Summit Notebook

Jon Stewart’s brother says mom ‘pretty happy with both’

March 29, 2010

EXCHANGES-SUMMIT/A bit grayer and world wearier, maybe, but there’s no mistaking the family resemblance between NYSE Chief Operating Office Larry Leibowitz and his kid brother Jon Stewart. Unlike the Daily Show host, Leibowitz mostly keeps a low profile, although he did find himself in the spotlight even before his appearance at the Reuters Global Exchanges and Trading Summit on Monday. The Wall Street Journal interviewed him in a story about the NYSE’s effort to turn some high frequency traders — who have been chipping away at the exchange’s business — into exchange floor traders.

Avoiding another financial crisis

March 26, 2010

The Global Exchanges & Trading Summit takes place as lawmakers and regulators craft new rules to avoid a repeat of the financial crisis. The rising chorus for more transparency in capital markets could drive a host of new derivatives to exchanges and clearinghouses, propelling them out of the recession, but growing calls for a clampdown on speculation and automated trading could hit some of the world’s most powerful dealers and investors, undercutting the exchanges that rely on them. High-frequency trading is behind much of the spike in volumes over the last year, but as volatility drops from crisis-era highs, traders of all kinds are forced to reevaluate strategies, and exchanges are maneuvering to attract that business. A couple years after a period of blockbuster mergers, investors wonder whether the heavyweight exchange operators are angling for another round. Join us March 29-31 as we ask some of the biggest players in the industry to share their insights and outlook for the industry at the Reuters Global Exchanges and Trading Summit which will take place in New York, London, Hong Kong.

Six months a long time for BSE’s Kannan

November 24, 2009

When 36-year old Madhu Kannan took over the reins at the Bombay Stock Exchange (BSE) earlier this year, he was faced with the task of turning around Asia’s oldest bourse, which had lost market share to tech-savvy new rivals.

Video – NYSE: price test at all times

May 12, 2009

NYSE Euronext says any new rule related to short selling should be similar to the old so-called bid test, a type of “uptick rule” that only allowed shorting at a price above the highest available bid.

Video – Nasdaq looks to attract IPOs

May 12, 2009

Nasdaq OMX Group, the transatlantic exchange operator, says it expects to work hard this year to try and lure new companies looking to list publicly even as competition among exchanges continues to rise.

For a banker, no panic in China

November 6, 2008

“Well insulated” China, though suffering from sharp drops in its own equities markets, doesn’t have the sense of crisis that exists in the U.S., says Philip Partnow, managing director of UBS Securities Ltd in Beijing. UBS, the first Western bank to assume management control of a domestic mainland brokerage, points out the fact that what’s hitting companies is not subprime-related securities gone bad.

My Ferrari is faster than your Ferrari (Audio)

May 6, 2008

ferrari.jpgDavid Harris, the president and chief executive of CBOE’s relatively new stock exchange, says that in the race to New York, Chicago-based options traders will never beat out New York-based options traders looking to hedge the liquidity they just provided.

CBOE to keep trading floor ‘for the foreseeable future’

May 6, 2008

bellringing_081106.jpgDespite a widespread movement in the world of stock, options and commodities exchanges to replace floor traders and specialists with computers, that won’t be happening anytime soon with the floor of The Chicago Board of Options Exchange, says William Brodsky, its chairman and chief executive.

CME Chairman Duffy on being a political football

May 5, 2008

duffy.jpgTerry Duffy, the chairman of CME Group, which owns the world’s largest derivatives exchange, says he realizes the Merc can be an easy scapegoat at a time when food prices are soaring. When politicians start to talk about the evils of “speculators”, criticism of the main venue where they make their bets on wheat and other crops can’t be far behind.