Tag: Nasdaq

Nasdaq

Nasdaq Collaborates with R3 for Digital Assets Exchanges

Nasdaq has entered into a long-term, non-exclusive, collaboration agreement with enterprise software firm R3, under which it will leverage R3’s enterprise blockchain software Corda, along with professional services and support in building full lifecycle solutions for digital assets market places. By tapping Corda Enterprise, Nasdaq says it can bolster its broader platform and partnership strategy […]

Bcause to Adopt Nasdaq Technology

Bcause, which operates a digital mining facility, and a cryptoasset spot market, derivatives exchange and clearing house, has announced that its markets will operate on Nasdaq’s matching engine, clearing and market surveillance technology.The technology is expected to go live in the first half of this year with the launch of the new Bcause spot cryptocurrency market.In addition, Bcause has filed with the US Commodity Futures Trading Commission to become a designated contract market (DCM) and to establish a derivatives clearing organisation (DCO).

Who Are the Potential Buyers of Refinitiv?

n October 2016 Profit & Loss published an article: “Who Are the Potential Buyers of NEX?” This time around, Galen Stops applies the same type of analytical treatment to Refinitiv.In October 2018 a consortium, led by the private equity firm Blackstone, concluded a deal to acquire 55% of the equity in Thomson Reuters Financial & Risk (F&R) business, now rebranded as Refinitiv. No one in the market is under the illusion that Blackstone intends to maintain its ownership of Refinitiv, least of all the staff that work there.

Who Are the Potential Buyers of Refinitiv?

n October 2016 Profit & Loss published an article: “Who Are the Potential Buyers of NEX?” This time around, Galen Stops applies the same type of analytical treatment to Refinitiv.In October 2018 a consortium, led by the private equity firm Blackstone, concluded a deal to acquire 55% of the equity in Thomson Reuters Financial & Risk (F&R) business, now rebranded as Refinitiv. No one in the market is under the illusion that Blackstone intends to maintain its ownership of Refinitiv, least of all the staff that work there.

ISDA Releases Best Practice for CCPs in Wake of Nasdaq Default

The International Swaps and Derivatives Association (ISDA) has published a set of best practices for central counterparties (CCPs), aimed at ensuring greater consistency in risk practices at CCPs across the globe.
The recommendations follow a default at Nasdaq Clearing last September, which exceeded the defaulting member’s margin and default fund contribution and required the use of mutualised resources – the second such event in five years.
The paper highlights steps that can be taken to minimise the potential for a member default to impact other members and the financial system as a whole, except in an extreme stress event.

Bitcoin: The Next Step

As the cryptocurrency, bitcoin, takes arguably the next big step towards mainstream adoption, Galen Stops takes a look at the different approaches being taken by regulated exchanges towards designing bitcoin contracts and regulators to overseeing them.

Last week, on December 1, three exchanges regulated by the Commodity Futures Trading Commission (CFTC) self-certified new cash-settled derivatives contracts based on bitcoin.

The exchanges – or designated contract markets (DCMs) – are the CME, the CBOE Futures Exchange (CFE) and the Cantor Exchange.

Nasdaq Plans Bitcoin Futures

Nasdaq is planning to launch bitcoin futures next year. 

This news comes as the value of bitcoin has been skyrocketing, reaching $10,000 per bitcoin yesterday, but rising to over $11,000 today, before falling back to under $10,000. At the start of 2017, bitcoin was valued at around $1,000. 

It also comes after announcements from other major exchanges – CBOE and CME Group – that they are planning to list bitcoin futures before the end of this year.

Profit & Loss understands that one way in which Nasdaq plans to differentiate its bitcoin futures contract is by basing the product on an index that uses pricing sources from more than 50 exchanges worldwide.

Shay Exits Nasdaq

John Shay has left his role as global head of fixed income, commodities and clearing Nasdaq.

Shay had been with the exchange group since September 2016, having joined from Virtu Financial, where he was a partner.

Shay spent most of his career with ICAP (Icap) before being recruited by Virtu’s founder, Vincent Viola, in 2007. At Virtu, Shay was responsible for managing all outside venue, vendor and trading relationships, including all prime and FCM counterparties, as well as all exchange, ECN and ATS relationships with a focus on fixed income, currencies and commodities.

Who Are The Potential Buyers of Nex?

There was a fair amount of chatter about the future of Icap (soon to become ‘Nex’) at the recent Profit & Loss Forex Network Chicago conference, with much of it centering around likely purchasers of the company once it sells its global wholesale broking and information business (IGBB) to Tullett Prebon.
“The other broader question hanging around the firm as it transitions into Nex is whether [CEO Michael] Spencer is priming the new entity for a sale,” Profit & Loss noted in an article published prior to the conference last month.
It seems that many of the attendees of Forex Network Chicago had, in their own minds at least, decided that the answer to this question was that the firm is indeed up for sale. The speculation then turned to who would be interested and able to buy the firm.

And Finally…

Just about 10 months ago the deal was announced to sell Icap’s voice business to Tullett Prebon and at that time, in this column, I suggested that a consequence of that deal would be an easier path for anyone looking to buy Icap’s electronic business, subsequently revealed to be named Nex.
Obviously I cited an exchange as the most likely buyer and it seems, if the headlines of last week are anything to go by, that the pieces are being moved into place. Moving pieces is, however, very different to an actual deal – what are the chances of that?