The Securities and Exchange Commission (SEC) is revising the “living will” for covered clearing agencies (CCAs) through rule amendments and a new rule —approved late last month — all intended to boost the resilience, recovery, and wind-down planning for CCAs, officials say. “CCAs are registered clearing agencies that act as central counterparties, meaning that they… Read More >>
SEC & CFTC Penalize Options Clearing Corp. for $22M
The Options Clearing Corp. (OCC), regarded as the largest equity derivatives clearing organization in the world, has announced settlements with the SEC and CFTC that add up to $22 million and are based on a self-reported case of shortcomings in meeting internal efforts to lower key operational risks. The cases revolve around the implementation of… Read More >>
Symphony Buys Cloud9 to Jolt Voice Trading
Symphony to Unite Voice Trading with NLP Symphony, a messaging and platform provider for trading firms, reports that it is trying to “tackle true pain points in markets’ workflows” via the acquisition of trader voice/electronic communication and analytics company Cloud9 Technologies. The acquisition will help Symphony “take the lead in front office communications with new… Read More >>
OCC Lowers Equity Derivatives Clearing Fee
High Volumes Facilitated OCC’s Reduced Fees The Options Clearing Corp. (OCC), which describes itself as “the world’s largest equity derivatives clearing organization,” is cutting its clearing fee from four-and-a-half cents ($0.045) per equity derivatives contract to two cents ($0.02) per contract effective June 1, 2021, subject to regulatory review, officials say. “The two-cent clearing fee… Read More >>
LME Clarifies Executive Leadership Team
LME Interim CEO Becomes Permanent Matthew Chamberlain, the interim CEO for the London Metal Exchange (LME) since January, has been appointed to the post on a permanent basis, subject to the approval of the Financial Conduct Authority (FCA) a U.K. regulator, officials say. The LME leadership changes are intended to help the LME “strengthen and… Read More >>
Options Clearing Corp. Taps Citi for New President-COO
New OCC Exec to Take Control in May The Options Clearing Corp. (OCC), the equity derivatives clearing organization, reports that John P. Davidson, a veteran in the financial services industry, has joined as president and chief operating officer (COO), effective May 8. Davidson, who will report to OCC Chairman and CEO Craig Donohue, and replaces… Read More >>
DTCC Fills Key Equity Clearing Post
DTCC Hires from Options Clearing Corp. The DTCC, a post-trade market infrastructure services provider, reports that Michael McClain has joined as a managing director and general manager of equity clearing. McClain will be responsible for heading the “day-to-day equity clearing business operations and strategic initiatives,” and will report to Murray Pozmanter, managing director and head… Read More >>
CFTC, EU Finally Agree on a Clearing Deal
After three years of often bitter political squabbling, the European Commission and its U.S. counterpart the commodities regulator CFTC finally reached an agreement on a common approach to equivalent recognition of central clearing counterparties (CCPs). The two sides, which oversee around 90 percent of the $553 trillion derivatives market, have been at loggerheads over mutual… Read More >>
Risk Analytics Pioneer to Get $10M PE Infusion
Risk analytics vendor Hanweck Associates will be getting $10 million in private equity financing and a large part of that debt and equity package will help fund the vendor’s exploration of innovations for margin and collateral optimization. A New York-based private equity firm, The Argentum Group has secured the financing and will have a cooperative… Read More >>
