James Cawley was a co-founder of Javelin Capital Markets, the parent company of the pioneering Javelin SEF (swap execution facility). As regulators and the industry laid the groundwork for SEFs, Cawley took on a very public role in helping shape the rules and regulations of over-the-counter derivatives trading reform. Most recently, he led a key… Read More >>
SEF Market Fears Regulators Missed Cross-Border Harmony
Regulators tasked with overseeing swaps markets in the U.S. and the U.K. struck a hopeful and conciliatory tone in comments at the SEFCON V conference last week, but market participants were skeptical, with one panelist noting that “hope is not a strategy.” Representatives from the CFTC and the Financial Conduct Authority (FCA) signaled at the… Read More >>
Q&A: No Defined Standards Yet for Derivative Valuations
Manuel Ibarra, who works in counterparty portfolio management at Morgan Stanley, took time out from his schedule to answer FTF News’ questions about the derivatives valuation processes. Ibarra underscores that his answers are his alone and do not reflect the opinions of Morgan Stanley, its parent company or affiliates. Before Morgan Stanley, Ibarra worked as… Read More >>
CFTC: Cooperation Key to Cross-Border Clearing Talks
Dual registration combined with cooperation is likely to be the ongoing theme as European and U.S. regulators address the cross-border harmonization problems for global clearing of over-the-counter derivatives, said Timothy Massad, chairman of the CFTC, said in his speech at a Futures Industry Association (FIA) conference last week. “We are continuing to work with the… Read More >>
James Cawley to Run BGC’s SEF
The interdealer broker has hired the former head of the pioneering Javelin SEF and a vocal advocate of over-the-counter (OTC) derivatives reform. Interdealer brokerage firm BGC Partners has hired James Cawley, a vocal advocate of over-the-counter (OTC) derivatives reform, to serve as CEO of its swap execution facility (SEF) subsidiary, BGC Derivative Markets, according to… Read More >>
Ex-ISDA CEO to Head Droit Advisory Board
Droit Financial Technologies, a provider of real-time solutions for derivatives pre-trade front-office decision-making and post-trade compliance reporting, has named its new advisory board, which will be headed by former International Swaps and Derivatives Association (ISDA) CEO Robert Pickel. The board also includes financial technology investor Mark Beeston and former UBS Group managing board member Seth… Read More >>
Are You Ready for Bitcoin?
If you haven’t heard of it before, my guess is that you are likely to become more acquainted with the crypto-currency Bitcoin. “As a non-political online money, Bitcoin is backed exclusively by code,” according to the Bitcoin Foundation website. “This means that — ultimately — it is only as good as its software design. By… 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 >>
Blurred Lines: OTC Reforms for Voice Trading
(Editor’s note: This is the online version of the story appearing in the Fall 2014 edition of FTF News magazine, which will be available on the website later this month. The print edition of the magazine debuted at the SIBOS 2014 conference and exhibition in Boston last week. The event, put on by financial messaging… Read More >>
London Bullion Market Picks CME Platform
CME Group, the Chicago-based derivatives exchange company, reports that it has been appointed by the over-the-counter (OTC) silver market and the London Bullion Markets Association to provide an electronic solution to transform the London OTC silver spot price situation, according to a statement citing CME’s William Knottenbelt, senior managing director, EMEA. The CME Group’s transaction-based… Read More >>
