The U.S. futures regulator is unlikely to unveil its new proposal to limit speculative positions until December, a top official of the Commodity Futures Trading Commission told Reuters on Wednesday. Get the full story »
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U.S., EU regulators talk reform, tour exchange
Top regulators from the United States and the European Union discussed reforms for futures and over-the-counter derivatives as they toured the world’s largest exchange on Tuesday and lunched with a group of Chicago futures traders and exchange executives. Get the full story »
CME Group 3Q profit up, in line with Street view
CME Group Inc., the world’s biggest futures exchange operator, said third-quarter profit rose in line with Wall Street expectations, as an increase in trading helped buoy the bottom line.
Net income jumped 21 percent to $244 million, or $3.66 per share, from $202 million, or $3.04 a share, in the year-earlier quarter. Revenue rose 13 percent to $733 million, as trading increased 14 percent. Get the full story »
CME to trade on-the-run Treasury futures contracts
From Bloomberg News | Futures market CME Group Inc. will start trading on-the-run Treasury futures contracts next week that will provide investors exposure to benchmark 2-, 5- and 10-year notes.
Russia, CME talk about regional wheat market
Russia is exploring the creation of a regional wheat futures market and this month held talks with senior executives at CME Group Inc., according to a senior official at the Chicago-based exchange operator.
The planned venture would add another global platform for trading alongside Chicago and Paris, serving the fast-growing “bread basket” of Russia, Ukraine and Kazakhstan, which has become an increasingly important source of European food imports. Get the full story »
Futures traders see no Fed rate hike until 2012
U.S. short-term interest rate futures traders are pricing in little chance the Federal Reserve will start raising interest rates until 2012, after a government report showed the U.S. economy lost more jobs than expected in September.
Traders are pricing in zero chance of an increase in the target rate for overnight lending between banks until December 2011, and are not pricing in a better-than-even chance of an increase until the first quarter of 2012, trading in Fed funds futures at CME Group Inc.’s Chicago Board of Trade shows. Get the full story »
Stock ‘flash crash’ sparked by heavy orders
A surge in quote traffic immediately followed by heavy sales of key securities may have sparked the “flash crash” on U.S. stock markets on May 6, a firm that has provided key insights into that day’s events said on Monday.
The sale of $125 million worth of Chicago Mercantile Exchange S&P500 stock index e-mini futures contracts at 2:42 p.m. on May 6, followed 25 microseconds later by the sale of more than $100 million worth of popular exchange-traded funds (ETFs) appears to have triggered the sell-off, datafeed vendor Nanex LLC said. Get the full story »
CME to offer gold, oil volatility contracts in Q4
CME Group Inc., the biggest U.S. operator of futures exchanges, will offer contracts tied to anticipated price swings in gold and oil starting in the fourth quarter, the exchange said on Tuesday. Get the full story »
CME says ban on ELX rule not anti-competitive
CME Group Inc. told the Commodity Futures Trading Commission that CME’s ban on a type of trade that would help rival ELX Futures LP easily capture business from CME is not anti-competitive.
In a 70-page letter posted on the regulator’s website on Friday, CME asked the CFTC to reconsider its endorsement of so-called exchange for futures trades, or EFFs, repeating its view that there is no compelling reason for it to allow them. Get the full story »
CBOE Futures Exchange launches first VIX options
CBOE Futures Exchange LLC said early on Thursday that it will launch its first weekly options on its volatility futures contract, which would expand the exchange’s portfolio of derivative contracts tied to market volatility. Get the full story »
Aug. 30, 2010 at 11:54 a.m.
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Filed under: Crime, Criminal charges, Exchanges, Fraud, Investigations CFTC settles charges against Naperville trader
The U.S. Commodity Futures Trading Commission said Monday it has settled fraud and unauthorized trading charges against a Naperville floor trader at the Chicago Board of Trade whose activities generated a $4 million loss.
The CFTC order permanently bans John Lee Neuman from trading. He had registered with the CFTC as a floor broker from May 1993 until February 2008, and became a local in the CBOT corn options pit in September 1997. Get the full story »
CME Group continues ban on EFFs
CME Group Inc. said Monday it would continue to prohibit a trade rule called “exchange of futures for futures” that would easily allow investors to move U.S. Treasury contract positions between it and smaller rival ELX Futures LP.
The giant exchange operator said a recent letter from the Commodity Futures Trading Commission on the issue does not change the rules of its Chicago Board of Trade unit, which clearly prohibits EFFs.
Goldman Sachs downgrades CME Group
CME Group Inc., the world’s largest futures market, was downgraded by Goldman Sachs Group because of slowing volume and longer-than-anticipated effects of financial reform.
CME’s OTC business may get overhaul
CME Group Inc’s profitable over-the-counter clearing operations may be headed for an overhaul.
The Commodity Futures Trading Commission is putting pressure on the giant exchange operator to change the way its ClearPort unit handles OTC swaps, two people familiar with recent discussions said.
CME treats many of the OTC swaps — which are bilaterally matched away from the exchange — like its exchange-traded futures, a popular feature that has allowed investors to cross-margin, and thus save money on, the two products for years. The treatment requires CFTC approval. Get the full story »
Grocery prices could rise as wheat climbs higher
A severe drought in Russia could result in higher prices for bread in U.S. stores, as a spike in wheat costs may lead manufacturers to ease up on the discounts retailers pushed for during the recession.
But consumers and retailers may push back. Shoppers could opt for cheaper options as unemployment remains high, while retailers — who try to drive traffic with discounts — could point out that the spike in wheat is no where near the level of two years ago, when manufacturers raised prices on many goods. Get the full story »
