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 >>
Calypso Readies Initial Margin Calculation Offering
San Francisco-based Calypso Technology, a specialist in capital markets software, reports that it will be releasing a “new solution for calculating the initial margin required on non-cleared derivatives trades,” officials say. The solution will meet the requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) for margin… Read More >>
Obama Wants a New Tax on the 100 Biggest Firms
President Obama’s just released 2016 fiscal year federal budget proposal is already ruffling Republican feathers in Washington, D.C., and it’s no wonder as it includes taxes meant to stimulate controversy. In particular, the Obama administration is taking aim at big Wall Street banks and other securities firms. “The President’s proposal would make it more costly… Read More >>
New Chief Revenue Officer for Compliance Science
Governance, risk management and compliance vendor Compliance Science has added a new chief revenue officer (CRO) and moved to a bigger office, following “the rapid expansion of Compliance Science’s market share … resulting from insider trading concerns continuing to proliferate” across the industry, a spokesperson says in an email. In his new role as CRO… Read More >>
Blue River Partners Hires CFO, Managing Director
After a year of growth, compliance and administrative services provider Blue River Partners is preparing for the future via adding executive staff, the launch of a new service offering, and internal promotions, officials say. Last year “was a phenomenal year at Blue River Partners,” says Mark Fordyce, CEO at Blue River Partners in a prepared… Read More >>
GFI Board Supports CME Group Acquisition
The board of directors for interdealer broker GFI Group, which has been courted aggressively by the CME Group and BGC Partners, will recommend that GFI stockholders at a rescheduled special meeting on Friday, Jan. 30, 2015 vote for the proposed merger with CME Group. The revised terms of the CME transaction have been approved by… Read More >>
ISDA Targets CCP Default Resolution
The International Swaps and Derivatives Association (ISDA) has issued a position paper setting out a proposed recovery and continuity framework for central counterparty (CCP) clearinghouses. The position paper, “CCP Default Management, Recovery and Continuity,” outlines a “framework for recovery and sets out tools that can be used to re-establish a matched book following the default… Read More >>
