Brazil’s B3 overtakes CME as the largest derivatives exchange; Citi group launches a futures trading algorithm; Bitcoin prices slump on false news; LME closes the trading ring.
Brazil’s B3 overtakes CME as the second largest derivatives exchange
According to the latest survey from the Futures Industry Association (FIA), Brazil’s B3 has over taken CME as the second largest derivatives exchange based on volume. Earlier in 2020, India’s NSE overtook CME to be the largest derivatives exchange.
Within the year 2020, CME saw a total volume of 4.8 billion contracts, while B3 traded 6.3 billion. India’s NSE retained the top spot with 8.8 billion contracts traded in the year.
Citi launches new derivatives trading algorithm
Citi group launched their new derivatives trading algorithm, Arrival. The algorithm tries to minimize the deviation of the actual price from pre-identified benchmarks such as VWAP, TWAP and Closing Price.
Citi’s Gordon Ball, the Head of Futures Electronic Execution said “Our clients don’t want to enter numerous parameters to execute an order. The complexity of operating an intelligent algorithm and fine tuning customizations sits with us, so our clients can focus on their overall investment and trading objectives.”
Bitcoin prices slump on false news
Bitcoin prices crashed to less than 30000 USD on Friday’s trading, down from 37000 USD+ from the weekly high. Many believe that a false news report from Bitmex on a possible double spend of bitcoin. The news initially suspected that this was a real incident, and if had been so would have broken one of the most fundamental rules of bitcoin and similar DLT based applications.
LME closes the trading ring
LME is one of the last exchanges to maintain a physical floor and a trading ring. Started in 1877, the ring was continually run for 144 years except for temporary closures during WW2. The ring was closed temporary in 2020 due to Covid-19 pandemic. Officials have now stated that the ring will close down for good.
