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  • Corrected: Pilot May Lose Direction When New Exchanges Appear, By Kelvin To, Founder And President Of Data Boiler Technologies

    Date 05/06/2019

    Kevin_To

    Last year, I wrote a 10-page recommendation letter to the SEC covering various market structure topics. The key points were as follow:

    • Recalibration of the access fee cap. A must if order protection, best execution rules and other NMS provisions remain as-is. The cap is, in essence, the maximum toleration of exploitation. Bad behaviors will still be nourished and abusers will seek alternate ways to circumvent the control.
    • Conflicts and disputes would be better resolved through the market. Order protection and access rules might be able to rollback by having a new rule to ban exchanges, alternative trading systems, and internalizers from running data and technology businesses (mutually exclusive).
    • This separation replaces the wickedness of a distorted economy of scope with efficiency gains (fewer fights, more cooperation, and better economy of scale) via better delineation of rights and it will help preserve healthy competition.
    • Enable trading platforms to shape the markets and own up to the consequences of what they design. SROs will set boundaries for market-makers and give out ‘inspection stickers’.
    • Market-Makers’ privileges will be auctioned where designated G-SIBs / SIFIs will enjoy rights to handle complex activities that match their market-making specialties and obligations and fix the “everybody owns, nobody owns” behaviors. Leverages HFTs’ ability to response in a timely fashion to flash warnings and liquidity crunch.
    • If these separation and realignment suggestions can be adopted, consolidated audit trail should be revised for better market surveillance using stream analytics in real-time, and the economic resources devoted to in this access fee pilot can be saved and market integrity will be revitalized!

  • Tokyo Commodity Exchange May 2019 Market Summary - TOCOM May Daily Volume Averaged 70,412 Contracts, Up 2.3% M-o-M

    Date 05/06/2019

    The Tokyo Commodity Exchange announced today that May 2019 average daily volume was 70,412 contracts, up 2.3% from April and down 25.4% from May 2018. Volume increased for some of TOCOM’s most active contracts, such as Gold Standard, which grew 0.9% from April to 24,350 contracts, and Dubai Crude Oil, which increased 14.5% to 11,771 contracts. Gold Mini was up 2.7% to 2,190 contracts. There was softness in the Gold Rolling Spot contract, which decreased 9.5% to 3,879 contracts, and Platinum Standard fell 7.5% to 15,969 contracts.

  • Deutsche Börse: Learn To Grow: Programme For Start-Ups Reloaded - Training Modules Address Founders From Series A To IPO - More Time For Open Exchange

    Date 05/06/2019

    Deutsche Börse Venture Network and UnternehmerTUM have significantly expanded their joint training programme for growth companies. In addition to new content, the two partners have extended the duration of the trainings in order to create more space for personal exchange. The next round will start on 18 June. The sessions will take place in Munich, Berlin and Frankfurt.

  • The Federal Reserve's Review Of Its Monetary Policy Strategy, Tools, And Communication Practices, Federal Reserve Vice Chair Richard H. Clarida, At The Conference On Monetary Policy Strategy, Tools, And Communication Practices (A Fed Listens Event), Federal Reserve Bank Of Chicago, Chicago, Illinois

    Date 05/06/2019

    Good morning, and welcome to day two of the Federal Reserve System Conference on Monetary Policy Strategy, Tools, and Communication Practices. I think you will have to agree that the presentations and discussion yesterday were uniformly thoughtful, substantive, and stimulating, and today we will have another impressive lineup of speakers and panelists addressing timely topics that are relevant to our review. And let me convey on behalf of Chair Powell, the Board of Governors, and the Reserve Bank Presidents, a sincere and deep appreciation to all the participants on this program, especially the authors of the seven outstanding papers, for the time, thought, and energy that went into preparing their contributions.

  • Moscow Exchange To Take Part In SPIEF 2019

    Date 05/06/2019

    Moscow Exchange is a partner of the business section of the St. Petersburg International Economic Forum (SPIEF 2019) taking place in St. Petersburg on 6-8 June. 

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