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Trading Technology

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Trading Briefs

CFTC Approves CME, CBOT Rules for Common Clearing Link; OM Reports Operating Loss; CBOE, Belzberg To Sponsor Chess Tournament; Hotspot Fxi to Offer Confirms Via Traiana; CSFB Head of Sales Joins Cantor

The Commodity Futures Trading Commission (CFTC) has approved rules submitted by the Chicago Mercantile Exchange and Chicago Board of Trade to establish a common clearing link. The link is an agreement in which the CME will provide clearing and related services for all CBOT futures and options products. The link is expected to begin in November. The short time frame stems from the CBOT's decision to sever its relationship with the Board of Trade Clearing Corporation (BOTCC) in advance of the Swiss-German derivatives exchange competing on U.S. shores.

OM -- the Swedish transaction technology vendor and operator of stock exchanges in Stockholm, London and Calgary -- is reporting a first half operating loss of Skr513 million with second quarter restructuring costs of SKr624 draining earnings. The company is focusing on its upcoming merger with HEX, which is expected in September, and the launch of EDX London, a joint venture for trading OTC equity derivatives with the London Stock Exchange.

Garry Kasparov -- the world's number one ranked chess player-- challenges 20 participants to a chess match to be played simultaneously in a tournament sponsored by the Chicago Board Options Exchange and Belzberg Technologies Inc. The match will be held today (July 17) at the CBOE, after trading hours. Belzberg will also demonstrate new trading technologies, including the CBOE Hybrid Trading System (HyTS) Terminal, which serves as a portal into the CBOE Hybrid Trading System, known as CBOEdirectHyTS.

Hotspot FXi -- an electronic communications network for institutional traders in foreign exchange -- will offer trade confirmations via the Traiana Trading Relationship Management (Traiana TRM) software and the Traiana Harmony service, thanks to a straight through processing (STP)-interface between both platforms. Harmony messaging service automates the give-up process between prime brokers and executing brokers for all trades, including those executed on multi-bank platforms.

Irv Goldman, former head of sales and trading at CSFB, has joined Cantor Fitzgerald & Co. as president of its debt capital markets and asset management divisions. Goldman will be responsible for building an asset management business within Cantor that will provide capital raising, prime brokerage, clearing and trading execution through a seamless, integrated offering. This is the next step in broadening Cantor's product offering since 9-11. Earlier this year the firm expanded its fixed income business with the addition of high yield bonds to sales and trading.

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