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November 16, 2015 by David B. Weiss

Much has been made about the Tullet-ICAP transaction for 1.1 billion pounds (subject to regulatory scrutiny/approval), and indeed it does represent both of the following:

  • A huge IDB (interdealer broker) consolidation, with Tullet getting ICAP’s ~1,500 voice brokers
  • A relatively easy transition from ICAP NewCo (to be renamed later) away from voice broking and toward pure-play electronic trading

There has even been speculation of LSE closing in on ICAP NewCo.

November 4, 2015 by David B. Weiss

In just one hour on November 3, 2015, in the first federal criminal prosecution for disruptive trading of high-frequency trading (HFT) spoofing, a Chicago jury found Michael Coscia, of Panther Energy Trading in New Jersey, guilty on all counts of spoofing on the CME.

© United Artists/MGM – Fair Use

October 12, 2015 by David B. Weiss

There has been much talk about making markets fairer, with perhaps Michael Lewis’ “Flash Boys” being the signal event last year, with its assertion that flash trading is rigging markets (and associated opining on what to do about it). There do seem to be more and more mini-flash crashes of late and associated enforcement efforts, some of which create flash patsies. Much has been made of reduced capital commitment and a lopsided U.S.

October 12, 2015 by Andrew Copeman

No one gets excited by financial regulation, right? It’s hard to disagree with that sentiment, but with the European Parliament last week reaching the final agreement of the revised Payment Services Directive, known as PSD2, a number of entrepreneurs in Europe’s financial technology community will be rubbing their hands with glee. The reason is that PSD2 threatens to usher in a radical transformation of the banking and payments market throughout the European Union.

October 6, 2015 by Denise Valentine

One man makes a difference.

Today the European Court of Justice voided the “Safe Harbor” agreement, which allows the personal data of European Union citizens into a U.S. firm if the firm pledges to adhere to EU standards. The agreement inhibits Europe’s regulators from intervening on behalf of EU citizens who feel their privacy is compromised. The court is also concerned about U.S. authorities’ “mass and indiscriminate surveillance.”