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Contix, a company that helps traders scan social media for market-moving information, has extended its service to commodity markets. The company has developed algorithms that scan social media and traditional sources of information and identify breaking news events relevant to financial markets. The service was developed for equity traders, but in September the company announced that its algorithms now generate market-moving alerts related to energy, metals, grains and other commodity markets.
CONTINUE READINGLinks with China
CME Group and China Foreign Exchange Trade System, a sub-institution of the People’s Bank of China, announced on Sept. 25 an agreement to cooperate and explore ways “to promote each other’s market infrastructure and products.”
CONTINUE READINGPreparing for Remit
On Sept. 24, FIA issued a notice summarizing the registration and reporting requirements of the EU Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT). FIA drafted the notice to help clearing firms inform customers who may have to comply with the new reporting obligation, which enters into force on Oct. 7 for certain exchange-traded wholesale energy products and on April 7 for certain over-the-counter energy products. Those products include futures, options and swaps based on electricity or natural gas for delivery in the European Union as well as contracts relating to the transportation of electricity or natural gas in the EU.
CONTINUE READINGImplementing Financial Reforms
On Sept. 28 the European Securities and Markets Authority published the final versions of its regulatory technical standards on three major pieces of financial reform legislation: MiFID II, the Market Abuse Regulation and the Central Securities Depositories Regulation. ESMA commented that the package of standards will implement many of the most important provisions in Europe’s post-crisis financial reforms.
CONTINUE READINGOwner vs. Member
The Securities and Exchange Commission on Sept. 10 issued an order lifting a stay of approval on the OCC’s plan to raise additional capital and a second order initiating a review of the approval.
CONTINUE READINGCybersecurity: NFA Sets Standards
The National Futures Association, the U.S. futures industry’s self-regulatory organization, has drafted standards that all NFA members will need to apply in protecting themselves from the risk of unauthorized access or attacks on their information systems.
CONTINUE READINGNew Options for Energy Clearing
On Sept. 24, the Commodity Futures Trading Commission issued an order granting Nodal Clear registration as a derivatives clearing organization. The order clears the way for Nodal Clear to provide clearing services for financially settled futures and options on futures executed on or through its affiliate, Nodal Exchange.
CONTINUE READINGMiFID Delay
A one-year delay to the implementation of MiFID II/MiFIR is widely anticipated following a number of presentations and petitioning by regulatory officials at the European Securities and Markets Authority and the European Commission.
CONTINUE READINGDodd-Frank Fix
On Dec. 4, President Obama signed into law a transportation bill that includes a provision removing a barrier to the sharing of data on swap trading. The provision stripped away a requirement in Dodd-Frank that U.S.-based swap data repositories obtain a written indemnification agreement from overseas regulators seeking to access their data. This indemnification provision was intended to protect the confidentiality of the data, but proponents have warned that it effectively restricted foreign regulatory access to data.
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