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March 5, 2013
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  Top Stories 
  • ISE filing cites plan to launch options exchange
    International Securities Exchange Holdings has outlined plans for a second options exchange that would be the 12th in the U.S. for equity derivatives. The structure of the proposed exchange, Topaz, would look similar to ISE's existing options exchange, but with a different fee structure. Boris Ilyevsky, managing director of ISE Options Exchange, says there's no target percentage of trading it expects from Topaz in 2013. Bloomberg Businessweek (3/4), Traders Magazine Online (3/4)
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  Regulatory Roundup 
  • CBOE's Brodsky sees transaction tax as redundant
    CBOE Holdings Chairman and CEO William Brodsky on Monday spoke on topics including VIX volatility and possible priorities for the Securities and Exchange Commission, and he made it clear that he views financial-transaction tax proposals as unwise. "We already have a transaction tax. It's called Section 31 fees. It has been around for decades. If you look at any transaction you do ... you pay a Section 31 fee that although it doesn't go directly to the SEC, it is intended to fund the SEC," Brodsky said. SmartBrief/SmartBlog on Finance (3/5), CBOE TV (3/4), Bloomberg (3/4) LinkedInFacebookTwitterEmail this Story
  • Treasury wants single version of Volcker rule, Miller says
    Mary John Miller, Treasury undersecretary for domestic finance, said at an industry conference that the five regulators working on the Volcker rule should produce a single version. "We think a joint rule is optimal," she said. "To have a different rule developed by a banking regulator and a securities regulator would not be helpful to the market. ... That requires a significant amount of coordination and discussion to think about how they can all work together. And that process takes time -- it has taken time." Former Federal Reserve Chairman Paul Volcker says progress on the rule has been hindered by a fragmented regulatory landscape and other obstacles. (subscription required) (3/4), Reuters (3/4) LinkedInFacebookTwitterEmail this Story
  Industry Developments 
  • Common CCP reporting is needed, Payments Risk Committee says
    Central clearing parties should have a common framework for reporting to encourage consistency among CCPs, a recommendation by the Payments Risk Committee says. "The ultimate goal is that clearing member banks will not only have the data necessary to better evaluate the risks they face, but that in so doing all market participants will better understand the unique and critically important role played by the CCP, enabling systemic risks to be addressed before they have opportunity to surface," the committee's report says. Traders Magazine (3/2013) LinkedInFacebookTwitterEmail this Story
  • Volatility turns into high volume for CME
    CME Group reported a jump in derivatives trading last month amid volatility in stock and bond markets. CME markets saw an average of 13.7 million contracts traded daily, a 7% increase over the same period the previous year. "We are starting to see some people dip their toe back in the water," said Craig Ross, president of Apex Futures. Fox Business/Dow Jones Newswires (3/4) LinkedInFacebookTwitterEmail this Story
  Electronic Trading News 
  • Eurex exec discusses technological developments
    Wolfgang Eholzer of Eurex Exchange discussed the exchange's stance on the development of technological capabilities and the ability to provide different clients with the correct technology. "We don't believe that a one-size-fits-all approach is appropriate today," Eholzer says. "We would either be forcing one group to invest substantially in their technology infrastructure for low latency and high data volumes. Or we would be giving insufficient support to liquidity providers [market makers] in our futures and options market who need to quote in a short period of time." Hedgeweek (London) (3/4) LinkedInFacebookTwitterEmail this Story
  Commodities and Managed Futures 
  • Platts and Shell have rival plans to fix Brent crude pricing
    Shell Oil and Platts each have put forth a plan to adjust how Brent crude is priced worldwide. Analysts say that both plans would expand the range of physical crude oil grades that the futures market is based on, increasing liquidity and reducing the potential for price distortions. "For Brent to maintain itself as a global benchmark, it requires such changes," said Miswin Mahesh of Barclays. (subscription required) (3/4) LinkedInFacebookTwitterEmail this Story
  FIA News 
  • New InfoExchange Announced at FIA Boca -- Shanghai Futures Exchange
    FIA Boca InfoExchanges are designed to give delegates the opportunity to hear the latest on exchange initiatives. We are very happy to announce a brand-new addition in 2013: the Shanghai Futures Exchange. Items to be discussed include SFE's strategic four-year plan, technology system trends and futures market development in China. FIA's 38th International Futures Industry Conference in Boca Raton, Fla., will take place March 12 to 15, 2013. Register here. LinkedInFacebookTwitterEmail this Story
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