News

The launch of FMX, the derivatives exchange chaired by Howard Lutnick, CEO of interdealer broker and services provider BGC Group, sets out a potentially bad picture for rival CME.

Adena Friedman, chair and chief executive of Nasdaq, said the group’s index business had a stellar first quarter as assets in exchange-traded products linked to its indices reached more than $500bn for the first time. Friedman said on Nasdaq’s first quarter results call on 25 February that the index business had exceptional momentum in the first quarter with revenue increasing 53% to $168m. Nearly three quarters, 70%, of revenue comes from the Nasdaq 100 franchise.

As multi-asset trading becomes increasingly common, firms across the industry need to be open to change, market participants advise. That being said, it’s vital to be aware of the risks that these changes bring, along with their opportunities. Read on for more coverage of TradeTech’s multi-asset conversation.

Howard Lutnick is lining up some of Wall Street’s biggest power players for a fresh challenge to the behemoth of futures trading and interest-rate derivatives, CME Group Inc. The chief executive officer of Cantor Fitzgerald got backing from Bank of America Corp., Barclays Plc, Citadel Securities, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jump Trading as he prepares to launch his new futures exchange. The firms invested $172 million for a 25.75% stake in FMX, which increases as they use the platform.

The chief executive officer of London Stock Exchange Group Plc is set to join the FTSE 100’s highest paid executives after shareholders voted to more than double his maximum pay to about £13 million ($16.2 million). Nearly 89% of shareholders voted in favor of the new directors’ remuneration policy at the firm’s annual general meeting on Thursday, according to a statement.