EXCHANGE NEWSWIRE, 5 February 2010
CBOE members would vote on April or May on an IPO proposal. CBOE is analyzing different dividend schemes to build member support for an IPO. It would also offer to buy back shares.
ICAP lowered its FY2010 EBITDA forecast to GBP295-GBP315 mn. CEO Michael Spencer said its taking longer for new businesses to achieve profitability. Icap will acquire TriOptima (the 61.78% it didn’t own) for EUR109 mn in cash.
ICAP’s Mark Yallop said “if there is some crumbling of the global consensus as to what needs to happen I see that as an advantage, not a threat. It’s arguably not as good for the global taxpayer or for those who believe that a tough and consistent solution needs to be developed to prevent something like this happening again but that may be the political reality that the world is forced to work [with].”
NASDAQ OMX Nordic president, Hans-Ole Jochumsen, expects volume to increase 25% in FY10 as a result of the rollout of the new high-speed INET trading platform (will be lauched next Monday) and the CCP clearing and tick-size harmonization (launched on October).
CME CFO Jamie Parisi said banks´ trading desks account for 13% of volume and only 8-9% of revenues, as they get volume discounts. “If you look again and say ‘of that trading that they’re doing, how much of it is true speculative trading versus how much of it is hedging their books?’ you haircut it again,” Parisi said
Direct Edge expects to gain exchange status by 2Q10.
MF Global CEO Bernard Dan said he will write to regulators to object CME’s CDS clearing service because it commingles CDS margins with exchange-traded futures margins.
SGX successfully migrated SESDAQ companies to the Catalist sponsorship regime. There are now 130 companies listed on Catalist, where 21 are new listings and 109 have now appointed Sponsors.
Bursa Malaysia’s CEO, Yusli Mohamed Yusoff, expects to double the number of IPOs in Malaysia in 2010 to 28.
BM&FBovespa’s CEO, Edemir Pinto, expects 2010 IPOs to exceed the 2007 record.
LME approved Jaypee International as an Associate Trade Member (Category 5).
LME’s Chairman, Donald Brydon, will step down in the next few weeks. Mr. Brydon served as LME’s Chairman since Sep-2003.
DB1: Helikos carried out its IPO on 4-Feb, being Frankfurt Stock Exchange’s first IPO of a company listed on the Prime Standard during 2010 and the first special purpose acquisition company to be listed on DB1.
Wiener Borse: Prime market January turnover was €6.4 bn. On the Bond Market, Financial Sector all instruments turnover was €101.2 mn.
RTS FORTS the evening trading session set a new derivatives market trading record of RUB22.7 bn (USD757 mn) on 4-Feb.
ROFEX Financial Derivatives Division´s volume was 4.5 mn contracts in January, up 55% Y/Y.
TMX: BOX selected Firm58 to automate its billing processes. Firm58's Softwar as a Service solution allows BOX to manage bill calculation, invoice presentation and delivery, and revenue reporting.
RJ O’Brien was admitted to membership in the Investment Industry Regulatory Organization of Canada, enabling the future broker to open RJ O´Brien Canada.
TD Ameritrade: TD Bank’s CEO said the Bank is dismantling its advisor unit and will refer clients to TD Ameritrade.
Julius Baer reported a 2009 EPS of CHF1.88 (+42% Y/Y) and net profit of CHF473 mn (+7% Y/Y). Operating income declined -5% Y/Y and operating expenses declined -8% Y/Y. AUM increased +19% Y/Y to CHF154 bn with net new money of CHF4.6bn (+4% annualized). BIS tier 1 ratio was 24%. A CHF0.40 per share dividend will be proposed.
State Street will pay $313mn to settle a case with regulators that alleged that the company "gave preferential treatment to some investors over others, leaving many investors completely unaware of key facts” about the $13bn Limited Duration Bond Fund in 2007.
Euroclear: Xtrakter FY09 end of year Fixed Income new issuance was valued at USD3.7 tn (+8.2% Y/Y), asset backed new issuance accounted for USD469 bn). International capital market size stands at USD14.7 tn (+14.8% Y/Y).
BlackRock will lease a major office development in the City of London. The agreement is based upon a 25-year lease at £49 (€56) a square foot, with a rent-free period of three years.
MasterCard was upgraded to "Outperform" from "Market Perform" at Wells Fargo. No target price was provided.
MasterCard was upgraded to "Strong Buy" from "Buy" at Duncan Williams. Target price was maintained at $300.
US Treasury Secretary Geithner testified yesterday before the Senate Budget Committee defending the 2010 budget and calling for a reduction in the fiscal deficit which “in the current fiscal year is expected to reach 10.6 percent of GDP” and plans to reduce it to 3% by 2015. The plan stipulates that “the income earned on a so-called "carried interest" be taxed as ordinary income and not at preferential capital gains rates” and includes “the President’s Financial Crisis Responsibility fee to be imposed on our largest financial firms” which “can and will be extended until every penny of taxpayer assistance from TARP has been repaid.”
US Senator Maria Cantwell said “the House of Representatives has passed legislation riddled with loopholes, which will not result in change. I will be fighting in the Senate to pass strong legislation to repair the failed financial regulatory system, and I will be working to close all loopholes to prevent any return of risky business."
Provided By: Equity Research Desk, www.erdesk.com