Proposal to limit derivatives use revisited by SEC | Blockchain startup Axoni raises $32M | Some EU markets experience MiFID II side effects
August 15, 2018
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Proposal to limit derivatives use revisited by SEC
The Securities and Exchange Commission is revisiting rules proposed in 2015 to limit derivatives use by registered funds in the US. Industry groups have criticized the proposal, which would limit the size of derivatives positions and the need for a risk-management program.
The Trade (UK) (8/14) 
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Blockchain startup Axoni raises $32M
Axoni, a startup developing blockchain solutions for trading and settlement functions, has raised $32 million from investors including Goldman Sachs, Franklin Templeton Investments, JPMorgan Chase, NEX Group and Wells Fargo. Banks have tested Axoni's blockchain platform for trading equity derivatives, and the company is working with Depository Trust & Clearing Corp. on a blockchain-based trade repository.
Forbes (8/14),  The Trade (UK) (8/14),  Cointelegraph (8/14) 
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Regulatory Roundup
Some EU markets experience MiFID II side effects
Market participants are finding Europe's revised Markets in Financial Instruments Directive has created unintended consequences, including decreased transparency and data fragmentation in parts of the EU.
Risk (subscription required) (8/14) 
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Fed urged to rethink capital surcharge for big banks
The Federal Reserve should look again at a capital surcharge for the eight biggest US banks, given that it is to be combined with stress test results to calculate capital requirements, trade groups say. "The surcharge unnecessarily raises costs that impede the ability of our member institutions to provide credit to support growth of the real economy," the Financial Services Forum says.
MLex (subscription required) (8/14) 
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Pick for Nouy successor likely to shape ECB presidency
The European Central Bank's choice of who replaces Daniele Nouy as head of banking supervision is expected to affect the decision of who succeeds President Mario Draghi. "The chance of people from the same country being named to the head of supervision and ECB president is very slim," says Isabel Schnabel, economic adviser to German Chancellor Angela Merkel.
Bloomberg (tiered subscription model) (8/15) 
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Industry Developments
Cboe pushes hard to be first with bitcoin ETF
Cboe Global Markets says it is chipping away at concerns the Securities and Exchange Commission has about cryptocurrency manipulation to become the first to list a bitcoin exchange-traded fund. "There's a huge first-mover advantage in the ETF world," says Chris Concannon, Cboe's president and chief operating officer.
Bloomberg (tiered subscription model) (8/14) 
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Hybrid cryptocurrency derivatives trading platform debuts
Trading platform Blockchain Board of Derivatives and GMEX Technologies have partnered to launch a hybrid cryptocurrency derivatives trading platform that BBOD says offers "the speed of centralization with the security of decentralization." GMEX Group CEO Hirander Misra says the platform trades "ethereum-based derivatives with a combination of ultrafast order matching, market surveillance, security of funds and full facilitation of margin trading."
The Trade Crypto (UK) (8/14),  WatersTechnology (subscription required) (8/14) 
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2-way pricing becomes popular among buy-side firms
Request for market, in which dealers quote the pay and the receive price for interest-rate swaps, is increasing in popularity over request for quote among European buy-side firms that don't wish to divulge trading intentions.
Risk (subscription required) (8/14) 
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Euronext raises FastMatch stake by 8%
Euronext has upped its shareholding in FastMatch by about 8%, to 97.3%. The deal comes on the heels of a lawsuit by former FastMatch CEO Dmitri Galinov against Euronext that alleges he was unfairly dismissed in June.
The Trade (UK) (8/14) 
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Financial Technology
CEO expects blockchain to transform clearing
The shift to blockchain means major changes for the clearing industry within five years, GMEX Group CEO Hirander Misra says. "Traditional clearinghouses are not going to exist in the same form in the next three to five years from now due to the way things have moved towards real time," Misra says.
Futures & Options World (subscription required) (8/14) 
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FIA News
Coming soon: FIA Training course on safeguarding customer funds
FIA, in partnership with NFA, is producing a course designed to help meet the annual training requirements contained in CFTC Rule 1.11. The course covers the protection regimes for segregated, secured and cleared swap accounts, residual interest, investment of customer funds, and record-keeping, reporting and risk management requirements. Coming in September, more information about this course will be available soon. Learn about our other courses.
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