CFTC staff members will be holding a public roundtable on March 5, 2015, from 9 a.m. to 5 p.m., to cover issues related to the “recovery and orderly wind-down of derivatives clearing organizations (DCOs),” officials say. The roundtable will be an opportunity for the regulator to gather input from stakeholders such as DCOs and their… Read More >>
Etrali Opens Sydney Offices in APAC Push
Etrali Trading Solutions, maker of voice-trading, compliance and unified communication services, has announced that it is opening new offices in Sydney, Australia, the first thrust of a renewed push into the Asia-Pacific (APAC) region, officials say. From its Sydney offices, Etrali will manage its existing Australia client base and “support the growing demand for compliance… Read More >>
NICE Systems Hires a CFO
Voice-trading compliance vendor NICE Systems has hired Sarit Sagiv as its chief financial officer (CFO), officials say. Sagiv joins from Retalix Ltd., a provider of software and services to retailers, where she served as the CFO. Sagiv will transition into her new role over the next few weeks, and brings with her an extensive background… Read More >>
DTCC’s LEI Utility Hits a Milestone
DTCC officials report that the Global Markets Entity Identifier (GMEI) utility, a local operating unit (LOU) of the growing global Legal Entity Identifier (LEI) system, has issued approximately half of all LEIs registered so far, or 165,000, to entities from more than 140 jurisdictions. The GMEI’s progress reflects the growth of the global machinery behind… Read More >>
U.S. Bank Pays $18M Settlement for Alleged Lax FCM Oversight
A federal court has ordered U.S. Bank to pay $18 million to customers of Peregrine Financial Group (PFG), the now-bankrupt futures commission merchant (FCM) accused of defrauding its customers of more than $200 million, allegedly in part because of lax controls at U.S. Bank that allowed the fraud to go unnoticed. The episode highlights the… Read More >>
GFI’s Gooch Wants a Suitor to Replace BGC
The months-long acquisition saga of interdealer broker GFI Group appears headed for a memorable finale, with GFI Chairman Mickey Gooch reportedly wooing other potential suitors even as rival BGC Partners’ hostile bid remains just short of success. On Friday, Feb. 6, BGC, also an interdealer broker, needed just 1.7 percent more of GFI’s outstanding shares… Read More >>
Is There Life After the Pits Close?
Last week when the CME Group announced it would be shutting down 17 open outcry futures trading pits in Chicago and three pits in New York by July 2, it was almost anticlimactic. Most participants in the industry knew that the outcry era was on its way out a long time ago. Some even correctly… Read More >>
CME to Cut 60 Jobs as Most Outcry Trading to End
The CME Group will be eliminating 60 positions as it shuts down trading pits in Chicago and New York by July 2, 2015, effectively ending most of its open outcry futures trading, say officials at the exchange trading and clearing company. “Sixty positions will be eliminated, and those are predominantly in floor operations areas,” says… Read More >>
Compliance Vendor’s MD from BTMU
Officials at Exiger, a regulatory and financial crime, risk and compliance vendor, report the appointment of John W. Melican as managing director. Melican joins the company from Bank of Tokyo-Mitsubishi UFJ (BTMU), where, most recently, he was head of bank secrecy act/anti-money laundering, sanctions and anti-corruption compliance for the Americas, according to a statement from… Read More >>
Firms Uncertain About Derivatives Clearing: Sapient Report
Derivatives markets participants face a great deal of uncertainty over post-crisis clearing mandates, and are interested in the establishment of a purpose-built market utility to address buy-side clearing requirements, according to a survey released by Sapient Global Markets. The survey features the responses of 153 market participants and was conducted at the 2014 Futures Industry… Read More >>
