The International Swaps and Derivatives Association, Inc. (ISDA) reports that it has launched a tender process to select a third-party to build and operate a crowdsourcing utility for the ISDA standard initial margin model (SIMM). The utility is meant to “aggregate and compile risk data,” so that market participants can implement the ISDA SIMM “consistently,” ISDA… Read More >>
Goldman Sachs Hit with $7M Penalty for Software Glitch
U.S. regulator, the SEC has hit investment banking giant Goldman Sachs with a $7 million penalty for allegedly violating the market access rule, “in connection with a trading incident that resulted in erroneous executions of options contracts,” officials say. An SEC investigation found that Goldman sent out roughly 16,000 mispriced options to various exchanges in… Read More >>
Former RBC CCO Joins Oyster Consulting
Financial consulting vendor Oyster Consulting has hired Richard T. Chase as the new managing director of its New York office, officials say. Oyster expects Chase’s hire to “continue Oyster’s expansion as a regulatory and compliance leader, enhancing its ability to help broker-dealers, exchanges and investment advisors respond to increasing SEC and FINRA expectations regarding trading… Read More >>
ICAP Names CEO for Post-Trade Services
Interdealer-broker and post-trade IT vendor ICAP has appointed Jenny Knott as its new CEO of post-trade risk and information services, officials say. Knott joins from the African financial services group at Standard Bank Group, where she was CEO of Standard Bank Plc and CIB International, and most recently served as strategic advisor to the group… Read More >>
Brazilian Firm to Use Eze Software EMS, OMS
Vinci Partners, a Brazilian asset manager, has signed on as a client of Eze Software Group to implement the vendor’s order and execution management systems, Eze OMS and RealTick EMS, to streamline workflows across the investment lifecycle, vendor officials say. As part of the deal “Vinci Partners will build electronic connections to third-party execution providers… Read More >>
Massad Favors Regs Hybrid for Cross-Border Uncleared Swaps
CFTC Chairman Timothy Massad says he’s leaning toward a hybrid approach to the problem of regulatory harmony for uncleared swaps transacted across multiple jurisdictions around the globe but he’s careful to note that his agency has not reached any conclusions. “We recognize the importance of having the uncleared margin rules of different jurisdictions be as… Read More >>
CME Clearing Europe Fills CEO, COO Posts
CME Clearing Europe, CME Group’s European multi-asset clearinghouse, reports the promotion of Tina Hasenpusch to CEO. She will replace Lee Betsill, who will be returning to CME Group’s Chicago headquarters as managing director, global clearing operations, CME Clearing. “Hasenpusch will be responsible for continuing to grow the business and will work with customers to address their… Read More >>
CME Group Halts Closure of Open Outcry Pits
The New York and Chicago pits will not close as previously announced by the derivatives exchange and clearing giant CME Group, giving open outcry trading a sudden stay of execution. “Due to a technical revision to its filing with the CFTC, CME Group today announced that it will delay the closing of its futures pits… Read More >>
Mary Schapiro Joins LSE Board as a Non-Exec Director
London Stock Exchange Group (LSEG) officials report that former head of the SEC, Mary Schapiro, will join the LSEG board as a non-executive director, effective on the first of July. In addition, David Weisbrod, CEO of LCH.Clearnet, has been named LSEG’s U.S. country head. “In this new role, David will work closely with the business… Read More >>
The Ongoing Woes of FCMs
Derivatives expert John P. Needham, president of Needham Consulting, alerted us more than a year ago at Financial Technology Forum’s DerivOps Chicago conference in April 2014 to the fact that 10 futures commission merchants (FCMs) are handling 75 percent of U.S. customer segregated funds…
