EXCHANGE NEWSWIRE, 11 September 2012
CME reopened the claim process for customers and members of the collapsed brokerage MF Global. According to a CME spokeswoman, CME will return leftover money to the trustee if claims fall short of $16.5m (the amount the court allows CME to retain to cover various bankruptcy claims), and pro-rate payments if they exceed $16.5m. CME warned that it may take six months or more before distributions are made, with the new deadline for filing to be October 5, Reuters reported.
NDAQ CFO Lee Shavel commented that NDAQ expects US regulators to decide by end-2012 the verdict for the exchange’s proposed $62m compensation plan to buy back some losses suffered by members during Facebook’s IPO. However the WSJ reported that SEC is not legally required to rule on the plan until March 2013, and is prone to extending its review of contentious market matters.
NDAQ expects a consistent quarterly cash flow of $125m to $150m from operations.
NYX appointed Jon Robson as CEO of NYSE Technologies. Robson was previously from Thomson Reuters where he was President of the Enterprise Division, and he has a strong track record of building businesses in Europe, Asia and the Americas. Robson was also founder of Moneyline, and was CEO of Moneyline Telerate, and prior to that held senior positions with Dow Jones & Company and BIS Banking Systems.
LCH.Clearnet: SwapClear CEO Michael Davie commented that the effects of the overhaul in derivatives market regulation is being felt, stating that “It’s happening now. We have big trades in sell-side clearing, but on the buy side we’re seeing clearing clients around the world.” The Financial Times also quoted Davie saying that “we’re in the foothills of where it’s going to go.”
Moscow Exchange is developing a new “next generation cross-asset high performance trading platform” which is scheduled to be launched in 2015, the Trade News reported. Moscow Exchange managing IT director said that our existing trading technology is quite capable to handle the volumes and products in the meantime.”
Korea: plans by Korea-based brokers to launch an ATS have been stalled by regulatory uncertainty, and proposals to amend the Financial Investment Services and Capital Markets Act by the Financial Services Commission (FSC) did not get parliament approval.
CFTC cancelled a meeting to consider rules for protecting customer funds held by futures commission merchants (FCM) as CFTC Chairman Gensler injured himself over the weekend. Bloomberg quoted CFTC spokesman Steven Adamske saying that “the meeting scheduled for Wednesday has been canceled, and the subject matters will be handled” in a non-public vote.
