Two new high-profile contributions to the debate over how to handle central counterparty (CCP) clearinghouse default risks reveal how far apart CCPs and their members remain on the issue of how much money each side should be responsible for, underscoring the fact that the debate is likely to remain open for some time. This week white paper were released… Read More >>
BGC Offers GFI Stockholders $6.10 per Share
Interdealer broker BGC Partners has upped the ante yet again in its quest to acquire rival GFI Group, raising its all-cash tender offer to $6.10 per GFI share and offering an additional ten cents per share on top of that if GFI’s management countersigns the BGC offer by 11:59 pm on Tuesday, Jan. 20. The… Read More >>
CME Group Launches Education Platform
CME Group, the multi-exchange derivatives marketplace, reports that it has the launched the Futures Institute, an online platform for futures education, trading simulation and market research. “The Futures Institute offers a blend of live instruction, interactive training modules, market research and training,” CME Group says in a statement. “The Futures Institute works with partners across… Read More >>
CME Group Sweetens Bid for GFI
Derivatives market operator CME Group has revised its months-old bid to purchase interdealer broker GFI Group, raising its offered price on GFI shares to $5.25 a share from $4.55, in effect matching an earlier offer for GFI by rival interdealer broker BGC Partners. CME Group first revealed its $4.55 per share offer in July, which… Read More >>
CFTC Orders Rule Reviews for DCMs
The CFTC’s Division of Market Oversight (DMO) has issued three separate rule enforcement reviews impacting major Designated Contract Markets (DCM) serving as trading venues, officials say. The DMO’s rule enforcement reviews will impact the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange’s (CME) audit trail program, the New York Mercantile Exchange (NYMEX) and Commodity… Read More >>
GFI SEF to Support USD MAC Swaps
Interdealer broker GFI Group reports that it has launched US dollar (USD) market agreed coupon (MAC) swaps on its swap execution facility (SEF). Live tradable prices for these contracts are available in a central limit order book (CLOB) on RatesMatch, GFI’s electronic trading platform for interest rates, according to the company, which adds that the… Read More >>
BNY and CME Group Join Forces for Hedging
Custodian bank BNY Mellon and derivatives exchange company CME Group have partnered to provide a new interest rate hedging tool, the U.S. Tri-Party Repo Indices, officials say. BNY Mellon’s role in the collaboration will be to prepare and provide daily U.S. tri-party repo indices that reflect overnight interest rates on tri-party repo transactions collateralized by… Read More >>
RJO Turns 100
Chicago-based R.J. O’Brien & Associates (RJO), the venerable futures brokerage and clearing firm, has celebrated its centenary birthday. It is the “oldest and largest independent” brokerage and clearing firm in the U.S., the company reports. The 100-year milestone, recognizing RJO as the Chicago exchange’s “last surviving founding member firm,” was marked by an award ceremony… Read More >>
FICC Wants to Expand Tri-Party Repo Clearing
The Fixed Income Clearing Corp. (FICC), a DTCC subsidiary, wants to provide centralized clearing for more participants in the estimated $1.6 trillion institutional tri-party repo market and will be asking the SEC and the Federal Reserve for the permission to do so. The FICC oversees the confirmation and settlement of fixed-income securities for U.S. markets…. Read More >>
CME Group to Slash 150 Jobs
CME Group is cutting its global workforce by five percent or approximately 150 positions, officials say, adding that the layoffs are part of a restructuring effort. Most of the job cuts will come from the exchange company’s technology division although there are cuts to come from corporate and administrative functions, officials add. “Our industry has… Read More >>
