RRIT-Trading Venues (Exchanges, MTFs)

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CFTC Admonishes ICE Futures US for Compliance Inadequacies

CFTC logo The Division of Market Oversight of the Commodity Futures Trading Commission (CFTC) has criticised futures exchange ICE Futures US for its failings with regards to its compliance systems. In its recently published rule enforcement on the matter, the CFTC division claims that ICE staff cuts and a lack of investment in compliance automation meant that the exchange was unable to adequately comply with core principles relating to audit trail, trade practice surveillance, disciplinary and dispute resolution programmes.

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04 Feb 2010

SEC’s Deputy Director of Trading and Markets Gallagher Exits the Building

Daniel Gallagher SEC January seems to be turning into the month for senior staff attrition at the US Securities and Exchange Commission (SEC); not only has ex-associate director of the enforcement division Fredric Firestone left the building (see here), but the division of trading and markets has also lost its deputy director. Daniel Gallagher, who has been a figurehead in overseeing the issues arising from Lehman Brothers’ bankruptcy, is leaving the regulator to join Washington-based law firm WilmerHale at the end of January.

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26 Jan 2010

Obama Proposes Trading Curb in the US, Further Highlights Risk Management Challenge

Following the decision of the Securities and Exchange Commission (SEC) to crack down on electronic trading practices this month (see our coverage here), US President Barack Obama has added his own voice to the cause of encouraging greater risk management awareness in the financial services market. Obama is backing proposals by former Federal Reserve chairman Paul Volcker that would ban commercial banks from engaging in proprietary trading or owning hedge funds or private equity firms.

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22 Jan 2010

Milne Returns to the Fold at LSE as New Head of Post-Trade Services

Kevin Milne LSE It has been a month since A-Team Group wrote about Kevin Milne’s departure from Xtrakter (see our coverage here) and it seems that the interests he has decided to pursue outside of the Euroclear Group include becoming the London Stock Exchange (LSE) Group’s new director of Post-trade Services. Milne is in fact returning to where he began his financial services career: he worked for the LSE between 1986 and 1991 in a variety of marketing and business development roles.

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18 Jan 2010

SEC Vows to Review Equity Market Structure, Including High Frequency Trading and Dark Pools

Mary Schapiro SEC As well as deciding to crack down on the pre-trade risk space this week (see here), the Securities and Exchange Commission (SEC) has also kicked off its review of the equity market structure as a whole. What is seen by many as a trading technology witch hunt, will involve the regulator producing a “concept release” encompassing issues such as high frequency trading, co-locating trading terminals and dark pools.

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15 Jan 2010

SEC to Propose New Risk Management Rules for DMA and Bans Naked Access

As previously noted by A-Team Group (see here), the stage was set this week for discussions by the US Securities and Exchange Commission (SEC) on the subject of high frequency trading, dark pools and sponsored access. The talks resulted in a unanimous vote to introduce new rules regarding pre-trade risk management checks for brokerage customers directly accessing electronic markets. Should these rules come into effect, they would result in a ban on ‘naked’ or unfiltered access to exchanges or alternative trading systems (ATSs).

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15 Jan 2010

CESR Publishes Update on Assessment of the Proposals for MiFID Pre-trade Transparency Waivers

This year will see a wide scale review of MiFID, as promised by ex-internal market and services commissioner Charlie McCreevy last September (see our coverage here), but, in the meantime, the Committee of European Securities Regulators (CESR) has published an update on assessment criteria for MiFID pre-trade transparency waivers. The update follows the joint process launched by the regulator in February last year and includes information on new assessments made at CESR level regarding an application for a waiver to be granted on the basis of the MiFID Implementing Regulation that CESR considered not to be compliant with MiFID.

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11 Jan 2010

Older Posts »

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Wood & Company Goes Live on Calypso

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QuIC Financial Technologies Promotes Wilson to Chief Operating Officer

Former Sun Microsystems Executive Jabbar Joins Calypso Technology's Board of Directors

DST Global Solutions Appoints Sales Director

Older Posts »

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