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October 30



Cargill, Inc., the multinational food conglomerate, said it plans to apply for category 2 membership of the London Metal Exchange and has hired Michael Frawley, the former head of metals trading at Jefferies Group,  to begin buying and selling industrial metals on behalf of clients. Category 2 LME membership allows firms to issue LME futures contracts but not to trade on the floor. View page

October 29

Stacey Cunningham

Stacey Cunningham was just appointed president of NYSE Governance Services, which provides corporate governance, risk, ethics and compliance services for public and privately held companies. She was previously head of sales and relationship management for NYSE Group. View page

October 28

Carsten Kengeter

Carsten Kengeter is a banking executive and former CEO of UBS.  Deutsche Boerse AG just announced that Kengeter will replace Reto Francioni as DB’s CEO after Francioni retires in May 2015. View page

October 27

Hüseyin Erkan

Hüseyin Erkan is chief executive officer of the World Federation of Exchanges (WFE). Today the WFE announced that he would step down from the organization at the end of the month, after only two years as CEO. View page

October 24


Powernext is a Paris-based electronic trading platform for spot and derivative energy contracts.  This month, the European Energy Exchange (EEX), part of Deutsche Börse Group, purchased a majority interest in Powernext through an exchange of shares. View page

October 23

Bombay Stock Exchange (BSE)

Shareholders of India’s BSE (formerly the Bombay Stock Exchange) have approved a deal to acquire the exchange’s regional rival the United Stock Exchange of India. BSE began talks with USE in March over the potential deal, which it hopes will strengthen its currency business. The exchange now only needs approval from the Bombay High Court to approve the merger.   View page

October 22

BGC Partners, Inc.

BGC Partners, a global interdealer broker, has launched a hostile $675m bid for its rival GFI Group after its attempts to negotiate a deal were stymied. BGC will offer to buy the 86.5 per cent of shares in GFI it does not own in a deal that values GFI at $5.25 a share. If successful, the bid would break up a deal the GFI board had previously agreed to with CME Group to buy GFI …  View page

October 21

Robert G. Pickel

Robert G. Pickel is the former chief executive officer of the International Swaps and Derivatives Association, Inc. (ISDA).  He was just appointed to the advisory board of Droit Financial Technologies, a provider of pre-trade front office and post-trade compliance solutions for derivatives. It is his first appointment since leaving ISDA. View page

October 20

R.J. O’Brien & Associates

On Oct. 17 R.J. O’Brien celebrated its 100th anniversary with the showing of a 20 minute video documentary, made by John Lothian Productions, about the history of the firm, which began as a butter and egg broker and was one of the founding members of the Chicago Mercantile Exchange. View page

October 17

Moscow Exchange

The Moscow Exchange, the largest stock exchange in Russia, had entered into a partial deal that would enable Eurex to offer futures trading in rubles, but today the Wall Street Journal reported that the agreement has been postponed indefinitely “partly because of concerns about Western sanctions on Russia.” Ruble currency futures are some of the most liquid financial instruments on the Moscow Exchange. View page

October 16

Ananda Radhakrishnan

Ananda Radhakrishnan is director of the Division of Clearing and Risk at the Commodity Futures Trading Commission. Yesterday the CFTC announced that Radhakrishnan would leave in mid-November after 12 years at the agency. View page

October 15

Michael S. Piwowar

In a speech at the annual Securities Enforcement Forum, SEC Republican Commissioner Michael S. Piwowar criticized SEC Chair Mary Jo White’s “broken windows” enforcement strategy, which is based on the theory that fixing minor violations helps to deter more serious crimes. View page

October 14

Edwin Marcial

Edwin Marcial, senior vice president and chief technology officer at IntercontinentalExchange Inc., oversaw the company’s software design and overall technology strategy. Marcial announced in a letter on LinkedIn that he was stepping down from ICE after 18 years with the company. View page

October 13

Abigail Johnson

Fidelity Investments, the second largest mutual fund in the U.S., has named Abigail “Abby” Johnson chief executive, taking over the position from her father, Edward “Ned” Johnson III, who has been CEO since 1977.    View page

October 10

Shanghai Stock Exchange

Reuters reported today that the Shanghai Stock Exchange and Deutsche Boerse are set to sign a “wide-ranging cooperation” arrangement that will give Chinese investors direct access to the German and European financial market. View page

October 9

London Metal Exchange

The London Metal Exchange said it would introduce a new rule aimed at shortening the long queues to get metal out of its warehouses, after winning an appeal over a court ruling that blocked the rule change. The win overturned a lower court judge’s March decision in a case brought by United Co. Rusal, the biggest aluminum producer, alleging that the LME’s consultation process for its proposed rule changes was unfair. View page

October 8

A Leg to Stand On

A Leg to Stand On (ALTSO) is a charity co-founded by hedge fund manager C. Mead Welles that provides free prosthetic limbs, corrective surgery, orthotic devices and rehabilitative care to children who have lost limbs or suffer from congenital limb disabilities. ALTSO’s yearly fund raising event, Hedge Fund Rocktoberfest, is being held tonight in Chicago at City Winery. Hedgefund Rocktoberfest in New York will be on October 22 at Capitale. View page

October 7

NYSE Regulation, Inc.

NYSE Regulation, Inc. is the NYSE Group’s regulation subsidiary. On Monday NYSE Group said it would take back the majority of policing duties for its five exchanges from FINRA and return them to NYSE Regulation, Inc. at the end of 2015.  Among the services that will switch from FINRA to NYSE Regulation are surveillance, enforcement and disciplinary programs.   View page

October 6

National Stock Exchange of Australia

The National Stock Exchange of Australia (NSX) is being “propped up” by its largest shareholder, Financial and Energy Exchange (FEX), with a $1.6 million loan which has been drawn down in the seven months to June 30, the Sydney Morning Herald reported today. The report said the exchange’s auditor and others in the industry are questioning its ability to continue as a going concern. View page

October 3


“Spoofing” is a practice in which traders use direct market access to place orders that give a false impression of the intent to buy or sell shares.  Yesterday Michael Coscia, a high-frequency trader with Panther Energy Trading, was indicted in Chicago for spoofing in what the U.S. Justice Department says is the first criminal case of its kind. View page

October 2

Singapore Exchange Limited

Yesterday SGX acquired the remaining 51% stake in the operator of Singapore’s national electricity market, Energy Market Co (EMC) for $23 million, giving it a platform that can be used for electricity and other energy futures contracts. SGX had already bought 49% of EMC in August 2012. View page

October 1


The Options Clearing Corporation (OCC), along with all 12 options exchanges, agreed to adopt new principles-based risk control standards. The reforms include price reasonability checks, drill-through protections, activity-based protections and kill-switch protections. The changes are pending regulatory approval. View page

September 30

Lou Eccleston

TMX Group just announced that Lou Eccleston, former chairman of S&P Dow Jones Indices, will become its chief executive officer on Nov. 3, 2014, succeeding Tom Kloet, who announced his retirement earlier this year.  Eccleston will also become a member of TMX Group’s board of directors.  View page

September 29

London Metal Exchange

The London Metal Exchange (LME) announced it would increase transaction fees by 34%, starting in January 2015. The move is intended to help cover the rising cost of the regulatory environment and necessary system upgrades following the purchase of the LME by HKE. View page

September 26

William H. Gross

William H. (“Bill”) Gross, founder of the bond company PIMCO and a powerful force in the fixed income business, is leaving his post as chief investment officer at the company to join the mutual fund management firm Janus Capital. View page

September 25

Foreign Exchange Professionals Association

The Foreign Exchange Professionals Association (FXPA) is a new trade group just launched by participants in the FX industry to advocate for the industry and to educate the public and the media about FX trading.  View page

September 24

Scott D. O’Malia

Scott D. O’Malia, the CEO of the International Swaps and Derivatives Association (ISDA), told a press briefing yesterday that, rather than create a global repository for swaps data, regulators should focus on harmonizing cross border swaps rules.  View page

September 23

Steve Chivers

Steve Chivers, the former head of electronic derivatives trading for UBS in Chicago, is about to be hired by Jefferies, according to a story in FOW.  Chivers took the UBS position when ABN Amro Futures, which he joined in 2002, was acquired by UBS Securities. View page

September 22

Michael E. Cahill

Michael E. Cahill is the president, CEO, and treasurer of OCC. The OCC announced this month that Cahill will retire at the end of the year. He has worked at the clearinghouse for 32 years. View page

September 19

Peak6 Investments LP

The Chicago trading firm Peak6 Investments LP will spin out its $2.3 billion hedge-fund business, Peak6 Advisors, which will change its name to Achievement Asset Management. It will be headed by Joseph Scoby out of a new London office. View page

Full list »