Timber Hill Canada to abandon IIROC membership

Maria Nikolova

Timber Hill Canada, which is one of the subsidiaries of Interactive Brokers, intends to resign its IIROC membership.

The Investment Industry Regulatory Organization of Canada (IIROC) has posted a brief notice on its website concerning Timber Hill Canada Company.

In the notice, published on September 20, 2019, IIROC says it has been informed that Timber Hill Canada Company intends to resign its membership. The resignation process has been initiated and Members will be informed of the effective date of resignation.

Timber Hill Canada, formed in 1998, is listed as an operating subsidiary of Interactive Brokers Group. Interactive Brokers conducts its market making business principally through its Timber Hill subsidiaries.

In March 2017, Interactive Brokers announced its intention to discontinue its options market making activities globally. Back then, Thomas Peterffy explained that “Today retail order-flow is purchased by large order internalizers and joining them would represent a conflict we do not wish to have. On the other hand, providing liquidity to sophisticated, professional synthesizers of short-term fundamental, technical and big data is not a profitable activity”.

Additionally, in the end of September 2017, Interactive Brokers completed the transfer of its U.S. options market making operations to Two Sigma Securities, LLC. The US options market-making business of Interactive Brokers used to be conducted by its Timber Hill affiliate. Upon completing the acquisition, TSS assumed about 1,300 exchange specialist assignments previously operated by Timber Hill.

Interactive Brokers also exited the majority of its market making activities outside of the United States by December 31, 2017.

Read this next

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

Retail FX

Saxo Bank reports lackluster volumes for November; FX up 40% YoY

FX trading volumes through Saxo Bank’s platforms improved slightly in November, extending its volatile curve as investors continued to weigh central banks’ policy against concerns over a global economic slowdown.

Executive Moves

CMC Markets taps Finalto’s Julia Free to head UK compliance

CMC Markets PLC (LSE:CMCX) has onboarded Julia Free as its newest head of UK compliance as part of a broader organizational reshuffling at the UK’s biggest spread better.

Digital Assets

Ankr successfully patches hack, will reimburse victims and take actions to prevent further attacks

DeFi protocol Ankr plans to reimburse its affected users after a hacker managed to exploit a bug in its code that allowed for unlimited minting of its liquid staking token.

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.

<