Day: 16 March 2017

And Another Thing…

If the feedback to Monday’s column is anything to go by, I can confirm that last look remains a highly emotive issue in the foreign exchange industry. It will help though, if not only some people “take a chill pill” to calm what is a highly emotive debate, but also if they read the Global Code properly and, more pertinently, understand that market making is not a charity and often the client’s own execution style can contribute to market impact.

Virtu Bids for KCG

Broker dealer KCG Holdings has confirmed it has received an “unsolicited” offer from rival firm Virtu Financial to take over the company.
According to a statement from the firm Virtu is offering between $18.50 and $20 per share, which would value the firm at an estimated $1.3 billion.
In a statement, KCG says its board of directors “is reviewing, in consultation with its financial and legal advisors, Virtu’s proposal in the context of KCG’s strategic plans to create shareholder value”.

Giancarlo Lays Out New Regulatory Agenda

Following the news that he had been nominated by the Trump administration to be the new chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, has laid out a new agenda for the Commission.
Speaking at the FIA Boca conference in Florida, Giancarlo emphasised the need for the CFTC to foster economic growth in the markets that it oversees by reducing regulatory burden, improving market intelligence and embracing new technology.
To help reduce the regulatory burden on derivatives market participants, Giancarlo announced the launch of “Project KISS”, with the acronym standing for “Keep It Simple Stupid”.