MarketVoice News
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Opinion: Why words matter in CFTC enforcement of “insider trading”
Ex-CFTC lawyer warns agency would better serve derivatives markets with a focus on “misappropriation” instead
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Opinion: Why words matter in CFTC enforcement of “insider trading”
In the United States, two different legal regimes govern trading in securities and derivatives, each complete with its own language. These legal regimes evolved differently because the two markets at their core serve different purposes—capital formation on the one side, and price discovery and risk management on the other. In some cases, it can be easy to translate the language from one market to the other. However, one phrase from the securities world that does not translate accurately into the derivatives markets is “insider trading.”
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People News: April/May 2019
Appointments, promotions and other people news in the derivatives industry
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Modernizing the technology of clearing
Big changes are under way at Options Clearing Corporation, the Chicago-based clearinghouse that is among the world's largest as measured by processing volume. Earlier this year, OCC launched a multi-year effort to modernize the institution's risk management, clearing and data systems. Dubbed the Renaissance Initiative, the project aims to comprehensively redevelop the company's technology. But according to John Davidson, the clearinghouse's chief executive officer, the changes go far deeper.
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Victory Capital reverses move into options trading, cancels Harvest acquisition
Waning volatility in 2019 has taken its toll on a number of market participants that seek to generate returns from trading options. In the latest proof of these challenges, investment firm Victory Capital has cancelled its plans to acquire Harvest Volatility Management, a fund manager specializing in options-based investment strategies for high net-worth individuals.
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Photo Gallery - BOCA 2019
Photos from FIA's 44th annual conference at the Boca Raton Resort & Club. FIA welcomed more than 1,100 attendees to this high profile annual gathering which examined the progress made since the financial crisis in 2008, explored the current environment for the cleared derivatives industry, discussed opportunities to reset some regulations and helped map out our path forward to more secure, healthy and robust financial markets.
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ESG futures catching on in Europe
As the concept of responsible investing rises in popularity, the derivatives industry is responding. The most recent examples are in Europe, where two leading exchanges have launched futures on stock market indices that meet environmental, social and governance standards.
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Photo Gallery - FIA SIFMA AMG Forum 2019
Photos from the Fifth Annual Asset Management Derivatives Forum on February 13-15, 2019, at The Montage in Laguna Beach. The annual Asset Management Derivatives Forum brings together market participants from all sides of a trade to examine the latest developments in global derivatives trading and clearing, operations and regulation. The Forum presents a unique opportunity to connect investors with market expertise in over-the-counter and exchange-traded derivatives, attracting attendees from the joint membership of FIA and SIFMA AMG.
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INTL FCStone accelerates growth in Asia-Pacific with Singapore deal
INTL FCStone, which owns one of the largest independent futures brokers in the U.S., has set its sights on Asia. On March 19, the firm announced a deal with Singapore's United Overseas Bank to buy its futures trading and clearing business. Once the deal closes, INTL FCStone plans to establish a full-service brokerage in Singapore and use it as the foundation for expanding its presence in the region.
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Eris takes aim at Europe with revamped swap futures
Intercontinental Exchange and Eris Innovations are revamping the pricing structure of their European interest rate swap futures to make the contracts more user-friendly. A similar change has already proved highly successful in the U.S., and the two companies are now working to roll out the new pricing structure in the third quarter.
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