE Amex for Amazon, Apple, Google, SPDR Gold Trust and S&P 500 Index ETF.

NYSE Liffe U.S. and MSCI agreed to extend their index licensing agreement through to November 2021.

SGX and Philippine Dealing System signed an MOU to develop Singapore-Philippines fixed income access.

Products and services

CME Clearing Europe received approval to introduce interest rate swaps, with Aviva Investors becoming the first asset manager to utilise the new service.

Cleartrade Exchange chose Milan-based metals vendor FT Mercati to distribute market data; and Janney Capital Management selected INDATA iPM Cloud for data management, compliance, disaster recovery and remote access capabilities.

Meanwhile BATS announced the success of a US disaster recovery test in which all staff were re-located for a day with no disruption to service.

Anova acquired a new microwave network intended to bridge the news agency hub in DC and the equity markets at NASDAQ.

FFastFill extended its connection to HKMEx with the integration of its middle office application SEALS and back office system Eclipse for clearing and settlement.

Luxembourg Stock Exchange selected SWIFT to provide the technology for its market infrastructure.

FXone successfully completed FIX certification with FX execution venue Knight Hotspot FX; and Redline certified the InRush 3 accelerated ticker plant with Thomson Reuters FX Matching platform.

ITG launched a new version of POSIT Alert offering a global trade blotter and enhanced customizable layout; and OptionsCity announced enhancements to its Metro market making and electronic trading platform.

People in the news

Eurex named Markus Georgi as chief representative of its Hong Kong Office and IPC appointed Marianne Leitch as senior executive of its new Managed Services business unit and service suite.