The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Timothy Keady as Managing Director of DTCC Solutions and Sales & Solution Delivery. Mr. Keady assumes responsibility for leading DTCC’s Solutions businesses of derivatives, collateral, institutional post-trade processing (i.e., Omgeo products), entity data (e.g.,Avox Data Services), and data products, including DTCC’s joint venture companies of Clarient Global LLC., DTCC-Euroclear Global Collateral Ltd., and Soltra. He retains his current responsibilities as Chief Client Officer for leading the company’s sales, relationship management, and marketing and communications functions. Mr. Keady succeeds Donna Milrod, who is leaving the firm in November. He will report to Mike Bodson, President & CEO.
read more...DTCC Appoints Tim Keady To Lead Firm’s DTCC Solutions Businesses
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ERIS Adds Live Points On The Yield Curve - Liquidity Providers Now Stream Firm, Tradable 3Y And 4Y Markets In The Central Limit Order Book In Response To End User Demand
Eris Exchange (Eris), a U.S.-based futures exchange offering cash-settled swap futures as the leading alternative to traditional OTC swaps, began offering live streaming, tradable markets in 3Y and 4Y Eris Standard U.S. Dollar Interest Rate Swap Futures on August 29. The launch increased the live points on the yield curve from five to seven, enabling new hedging and spread trading opportunities. The new streaming contracts complement previous live markets in 2Y, 5Y, 7Y, 10Y, and 30Y Eris Standards already streaming in Eris SwapBook.
3Y and 4Y Swap Futures were listed as contracts on January 11, 2016 along with 12Y, 15Y and 20Y tenors, and swap effective dates for all Standards out to 10 years, but were only available for trading by voice and electronic RFQ. Eris commenced the streaming offering in the 3Y and 4Y Swap Futures to satisfy participant desire for liquidity throughout the trading day in these points on the curve. This expansion provides unprecedented OTC swap-like yield curve granularity to the Eris Swap Futures yield curve. 3Y and 4Y Eris Standards set a combined open interest record of more than 2,100 contracts on October 7.
Carl Schmidt, CEO of Hydrus Capital, commented on the trading opportunities available with all day live markets in these two additional tenors, "Streaming 3Y Eris markets provide a liquid swap future in a part of the curve with real commercial hedging needs. Since the maturity of the 4Y Eris contract more closely matches CME Group's U.S. Treasury 5Y Note Future, live streaming markets now facilitate easier spreading."
"We are excited to be offering live streaming markets in these 3Y and 4Y Eris contracts, which were first listed at the start of the year," said Geoff Sharp, Global Head of Sales at Eris Exchange. "These developments are further evidence and an endorsement of Eris as an alternative to the OTC interest rate swap market."
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Helping Operations Researchers start young
Now that my son has turned twelve, I am beginning to see among his friends a bifurcation: Â some “love” mathematics and some “hate” mathematics. Â This is frustrating to me since I know that if the kids see operations research then they will all love it. Â What is not to like? Â Coloring maps, finding paths, scheduling sports leagues…. who could ask for more? Â But if they hate mathematics now, it will be very hard to get them into operations research in the future.
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Thomson Reuters Report Shows Financial Institutions Recognize Benefits Of Adopting A More Strategic Approach To Regulatory Data Management & Compliance - 29 Percent Of Asia-Based Respondents Are Taking A Strategic Approach To Regulatory Data Management, Compared With 18 Percent In Europe And Just 13 Percent In North America
A Thomson Reuters report reveals that 88 percent of financial institutions will work strategically across regulatory agencies over the next two years. Financial institutions are recognizing the benefits of harmonized approaches to data management, enabling them to leverage data commonalities that exist across multiple global regulations. The major benefit identified by 79 percent of respondents was consistency of data across the business, followed by organizational efficiencies (63 percent), cost savings (50 percent) and a reduction in data sources used (44 percent).
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Abacus Group Announces Major Expansion In London - Managed Cloud Services Provider For Alternative Investment Funds Opens Second London Data Center
Abacus Group, a leading provider of hosted cloud IT solutions for alternative investment funds, today announced a major expansion of its services in London, including the opening of a second London data center.
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BM&FBOVESPA: Understand CVM Instruction 561 Which Establishes Distance Voting For Shareholders
In April 2015, CVM enacted Instruction 561 which establishes distance voting ballots to allow a larger number of shareholders to take part in public companies’ general meetings.
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CME Group And Duco Announce Launch Of Fee Data Control And Reconciliation Service For CME Member Firms
CME Group, the world's leading and most diverse derivatives marketplace, and Duco Technologies, a global fintech provider of award-winning data control services, today announced that Duco’s innovative data control and reconciliation services will be available to CME Group member firms starting in January 2017. The launch follows a successful six-month trial period with a limited number of futures commission merchants (FCMs).
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CBOE Vest Launches CBOE Vest Defined Distribution Strategy Fund (VDDIX)
CBOE Vest, an investment manager focused on Target Outcome Investment strategies, today announced it has launched the CBOE Vest Defined Distribution Strategy Fund (VDDIX).
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Statement of Commissioner J. Christopher Giancarlo on the Southwest Power Pool Final Order and the Amended RTO-ISO Order
Statement of Commissioner J. Christopher Giancarlo on the Southwest Power Pool Final Order and the Amended RTO-ISO Order
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Statement of Chairman Timothy Massad on the Southwest Power Pool Final Order and the Amended the RTO-ISO Order
Statement of Chairman Timothy Massad on the Southwest Power Pool Final Order and the Amended the RTO-ISO Order
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CFTC Issues Final Order to Exempt Certain Specified Transactions of Southwest Power Pool and Amendment to the 2013 Final Order Regarding RTOs and ISOs
The U.S. Commodity Futures Trading Commission (CFTC) today approved a final order in response to a petition from Southwest Power Pool, Inc. (SPP), a Regional Transmission Organization (RTO) regulated by the Federal Energy Regulatory Commission.
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Statement Of CFTC Commissioner J. Christopher Giancarlo On The Southwest Power Pool Final Order And The Amended RTO-ISO Order
I support this commonsense decision that it is not in the public interest to allow private lawsuits against electric utilities trading in wholesale energy markets.
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FINRA Fines Merrill Lynch $2.8 Million For Systemic Reporting, Books And Records, And Related Supervisory Violations
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years.
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CFTC Issues Final Order To Exempt Certain Specified Transactions Of Southwest Power Pool And Amendment To The 2013 Final Order Regarding RTOs And ISOs
The U.S. Commodity Futures Trading Commission (CFTC) today approved a final order in response to a petition from Southwest Power Pool, Inc. (SPP), a Regional Transmission Organization (RTO) regulated by the Federal Energy Regulatory Commission. The Commission agreed unanimously via a seriatim vote.
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SEC Charges Bank Leumi With Conducting Unregistered U.S. Cross-Border Business
The Securities and Exchange Commission today announced that Israeli-based Bank Leumi has agreed to pay $1.6 million and admit wrongdoing to settle charges that it provided investment advice and induced securities transactions for U.S. customers for more than a decade without registering as an investment adviser or broker-dealer as required under U.S. securities laws.
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Treasury International Capital Data For August
The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2016. The next release, which will report on data for September 2016, is scheduled for November 16, 2016.
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Statement Of CFTC Chairman Timothy Massad On The Southwest Power Pool Final Order And The Amended RTO-ISO Order
I support this order, which comes after careful review of the issue, including comments from many market participants.
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Statement By Department of Financial Services Superintendent Maria T. Vullo Regarding Pension System Report
Yesterday the Department of Financial Services (DFS) issued a report finding that the New York State Common Retirement Fund (CRF), managed by the New York State Comptroller as sole trustee, for years has invested pension system funds in high-cost underperforming hedge funds, costing the system $3.8 billion over the last eight years. Contrary to the statement by the Comptroller’s communications director, and despite the fact that DFS, as regulator, had no obligation to inform them, the Comptroller’s office was well aware of this review. In a letter sent on September 9, 2016, DFS raised specific questions about the management and investment allocations of the CRF. None of the information provided to DFS in response to the September letter validates the claims being made now. And putting aside all of the bluster, the Comptroller has not contested, because he cannot contest, the fact that he took 8 years to address these significant issues while pension fund managers nationwide have significantly cut or entirely eliminated their hedge fund investments. Prior to the release of our report, I personally called the Comptroller but he has yet to return my call. DFS stands by its report and will continue to exercise its oversight of the pension systems and maintain its obligation to the public to report on these important issues.
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Approximate pricing of European and Barrier claims in a local-stochastic volatility setting. (arXiv:1610.05728v1 [q-fin.MF])
We derive asymptotic expansions for the prices of a variety of European and barrier-style claims in a general local-stochastic volatility setting. Our method combines Taylor series expansions of the diffusion coefficients with an expansion in the correlation parameter between the underlying asset and volatility process. Rigorous accuracy results are provided for European-style claims. For barrier-style claims, we include several numerical examples to illustrate the accuracy and versatility of our approximations.
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Two approaches to modeling the interaction of small and medium price-taking traders with a stock exchange by mathematical programming techniques. (arXiv:1610.05703v1 [q-fin.EC])
The paper presents two new approaches to modeling the interaction of small and medium pricetaking traders with a stock exchange. In the framework of these approaches, the traders can form and manage their portfolios of financial instruments traded on a stock exchange with the use of linear, integer, and mixed programming techniques. Unlike previous authors publications on the subject, besides standard securities, the present publication considers derivative financial instruments such as futures and options contracts.
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