TP ICAP is combining its Post-Trade division with its Data and Analytics division and rebranding the unit as Parameta Solutions. CEO Nicolas Breteau said the firm aims to "to develop new products, provide new methods of distribution and grow its client base by expanding its presence with the buy side," with the new unit.
Derivatives accounted for 47.8% of the $5.74 trillion crypto market last month, slightly less than the 51.3% in February, according to data collected by CryptoCompare from more than 160 exchanges. Trading volume for CME Group's newly-launched ether futures surged 51.3% from February to March, but CryptoCompare researcher Constantine Tsavliris notes: "It's still very early days."
A report by JPMorgan Chase examines the growing use of bitcoin derivatives and some possible explanations for bitcoin's current contango. Among the suggestions are the difficulty of repatriation from offshore markets, obstacles to getting spot exposure and the idiosyncratic characteristics of some bitcoin contracts.
Hong Kong Exchanges and Clearing's derivatives trading volumes in March were down 10.6% from the same time last year. While options volumes were up 10.4%, futures trading declined more than 33% from the March 2020 level.
Reducing the length of the settlement cycle for US equities to one business day after execution would significantly reduce market volatility, executives from the Depository Trust & Clearing Corporation told an industry event. "This would substantially reduce the burden on the industry in terms of having to post margin with the central counterparty clearinghouse, and reduce the period of credit risk that we have from two days to one day," said Murray Pozmanter, DTCC's head of clearing agency services and global business operations.
EU firms have begun to voluntarily comply with rules under the Sustainable Finance Disclosure Regulation ahead of the June 30 mandatory compliance date, but many are struggling with key data issues that had previously been raised. "Behind the scenes, many firms will struggle to source data points," said Mark Davies, partner at Element 22. "We know that there is both a lag in terms of the timing and availability of information, but also that some of this data has not been published."
Hong Kong Exchanges and Clearing is expanding its use of trading circuit breakers to combat extreme volatility in the prices of futures contracts. The circuit breakers will initiate cooling off periods and restrict price movements to 5% above or below the most recent trade.
A group of banks led by Citigroup and Bank of America is working to develop an electronic trading platform for collateralized loan obligations, sources say. The banks reportedly want a platform in the nascent electronic CLO trading market that will not charge what they consider to be high fees for trading services and market data.
A recent MX consumer survey found that 78% are likely to do their 2022 banking digitally, 91% want more integrated accounts and only 16% want more branches. Personalization of banking services is also important, with 69% of respondents saying they would like experiences that recognize their needs and make recommendations.
Credit Suisse's brokerage unit in the US has filed a lawsuit in a federal court in San Francisco after discovering the leak of personal data about several former employees to media outlets and law enforcement. The company also said in a court filing that the unnamed individuals threatened to disclose additional confidential data.