Tullett Prebon Announces Filing of SEF Application With CFTC


Tullett Prebon Announces Filing of SEF Application With CFTC

http://www.bobsguide.com//guide/news/2013/Aug/26/tullett-prebon-announces-filing-of-sef-application-with-cftc.html?utm_source=bgdailynewsletter&utm_medium=email

Tullett Prebon, one of the world’s leading interdealer brokers, today announces the filing of its Swap Execution Facility (“SEF”) application with the Commodities Futures Trading Commission (“CFTC”).

The SEF, registered as tpSEF Inc. and headquartered in New Jersey, is a wholly owned subsidiary of Tullett Prebon. It has been established to ensure the Company’s compliance with Dodd-Frank legislation, enacted on July 21, 2010.

Shawn Bernardo, Tullett Prebon’s Senior Managing Director of e-broking and member of Tullett Prebon’s North American Executive Committee and Chairman of the Wholesale Markets Brokers’ Association (WMBA), is named Chief Executive Officer of the SEF.

The SEF Board also consists of Public Directors, David Clark, John Spencer, and James Quaille, and Directors, John Abularrage and Christian Pezeu.

John Abularrage, Chief Executive Officer and President the Americas at Tullett Prebon, said: “Tullett Prebon’s SEF forms an important part of the development of our existing businesses as we continue to grow our global market leading offering in those areas regulated by the CFTC and SEC. Tullett Prebon will provide SEF compliant platforms for our customers to access liquidity and meet the demands of the new legislation.”

Shawn Bernardo, Chief Executive Officer of Tullett Prebon’s SEF, said: “Over the past three years we have provided regulators with industry insight into the interdealer broker marketplace and have testified before Congress as the new regulations were being considered. Tullett Prebon looks forward to working with the CFTC to ensure that the Company is able to continue offering its customers swap execution services in accordance with the new regulations.”

Post-trade outage drives pre-trade regulation


Post-trade outage drives pre-trade regulation

http://www.thetradenews.com/USA_news/Operations___Technology/Post-trade_outage_drives_pre-trade_regulation.aspx

For the first time in the modern era, issues related to the post-trade formation and dissemination of a consolidated quote brought trading in Nasdaq-listed stocks and equity options based on those stocks to a halt for approximately three hours on 22 August.

Unlike Nasdaq OMX’s infamous May 2012 Facebook initial public offering (IPO) failure, which involved Nasdaq OMX exchange systems and eventually cost the company US$10 million in fines from the US Securities and Exchange Commission (SEC), Thursday’s trading outage is thought to involve systems which route securities data to the exchange.

“Over the next few days, Nasdaq OMX is in the unenviable position of being seen by the public as the source of the problem, even though we do not know where the failure occurred,” explains Robert Stowsky, senior analyst with industry research firm Aite Group. “It could have been a problem at the securities information processor (SIP) or in one of the exchanges contributing data to the SIP.”

The role of SIPs in the US equities markets is to collect equity trade quotes and completed trade data for eventual distribution and publication.

In the case of Nasdaq OMX, it administers the SIP used to create the consolidated quote for Tape C securities, which consist of Nasdaq-listed equities, and is managed by the OTC/UTP operating committee, which represents the 12 US exchanges that trade Nasdaq-listed securities and the Financial Industry Regulatory Authority (FINRA) that operates the Trade Reporting Facility, which is used by alternative trading facilities (ATFs) to report their trades.

A separate industry organization, the Consolidation Tape Association, oversees the formation and dissemination of the Tape A and Tape B consolidated quotes, which consist of securities listed on the New York Stock Exchange (NYSE) and American Exchange (Amex) respectively.

“This is more a market infrastructure issue rather than a single-exchange issue,” adds Stowsky. “It just happens that Nasdaq OMX maintain the Tape-C SIP in this case.”

According to the limited information provided by Nasdaq OMX, which declined requests for comment, the SIP administrator began to notice a degradation in quote and trade distribution due to a connectivity issue. Nearly 75 minutes after Nasdaq OMX first identified the issue, the exchange halted trading in all Tape C securities. It then halted trading in all options trading based on those securities 12 minutes later. It was not until 51 minutes after Nasdaq OMX halted its trading of Nasdaq-listed securities that it implemented a regulatory halt in trading of all Tape-C securities.

The SIP managed to resolve the issue in 30 minutes, said Nasdaq OMX officials and began a phased re-start of trading at approximately 15:25 ET.

Although trade resumed prior to the closing bell, the industry and investors found it quite disconcerting.

“Any system that is as strategic to the operation of the US equities markets, such as a market utility like the SIP, that required 100% up-time should have had ‘hot’ failover capabilities,” said William Karsh, a special advisor at the National Stock Exchange (NSX). “Every system, which is critical to the US market system, should have this capacity.”

Karsh suggests that the SIP administrator or oversight committee put together plans or have processes in place to prevent similar events in the future. “If any participant acts in a manner that jeopardises a system’s performance and affects fellow users of the system, there should be a way to block the participant so that behavior does not cause the system to fail,” he adds.

The failure follows other serious technology problems for Goldman Sachs, which released a rogue algorithm on 20 August, which caused havoc with its options trading.

Goldmans’ algorithm sent erroneous options orders in the early minutes of the trading day and could cost the investment bank up to US$100m. Exchanges are currently in the process of identifying which order should be cancelled and the full cost may not be known for some time.

Regulatory knock-on

The trading outage comes at a time when the SEC is focused on trading systems and technology, having recently ended the comment period of its proposed Regulation Systems Compliance and Integrity (Reg SCI) on July 8.

If the regulation is implemented as written, it will replace the SEC’s voluntary compliance system for developing, testing and maintaining systems critical to the operation of the US equities market.

Aite’s Stowsky, sees the regulators sharing some culpability in the trading outage due to the SEC’s implementation of Regulation NMS, which created the current market structure.

Whenever there is an industry utility, it introduces a potential single-point of failure, he says and doubts if the distributed market structure has been tested rigorously.

“My experience in the industry is that organisations tend to squeeze the testing and quality assurance as they approach product delivery deadlines.”

Stowsky is also sure that politicians, and hence the regulators, will be following the reasons for the trade outage closely since it affects the perception of the US equities market as a fair and well run market.

“Anything that shakes that view will move to the top of their legislation or regulatory priority list.”

KCG Futures to leverage Getco tech in new offering


KCG Futures to leverage Getco tech in new offering

http://thetradenews.com/news/Asset_Classes/Derivatives/KCG_Futures_to_leverage_Getco_tech_in_new_offering.aspx

Knight Capital Group’s (KCG) futures division plans to utilise Getco technology to enhance its offering and focus on high-frequency trading (HFT) and hedge fund business.

Following the merger of Knight Capital and Getco, which formally completed at the end of June, futures commission merchant (FCM) KCG Futures said the business’ direction would be a mix of continuity and change, as it seeks to maintain service levels while also leveraging the advantages of being a combined group.

Carl Gilmore, managing director of KCG Futures, said: “Maintaining continuity in the services we provide is important, but we also want to integrate our offering into the larger group, such as bringing our services to customers in other parts of our business.

“But one of the biggest benefits of the merger with Getco is the strength of the technology that KCG can now offer. There’s a real need in the futures space right now for better technology and this will be a key part of where we anticipate the business will go.”

Listed derivatives volumes, including futures, have suffered in the wake of the financial crisis, and figures from the Futures Industry Association (FIA) show a fall of 15.3% between 2011 and 2012 to 21.17 billion contracts traded worldwide. According to the FIA, a decline in interest rate futures due to the 0% interest rate environment that has prevailed in the wake of Lehman Brothers collapse is largely responsible for depressed volumes.

However, Gilmore believes there is reason for optimism: “I think we’re now on an upswing after five difficult years for FCMs. We think there’s a real opportunity now to push into highly customised offerings, which is what many clients are now demanding in the futures space.”

He also notes that market participants are starting to return to the futures market and improving economic conditions in the US, particularly the tapering of the Federal Reserve’s quantitative easing program, bode well for the asset class.

KCG Futures is also keen to exploit opportunities with HFT and hedge funds by heavily focusing on its automation.

“We really want to be the go-to destination for highly sophisticated investors, and for them it is all about how you use your technology to operate efficiently, so our goal is to offer our services to clients in as automated a way as possible.”

KCG Futures is formed primarily of Knight Capital’s futures division, which itself was created when Knight bought the futures business of trading services group Penson Worldwide in May 2012.

Nasdaq OMX’s European derivatives subsidiary eyes new products


Nasdaq OMX’s European derivatives subsidiary eyes new products

http://www.efinancialnews.com/story/2013-08-23/nasdaq-omx-nlx-third-party-listings?omref=email_TradingTechnology

23 Aug 2013 Updated at 12:40 GMT

 

As Nasdaq OMX’s US securities market deals with the fallout from a three-hour outage on its platform yesterday, across the Atlantic its new European derivatives subsidiary is looking for ways to build its business, potentially through the listing of new third-party contracts.

NLX, which launched in June and offers trading in popular long and short-term interest rate derivatives, said it would be willing to consider listing instruments developed by external providers.

Charlotte Crosswell, chief executive of NLX, told Financial News earlier this week: “At NLX, we have the infrastructure, vendors and route to clearing already in place. It’s relatively easy for us to list new products quickly. This gives us the flexibility in how we approach listing new types of products. You might have a new product that works well, but then you need to have the industry backing and bring it to market at the right time – it can be challenging.”

The move comes as US-based Eris Exchange is considering ways to bring its interest rate contracts to Europe and as GMEX Group, a new derivatives venture run by former Chi-X Europe chief operating officer Hirander Misra, is looking at creating new methodologies for developing products across multiple asset classes.

The emerging regulatory environment for swaps trading is presenting opportunities for firms to develop new types of derivatives that offer alternatives to over-the-counter derivatives.

The rules will push OTC derivatives that can be standardised onto electronic trading platforms and through clearing houses. This has led some to look to products that replicate OTC exposures through an exchange-traded contract.

Under the Dodd-Frank Act, the obligation to clear swaps has already kicked in for most US market participants. Exchanges including Eris and CME Group have launched swap futures that mimic interest rate swap contracts in an exchange-traded environment. Mandated trading of OTC derivatives contracts on trading platforms known as swap execution facilities will start in the US from October 2.

The swap futures from Eris and CME are still gaining traction, say market participants.

Nasdaq-listed stocks were halted for almost three hours on Thursday because of a problem with the Securities Information Processor, a system that consolidates and disseminates prices to US markets, according to a statement from Nasdaq OMX.

The glitch impacted the data feed that distributes pricing information for securities listed on Nasdaq and is not believed to be linked to the exchange’s core technology. The bourse said it had resolved the issue within 30 minutes and spent the remainder of the time coordinating with other market participants and regulators to ensure the orderly resumption of trading.

NLX runs on Genium Inet technology, which incorporates the platform that Nasdaq acquired when it purchased the OMX Group of Nordic exchanges in 2007. Nasdaq’s US markets run on Inet, which it bought from agency broker Instinet in 2005.

–write to anish.puaar@dowjones.com and follow on Twitter @anishpuaar

Moscow Exchange and Eurex to cooperate on FX trading


Moscow Exchange and Eurex to cooperate on FX trading

http://www.automatedtrader.net/news/at/144391/moscow-exchange-and-eurex-to-cooperate-on-fx-trading

First Published 21st August 2013

Next step in partnership between Moscow Exchange and Deutsche Börse Group/Futures on EUR-RUB and USD-RUB to trade on Eurex.

Moscow Exchange and Eurex, the derivatives arm of Deutsche Börse Group, have signed a cooperation agreement for the trading of foreign exchange (FX) derivatives. Through this new element of the partnership between Deutsche Börse and Moscow Exchange, Eurex Exchange will launch Euro/Russian Rouble and U.S. Dollar/Russian Rouble FX futures on its trading system in Q4 2013.

Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, and Andreas Preuss, Deputy CEO of Deutsche Börse and CEO of Eurex, signed a cooperation agreement for the new derivatives products in Frankfurt/Main today. Both partners will also jointly promote the launch of these two FX futures.

“We continue to deepen our partnership with Deutsche Börse, and are working together closely to provide our market participants with new instruments. Today we agreed to launch Rouble FX futures in Frankfurt. This opens up exciting new trading and hedging opportunities for investors. Also, this autumn, Moscow Exchange will launch futures on five German blue chip stocks. Cross-listing arrangements between Deutsche Börse Group and Moscow Exchange allow our clients to build new trading strategies and better manage their risks. We believe that our joint initiatives with Deutsche Börse will strengthen national markets and facilitate the continued development of Frankfurt and Moscow as financial centers”, said Moscow Exchange CEO Alexander Afanasiev.

“We are very pleased to have reached the next milestone of our partnership. This new cooperation fits perfectly into our goal to constantly expand our product offering as it will complement our planned FX product suite”, said Andreas Preuss, Deputy CEO, Deutsche Börse and CEO, Eurex.

Eurex will launch FX futures and options for six currency pairs on 7 October 2013. According to today’s agreement, Eurex’s product suite will be complemented with cash-settled futures for both Euro/Russian Rouble and U.S. Dollar/Russian Rouble currency pairs in Q4 2013. Upon expiry, Eurex’s Rouble futures will be settled using settlement prices provided by Moscow Exchange. This procedure is intended to reinforce the integrity of the futures contracts and provide investors with confidence that the settlement price is both fair and accurate.

In Q2 2013, the average daily volume for both products on the Moscow Exchange amounted to over 2 million contracts with a notional value of US$2.1 bn. In 2012, U.S. Dollar/Russian Rouble futures were the third most popular foreign exchange futures contract globally among traded currency futures, according to the Futures Industry Association.

CloudMargin launches cloud-based collateral management tech


CloudMargin launches cloud-based collateral management tech

http://www.finextra.com/News/Announcement.aspx?pressreleaseid=51271

Source: CloudMargin Limited

CloudMargin Limited, a London-based specialist collateral management software developer, has today launched a new, cost-effective approach to OTC derivatives collateral management for the buy-side.

“Until now, much of the buy-side had been priced out of having a dedicated collateral management platform and had no viable alternative to spreadsheets,” commented Andy Davies, co-founder and CEO of CloudMargin. “I am thrilled that CloudMargin’s innovative approach and use of the latest cloud-computing technology means we can offer a full featured, full-cycle collateral and margin management platform that’s well within the reach of even the smallest buy-side firm.”

CloudMargin supports the full process of collateral and margin management, from storing CSA parameters through calculating and issuing margin calls to handling disputes, selecting eligible collateral and instructing market movements. Real-time reporting and a unique dashboard bring a new level of oversight. Furthermore, CloudMargin cleverly supports the drive towards CCP mandated by Dodd-Frank and EMIR, giving a harmonized view of bilateral and cleared derivatives and a simple yet controlled process.

CloudMargin will be bringing this new approach to a broad spectrum of buy-side firms, from hedge-funds and asset managers, pension fund managers and insurance companies through to corporate treasury departments and energy firms. All of these are seeing collateral volumes rocket and operational complexity soar while at the same time internal and external scrutiny over the collateral process has never been higher.

Even for firms below the threshold for central clearing, regulatory changes under Dodd-Frank and EMIR are stretching manual processes and the use of spreadsheets to breaking point.

CloudMargin gives the buy-side an alternative to spreadsheets so they can finally have a secure, controlled, efficient and cost-effective collateral management operation. 

Derivatives top agenda for ASX chief (from efinancialnews.com)


http://www.efinancialnews.com/story/2013-08-22/asx-results-june-2013?omref=email_TopStories

Derivatives top agenda for ASX chief

Michelle Price in Hong Kong

22 Aug 2013

The chief executive of the Australian Securities Exchange has said the company will focus on expanding its derivatives business over the next 12 months, as regulatory efforts to overhaul the global swaps market gather pace in Asia Pacific.

Derivatives top agenda for ASX chief

During the exchange’s annual results presentation this morning, ASX managing director and chief executive Elmer Funke Kupper said derivatives is “the business where the vast majority of our energy is going in 2014”. The exchange is looking to exploit new rules that will see over-the-counter trades pushed onto exchanges and through clearing houses.

Funke Kupper added: “In 2014 we will be focusing on the implications of the international regulations…International regulations create new business opportunities and they affect our clients as regulators demand that some products that are presently traded OTC are cleared. We are investing in new services that we are bringing to market to help our clients.”

His comments came as the ASX reported net profits of A$348 million ($313 million) for the 12 months to June 30, up 3% on the year-ago period. Revenues came in at A$617 million, up 1.1% on the preceding period.

The first six months of the year acted as a drag on ASX’s full-year performance as subdued trading activity and increased competition in the cash equities market resulted in lower fees from trading and information services. Revenues across both businesses fell 8% for the 12 months to June 30 on the year-ago period.

 

These declines were offset by a strong performance in ASX’s listings, technical services, and the derivatives franchises, revenues for which grew 5%, 10% and 5% respectively in the 12 months to the end of June, compared with the previous year.

The ASX is one of several bourses in the Asia-Pacific region ̶ including the Japan Exchange Group and the Singapore Exchange ̶ making a play for the region’s $42.6 trillion OTC derivatives market. The company has been building out its OTC clearing house and in July it completed a A$553 million capital-raise that will bring ASX Clear in line with international standards on capital levels at OTC clearing houses.

Funke Kupper described the capital raise as the “most important” development for ASX during the past 12 months and added that the ASX’s new interest rate swap clearing service would begin to clear its first interdealer swaps in coming weeks. The launch of client clearing will take place during the latter half of the year.

The exchange expanded its listed futures business with the launch of new electricity futures contracts in May and is set to launch new volatility futures contracts based on the VIX index, also known as the “fear” index, in October. It is also expanding into collateral services to help meet growing client demand for liquid assets.

 

–write to michelle.price@dowjones.com and follow on Twitter @michelleprice36

Vega Chi set to widen FIXED INCOME product slate (efinancialnews.com)


Vega Chi set to widen FIXED INCOME product slate (efinancialnews.com)

http://www.efinancialnews.com/story/2013-08-22/vega-chi-set-to-widen-product-slate?omref=email_TopStories

Vega Chi set to widen product slate

Tim Cave

22 Aug 2013

Vega Chi, a three-year-old electronic bond platform operator set up by former Goldman Sachs executives, is set to expand into new fixed income products as it looks to capitalise on a regulatory environment which is promoting greater transparency around bond trading.

Vega Chi set to widen product slate

The London-based platform is “consistently examining various segments of the fixed income market…for potentially launching additional products and platforms”, according to its chief executive Constantinos Antoniades.

Vega Chi, which currently operates platforms for high-yield and convertible bonds in Europe and the US, is set to launch a new platform next year, according to Antoniades, though he would not provide details on the nature of the products to be traded.

Antoniades was previously head of European convertible bond trading at Goldman Sachs, and set up Vega Chi in 2009 along with former colleagues from the US bank. Venture capital firm Octopus Investments acquired a stake in February 2011, but Antoniades remains Vega Chi’s majority owner.

The firm launched a multi-lateral trading facility for European convertible bonds in February 2010, enabling institutional investors to trade directly with each other without having to go via brokers. It added European high-yield and subordinated bank debt to that platform in February 2012 and in October last year launched a new US high-yield bond venue.

 

Vega Chi only accounts for a small proportion of bond trading: the wide variety of bonds available make them ill-suited to electronic trading, while dealers are reluctant to give up profitable, voice-driven bond desks. However, G20-led reforms being enacted in Europe via the European Market Infrastructure Regulation and a revised version of the Market in Financial Instruments Directive — as well as tougher capital requirements — are conspiring to move fixed income trading away from OTC markets and onto electronic platforms.

The new rules have already led to a liquidity slump as dealers increasingly wind down their inventories — the stockpile of securities they hold in order to make markets. In the US, corporate-bond inventory held by banks had fallen from $218 million at the end of 2007 to $57.5 million at the end of 2012, according to data from the Federal Reserve Bank of New York.

Antoniades said: “We believe that the market place has come a long way in the last 12 months in terms of engaging in electronic trading platforms. In the last six months especially, we have seen strong interest in all our platforms from clients that traditionally have been on the sidelines as they seek the maximize their access to liquidity.”

The structural shift over the past year has seen a crop of new bond trading platforms, including BlackRock’s Aladdin platform, and revamped single dealer offerings such as Goldman’s GSessions and Morgan Stanley’s Bond Pool.

 Antoniades said he expects “sell-side firms to play a very big role” on Vega Chi platforms going forward.

–write to timothy.cave@dowjones.com and follow on Twitter @TimCaveFN

 

Reuters – Swaps clients plan US bank exodus


http://www.reuters.com/article/2013/08/12/markets-credit-idUSL2N0GD1JA20130812

 

NEW YORK, Aug 12 (IFR) – US banks are at risk of losing overseas swaps market share as European clients have begun making every effort to avoid getting caught up in costly cross-border derivatives rules that were finalised by the CFTC last month, and come into effect this October.

European hedge fund and asset managers are threatening to transfer their swaps trading activities away from branches of US banks and towards European competitor houses to ensure they avoid the reaches of Dodd-Frank, which mandates an array of costly compliance measures, including the central clearing of standardised over-the-counter derivatives.

Many European clients would rather ditch their US bank relationships than bear that cost – just one of the unintended consequences of bad rule-writing according to dealers.

“It’s the one rule that risks the most competitive disadvantage,” said a lawyer at a US dealer. “There’s no way these clients are going to clear with us at this stage.”

Swaps executed by a European client with the foreign branch of a US bank will be required to clear through a central counterparty starting on October 9 – the date that an exemption from compliance with the CFTC’s recently finalised cross-border guidance will expire.

US banks say the deadline is unreasonable and compliance will be near-impossible. And at least one of the CFTC commissioners sympathises.

“My frustration has consistently been with the Commission establishing arbitrary dates that we pluck out of thin air to establish compliance without asking, ‘is this possible?'” said CFTC commissioner Scott O’Malia.

“The cross-border guidance should have required notice and a comment period to find out if the time periods for compliance are adequate. We claim to be having a comment period but I suspect that anyone who does so will have their comments completely ignored.”

Conversely, the October clearing deadline comes two months before the CFTC forces US branches to comply with the rest of the agency’s transaction-level requirements, such as trade execution, documentation, and real-time public reporting.

“The CFTC is asking us to pull a rabbit out of a hat,” said an executive at the London branch of a US bank. “They have offered ‘substituted compliance’ but the European rules are not even done yet. Nobody in their right mind thinks we can demonstrate substituted compliance by the deadline.”

 

AFFILIATED ALTERNATIVE

For end-user clients, mandatory clearing can be a costly business. Clients must negotiate and document relationships with clearing houses and clearing member banks, and are required to post initial margin against all swaps that are passed through the system.

The CFTC guidance provides that foreign branches of US banks could apply to substitute their home country compliance for US rules in cases such as these if the rules were considered “comparable and comprehensive”.

It is likely to be the longer-term answer for most European branches of US houses, but the European rules for clearing are not yet finalised, leaving nothing concrete for comparison.

Some banks are moving to plan B, which involves transferring all client relationships from their foreign branches to affiliates – a separate legal entity that would protect European funds from the clearing mandate.

But that would not be easy, considering that firms such as JP Morgan have more than 10,000 clients booked through their UK branches.

“There are a number of impediments; it’s very difficult to move clients to another legal entity. Plus, many of those affiliates have regulators of their own who will raise concerns about wholesale transfers of clients,” said the lawyer.

 

NO-ACTION REQUEST

US banks say they have sent the Commission requests for an extension to the deadline, by way of no-action relief or some other format. Given the Commission’s penchant for issuing no-action relief – the agency has issued more than 100 in connection with Dodd-Frank to date, a pushback of the compliance date seems possible – if not likely.

If history is anything to go by, the CFTC is likely to keep the industry in suspense until the eleventh hour.

“There’s no rhyme or reason for how the no-actions are issued,” said O’Malia. “It creates a confusing ad hoc process that leaves a lot of people trying to understand a lot of moving parts when we are not following the Administrative Procedure Act. We’re using and abusing the no-action relief system.”

The development represents another trough in the often tumultuous process of aligning cross-border implementation of new rules for the OTC derivatives market between Europe and the US.

For the past two years, US banks have been warning that the CFTC’s hurried pace in implementing the rules of Dodd-Frank would put US dealers at a competitive disadvantage.

Just over a year ago, the agency issued proposals that would have forced branches of US banks to comply with all transaction-level requirements in July of this year.

But European entities and US lawmakers levied heavy criticism of CFTC chairman Gary Gensler’s approach to international harmonisation of derivatives rules.

In response, Gensler pledged closer co-ordination with European regulators in a joint statement with the EC’s internal market and services commissioner Michel Barnier just before the original proposals were due to take effect.

The scaled-back proposal reduced the CFTC’s powers in determining whether foreign regulations could be substituted for US rules and issued no-action relief for most requirements until European regulators could catch up.

But the proposal may still have over-reached, according to banks. Whether the US banks are able to move their clients over to affiliates in time or the agency issues a no-action relief remains to be seen, but for the moment banks are facing a significant cross-border dislocation.

SuperDerivatives Adds Fitch Solutions CDS Pricing To Market Data Platform


http://www.referencedatareview.com/article/superderivatives-adds-fitch-solutions-cds-pricing-market-data-platform/?utm_source=weekly&utm_medium=email&utm_campaign=rdr_13-08-21-general

Newswire | August 12, 2013 – 11:19am

Fitch Solutions is pleased to announce that SuperDerivatives, a leading provider of real-time market data, risk management and valuation services, has added the availability of Fitch’s CDS Pricing Service to its market data platform, DGX.

SuperDerivatives’ credit derivative service provides independent pricing, analytics and data for an extensive range of single names, indices and index tranches, sourced from a variety of top tier banks, exchanges, interdealer brokers, smaller regional banks, local brokers and data aggregators. The addition of Fitch’s CDS Pricing Service, which covers up to 3,000 single name CDS contracts, will further add to SuperDerivatives’ comprehensive valuation services over the DGX platform.

Fitch Solutions’ valuation tools use independent pricing data from contributing market participants who use it to mark their books. It also provides CDS pricing intelligence that can be used for valuations, regulatory, accounting and risk management purposes.

The DGX platform provides the widest coverage of cash and derivatives products direct to users’ desktop, iPad or mobile device. It is entirely free-text based and is driven by a very powerful search engine. Features include advanced chat facilities, live news and commentary from multiple sources, twitter integration and live business television channels and a third-party app store, which allows specialist vendors to develop additional functionality for the platform.

David Gershon, CEO of SuperDerivatives, comments: “As the demand for market data continues to move away from the traditional terminal-based approach, we continuously look to improve the user experience and deliver independent and accurate data.”

“This latest addition from Fitch Solutions shows our commitment to providing data from a wide range of sources, and demonstrates yet again that SuperDerivatives’ award-winning data and cutting-edge technology makes DGX a compelling proposition for our clients.”

Ian Rothery, Fitch Solutions’ Global Head of Strategic Partnerships, comments, “Today’s announcement shows that we are committed to developing solutions that support the needs of our market data partners, enabling financial professionals to access Fitch data on the platform or service of their choice.”

 
OTC Clearing and Regulations

My views on OTCs and Regulations

Knowledge Problem

Commentary on Economics, Information and Human Action

northoceanscm

4 out of 5 dentists recommend this WordPress.com site

Aditya Ladia's Blog

Forex, Investment and Finance

Soltis Consulting, Inc.

Business Concepts, Ideas, and Information

intradaynifty

An Endeavor To Explore The Uncertanity

All About Cyber Security and Financial Technology and Beyond

The Future of FinTech and Cybersecurity are Interlocked: Creating the Secure Future of Financial Technology Today

symphony

Read about latest trends in Algo Trading in India or visit our website symphonyfintech.com

Trading Smarter

Thought Leadership, Insight and Product Information from TradingScreen

Tales from a Trading Desk

Noise from an Investment Bank

The Main Street Analyst

New York City Magazine! Marketing, Social Media, Business - Connecting The Dots!

NPA Computers

Bringing you info about the latest on Internet Technology

duanetilden

The Latest News on International Energy Trends, Green Building, Sustainability, A&E and Social Media

Trade News in Brief

International Economic Affairs & Relations / Regional & International Organizations / Global Commerce & Business

Letters from Nopeville

Nothing to do here

SingleDealerPlatforms.Org

The Single Dealer Platform Community

Carl A R Weir's Blog

A Cross Asset Connectivity and Finance WordPress.com site

%d bloggers like this: