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Deadly Monsoon Rains Cause Chaos in India’s Financial Capital

Bcause is still working on getting its spot market going while in Chapter 11 bankruptcy and never did get its licenses for futures or clearing.~JK Micro E-mini equity index futures averaged 437,000 contracts per day in June, and traded over 18 million contracts in total volume since their May 6 launch –

Crain’s Chicago BusinessFormer Chicago Mayor Rahm Emanuel starts cashing in on his connections this month as the newest investment banker in town, likely to the distress of his dealmaking rivals./ ***** I would like to see Rahm go head to head in a swearing contest with a certain former exchange CEO.~JJL ++++ And Finally…Colin Lambert –

WSJIndia’s financial capital was shut down Tuesday with businesses forced to close after the heaviest rains in a decade flooded the city, stopping trains, diverting flights and killing at least 27 people in the region./ TD Ameritrade-Backed ErisX Gets Green Light to Settle Futures in BitcoinNikhilesh De –

CoindeskThe U.S. Commodity Futures Trading Commission (CFTC) has cleared the way for crypto derivatives provider ErisX to offer futures contracts with a new license approval Monday./ *****Here is the press release from ErisX.~JJL CME Group Reaches Second-Highest Quarterly Volume Ever, Averaging 20.9 Million Contracts Per Day in Second-Quarter 2019CME GroupCME Group, the world’s leading and most diverse derivatives marketplace, reached average daily volume (ADV) of 20.9 million contracts during second-quarter 2019, up 14% from second-quarter 2018 and the second-highest quarterly volume on record.

WSJInvestors and traders moved quickly Monday to shift trading of Europe’s largest stocks from London to Switzerland after a major diplomatic breakdown threatened to reverse decades of financial market integration./ US regulator in the running for top job at Bank of EnglandGurpreet Narwan –

Regulatory hurdles are making it harder for banks to win dealsUBS Group AG’s top banker to billionaires said the wealthiest clients are sidelining financial institutions as they close private transactions without advice from investment banks./ RealVol® Realized Volatility Index Database Now Available On Bloomberg Terminals Worldwide BloombergRealVolDemand Derivatives Corp., and its subsidiary, RealVol LLC, the creator of novel realized volatility indices and derivative instruments, has just begun publishing an extensive database of daily historical and forecast volatility indices on 40 major assets./ OCC June Cleared Volume Down 6.3 PercentBusiness WireOCC, the world’s largest equity derivatives clearing organization, announced today that total cleared contract volume in June reached 383,474,767 contracts, a 6.3 percent decrease compared to last June.

Global Investor GroupMiax plans to offer synthetic futures ahead of its SPIKES future launch in Q3/ CME Group and 4-H to Bring Commodity Carnival to 120 State and County FairsCME GroupCME Group, the world’s leading and most diverse derivatives marketplace, and 4-H, the nation’s largest youth development organization delivered by America’s Cooperative Extension System, have announced the seventh year of their partnership to bring the award-winning Commodity Carnival experience to more than 120 state and county fairs across the Midwest this fair season./ Nasdaq to Deliver Post-Trade Technology to Caja de Valores, Argentina’s Central Securities Depository;

The deal marks Nasdaq’s second CSD client in Latin America./ HKEX Completes Acquisition of Ronghui Tongjin Majority StakeHKEXHong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce the completion of its acquisition of a 51 per cent equity interest in Shenzhen Ronghui Tongjin Technology Co Ltd (Ronghui Tongjin), a specialist financial markets technology firm./ Cash markets turnover of EUR 116.0 billion in JuneDeutsche Börse GroupDeutsche Börse’s cash markets generated sales of EUR 116.0 billion in June (previous year: EUR 153.6 billion).Of this amount, EUR106.3bn was attributable to Xetra (previous year: EUR 142.1bn), bringing the average Xetra daily turnover to EUR5.6bn.

Xetra-Gold is Europe’s leading physically backed gold security./ Video: Changing clearing market structureEurexOver the last couple of years, Eurex Clearing worked on evolving today’s clearing market structure to make clearing more efficient and the overall market more resilient.

In our video, Eurex Clearing board member Matthias Graulich walks us through the recent developments./ Update: Connection fee rebates for new Trading Members affiliated with existing Trading MemberEurexTo support new Trading Members with an affiliated existing Trading Member, Eurex Frankfurt AG will offer a temporary rebate on the connection fees of new Trading Members effective from 1 October 2018 to 31 October 2019 (initially 30 June 2019)./ Which Stock Markets Are Closed for the Fourth of JulySophia Cai –

Business InsiderBankers are rushing to take Oxford University’s courses on fintech, blockchain strategy, algorithmic trading, and artificial intelligence before robots take their jobs.More than 9,000 people from upwards of 135 countries have taken the online open courses, which focus on digital transformation in business, at the Saïd Business School, Oxford University told Markets Insider./ German fintech startups quietly dying offJill Petzinger –

Yahoo FinanceInvestments in Germany’s booming fintech sector may have doubled in the first quarter of 2019 from the same period a year before, but a new PwC Germany study reveals a flip side to the story, as hundreds of companies have quietly died off unnoticed.Since 2011, 233 German fintechs have shut down, three quarters of them since the beginning of 2017, according to PwC’s Cooperation Radar./ UP Fintech Holding Limited Obtains Self-Clearing License in the U.S. Through AcquisitionNasdaqUP Fintech Holding Limited (“UP Fintech”

(“Tiger Fintech”) has entered into a definitive agreement with all shareholders of Marsco Investment Corporation (“Marsco”), pursuant to which Tiger Fintech agreed to acquire 100% equity stake in Marsco for the total consideration of approximately US$9.4 million in a combination of cash and Class A ordinary shares of UP Fintech, subject to certain price adjustments.

The deal is expected to close in the third quarter of 2019, subject to customary closing conditions./ Euronext invests in Tokeny Solutions, the compliant tokenization platformEuronextEuronext, the leading pan-European exchange in the Eurozone, announced today that it has subscribed the entire EUR5 million capital increase of Tokeny Solutions, resulting in a 23.5% stake and strong governance representation.

Launched in 2017, Tokeny Solutions provides all private markets securities issuers, from mid-cap companies and asset management companies to advisors like investment banks, with modular and user-friendly end-to-end solutions to issue, manage and transfer tokenized securities on public blockchain./ BIS Chief: Central Banks May Issue Digital Currencies ‘Sooner Than We Think’Daniel Palmer –

Proportion of Bitcoin used for illicit purchases is decliningBitcoin’s use in illegal online marketplaces peddling everything from drugs to child porn is on pace to set a record this year at more than $1 billion, according to a report by Chainalysis./ Binance Exchange to Launch Crypto Futures Trading with 20x LeverageWolfie Zhao –

CoindeskThe bank is looking to shift its work to other enterprise platforms, Sberbank’s blockchain lab head said.Masterchain, the bank blockchain project developed under the auspices of the Russian central bank, is missing the mark, the project’s key participant told CoinDesk./ Genesis Bolsters Leadership Team with Several Key HiresLeading digital currency trading and lending firm hires General Counsel, Chief Technology Officer, and adds key business development positions;

Genesis also expands into Europe with business development additionGenesisGenesis, an industry pioneer and leader in digital currency trading and lending, today announced key additions to the Genesis leadership team that will bolster the legal, technology, and business development groups.

Crain’s Chicago BusinessChicago banker Stephen Calk, who is under federal indictment on a bribery charge related to his involvement with Donald Trump’s former campaign manager, has been kicked out of the banking industry pending resolution of his criminal case./ CFTC Grants DCO Registration to Eris Clearing, LLCCFTCThe Commodity Futures Trading Commission (CFTC or Commission) announced today that the Commission voted unanimously to issue an order granting Eris Clearing, LLC (Eris) registration as a derivatives clearing organization (DCO) under the Commodity Exchange Act (CEA)./ CFTC Announces $2 Million Award to Joint WhistleblowersCFTCThe Commodity Futures Trading Commission (CFTC) announced today an award of approximately $2 million to two model whistleblowers who provided the agency with significant information that prompted the CFTC to open an investigation./ SEC Charges Investment Adviser With FraudSECThe Securities and Exchange Commission today charged Fieldstone Financial Management Group LLC and its principal Kristofor R.

or “Commission”) a proposed rule change to amend Rules 6110 and 6610 to expand the summary firm data relating to over-the-counter (“OTC”) equity trading that FINRA publishes on its website./ HomeFor Industry ProfessionalsRules and GuidanceNoticesFINRAPursuant to FINRA Rule 4210(f)(8)(A), FINRA is establishing higher strategy-based margin requirements for exchange-traded notes (ETNs) and options on ETNs in light of the complex nature of these products.

A month later, Canterbury Consulting set one up for its clients.Funds-of-hedge funds, or investment pools that manage portfolios of hedge funds and charge an additional layer of fees, are making something of a comeback — and data and analytics provider eVestment has another piece of research to prove it./ Bond Exchange-Traded Funds Pass $1 Trillion in AssetsAsjylyn Loder –

The Wall Street JournalThe amount of money in fixed-income exchange-traded funds passed $1 trillion last month, an ascendance that has reshaped the market where countries and companies raise money to pay their bills.Just 20 years ago, bond ETFs didn’t even exist.

WSJSome companies are easing up on share repurchases this year, potentially removing a pillar of support from the stock market as executives contend with the consequences of trade tensions and slowing economic growth./ The stock market has turned into a 24-hour Speakers’

WSJThe amount of money in fixed-income exchange-traded funds passed $1 trillion last month, an ascendance that has reshaped the market in which countries and companies raise money to pay their bills./ Woodford’s Russian adventure shows how far his UK mission drifted;

The Wall Street JournalSaudi Arabia plans to issue a debut euro-denominated bond, part of a borrowing binge to meet the government’s ambitious spending targets.The bond is aimed at diversifying Saudi Arabia’s investor base, following predominantly dollar debt that has catapulted the kingdom up the ranks of emerging-market bond issuers./ Shorting Hong Kong’s Dollar Has Suddenly Turned UnprofitableBloombergThe Hong Kong dollar carry trade copped a body blow in June.That’s because the cost to borrow the city’s currency surged, rising above the income a trader can expect on U.S. dollars for the first time in years.

‘Disappointed’ by Central Bank Blockchain, Russia’s Largest Bank Eyes Alternatives

The Takeaway Masterchain, the bank blockchain project developed under the auspices of the Russian central bank, is missing the mark, the project’s key participant told CoinDesk.

In an interview last month, Abdrashitov offered a rare window into the discreet world of enterprise blockchain projects, where dissatisfied participants usually exit projects quietly.

The cost of Masterchain’s development is not public. However, according to earlier public disclosures, the 13 members of the Fintech Association are paying $120,000 to $230,000 a year to participate, which means the project may have burned through a couple million dollars over the last two years.

For starters, the Masterchain mortgage pilot, started last fall, was supposed to go into production, or real-world deployment, next month, but it’s unlikely to be ready that soon due to slow technical development on the part of the FinTech Association, Abdrashitov said.

Eugenia Ovchinnikova, Raiffeisenbank Russia’s head of tech research and digital innovation, confirmed that there is no date for the production launch currently because Raiffeisen is “closing infrastructure, legal and technical questions with AFT and inside the bank.”

In other words, the blockchain is visible only to participants and only approved parties can run a node to verify transactions, unlike bitcoin or ethereum, where the ledger is public and anyone can download the software.

Like ethereum, Masterchain requires participants to pay gas, or small amounts of the native digital currency, for transactions, which isn’t the case on the major enterprise platforms Sberbank is now gravitating toward.

The product is so unreliable that when it enters the production phase, Sberbank plans to use both Masterchain and the legacy system, so that the experimental tech layer has a secure backup and the operation doesn’t collapse.

Sberbank, which is about 50 percent owned by the Bank of Russia, is examining enterprise platforms like Hyperledger Fabric and Quorum (initially developed by IBM and JPMorgan, respectively) for future exploration of use cases like over-the-counter trading, trade finance, payments and mortgage lending, Abdrashitov said.

As for Masterchain, Ovchinnikova sounded more sanguine than Abdrashitov about the initial setbacks, concluding: “We’re ok with the fact that the very first trials of the new technologies don’t look close to what’s required on the production stage.”

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