Latest News
Cboe Europe Derivatives Welcomes IMC as New Trading Participant
- IMC joins Cboe Europe Derivatives as direct trading participant, gaining access to the exchange’s suite of pan-European equity derivatives
- CEDX recently expanded its range of equity options and now offers contracts on over 300 European companies
AMSTERDAM and LONDON, June 17, 2024 /PRNewswire/ — Cboe Europe Derivatives (CEDX), Cboe’s pan-European equity derivatives marketplace, today announces that IMC has become a new direct trading participant, gaining access to the exchange’s range of pan-European index derivatives and equity options.
Iouri Saroukhanov, Head of European Derivatives at Cboe Europe, said: “We are thrilled to welcome IMC to CEDX and further diversify the types of liquidity the exchange is offering to its institutional and retail participants. The support of a firm of IMC’s calibre demonstrates the broad appeal of CEDX, which is lowering barriers to entry for European derivatives through its pan-European model and promotion of deep and liquid on-screen markets. We look forward to IMC’s active participation across our range of equity derivatives and supporting us on our journey to create a larger and more efficient European derivatives market.”
IMC is a leading global market maker that trades in all major asset classes on more than 100 trading venues around the world. Founded in 1989, it was one of the first trading houses to recognise the importance of technology in the fast-evolving financial markets environment and today is known worldwide for its advanced, low-latency technology and world-class execution capabilities. With offices in Europe, the United States, and Asia-Pacific, its core business is to provide essential liquidity in financial instruments, helping to make markets more efficient and add value to all market participants.
Koen Langemeijer, IMC Europe Market Making Lead, said: “We are very excited to become a direct trading participant on CEDX and provide liquidity across the exchange’s range of pan-European equity derivatives contracts. We are strongly aligned with CEDX’s ambitions to enhance and grow Europe’s derivatives markets and look forward to providing its participants with access to our exceptional levels of liquidity.”
CEDX launched in September 2021, initially offering trading in futures and options based on key Cboe Europe single country and pan-European indices, with clearing provided by Cboe Clear Europe N.V. The exchange is designed to promote on-screen liquidity and offers a single access point to pan-European equity derivatives products, creating significant operational and capital efficiencies for participants.
CEDX expanded into equity options in November 2023, and broadened its universe of these products during Q1 2024. It now offers more than 300 options on companies from 14 countries (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom). These products amount to more than 90% of current ADV and open interest for the top-600 European equity options, as of June 2024.
Further information about CEDX’s equity options products is available here.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.
Media Contacts |
Cboe Analyst Contact |
||||
Angela Tu |
Tim Cave |
Kenneth Hill, CFA |
|||
+1-646-856-8734 |
+44 (0) 7593-506-719 |
+1-312-786-7559 |
|||
CBOE-C
CBOE-OE
Cboe®, CFE®, VIX®, and Cboe Global Markets® are registered trademarks and Cboe Futures ExchangeSM is a service mark of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
Trading in futures and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts. Certain risks associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at https://www.cboe.com/us_disclaimers.
Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with IMC. Investors should undertake their own due diligence regarding their securities, futures and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein. Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and risks relating to digital assets, including winding down the Cboe Digital spot crypto market, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Logo – https://mma.prnewswire.com/media/622233/Cboe_GM_New_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/cboe-europe-derivatives-welcomes-imc-as-new-trading-participant-302174060.html
Latest News
Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse
The Hong Kong government is now concentrating on decentralized finance (DeFi) and metaverse technologies to bolster its global fintech reputation.
Recent insights from the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), back this strategic shift.
According to the HKIMR report, the DeFi sector has seen remarkable growth, with its market capitalization surging from $6 billion in 2021 to over $80 billion in 2023. Despite this rapid expansion, DeFi still accounts for only 4% of the overall crypto-asset market. The report indicates that over 70% of crypto businesses have yet to fully explore DeFi’s potential.
The report also highlights the challenges DeFi faces, such as governance, compliance, and security issues. However, it remains hopeful about DeFi’s ability to offer innovative financial services. These services can increase automation and financial inclusion, making them a significant component of future financial systems.
Metaverse Engagement Among Financial Institutions
Another report from HKIMR delves into the metaverse, showing a moderate level of engagement from Hong Kong’s financial institutions. Despite the interest, more than half of the respondents (51%) expressed doubts about the metaverse’s future potential. Nonetheless, certain segments of Hong Kong’s fintech sector are actively exploring metaverse-related developments, signaling a growing recognition of its potential.
Enoch Fung, CEO of the AoF and executive director of the HKIMR, commented on the integration of emerging technologies with financial services.
“The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.”
Promoting Hong Kong in the International Tech Scene
Hong Kong officials are actively promoting the city as a premier destination for fintech and Web3 startups. They participated in the Collision 2024 tech conference in Toronto, highlighting Hong Kong’s readiness to serve as an offshore technology hub for Canadian crypto and Web3 businesses. This event was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK).
Despite its efforts to position itself as a crypto-friendly hub, Hong Kong has seen a series of crypto exchange closures. In March 2024, HKVAEX, allegedly linked to Binance, withdrew its license application. This was followed by the exits of IBTCEX, QuanXLab, Huobi HK, Gate.HK, OKX HK, and Bybit (Spark Fintech Limited) in May. As a result, 17 virtual asset trading platforms remain on the application list, with 11 companies withdrawing or returning their license applications.
The withdrawal of license applications has sparked concerns about Hong Kong’s cryptocurrency licensing system. Hong Kong Legislative Council member Wu Shuo has publicly criticized the system, claiming it undermines market confidence. These recent closures and withdrawals underscore the challenges crypto businesses face in navigating Hong Kong’s regulatory environment.
Source: coinfomania.com
The post Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse appeared first on HIPTHER Alerts.
Latest News
Auto industry product liability and recall
India’s automobile sector has recently seen a surge of incentives aimed at attracting investment, increasing capital expenditure, and boosting domestic value addition in auto manufacturing. These policies, which include tariff reductions, duty waivers and concessions, production-linked incentives, and consumer subsidies, also bring statutory liabilities, increased regulation, and heightened oversight.
This comes amidst rising reports of manufacturing defects. Between 2012 and 2023, India documented over 5 million “moderate to serious” incidents, primarily involving fossil fuel-dependent vehicles. More recently, incidents involving electric vehicle (EV) motors catching fire have raised concerns about the safety, suitability, and adequacy of stress testing new technologies for India’s climatic and driving conditions.
Regulatory Interventions and Their Impact
Key regulatory measures include a new product liability regime with significant implications for original equipment manufacturers (OEMs) and other stakeholders in the value chain, such as component suppliers, dealers, distributors, and service providers. Significant developments include updated technical standards in manufacturing, enhanced safety norms for vehicles, and the empowerment of governmental authorities to initiate investigations, impose penalties, and order product recalls.
The Motor Vehicles (Amendment) Act, 2019 (MVA), authorizes a designated authority to recall vehicles when a defect affects the product safety of a specific number or percentage of annual sales. The MVA permits designated officers to inspect manufacturers’ premises and review records and procedures. Non-compliance with manufacturing specifications, technical standards, and safety norms can lead to vehicle recalls and penalties. The MVA holds directors and officers vicariously liable for the company’s actions, including non-executive directors who approve contravening acts through board decisions.
Enhancing Safety and Consumer Protection
While the MVA enhances manufacturing safety, the Consumer Protection Act, 2019 is consumer-focused legislation addressing product liability. It shifts the burden of proof from the consumer to the manufacturer and seller to disprove liability for specified defaults.
Implications for OEMs and Component Manufacturers
These regulatory changes require OEMs to certify that new vehicles meet improved technical standards and safety norms, involving additional testing, mandatory anti-hazard safeguards, smart management systems to prevent overcharging and short circuits, and comprehensive warranty support.
Japanese companies, among others, must note that OEMs and component manufacturers are subject to presumptive liability. The regulatory amendments necessitate OEMs to review and update product testing and commissioning processes, enhance compliance, conduct audits, and perform thorough vehicle risk assessments. Manufacturing processes must be thoroughly documented. OEMs must ensure adherence to safety norms, pre-certification, and warranty coverage, while drafting carefully worded liability management provisions in supply contracts to apportion statutory liability and costs to component manufacturers and other parties.
To mitigate product liability, OEMs should implement comprehensive and robust quality controls and testing measures throughout the manufacturing lifecycle. Third parties should conduct testing and validation, and OEMs must maintain detailed records to demonstrate due diligence and transparency. With statutory powers allowing for investigations, document reviews, and procedure recordings, OEMs must prepare for business disruption risks and potential breaches of confidentiality.
Strategic Recommendations
OEMs should regularly audit suppliers and track parts to identify defective vehicles, facilitating the assignment of liability and costs. Board procedures must be rigorous, ensuring nominees fulfill their fiduciary duties. Insurance policies must cover product liability and recall.
OEMs should develop clear escalation procedures and crisis management plans, and establish robust contracts with suppliers and partners that include warranties, indemnities, and allocated responsibilities.
Cost Implications
In the near term, these measures may increase manufacturing costs in India. Given India’s highly competitive and price-sensitive market, OEMs might find it challenging to pass these costs onto consumers.
Source: law.asia
The post Auto industry product liability and recall appeared first on HIPTHER Alerts.
Latest News
Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
A recent study by Jumio, an AI-driven identity verification and compliance solutions provider, has revealed that 78% of consumers in Singapore are prepared to switch banks due to insufficient fraud protection.
The Jumio 2024 Online Identity Study highlights the increasing concern among consumers about their banks’ ability to protect them from fraud. The study found that 75% of consumers globally, and 78% in Singapore, would consider changing their banking provider if fraud protection was inadequate.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study reveals that 75% of consumers hold their banks ultimately responsible for safeguarding against cybercrime and fraud.
The rising sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology, in particular, is being used more frequently to deceive consumers into divulging sensitive information, significantly contributing to their anxiety.
In Singapore, 78% of respondents are especially concerned about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans call for stronger cybersecurity measures, surpassing the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is increasing, with three-quarters of consumers expecting a full refund if they become victims of cybercrime.
Source: fintechnews.sg
The post Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security appeared first on HIPTHER Alerts.
-
Latest News7 days ago
Brex’s compliance head has left the fintech startup to join Andreessen Horowitz as a partner
-
Latest News7 days ago
RBI finalises fintech self-regulation framework
-
Latest News7 days ago
Treasury Prime and FS Vector team up to enhance BaaS compliance
-
Latest News7 days ago
Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation
-
Latest News5 days ago
HFM Secures Top Spot for ‘Best CFD Trading Conditions Global 2024’ by Global Business Review
-
Latest News5 days ago
Bank Midwest’s OnePlace.bank goes live with Finastra to deliver tailored financial services to the healthcare sector
-
Latest News4 days ago
Sustainability 2024 award winners are announced by World Finance
-
Latest News5 days ago
iSHANG and PSC Insurance Collaborate on Web3 “Proof of Coverage” Insurance Solution under Cyberport Web3 Proof-of-Concept Subsidy Scheme