FairX Announces New Futures Exchange for Retail Investors

May 26, 2021

First Read

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Hits & Takes
John Lothian & JLN Staff

Peter Hiom submitted his resignation to the ASX as deputy CEO and will leave the exchange on July 1, 2021 and start a new position with Motive Partners, a specialist private equity firm focused on financial services technology companies, as an industry partner. Hiom spent 23 years at ASX, starting at SFE, and he was deputy chairman for the last 11 years. — ASX Motive Partners

Happy 125th birthday to the Dow Jones Industrial Average. The Wall Street Journal, published by Dow Jones, named for DJIA founder Charles Dow, has the story. Charles Dow was the first editor of the Wall Street Journal. There has been no company in the Dow its whole lifetime, though General Motors was in it for more than a century, from 1907 to 2018. Procter & Gamble now has the longest continual tenure in the index; it was added in 1932. — WSJ

Neal Brady has emerged from his garage, helped by Kelly Brown, and announced FairX, a new exchange which will be offering low-cost, around-the-clock trading access to the most liquid asset classes in global futures. Brady is the CEO of FairX and Brown is the chief commercial officer. Brady is a serial entrepreneur who developed an RFQ trading platform Liquidity Direct that was sold to the CME and later was the executive chairman and co-founder of the Eris Exchange when they offered innovative swap futures. Brown most recently held a similar position with ErisX, the off-shoot of Eris Exchange that trades crypto products and wanted to trade an NFL hedging product. FairX has an impressive list of backers from across the industry and looks to give The Small Exchange and others in the smaller or micro-sized contracts a run for their money. — PR Newswire

The Corporate Tax Rate Futures at MGEX that were explored in a JLN podcast by Suzanne Cosgrove are now trading on MGEX. — MGEX

Consensus from Coindesk is a virtual conference this year and Chuck Mackie is doing his Chuck Mackie thing and sharing with us his experiences and news from the conference. Here is his coverage of Day One of Consensus and here is Day Two.

You are invited to attend a webinar titled “Technological Revolution for Clearing Derivatives?” from Cassini Systems, alongside FIA, Inc. and SGX, on June 30th. The panel will discuss the technological innovation in the cleared derivatives industry, post-pandemic market volatility, and the impact in the Asia-Pacific region. Speakers include Liam Huxley, CEO of Cassini Systems, Don Byron, head of global industry operations & execution, FIA and Alison King, head of trading & clearing services, Singapore Exchange. — FIA

Steptoe & Johnson LLP is looking for a lawyer to join its financial services team. Here are details on the job and a link to apply. — Steptoe & Johnson LLP

Here is a link to the Douglas E. Harris commentary in the Futures & Derivatives Law Report about how increasing diversity in senior management and boards is now a business imperative. — LinkedIn

At the CME on May 19, a record $550M traded in RV Curve spreads on BrokerTec as participants managed risk following this week’s 20-year auction. With over 50% of trades involving bonds, see their recent analysis on the 20-year’s uptick in trading on BrokerTec. — CME Group

If you want to go back to 1993 and see the marketing video from the Chicago Board of Trade and the open outcry trading process, here it is. How many people can you identify from this video? For me, it was many who I would come across in the halls and lobby of the CBOT Building — YouTube

It was 10 years ago that Tom Preston and Tom Sosnoff started tastytrade. Preston has offered a look back at their history, including a slick 10 year documentary. — tastytrade

Deborah Ho, BlackRock’s head of Southeast Asia and country head of Singapore, is an honoree of the Lifetime Achievement Award at the Markets Media Group’s Women in Finance Asia Awards 2021. — MarketsMedia

Morgan Joyce, a former intern at John J. Lothian & Company, Inc. and the son of Price Group broker David Joyce, has signed an offer with Addison Group to join their applications development & support team as a business intelligence engineer. Morgan worked for JJLCO one summer when our offices were in the Price Group’s offices and I was still employed there. — LinkedIn

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Who is going to be next to help us preserve industry history?

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

The Institute for Financial Markets (IFM) is holding a virtual workshop June 7 & 8 from 12:00 – 1:30 p.m. ET on “Leaving Libor: Understanding and Managing the Transition.” The fee is $245 or $199 for Early Bird registration. Group discounts are available. You can find more information and register here. ~SR

The digital assets/cryptocurrency platform company CrossTower has launched an initiative called Running4Oxygen to raise funds for life-saving medical equipment to be sent to India. The company is partnering with the charity Khalsa Aid USA to battle the fierce second wave of COVID-19 that continues to devastate India. To contribute, CrossTower suggests registering a donation when running a race, or contributing directly here. ~SC


Register for the virtual Asset Management Derivatives Forum

FIA and SIFMA AMG are bringing you a virtual take on the Asset Management Derivatives Forum in 2021. Join us for virtual programming on June 8 and 9, during which market participants from all sides of a trade and leading regulators will examine the latest developments impacting the use of derivatives by asset managers. This year’s keynote speakers are Dan Berkovitz, commissioner at the Commodity Futures Trade Commission, Catherine McGuinness, chair of the policy and resources committee for the City of London, and Allison Herren Lee, commissioner at the U.S. Securities and Exchange Commission. Learn more and register!

Sign Up Here »


DTCC Highlights Need for Increased Adoption of Central Clearing in U.S. Treasury Market to Reduce Risk and Improve Resiliency; New white paper explores risks posed by fragmentation of U.S. Treasury market and details benefits of central clearing
The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today released a new white paper that explores the risks created by U.S. Treasury market fragmentation. The paper, More Clearing, Less Risk: Increasing Centrally Cleared Activity in the U.S. Treasury Cash Market, examines growing concerns around the increased adoption of bilateral clearing for Treasury activity and details the benefits of unifying the market under a central clearing model.

***** All your eggs in one basket can work.~JJL


Dow Jones Industrial Average Celebrates 125 Years as Wall Street’s Bellwether; Market gauge has evolved alongside the U.S. economy, from smokestack companies to a diverse array that includes tech heavyweights
Karen Langley and Peter Santilli – WSJ
One hundred twenty-five years ago, the Dow Jones Industrial Average made its debut. The index of 12 smokestack companies closed that first trading day, May 26, 1896, at 40.94. It included General Electric Co. as well as long-forgotten names like American Cotton Oil and Distilling & Cattle Feeding. Since then, the Dow has evolved with the U.S. economy, giving investors from Wall Street to Main Street a measure of financial markets through the Great Depression, two world wars and all the events that shaped the 20th and early 21st centuries.

***** Would you believe Studebaker, the car company, was once in the DJIA?~JJL


Bill and Barney, Two Old College Pals, Help Save the World From Covid-19; Bill Gruber and Barney Graham, roommates at Rice University 50 years ago, took leading roles in the development of the Pfizer and Moderna shots
Jared S. Hopkins – WSJ
A half-century ago, freshman Barney Graham rolled onto the Rice University campus in a new 1971 Ford Mustang. To blow off steam that year, he launched water balloons off the dorm roof with his new roommate Bill Gruber, who drove a hand-me-down Dodge Monaco.

***** This is a talented pair of college pals.~JJL


What makes for successful RegTech Marketing: Top 5 tips to build your brand
Martina Doherty from MD Consulting – RegTech Women
Over a 20-year career in FinTech and RegTech marketing, one of my key learnings is that marketing is probably one of the most misunderstood disciplines in business. What I mean by that is that there is a perception that it’s not as difficult or strategic as say Risk, Finance or Technology – all disciplines that require subject matter experts.

***** Building your own brand is important everywhere, even in RegTech.~JJL


We can end the Covid pandemic in the next year; This is a global war but bold action on vaccines gives our governments the opportunity to win it
Martin Wolf – FT
We are a strange species. We are able to produce marvels, but then fail to ensure they reach everybody who would benefit, even though the costs would be trivial against the gains to all. The marvel now is the swift arrival of effective vaccines against Covid-19. The failure is to ensure production and distribution at sufficient scale. In our folly, we are throwing away a glorious opportunity.

***** This is important. We can end the pandemic. It did not say the pandemic will end, rather, we can end it. We need to be proactive.~JJL


Tuesday’s Top Three
Our most clicked story on Tuesday was John Lothian’s commentary, To Start a Revolution, the Small Exchange Needs Revolutionaries, from JLN. Second was Bloomberg’s Libor Replacements Multiply in Shift That Could Fracture Markets, about “upstart challengers” Ameribor, BSBY, and ICE’s Bank Yield Index, among others. Third was, once again in the top three, Kenilworth mansion with ties to World’s Fair takes 9 years to sell, from Crain’s Chicago Business.


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Lead Stories

FairX Announces New Futures Exchange for Retail Investors
FairX Press Release
In alignment with many of the largest online brokerage firms, clearing firms and liquidity providers, FairX today announced plans to launch a new CFTC-regulated futures exchange to offer smaller, simpler, more accessible futures for active individual investors. A wide range of firms have committed to offering FairX products at launch, including TD Ameritrade, E*Trade Financial, ABN AMRO Clearing Chicago LLC, ADM Investor Services, Advantage Futures, Dorman Trading, StoneX, Wedbush, Virtu Financial and XTX Markets. Nodal Clear, part of EEX Group, which is in turn part of Deutsche Börse Group, will provide clearing services to FairX.

Upstart Peer-to-Peer Crypto Exchanges Take Aim at Coinbase; Decentralized markets such as Uniswap account for a growing share of cryptocurrency trading
Alexander Osipovich – WSJ
Coinbase Global Inc., COIN 7.59% which has made billions running cryptocurrency markets, is facing competition from a new breed of upstarts that look less like the New York Stock Exchange and more like Napster, the defunct music-sharing service. Decentralized exchanges are peer-to-peer networks for swapping digital tokens. Last month, $122 billion in transactions took place on DEXes, as they are known, up from less than $1 billion a year earlier, according to data provider Messari.

US bank chiefs express caution over cryptocurrency; Remarks from Citigroup, Wells Fargo and BofA CEOs come ahead of congressional grilling
Gary Silverman – FT
Chief executives of several leading US banks expressed caution about dealing in cryptocurrencies in testimony released ahead of their scheduled appearances on Wednesday before a Senate committee. The remarks by Bank of America’s Brian Moynihan, Citigroup’s Jane Fraser and Wells Fargo’s Charles Scharf came as US financial regulators scramble to respond to the explosive growth — and dizzying volatility — of a crypto market that currently lacks an overarching national supervisor.

Exxon vs. Activists: Battle Over Future of Oil and Gas Reaches Showdown; Shareholders vote Wednesday on a bid for four board seats by investors seeking a company commitment to reach carbon neutrality by 2050
Christopher M. Matthews – WSJ
For years, Exxon Mobil Corp. didn’t have to pay much attention to investors because of its gargantuan profits. Yet on a Friday night in January, Exxon Chief Executive Darren Woods was defending the company during a video call to an investor owning about 0.02% of the oil giant’s stock. Tech investor Chris James’s Engine No. 1 had launched an activist campaign against Exxon in December, calling the company a fossil-fuel dinosaur that lacked a coherent plan for surviving a global transition to cleaner energy sources. On the call, Charlie Penner, a hedge-fund veteran helping lead the Engine No. 1 campaign, pressed Mr. Woods to commit to steering Exxon to carbon neutrality, effectively bringing its emissions to zero—both from the company and its products—by 2050.

Deputy CEO of ASX who spearheaded exchange’s blockchain project departs; Departing deputy CEO leaves ASX to pursue interests in FinTech and blockchain technology.
Wesley Bray – The Trade
Peter Hiom, deputy chief executive officer of the Australian Securities Exchange and the driving force behind its blockchain-based post-trade project, has resigned after 23 years of service.

LSEG announces Executive Committee changes
David Craig, Group Head, Data & Analytics and CEO, Refinitiv to leave LSEG at end of 2021; Andrea Remyn Stone appointed Group Head, Data & Analytics
LSEG plc (London Stock Exchange Group) announces that, with the integration of Refinitiv now well underway, David Craig will leave the Group at the end of 2021. Andrea Remyn Stone will become Group Head, Data & Analytics, effective 1 July, 2021. Andrea, currently Chief Product Officer, Data & Analytics, will work closely with David to ensure a smooth transition of operational and integration priorities over the coming months. David Craig will then operate in an advisory capacity to the Group until the end of 2021.

Global Companies Retool as Covid-19 Surge Hits India’s Tech Talent; In the first quarter, nearly all Fortune 500 companies had exposure to India’s coronavirus crisis in their IT operations, according to consulting firm Hackett Group
Angus Loten – WSJ
Companies world-wide that rely on information-technology workers in India are facing project delays, or racing to reroute tasks to other locations, as the country battles a devastating second wave of Covid-19 infections. Fairfax, Va.-based software company 3Pillar Global Inc. said that 70 of 342 workers at its Noida, India, office have been infected with Covid-19 since April. Three have died, the company said.

‘It’s wild out there’: crypto firms lure top bankers in price boom; Executives poached from big groups including Goldman Sachs and hedge fund Bridgewater
Joshua Oliver, Laurence Fletcher, Eva Szalay and Philip Stafford – FT
Huge gains in digital asset values are helping crypto firms to poach previously out-of-reach executives from some of the biggest companies in mainstream finance. Coinbase this week announced it had hired a top Goldman Sachs lobbyist, while John Dalby, chief financial officer of the world’s largest hedge fund, Bridgewater, is also joining crypto financial services group NYDIG.

A qualitative guide to the quants; What to look for in a manager after a dark winter for the sector
Jane Buchan – FT
It has been a humbling few years for many quantitative fund managers. The 2018-2020 period has been described as a dark winter for the sector as many of the investment strategies pursued by these data-driven fund managers struggled.

Workers Return to Weirder Offices With Moveable Walls and Touchless Elevators
Todd Gillespie and Jack Sidders – Bloomberg
Flexible space, touchless elevators among changes to expect; Balancing safety, flexibility and attractiveness to lure staff
Masked, desk-bound and unable to recognize their colleagues in an elevator, people are starting to return to offices in cities around the world where the pandemic is receding. Many will find their offices transformed, too. In the challenge to make offices both Covid-safe and attractive places to work, firms have been experimenting with working arrangements and space while employees toiled at home. Some gave up floor space to adjust to less rigid schedules, others introduced movable walls to create flexible areas. Many installed safety innovations such as touchless lifts and worked to improve air quality.

Traders Shouldn’t Get Prison Time in Spoofing Case, Probation Office Says; Prosecutors seek sentences of nearly five years or more for two former Deutsche Bank employees
Dave Michaels – WSJ
Two former Deutsche Bank DB -1.40% traders convicted of manipulating precious-metals prices shouldn’t go to prison, federal probation officers recommended, sparking a backlash from prosecutors who sought terms of almost five years or more. A federal jury in September convicted James Vorley and Cedric Chanu of wire fraud after a two-week trial over their trading of gold and silver on futures exchanges operated by CME Group Inc. CME -1.12% Prosecutors alleged the pair engaged in spoofing, a type of rapid-fire market manipulation that traders and regulators say was once rampant in futures markets.

Euroclear Seeks to Reverse Mistaken UniCredit Bond Credits
Sonia Sirletti, Alice Gledhill, and Steven Arons – Bloomberg
Says provisional credits were made and visible to clients; Euroclear says no payments were made after internal error
Euroclear mistakenly credited some UniCredit SpA bondholders with coupon payments after the bank decided to skip the installment, causing investor confusion and unease for the lender. The European firm, which specializes in the settlement of securities transactions, is now seeking to reverse the credits, according to a statement on Wednesday. It said no actual payments were made because of the “internal processing error” and that the credits were blocked until confirmed as final.

Bank CEOs Head to Washington Citing Efforts for Underbanked
Sonali Basak – Bloomberg
The biggest U.S. lenders to appear before Congress this week; Racial equality, diversity and climate likely to be on agenda
JPMorgan Chase & Co., Bank of America Corp. and their largest rivals are preparing to tell lawmakers they’ve stepped up efforts to bank under-served communities, ahead of scrutiny into their lending to Americans facing hard times during the pandemic.

Wall Street CEOs to Testify in Congress on Pandemic Response; JP Morgan’s Jamie Dimon, Citibank’s Jane Fraser and others likely will face crosswinds on social issues from Republicans and Democrats
Andrew Ackerman and Orla McCaffrey – WSJ
The heads of the six largest U.S. banks are set to testify before Congress, where they likely will face conflicting pressures from Democrats seeking action on racial disparities in lending and Republicans who say banks should avoid taking positions on social issues.

South Korean crypto clampdown pushes many exchanges to precipice; Smaller digital asset venues face ‘existential crisis’ as they struggle to obtain approval
Song Jung-a – FT
Many of South Korea’s 200 crypto exchanges face an “existential crisis” as they struggle to meet conditions for regulatory approval, in a shake-up for one of the world’s biggest cryptocurrency markets. To win a business licence as a legal trading platform, Korean exchanges are required to partner with local banks to open real-name bank accounts for customers. But banks are concerned that this could leave them liable for any money laundering in digital currencies.

Corporate Tax Rate Futures Now Trading on MGEX; Corporate Tax Rate Futures offer corporations and investors an efficient way to manage risk in uncertain corporate tax rate environments
MIAX®, operator of high-performance securities exchanges, products and services, and the Minneapolis Grain Exchange (MGEX) today announced the successful first day of trading in Corporate Tax Rate Futures on the MGEX on May 24, 2021.


You Realize Covid-19 Might Come Back in the Fall, Right? The shift from pandemic to “recurrent seasonal disease” is a big improvement, but the coronavirus could still pose major challenges when summer’s over.
Justin Fox – Bloomberg
All across the U.S., people are hugging, talking in each other’s faces, going to the office, attending indoor sports events and not wearing masks in the Walmart. Yet the SARS-CoV-2 virus that causes Covid-19 continues its retreat, with confirmed cases down by more than 50% over the past month. Most of the credit for this wonderful turn of events has — correctly — gone to vaccines, with more than 60% of U.S. adults now having received at least one dose, 94% of them the BioNTech-Pfizer and Moderna mRNA vaccines that have proved to be even more effective than their spectacular clinical-trial results indicated last fall.

Hong Kong Debates What to Do With Pile of Unused Covid Shots
Felix Tam -Bloomberg
More than 1 million Sinovac and 840,000 BioNTech doses remain; Vaccine surplus could hurt future procurement, official says
Hong Kong is studying options including donation for unused Covid-19 vaccine doses, some of which are set to expire as soon as August, amid struggles to boost a lackluster local inoculation rate despite high demand for shots around the world.

Moderna Shot Effective in Teens, Opening Path for Clearances
Robert Langreth – Bloomberg
Company will submit for regulatory authorization in early June; Shot was 93% to 100% effective in study of 12 to 17 year olds
Moderna Inc.’s Covid-19 vaccine was highly effective in 12 to 17 year-old adolescents in a large study, paving the way for regulatory submissions around the world by early June.

US renews calls for investigation into origins of Covid-19; Beijing hits out at lab leak ‘conspiracy created by US intelligence agencies’
Kiran Stacey and Christian Shepherd – FT
The Biden administration has renewed US calls for a fuller investigation into the origins of Covid-19 after a report last weekend bolstered the theory that the disease was released accidentally from a laboratory in the Chinese city of Wuhan.

India’s new coronavirus case rate declines after lockdowns; Social distancing and reduced interaction cause steady fall, say public health experts
Amy Kazmin – FT
India’s new confirmed coronavirus infections are steadily declining because of regional lockdowns and increased levels of antibodies among the population, according to public health experts.

UK government to clarify Covid advice for eight areas hit by variant; Labour accuses No 10 of ordering ‘lockdown by backdoor’ following new guidance
Andy Bounds and Jasmine Cameron-Chileshe – FT
The UK government on Tuesday said it would update its safety advice for residents in areas with high levels of the coronavirus variant first identified in India, following accusations from Labour that the government was imposing “local lockdown by the backdoor”.

Asia is lagging behind on vaccinations; Early success in fighting Covid-19 has led to less urgency on inoculations
The editorial board – FT
Until the end of last year, Asia led the world in its fight against Covid-19. Some countries, such as China, suppressed the virus close to zero; others, such as Taiwan, never let it get started in the first place. Where coronavirus did get a foothold, from Japan to Vietnam and India, most Asian countries managed it with less disruption and lower death rates than in Europe or North America.

Can oil dependent countries adjust as the world shifts from fossil fuels? A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.
NHS plans to scrape 55m patient records into a database that will be shared with third parties

Exchanges, OTC and Clearing

American Financial Exchange® Announces Agreement With Numerix To Publish Spot AMERIBOR® Term Structure Interest Rates
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that AFX and Numerix, LLC (Numerix), the leader in risk technology, signed an agreement to publish spot AMERIBOR term structure of interest rates. The new rates will be calculated from the AMERIBOR overnight unsecured AMERIBOR cash rate and implied forward rates from AMERIBOR futures prices using Numerix’s proprietary software and yield curve algorithm. Numerix’s pricing technology provides AFX with flexibility in choosing the yield curve components, as well interpolation and extrapolation, follows all market conventions, and reprices all curve components in a consistent manner.

AFX® Announces Agreement with Numerix to Publish Spot AMERIBOR® Term Structure Interest Rates
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that AFX and Numerix, LLC (Numerix), the leader in risk technology, signed an agreement to publish spot AMERIBOR® term structure of interest rates.

SGX AND TNS To Enhance Colocation Options And Market Access For Traders
Singapore Exchange (SGX) and Transaction Network Services (TNS) are working together to expand the range of hosting, colocation and connectivity options available to traders wishing to access SGX’s derivatives and securities markets. TNS can now offer its full suite of services, including TNS Layer 1 raw market data and order routing, from a new Managed Hosting presence within the Tier 1 area of SGX’s data center.

CME Group Announces First Trades of Mexican F-TIIE Interest Rate Futures
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the first trades of the new interest rate futures based on the Central Bank of Mexico’s Overnight TIIE funding rate (F-TIIE). Launched on May 24, 2021, the trades were transacted by BBVA México, Monex Casa de Bolsa and Banorte, and were executed via Altura Markets and CME Direct.

Hedging Mexico’s Bondes D with CME F-TIIE Futures
CME Group
Bondes are Federal Government Development Bonds (Bonos de Desarrollo del Gobierno Federal), floating-rate Mexican government securities. Mexican Bondes D coupons are a function of the Central Bank of Mexico’ s overnight bank funding rate over the four-week coupon period.

Refinitiv chief Craig to step down from LSEG at end of year; David Craig is set to leave LSEG as group head of data and analytics and chief executive of Refinitiv at the end of this year.
Annabel Smith – The Trade
Refinitiv chief executive and group head of data and analytics at the London Stock Exchange Group (LSEG), David Craig, will step down at the end of 2021, the LSEG has confirmed.

EuroCCP to provide clearing for Euronext Oslo Growth Market; The extension by EuroCCP to clear Norwegian growth stocks remains subject to regulatory approval and is expected to launch on 28 June this year.
Annabel Smith – The Trade
Pan-European equity clearinghouse EuroCCP is set to provide clearing services to the Euronext Oslo Growth Market from next month. EuroCCP said it expects to go live clearing for the Oslo Bors growth market segment from 28 June. All trades executed on the in the Norwegian growth market and cleared by EuroCCP will be reported with the MIC in the daily CIF files, and member testing will be supported from 2 June.

G Rent S.p.A. lists on AIM Italia
G Rent S.p.A. is an SME operating in the sector of hospitality for luxury real estate, with dedicated services for private and corporate clients to deal, in full outsourcing, with real estates and property portfolios designed for short renting.

Euronext today congratulates Obiz, a company specialising in the design, development and management of relationship marketing programmes, on its listing on Euronext Growth Paris (ticker code: ALBIZ).

Innovative solutions for equity financing: Eurex ETRFs & BTRFs
Equity Total Return Futures (ETRF) and Basket Total Return Futures (BTRF) aim to support equities financing desks which are focused on collateral optimization and the use of equity collateral to raise financing. We spoke to Enrico Vlaic, Senior Equity Finance Trader at BNP Paribas, about their purpose and benefits, and how to use them in a smart way.

MiFID II/MiFIR: Changes in TES/EnLight Minimum Block Trade Sizes and Non-Disclosure Limits for Eurex products and introduction of intra-day Non-Disclosure Limits for Dividend Futures
On 30 April 2021, ESMA published results of the annual transparency calculations for non-equity instruments, which will come into effect on 31 May 2021. Therefore, Eurex will adjust the TES (Trade Entry Service)/EnLight Minimum Block Trade Sizes (MBTS) as well as the Non-Disclosure Limits for certain products to ensure compliance with the ESMA pre-/post-trade thresholds, effective 31 May 2021.

Equity Index Derivatives: Passive Liquidity Protection: Stepwise rollout into index options in 2021 and 2022
With this circular, we would like to inform you about the planned rollout of the Passive Liquidity Protection (PLP) into further Eurex index option products which will start with the first step on 31 May 2021 with the FTSE 100 index option (OTUK). The deferral time for OTUK will be set to three milliseconds. PLP will be available in the Eurex simulation for OTUK with production-like deferral times starting 26 May 2021.

Deputy CEO Peter Hiom Resigns from ASX

April 2021 Origination Insight Report from ICE Mortgage Technology Shows Fourth Consecutive Month Faster Time to Close; Digital Mortgage Technology Plays Important Role in Accelerating Time to Close
Intercontinental Exchange, Inc.
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today issued its Origination Insight Report (OIR) for April 2021. In this month’s report, data show that the average time to close on all loans has decreased for a fourth consecutive month to 51 days.


Exegy to Address Spectrum of Latency and Distribution Needs
Anna Lyudvig – Traders Magazine
After merging with Vela Trading Systems last week, Exegy became the largest provider of low-latency market data and direct market access solutions in the marketplace, according to David Taylor, Co-President and CTO.

BNP Paribas Digitises Pre-trade Client Workflows; ipushpull’s PPQ delivers enhanced efficiency for buy and sell-side firms for non-standard, complex trades.
ipushpull, the real-time data sharing and workflow platform today announced that BNP Paribas, a leading global investment bank, have implemented PPQ standardised messaging to streamline their manual workflow around non-standard, complex trades, for their global asset manager community. PPQ has been designed to deliver enhanced efficiency, reduce operational and compliance risk and support trade negotiation.

BNP Paribas digitises pre-trade workflow with ipushpull; With the PPQ standardised messaging from ipushpull, BNP Paribas hopes to streamline its manual workflow around non-standard, complex trades for asset managers.
Annabel Smith – The Trade
BNP Paribas has implemented a standardised messaging solution from ipushpull to digitise its pre-trade client workflow. Named PPQ, the solution from ipushpull streamlines manual workflow around non-standard, complex trades for sell-side participant’s network of global asset manager clients and is designed to improve efficiency, reduce operational and compliance risk, and support trade negotiation.

ExxonMobil shareholders to deliver verdict on oil major’s future; Activist investor seeks board seats and warns of ‘existential’ risk
Derek Brower – FT
A proxy fight at the energy supermajor ExxonMobil is set to reach a climax on Wednesday, when shareholders cast votes on company leadership and strategy that will also be a verdict on the future of the oil industry.

MayStreet boosts coverage in Asia Pacific with 19 new markets; The new content includes real-time and historical consolidated, top-of-book and full depth-of-book data from the equity, derivatives, commodity and fixed income regional exchanges.
Annabel Smith – The Trade
Market data infrastructure provider, MayStreet, has expanded its coverage in Asia Pacific with the addition of 19 new markets to its Market Data Lake. The additional markets include Australia, Hong Kong, India, Japan, Korea, Malaysia, Singapore, and Taiwan including the Australia Securities Exchange, Chi-X Australia, Hong Kong Stock Exchange and Futures Exchange, and the Singapore Exchange among others.

Former Citi FX algo execution head joins FairXchange as strategic advisor; The new strategic advisor at data science firm FairXchange has previously spent 16 years at Citi as head of FX algorithmic execution.
Annabel Smith – The Trade
A former head of FX algorithmic execution at Citi has joined a data science and execution performance analytics specialist, FairXchange, as a strategic advisor. James Dalton takes on the new role at FairXchange, responsible for assisting the firm on its strategy, product development and growth of its client base of banks, hedge funds and FX brokers globally.


Wisdom From The Women Leading The Cybersecurity Industry, With Kate Kuehn of vArmour
An Interview With Jason Remillard
Jason Remillard – Medium
Avoid trying to be an expert; instead, maintain a beginner’s mindset. When people start out learning something new, there is a fearlessness in failure, a try-and-try again attitude that is almost magical. As we advance, many so-called experts lose that fearlessness, maintaining confidence only in their own knowledge. Cybersecurity is ever changing, and we need that fearlessness in brainstorming and in leadership if we are to win the war we face against attackers. A beginner’s mindset is important as we face daily changes in our experience with adversaries — and will allow us to tackle challenges.

Facebook Says Most ‘Inauthentic’ Networks Start in Russia, Iran
Kurt Wagner – Bloomberg
Those countries accounted for 50 network removals since 2017; U.S. users are the most heavily targeted by foreign campaigns
Facebook Inc. issued a new report Wednesday showing that most networks of accounts that the company removes for “inauthentic behavior” originate in Russia or Iran, which accounted for 50 different network removals since 2017.

After Colonial Pipeline Hack, U.S. to Require Operators to Report Cyberattacks; The action, expected this week, also will require companies to designate cybersecurity point person
Rebecca Smith – WSJ
The Transportation Security Administration intends to release the first of at least two security directives that would require pipeline operators to notify it when they are targets or victims of cyberattacks, according to senior officials at the Department of Homeland Security.

U.K. Businesses in China Seek More Clarity on Cybersecurity Laws
John Liu, Lin Zhu, and Tom Mackenzie – Bloomberg
The British Chamber of Commerce in China called on Beijing to provide more clarity on draft regulations on cybersecurity, saying the lack of information is holding back business operations.
The chamber on Wednesday released a position paper on U.K. business in China, highlighting some of the challenges around cybersecurity and information technology. The uncertainty and administrative burden that foreign companies face in this area could increasingly hamper China’s ambition to become a leader in multinational innovation, it said in the report.


Bitcoin isn’t a currency or financial asset, but ‘looks like a bubble’: Roubini
William Watts – MarketWatch
‘Bitcoin isn’t even a reliable hedge for risk-off events, let alone inflation shocks. It’s actually highly pro-cyclical…In difficult times, crypto assets don’t go up; they go down.’— Nouriel Roubini, CEO, Roubini Macro Associates
That’s New York University economist Nouriel Roubini in an interview with Goldman Sachs Group Inc.’s GS, 0.52% “Top of Mind” publication, pushing back against the idea that bitcoin and other cryptos are an alternative to other instruments as a hedge against inflation. In fact, Roubini argued that cryptos aren’t any sort of currency or asset at all.

Consensus 2021 — Day Two
Chuck Mackie – Medium
Three takeaways from day two of the biggest crypto conference in the U.S.
In my experience, the second day of a conference is usually the biggest, most star-packed session but I’m not sure that applies to an online conference. I’m doubly not sure in this case because I’m very not sure that I really understand the crypto world. There: I said it. I’m trying to figure things out and most definitely do not hold myself out as a crypto expert. That being said, here are three takeaways from the second day of Consensus from Coindesk.

China’s Crypto Mining Crackdown Followed Deadly Coal Accidents
Bloomberg News
Authorities acted after a surge in illicit coal extraction; China accounts for an estimated 65% of Bitcoin mining power
China’s escalating push to rein in cryptocurrency mining was triggered in part by concern that the practice has stoked a surge in illicit coal extraction, endangering lives and undermining Xi Jinping’s ambitious environmental goals.

‘It’s wild out there’: crypto firms lure top bankers in price boom
Joshua Oliver, Laurence Fletcher, Eva Szalay and Philip Stafford – Financial Times
Huge gains in digital asset values are helping crypto firms to poach previously out-of-reach executives from some of the biggest companies in mainstream finance.
Coinbase this week announced it had hired a top Goldman Sachs lobbyist, while John Dalby, chief financial officer of the world’s largest hedge fund, Bridgewater, is also joining crypto financial services group NYDIG.

When Is a Dollar Not a Dollar? If the Federal Reserve issues digital currency, it will forever change the U.S. financial industry.
Tyler Cowen – Bloomberg
A digital currency issued by the Federal Reserve would revolutionize the U.S. financial industry. Yet while economic and financial digitization is crucial, as Fed Chairman Jerome Powell says, it cannot also be universal. The result is that major economies are going to end up with at least two different kinds of money.

Crypto outlook: Blockchain analyst weighs in on bitcoin (BTC), ether
Eustance Huang – CNBC
The cryptocurrency space could branch out into three different markets — and people may even stop talking about crypto as a single entity one year on, predicted Paul Brody, global blockchain leader at EY.
Bitcoin and ether have had a wild ride in recent weeks, with billions of dollars wiped off their market value, according to Coinmarketcap.com.

‘Dogecoin To Their Heart’s Content’—Crypto Market Price Surges By $300 Billion As Bitcoin, Ethereum, Binance’s BNB, Cardano And Ripple’s XRP Suddenly Soar
Billy Bambrough – Forbes
Bitcoin and cryptocurrency prices have suddenly surged, bouncing back after a brutal week wiped more than $1 trillion from the crypto market.
The bitcoin price has climbed back over the closely-watched $40,000 per bitcoin level, gaining almost 20% since the weekend when it dropped to around $30,000.

Iran Bans Crypto Mining to Keep the Lights on Over Summer
Patrick Sykes – Bloomberg
Ban effective immediately and lasts until late September; Blackouts and outages are plaguing cities across Iran
Iran banned the power-intensive mining of cryptocurrencies like Bitcoin ahead of its peak electricity demand season, after soaring consumption contributed to blackouts in major cities.

Luno forced to amend ‘misleading’ UK cryptocurrency adverts; Watchdog says posters underplay risks of investing in volatile and largely unregulated digital assets
Joshua Oliver – FT
Cryptocurrency app Luno has fallen foul of the UK’s advertising watchdog for “misleading” posters displayed at bus and Underground stations in London. Adverts with the slogan “If you’re seeing Bitcoin on the Underground, it’s time to buy” have been ubiquitous in Tube stations and on the side of London buses, a tangible sign of the recent surge in popularity of cryptocurrencies with retail investors.


Biden Advancing New Cyber Rules for Pipelines After Hack Attack
Ari Natter – Bloomberg
Pipeline industry has long opposed cybersecurity regulations; New rules coming for reporting attacks, safeguarding systems
The Biden administration is moving forward with mandatory cybersecurity requirements for pipelines, according to a person briefed on the plans, following the ransomware attack earlier this month that paralyzed the biggest fuel pipeline in the nation.

Cummings Says It’s Crazy Johnson Is PM: U.K. Politics Update
Kitty Donaldson and Emily Ashton – Bloomberg
Boris Johnson is facing an onslaught of criticism over his handling of the pandemic and his suitability to be British prime minister from his former adviser Dominic Cummings. Giving evidence to a parliamentary hearing, Cummings said Johnson did not take the Covid crisis seriously enough at the start and suggested he should not be premier. He said ministers had “disastrously” failed the public, revealing that he had repeatedly urged Johnson to fire Health Secretary Matt Hancock for allegedly lying.

EU May Sanction Belarus’s Potash Industry by This Summer
Alberto Nardelli, Aliaksandr Kudrytski, and Yuliya Fedorinova – Bloomberg
Additional measures against individuals expected by June; Governments also in discussion to withdraw aviation rights
The European Union is aiming to hit Belarus with a new round of sanctions by June over the forced landing of Ryanair flight FR4978 and the arrest of a journalist, with tougher economic measures to follow by the summer, according to an EU official familiar with the matter.

Global Deal on Tax Nears First Stage as G-7 Seeks Common Ground
William Horobin, Yuko Takeo, and Tim Ross – Bloomberg
Accord would pave way for wider consensus at G-20, then OECD; Europeans optimistic on progress to capture digital revenues
A global agreement that could reshape the tax landscape for the biggest corporations is approaching a crucial first stage as the Group of Seven nations hone in on an accord that might feature both a minimum rate and encompass digital giants.

Sunak to propose powers to block London listings on security grounds; Move comes as government concerns mount over ‘dirty money’ flowing through the City
Jim Pickard and Daniel Thomas – FT
Chancellor Rishi Sunak is to set out plans to block companies from listing on the London Stock Exchange on national security grounds as government concerns mount about “dirty money” in British financial markets.


Former MEP Swinburne named chair of International Regulatory Strategy Group; Kay Swinburne joins the International Regulatory Strategy Group after two years with KPMG and 10 years as a Member of the European Parliament for Wales.
Annabel Smith – The Trade
The International Regulatory Strategy Group (IRSG) has appointed KPMG’s vice chair of financial services and former Member of European Parliament (MEP), Kay Swinburne, as chair.

Scammers taking advantage of COVID-19 to target small businesses
Scammers are using the COVID-19 pandemic to target Australian small businesses with a range of scams including phishing, vaccine supply scams and email compromise;Protect your business by using best practice and know the common small business scam tactics to look out for; Learn more by downloading the Be COVID Fraud Aware guide from business.gov.au
ASIC is urging Australians to be wary of scammers using the COVID-19 pandemic to target small businesses. Scammers often target small business owners as they recognise that they are busy and may have limited resources to keep systems safe. Common scams aimed at small businesses are outlined below.

ASIC tips for managing your super
While retirement may be a long way off for some, it’s never too early to start thinking about superannuation. Your super is your money. For many, it is the biggest asset after your home. So it’s important to stay on top of your super and choose a fund that best meets your needs.

ESMA Publishes Guidelines On The Calculation Of Positions Under SFTR
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, publishes today the Final Report on Guidelines on the calculation of positions in SFTs by Trade Repositories (TRs) under the Securities Financing Transactions Regulation (SFTR).

ESMA launches call for evidence on digital finance
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes a call for evidence on digital finance. The call for evidence aims to gather relevant information on particular issues including value chains, platforms and groups’ provision of financial and non-financial services. The feedback will contribute to ESMA’s technical advice to the European Commission.

2021 Industry Snapshot
FINRA regulates a critical part of the securities industry – brokerage firms doing business with the public in the United States. In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.

FINRA Publishes 2021 Industry Snapshot; Statistical Overview of Brokerage Firms, Registered Representatives and Trading Activity
FINRA today published the 2021 FINRA Industry Snapshot, its annual statistical report on the brokerage firms, registered representatives and market activity that FINRA regulates. The latest edition includes new statistics on U.S. Treasury volume and corporate financing filings. The Snapshot also includes 2020 data on the size and geographic distribution of the firms FINRA regulates, the number of individuals in the industry, equity and fixed income trading activity, and how firms marketed their products and services last year. All of the data appear in aggregate form.

Update – TRAQS System Issues
The TRAQS issue preventing users from accessing and using the site has been resolved. TRAQS users should log out of the current session and log back in to reset and have complete functional capabilities. If clients have any questions regarding these events please contact FINRA Market Operations at (866) 776-0800.

FCA stops EverFX offering CFDs to UK customers
The FCA has acted to stop a Cypriot-based firm, ICC Intercertus Capital Ltd, and other members of its group which trade as EverFX, from offering high risk contracts for differences (CFDs) to UK investors.

Statement on the Recovery Loan Scheme (RLS)
Our approach to regulating firms in relation to the Government’s RLS. The RLS was launched by the government-owned British Business Bank on 6 April 2021 to provide financial support to UK businesses following the coronavirus (Covid-19) pandemic. While the RLS has different terms and eligibility criteria, it has replaced the Government’s Bounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme (CBILS), which have now closed to new applications.

Investing and Trading

The Dynamic Relationship Between Global Debt and Output
Yun Jung Kim , Jing Zhang , Caroline Beetz Fenske – Chicago Federal Reserve
The global economy has reached record levels of indebtedness, to the concern of researchers and policymakers. On the one hand, debt can be beneficial by smoothing out consumption and accelerating capital accumulation, and thus contributing to economic output. On the other hand, rising debt increases debt service costs and can potentially expose countries to financial risks and lower output. In particular, a large expansion of debt can be associated with a significant economic contraction that can last for years.

FANGs Are Obscuring Extent of the Biden Bounce; U.S. stock outperformance is far more marked when looking at an equal-weighted version of the S&P 500.
John Authers – Bloomberg
America De-FANGed Is Even Stronger
Market cap-weighted indexes have been blamed for many things. There are good arguments against using them, not least because of their tendency to direct money toward stocks that tend already to be overvalued. But over the last year they may also be giving a false impression of the strength of corporate sectors in different parts of the world.

Video Spinoff Vimeo Slumps in Nasdaq Trading Debut
Katie Roof – Bloomberg
Vimeo Holdings Inc. fell 13% in its trading debut as a standalone company after being spun off from Barry Diller’s IAC/InterActive Corp. The business video software company is the 11th public company to be spun off from IAC, joining Match Group Inc., Expedia Group Inc. and LendingTree Inc.

Bitcoin’s Volatility Is Spilling Over to U.S. Stocks, Study Says
Eric Lam – Bloomberg
Singapore’s DBS says Bitcoin is no longer a fringe asset; Prices of the digital currency are rebounding back to $40,000
Bitcoin’s explosive moves are stoking the volatility of U.S. stock futures in haywire trading days, according to Singapore’s DBS Group Holdings Ltd. In a study that concludes the world’s biggest token is no longer a fringe asset class, DBS’s Chief Economist Taimur Baig and Macro Strategist Chang Wei Liang wrote that S&P 500 contracts tend to register bigger swings after Bitcoin spiked up or down by 10% in the span of an hour.

The demise of the dollar? Reserve currencies in the era of ‘going big’; The extraordinary stimulus measures in the US could undermine confidence in the greenback if inflation takes off
John Plender – FT
Billionaire US fund manager Stanley Druckenmiller delivered an apocalyptic warning earlier this month that the dollar could cease to be the predominant global reserve currency within 15 years.

Commodities boom spills over to milk as Fonterra forecasts record prices; World’s biggest dairy exporter notes surging global demand, particularly from China
Jamie Smyth – FT
The world’s biggest dairy exporter has forecast that milk prices could hit a record over the next year due to surging demand from China, in a sign of how a boom in commodities is spreading through agricultural markets.

Investors Boost Bets on Timber-Carbon Market; Deal is the latest in the booming business for forest-carbon offsets
Ryan Dezember – WSJ
Salesforce.com Inc. Chief Executive Marc Benioff and other big investors are beefing up their stakes in a firm that matches companies wanting to offset emissions with timber owners willing to defer harvests for a fee.

Environmental, Social and Corporate Governance

White and Male: Nordics Suffer From Striking Diversity Issues
Kati Pohjanpalo – Bloomberg
Executives at the top of the Nordic corporate ladder remain “strikingly” White and male, exposing a stagnation that has seen the region drop in international diversity and inclusion rankings. In the region’s 120 biggest companies, more than 80% of leaders with profit-and-loss responsibilities are male, and between 60% and 80% come from the country where the companies are headquartered, the Boston Consulting Group said in a report published Wednesday. Women are more present in supporting roles, but men and nationals still outrank them.

Wall Street’s ESG Gold Rush Has Conjured a ‘Green Bitcoin’; The lack of regulatory oversight in this burgeoning corner of capital markets is yielding predictable results.
Tim Quinson – Bloomberg
The list of so-called climate-friendly investment products is getting longer by the day. In just the past week, officials at Goldman Sachs Group Inc. said they’re looking into the prospect of developing green equity for clients, and a group of crypto-miners said they’re considering the sale of “green Bitcoin.”

Oil producers face costly transition as world looks to net-zero future; Many fossil fuel-dependent economies will struggle to diversify despite intense pressure to hit 2050 targets
Anjli Raval, Chloe Cornish and Neil Munshi – FT
Ali Allawi, Iraq’s finance minister, found himself in a quandary last year as the spread of coronavirus cut demand for oil and prices tumbled. Allawi’s treasury, which receives more than 90 per cent of its revenues from crude sales and spends 45 per cent of its total budget on salaries and pensions, suddenly didn’t have enough money to pay millions of public employees and retirees.

Citi appoints ESG markets head for North America; New North America head of ESG for markets at Citi replaces Jayme Colosimo who is taking on the role of head of North America business advisory services.
Annabel Smith – The Trade
Citi has confirmed the appointment of a new head of environmental social and corporate governance (ESG) within the markets division for North America. According to an internal memo seen by The TRADE, Meredith Chiampa will assume the role of North America head of ESG for markets at Citi after 17 years with the investment bank.


Morgan Stanley’s prime brokerage head steps down; Ed Keller oversaw division that lost $911m in Archegos collapse
Joshua Franklin – FT
Morgan Stanley’s global head of prime brokerage, Ed Keller, is leaving his role, the bank said in a memo to staff. The move comes after the division triggered a $911m hit to Morgan Stanley’s profits as a result of trades with the collapsed family office Archegos Capital Management, although the bank said it was not connected and Keller would return to a new role after dealing with a health issue.

BGC Announces Agreement to Sell its Insurance Brokerage Business to The Ardonagh Group for $500 Million
Transaction Expected to Close in the second half of 2021
BGC Press Release
BGC Partners, Inc. (Nasdaq: BGCP) (“BGC”), a leading global brokerage and financial technology company, announced today that it has entered into an agreement to sell its Insurance Brokerage business for $500 million of cash consideration to The Ardonagh Group Limited (“Ardonagh”).

Limited Partners Devote New Capital to Venture Funds Led by Women, Minorities; Accolade Partners has raised a $200 million fund to invest in funds started by underrepresented groups
Yuliya Chernova – WSJ
Venture funds run by women and minority managers are getting a boost from new pools of dedicated capital. Accolade Partners, for one, has raised $200 million to invest in venture funds led by diverse managers, making it one of the largest such efforts to date.


Private Equity Targets U.K. Firms at Fastest Pace Since 2008 Crisis
Fareed Sahloul – Bloomberg
Firms strike $18.3 billion of British take-privates this year; Volume boosted by flurry of deals after brief lull in April
Private equity firms are snapping up U.K. companies at a rate not seen since before the 2008 financial crisis. Buyout firms have spent $18.3 billion on takeovers of publicly-traded British targets this year, according to data complied by Bloomberg. At this rate of investment, they will surpass the $27.5 billion of such transactions struck in 2019, which was a post-crisis high, the data show.

China Struggles to Suppress Bubbles in Markets Awash With Money
Sofia Horta e Costa – Bloomberg
Beijing is targeting froth in metals, property and crypto; Hot money flows from overseas risk inflating prices further
China’s battle to maintain order in financial markets is getting tougher as money floods into everything from commodities to housing and stocks. In May alone, the government vowed to tackle speculation in metals, revived the idea of a property tax, oversaw hikes in mortgage rates in some cities, banned the mining of cryptocurrencies and played down calls within the central bank for a stronger yuan.

Russia’s ‘foreign agent’ pressure on VTimes deals blow to investors; Business and economic news provider given Soviet-era tag as Moscow tightens grip on media
Henry Foy – FT
Russian businessmen like to talk about two countries: Political Russia, where president Vladimir Putin rewrites the constitution to remain in power and opposition activist Alexei Navalny is poisoned and jailed; and Corporate Russia, where they and their companies buy, sell, and make money no differently from any other European market.


Billions in VC Money Spell the End of the Late-Night Beer Run; Dozens of startups aim to deliver groceries in less than 30 minutes.
Ian Levingston – Bloomberg
On a quiet street in the rapidly gentrifying London neighborhood of Shoreditch, a small storefront thrums to a disco beat. Workers in black jackets wielding tablet computers hustle from aisle to aisle, packing bags with indulgences such as beer, avocados, and ice cream. As soon as the sacks are full, couriers on electric bikes whisk them off to customers who placed their orders less than 10 minutes earlier.

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