Americas

B3
BrokerTec
Cboe Futures Exchange (CFE)
Cboe U.S. Equity Options
Chicago Board of Trade (CBOT)
Chicago Mercantile Exchange (CME)
COMEX
Fenics
ICE Futures U.S.
Mexican Derivatives Exchange (MexDer)
Minneapolis Grain Exchange (MGEX)
Montréal Exchange (MX)
New York Mercantile Exchange (NYMEX)
Nodal Exchange

EMEA

Athens Stock Exchange (ATHEX)
Borsa İstanbul (BIST)
Borsa Italiana (IDEM)
Cboe Europe Derivatives Exchange (CEDX)
Dubai Gold & Commodities Exchange (DGCX)
Dubai Mercantile Exchange (DME)
Eurex
Euronext Amsterdam
Euronext Brussels
Euronext Lisbon
Euronext Paris
European Energy Exchange (EEX)
ICE Futures Abu Dhabi
ICE Endex
ICE Futures Europe
Johannesburg Stock Exchange (JSE)
London Metal Exchange (LME)
MEFF
Nasdaq Commodities
Nasdaq Nordic Derivatives
Oslo Børs1
Warsaw Stock Exchange (WSE)

Asia/Pacific

Australian Securities Exchange (ASX)
Bursa Malaysia (BMD)
Dalian Commodity Exchange (DCE)2
FEX Global
Hong Kong Exchanges and Clearing (HKEX)
ICE Futures Singapore
Korea Exchange (KRX)3
Osaka Exchange (OSE)
National Stock Exchange of India (NSE)
NSE IFSC-SGX Connect (GIFT City)
Shanghai International Energy Exchange (INE)2
Singapore Exchange (SGX)
Taiwan Futures Exchange (TAIFEX)
Thailand Futures Exchange (TFEX)
Tokyo Commodity Exchange (TOCOM)
Tokyo Financial Exchange (TFX)
Zhengzhou Commodities Exchange (ZCE)2

Cryptocurrencies

Bitstamp
Cboe Digital1
CME Group
Coinbase
Coinbase Derivatives1
Gemini
GFO-X 1
LMAX Digital
OSL1

1In development.

2Access provided via FIX bridge through CN First International Futures Limited.

3Access provided via FIX bridge through local brokers, including Samsung Futures.

brexit 

Here it is, summer 2016, and I am contemplating at least my fourth “once in a thousand year” event in my trading career: Brexit. The others include the dot-com bubble, LTCM and the 2008 financial crisis. Truly, though, these 1,000-year floods occur with alarming regularity, although not all are so global nor impact markets so widely, e.g., gold in 1999 or Enron in 2001. One of my colleagues thought enough of my opinion to reach out to me. It was at the end of a long night, so I’m not sure how helpful I was. Perhaps this may be of more use.

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Keep Calm and Expect the Unexpected

This is not a political commentary. I’ll spare you my thoughts on the U.S. election content. Instead, I’d like to point out something that many already have: Trump has unexpectedly led the Republican field. In fact, it is not just Trump and Republicans. Bernie Sanders has been able to hang on far longer than expected in the Democratic primary despite going up against what can reasonably be described as a Clinton machine.

Is this about the glowing personality of Trump? The sound policies of Sanders? Vice versa? Probably not. Instead, I’d argue that the electorate has changed its priorities—in this case, very much trying to find an alternative to whatever it was that brought us to this moment in political time. Only now are many pundits acknowledging that or some other story as the reason for these surprise successes. It would have been far more helpful for predicting to know that before the event. And that is my point: the world has been surprised by these successes. Very surprised. Mostly the professional predictors.

Amongst the best of these predictors is Nate Silver and fivethirtyeight.com. I highly recommend Silver’s book, “The Signal and the Noise.” Yet that organization got it wrong—and not like a little wrong.

“Trump has a better chance of cameoing in another “Home Alone” movie with Macaulay Culkin—or playing in the NBA Finals—than winning the Republican nomination.” That’s not merely an incorrect prediction; that is saying an event is essentially an impossibility. Harry Enten revisited that quote in this article. Enten should be credited for acknowledging the mistake and for seeking how to address potential mistakes going forward. These are the good predictors—the people and organizations that we should be learning about predicting from. So what happened?

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Anthony Crudele started on the trading floors in 1995 when he was 18 years old, and by the time he was 21, he had become one of the youngest members of the Chicago Mercantile Exchange. He started his trading career in the S&P 500 pit and was one of the very first people to trade the E-mini S&P 500. Today, he hosts a weekly podcast called Futures Radio Show where he shares his extensive experience as a futures trader and interviews expert guests who provide insight into what’s happening in the markets. Along with the CME Group, Trading Technologies is proud to sponsor the show and be a part of the market dialogue. We put the mic on Anthony this time for another segment of “Five Questions with…”

How did you get involved in trading, and what was your path to getting where you are now?

Anthony: I got involved in trading by accident. No, an actual accident. I was just out of high school and got into a bad car crash that changed my life forever. I had a broken femur that required many surgeries. When I got out of the hospital, I had to start rehabbing my leg, so I looked in the paper and took a job as a runner at the Chicago Mercantile Exchange—figured that would strengthen my leg! I applied for the job at the CME, got it, and before no time, I was running orders in the meat pits.

From there, I moved up to clerk in the Eurodollar options, and eventually moved my way into the S&P 500 pits. I spent a year working for a handful of great S&P pit traders, and after that year, I became a member of CME…at just 21 years old. I began trading in the S&P pit, and after blowing out my first account in less than six months, I was extremely discouraged.

One day sitting outside the S&P, one of the Globex guys approached me and asked if I would try the electronic version of the S&P…sure, why not. That electronic version was the E-mini S&P, and I became one of the first people to trade it.

My career didn’t necessarily take off from there, as I did go through one more trading account before I finally found my footing and became a profitable trader. I ended up creating my own indicators and method on the screen. There was no one out there matching my style because there were no other computer traders on the trading floor! Continue Reading →

FIA’s 9th Annual International Derivatives Expo (#IDX2016) took place last week at The Brewery in London, with over 1,800 delegates attending from around the world—a record for the conference. Even with the record number, though, IDX gave us an opportunity to spend quality, face-to-face time with many peers and partners in the industry, particularly those from Europe and Asia/Pacific. TT had a brand new stand at the show’s exhibit hall, where we had sales and product managers from both Chicago and London giving demos of the key benefits and new functionality of the TT platform.

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