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Virtu’s Shay Takes New Role at Nasdaq John Shay, most recently a partner at Virtu Financial, is joining Nasdaq as global head of fixed income, commodities and clearing, reporting to Hans-Ole Jochumsen, president of Nasdaq. Shay takes up his New York-based role in late October. 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.
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?
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.
Shay Exits Nasdaq

in News, People

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.
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.
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.