Tag: CBOE

CBOE

CME Flags Bitcoin Growth as Cboe Pulls the Plug

Cboe appears to have conceded defeat on bitcoin futures to cross town rival CME Group with an announcement that it will delist its contract this month.
In a release listing new product information, the exchange says its CFE subsidiary, which supported bitcoin trading “is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019”.
Cboe adds that CFE is “assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading”, continuing that “while it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.”

Exchanges in FX: A Game of Musical Chairs

In recent years, large exchange groups have been lining up to buy OTC FX platforms. But in this game of musical chairs, what happens to the venues without a buyer when the music stops? Galen Stops reports.One of the major trends in the multi-dealer platform space in recent years has been the acquisition of these platforms by larger exchange groups. Hotspot was the first to go after it was bought by BATS Global Markets in 2015, which in turn was then acquired by Cboe Global Markets in 2017 and the FX platform was rebranded as CboeFX.

Exchanges in FX: A Game of Musical Chairs

In recent years, large exchange groups have been lining up to buy OTC FX platforms. But in this game of musical chairs, what happens to the venues without a buyer when the music stops? Galen Stops reports.One of the major trends in the multi-dealer platform space in recent years has been the acquisition of these platforms by larger exchange groups. Hotspot was the first to go after it was bought by BATS Global Markets in 2015, which in turn was then acquired by Cboe Global Markets in 2017 and the FX platform was rebranded as CboeFX.

In the FICC of It

In football parlance it’s a tap in for Galen Stops and Colin Lambert in this week’s podcast as they have more academic-research-that-states-the-obvious to poke fun at. Listen in as they discuss last week’s report on the Swiss National Bank debacle in 2015 as well as the FX market’s handling of the Brexit vote. They also take a look at the potential impact of last week’s HSBC announcement that it had settled FX trades using distributed ledger technology, as well as the mysterious disappearance from marketing material of two asset classes at a recent platform media day.

In the FICC of It

The January 3 flash event in FX markets continues to fuel the news cycle and in this week’s podcast, Colin Lambert and Galen Stops discuss the real impact of algos – widely cited as a major factor in the event – in markets. For once they agree on a central theme in the debate, including Lambert (very reluctantly) shooting down one of his own arguments with Stops last year on trend following, but as always there’s room for divergent views.

Schulz Exits Cboe

Profit & Loss understands that David Schulz has left exchange group Cboe, where was a director in the firm’s global markets group most latterly focused on its bitcoin futures offering.
Schulz joined Cboe in November 2012 after a more than eight year spell at rival exchange firm CME, where he was a director, FX products.
Prior to moving into the exchange space Schulz was a CME floor trader in Chicago for more than three years after exiting the banking industry after a 20 year career with Merrill Lynch in FX trading.

Cboe Announces Management Changes in Wake of Concannon Departure

Cboe Global Markets has announced a raft of senior management changes following the news that Chris Concannon is set to leave the firm, where he currently holds the position of president and COO.Chris Isaacson, currently executive vice president and chief information officer, will become executive vice president and COO, reporting to chairman and CEO, Ed Tilly. In addition, Eric Crampton, currently senior vice president and global head of software engineering, will become senior vice president and CTO, reporting to Isaacson. Tilly will add the title of president to his current role, a position he previously held from 2011 to 2013. These appointments will be effective January 14.

Looking for Liquidity

As cryptoassets continue to endure a tough bear market, Profit & Loss hosted an event called OnTheBlock to discuss what impact this has had on liquidity conditions.“Right now, we haven’t seen the wave of institutional money that everybody talked about in 2017,” said Martin Garcia, managing director at Genesis Trading. “The narrative then was very much that this is just the retail sector trading these assets and that when the institutional funds come in, it will grow to yet another scale.”To be clear, Garcia still thinks that institutional-sized money and liquidity will enter the crypto space, but that it will do so at a much slower and steadier pace than many were previously predicting.

Calder Set to Leave Cboe FX

Barry Calder is set to leave his role at Cboe FX in New York at the end of the year.

Calder, whose current title is director, liquidity management, co-founded the Hotspot FX platform in 2000 and worked in various roles as it was subsequently acquired by Knight Capital Group (KGC), BATS Global Markets and then most recently, Cboe in 2017.

“Barry has played an important role in the growth and evolution of Cboe FX. He has decided the time is right for him to pursue new opportunities. We have valued Barry’s dedication, keen insight and contributions over the years and we wish him all the best in his future endeavours,” says a spokesperson for Cboe.

Cboe Targets Regional Banks with UBS Credit Arrangement

Cboe FX announces today that UBS is acting as a Central Credit Intermediary (CCI) for certain counterparties wanting to access its platform, with an eye to bringing on more liquidity from regional banks.

Under the new arrangement, regional banks or other financial institutions that might have limited bilateral credit can leverage UBS as a spot FX intermediary to alleviate this hurdle, settling all trades exclusively with UBS. The potential benefit of this for these institutions, according to the exchange, is that they will gain exposure to a greater number of Cboe FX participants despite the absence of direct credit relationships.