Swaps Pioneer Blythe Masters to Lead Virtual-Currency Startup – Bloomberg
Former JP Morgan executive Blythe Masters is heading a cryptocurrency start-up that aims to overhaul the way traded assets are settled and recorded.
CME and JP Morgan Re-Ignite Debate Over CCP Contributions – Profit & Loss
The debate between CME Group and JP Morgan about how much ‘skin in the game’ CCPs need to have continued at FIA Boca yesterday. The dispute erupted last year when JP Morgan published a policy paper in September saying that CCP operators, such as CME, should equal 10% of the guaranty fund size at the clearing house.
SGX Ramps Up US Expansion Plans – FOW Magazine (subscription)
The Singapore Exchange has pledged to expand aggressively into the US and grow its presence in London and Tokyo as part of its plan to boost international trading. Magnus Bocker, the chief executive of SGX who is to step down in June, said the US was the firm’s main focus in terms of regional expansion.
SGX to Add New Asian Currency Futures in Q3 – Profit & Loss
The Singapore Exchange will add new Asian currency futures contracts on the Taiwanese dollar (TWD/USD) and renminbi crosses (SGD/CNH, CNY/SGD and EUR/CNH) in the third quarter of 2015, subject to regulatory approval.
Citadel Shaking Up Swaps Competition – Risk Magazine (subscription)
The Chicago firm has become a top-four market-maker on Sefs – but rivals question whether its prices are sustainable. In the four months since Citadel Securities switched on its pricing algorithms full time, its market-making arm claims to be beating the incumbent banks on price and on speed.
China Turns Up the Heat on ICE – Financial Times (subscription)
Intercontinental Exchange (ICE) was due to launch two commodity futures contracts on its new Singapore exchange this month. They were based on similar contracts already offered by the Zhengzhou Commodity Exchange (ZCE). Not only did ZCE send a “cease and desist” letter to ICE, but the China Securities Regulatory Commission, the country’s securities regulator, got in touch with the Monetary Authority of Singapore to reinforce what a dim view it took of the plans.