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REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse) and Iberclear (BME), has developed services that support its customers in fulfilling their reporting requirements under the Swiss Financial Market infrastructure Act (FinfraG). This act regulates derivatives trading in Switzerland.

Please refer to MIAX Regulatory Circular 2016-12 for the current Opening and Intra-day Valid and Priority Quote Width Requirements for Market Makers.

Further information on Market Maker requirements can be found at http://www.miaxoptions.com/content/market-maker-requirements and http://www.miaxoptions.com/content/market-maker-quote-width-requirements.

After a public comment period, the Federal Trade Commission has approved a final order resolving the Commission’s complaint against Oracle alleging that the company deceived consumers about the security provided by updates to its Java Platform Standard Edition software.

Total trading volume on SEFs averaged $443.5 billion per day during the month of February. Although that was down 8.6% from the previous month, the decrease resulted entirely from a drop in the volume of forward rate agreements executed or processed through SEFs. All other categories of trading were up from the previous month.

Bats Global Markets, the leading exchange operator for the trading of exchange-traded funds (ETFs), and creator of the Bats ETF Marketplace, signed a definitive agreement to acquire ETF.com, a leading provider of ETF data, news and analysis.

The Federal Reserve on Tuesday announced the selection of McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the United States payments industry.

The Securities and Exchange Commission today announced that a former market analyst and TV news commentator has agreed to settle charges that he and his company fraudulently promoted a penny stock to investors.

SIFMA’s Asset Management Group (SIFMA AMG) today announced it has submitted a comment letter to the Securities and Exchange Commission (SEC) regarding the SEC’s proposed rule governing registered funds’ use of derivatives. SIFMA AMG’s letter supports the SEC’s regulatory goals, while expressing opposition to the proposed portfolio limits and recommending important changes to certain aspects of the proposed rule, including changes to the proposed portfolio limits and asset segregation requirements.

Special Address of CFTC Commissioner J. Christopher Giancarlo Before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium Regulators and the Blockchain: First, Do No Harm

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, and Digital Asset Holdings (Digital Asset), a software company that builds distributed, encrypted straight through processing tools, today announced plans to develop and test a distributed ledger based solution to manage the clearing and settlement of U.S. Treasury, Agency, and Agency Mortgage-Backed repurchase agreement (repo) transactions. Repo agreements were selected for this proof of concept because there is an opportunity to streamline how these products are cleared, as repo transaction volumes continue to grow.

Introduction

The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today is announcing the Hyperledger Project has filled key leadership positions and is welcoming new members. The Hyperledger Project is a collaborative effort to establish, build and sustain an open, distributed ledger platform that will satisfy a variety of use cases across multiple industries.

On Tuesday, Deutsche Börse announced unscheduled changes to MDAX. As a result of the expected acquisition of Wincor Nixdorf AG by the acquirer Diebold, Incorporated, the Wincor Nixdorf AG current share class (ISIN DE000A0CAYB2) in MDAX will be replaced with the tendered share class of Wincor Nixdorf AG (ISIN DE000A169QN2). All changes will become effective on 01 April 2016.

Lombard Risk (LSE: LRM) today announced that COLLINE v 14.1 includes functionality which enables its client base to address the new standards and meet the global regulatory deadlines for the un-cleared margin rules. With five of the leading global investment banks impacted by the Phase 1 September 2016 deadline as clients, Lombard Risk made it a priority to go to market well in advance of the regulatory deadlines to enable these prestigious institutions the ability to prepare accordingly.

NZX today published its Annual Report for the year ended 31 December 2015.

We study in detail and explicitly solve the version of Kyle's model introduced in \cite{BB} where the trading horizon is given by an exponentially distributed random time. The first part of the paper is devoted to the analysis of time-homogeneous equilibria using tools from the theory of one-dimensional diffusions. It turns out that such an equilibrium is only possible if the finaly payoff is Bernoulli distributed as in \cite{BB}. We show in the second part that the signal that the market makers use in the general case is a time-changed version of the one that they would use if the final pay-off had a Bernoulli distribution. In both cases we characterise explicitly the equilibrium price process and the optimal strategy of the informed trader. Contrary to the original Kyle model it is found that the reciprocal of market's depth, i.e. Kyle's lambda, is a uniformly integrable supermartingale. While Kyle's lambda is a potential, i.e. converges to $0$, for the Bernoulli distribured final payoff, its limit in general is different than $0$. Also, differently from \cite{BB}, we give an in-depth analysis of the admissible pricing rules for the market makers using techniques from the progressive enlargement of filtrations.

Economic agents are exposed to the uncertain outcomes of future events. By enabling the exchange of securities, financial markets allow agents to reallocate their exposures in more efficient and mutually convenient arrangements to reduce perceived risks. The complexity and changing nature of the world in which agents operate make all markets incomplete, which means that there is scope for further risk reduction by the introduction of new market securities -- financial innovation -- to cover previously un-priced risks. This paper provides a convenient mathematical framework to solve the problem of dynamic equilibrium pricing and optimal design of new financial securities. Our mathematical tool for studying trading market equilibria is a novel theory of backward stochastic difference equations (BSÎEs) in discrete time, which we develop in analogy to the currently incomplete theory of backward stochastic differential equations (BSDEs) in continuous time. The new tool is used to define a ...

New for the third edition, chapters on: Complete Exercise of the SE Process, System Science and Analytics and The Value of Systems Engineering

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JANUARY TO DECEMBER 2015 STATISTICAL REPORT

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