EXCHANGE NEWSWIRE, 11 July 2011
CME will launch CNY-based FX futures on August 22, part of its strategy to deepen its business in Asia. The contracts will be quoted in interbank terms to reflect the number of yuan per dollar, and will be cleared through CME’s Chicago operations. The exchange is still undecided on whether to build a separate clearing house in Asia.
CME’s ex-programmer Chunhai Yang was freed on bail after putting his house as security on his $500K bond. Yang’s lawyer said Yang will not plead guilty to the charge of stealing trade secrets from CME, many of which “were critical to the operation of the CME Group and are considered proprietary in nature and contain protected source code” according to an FBI charge.
BM&F Bovespa and Bolsa de Valores de Colombia (BVC) are in talks regarding the potential interconnection of their equities and derivatives markets, which will allow bid and ask order routing.
SIX Securities Services appointed Urs Wieland as its new CEO of its clearing and CCP business SIX x-clear, succeeding Marco Strimer who has served for the past 6 years. Wieland has been with SIX Securities Services since 1996 and was most recently head of operation risk management and deputy CEO at SIX x-clear, a role which will be filled by Thomas Kindler, former managing director of post-trade processing firm LinkUp Markets.
NZX reported that its Dairy Futures exceeded 1,000 lots traded for the first time since its launch in October 2010. Trading activity was particularly strong last week after the GlobalDairyTrade auction on July 5, and the majority of the recent activity was focused on the Global Whole Milk Powder August 2011 Dairy Futures contract.
Thomson Reuters plans to launch OTC platforms by mid-2012, and is “now setting out a clear timeline for our own regulatory-compliance activities that will enable our customers to plan for the forthcoming regulatory changes” under the Dodd-Frank Act, according to global head of Treasury at Thomson Reuters, Jas Singh.
ICAP appointed Mark Price as Group COO, with overall responsibility for Risk, Compliance and Human Resources and provide management oversight of ICAP’s IT infrastructure. Price will start on October 3, subject to FSA approval. Price joins ICAP from Deutsche Bank where he was COO for Global Credit and Emerging Market Debt.
CFTC and SEC may not have the authority to delay Dodd-Frank’s implementation, according to some lawyers. Partner of DC-based law firm K&L Gates, Dan Crowley, stated that the Commodity Futures Modernization Act (CFMA) “had specific carve-outs for swaps, which expire on July 16. With Dodd-Frank unfinished, the fear is that people might be subject to lawsuits from plaintiffs claiming new or existing swaps would no longer be in compliance with the applicable securities laws”.
Provided By: Equity Research Desk, www.erdesk.com
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