Sean Debotte has been named president and CEO of Canadian equities and fixed-income alternative trading system (ATS) operator Omega Securities, corporate officials announced today.

Debotte first joined Omega in 2011 as director of business development. He replaces Brian Crew, who departed in October 2012- the same month that Omega began opening its planned Lynx ATS to industry testing.

Officials expect that the new platform will go live on February 3, but are still waiting for the Ontario Securities Commission (OSC) to sign off on the market’s Dynamic Pricing Model that determines a maker/taker rebate for each security based on its previous month’s trading volume.

The new ATS will use the same order entry and market data protocols as the Omega ATS and will not charge market data, subscription or connectivity fees.

The only other difference, say officials, is that Lynx will use broker attribution as a default setting.

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It’s only a matter of time before more investors move away from foreign-exchange (FX) swaps to FX futures, according to the latest research from Kevin McPartland, head of market structure and technology advisory service at analyst firm Greenwich and friend of the blog.

He attributes the coming migration due FX swap’s higher regulatory and margin costs, even though regulators exempted them from many swap requirements, and the lack of need by financial users for custom FX swap products compared to their corporate counterparts.

Check out his blog for more opinions and analysis on the OTC derivatives marketplace.

 

 

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The post-trade industry utility Omgeo announced a leadership change earlier today with the planned departure of CEO Marianne Brown in the second half of February.

This is the first major management change for the company since the Depository Trust & Clearing Corp. (DTCC) acquired Thomson Reuters’ half of the joint venture in October.

Brown joined Omgeo in 2006 after being the chief executive of the Securities Industry Automation Corp.(SIAC). Industry veteran Paula Suasville Arthus will take on the role of president and CEO of Omgeo and report to Andrew Gray, managing director and head of core business management at DTCC. Prior to her new appointment, Sausville Arthus has been managing director, chief of staff and head of enterprise planning at DTCC

I’ll be curious to see what direction the DTCC plans to take its wholly owned subsidiary now that Omgeo does not have to keep a for-profit parent owner and an industry utility parent owner simultaneously.

Will DTCC let Omgeo maintain some semblance of independence or will it become a DTCC brand, like what happened to financial-intranet provider Radianz when Thomson Reuters sold it to BT in 2005?

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It’s an early Saturday afternoon before the first full week of January, which means escaping family conversations is sitting watching reruns until the your programs start up again in a week or so.

You might want to take this time to check out BTFDtv, a new online video network for traders by traders.

Don’t expect a highly polished production value like from CNBC or Fox Business and the online network is the first to admit it on its homepage: “BTFDtv has no producers, writers, editors or on air rules.”

It’s more like a Skype session than a television program, but its backers are betting viewers are more interested in the content than its delivery.

Oh, the initials? I am told that it stands for Buy the Friendly Dip. This is a family friendly blog after all.

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According to comments made by US Securities and Exchange Commission (SEC) Chair Mary Jo White during today’s annual SIFMA meeting, the industry should not expect regulatory oversight easing any time soon.

White expects the regulator to continue its use of “aggressive tools” like wire taps and stings to discover evidence of fraud. However, budget restraints will be an ongoing restraint in their use.

When asked about the SAC Capital Advisors settlement, she said that although it happened before she came to the SEC, she believed it was the right. White declined to comment on the current regulatory issues faced by SAC’s Steven Cohen since she might be sitting in judgment of him in the future.

More to come.

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