Contributor: Tony Scianna
With the passage of financial regulatory reform, the derivatives industry has become a hotter and more newsworthy topic than ever before. Now there are new questions to address and there will be new challenges for derivatives industry professionals to solve and overcome as we all move forward. There’s a lot to talk about.... read more
Contributor: Colin Day
Last week saw me in New York, at what could prove to be a historic moment for both the US and potentially the world’s financial markets, what with one of the widest sweeping shake-ups of US financial legislation since the Great Depression of the 1930s being signed into law. Now let me share how if we just followed the lessons learnt from our childhood fairy tales, we would have constructed a more resilient bank.... read more
Contributor: Scott Foster
This year, you may have noticed that we are focusing heavily on the acronym TEN, which stands for Transparency, Efficiency, and Networks. If you are a regular reader of the brokerage & clearance blog, you’ll note that we often publish posts that discuss the themes of transparency and efficiency. Today we’ll give some attention to the N of TEN – the importance of networks in reshaping the financial markets.... read more
Contributor: Past Author - Dave Mishoe
As the US markets grapple with a new regulatory scheme, European exchanges are coming to grips with the globalization of High Frequency Trading, which I’m finding is a mixed bag. Focusing first on geography, a key problem is that European data centers are more spread out than their US counterparts. With regards to accessing liquidity, this presents a challenge for the physical links that make low-latency transactions possible. The geographical concerns are less challenging in the US, due to the geographic concentration of liquidity in and around New York. With the pending move of the NYSE Euronext matching engines to Basildon, UK, we are beginning to see a similar concentration of liquidity in and around London. However, the only true way around geographical obstacles is physical co-location at exchanges, which is happening on both continents and will continue to level the playing field in the HFT race.... read more
Contributor: Rex Gooch
Without a doubt, regulatory reform is atop everyone’s minds. You simply cannot skim financial services news headlines without reading about a new regulatory order or rule – whether it’s the Volker Rule or new Dodd-Frank bill... regulators are essentially laying a “smack-down” on the financial services industry. Now that financial reform bill HR-4173 has been passed into law, we can only anticipate that hundreds of new regulations and rules written by the Self Regulatory Organizations (SROs) will follow. We don’t know what those will look like and how much of an impact they will have but what we do know is that the SEC and FINRA are today scrutinizing retail activities more than ever and have made financial and organizational changes to execute and pursue more aggressive enforcement activities.... read more
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