EXCHANGE NEWSWIRE, 21 April 2010
Cantor Fitzgerald received CFTC approved the Cantor Futures Exchange application for a designated contract market and Cantor Clearinghouse as a derivatives clearing organization. The application to launch box office receipt contracts is still under review.
LSE is studying a new price structure for high-frequency traders to attract users who generate the most liquidity. Testing will begin on May 4 and will last three months.
NYX: NYSE Arca Europe started giving customers access to the 100 most liquid U.S. equities, featuring 86 NYSE listed companies and 14 other listings with settlement made at DTCC.
NYX: Deutsche Telekom plans to delist its ADRs from the NYSE.
Knight 1Q10 EPS from continuing operations was $0.30, down from $0.33 a year ago. Revenues from continuing operations rose 16% Y/Y to $284.2 mn, with equities revenues up 10% to $219.4 mn and FICC revenues up 30% Y/Y to $67.8 mn. Due to higher compensation costs, pre-tax margins declined in both divisions. Analysts were expecting EPS of $0.34 on revenues of $302 mn.
Knight dollar ADV in US equities was $25.4 bn in March, up from $21.6 mn a year ago. Knight Direct ADV recorded a two-fold increase to 126 mn shares. Hotspot FX ADV rose 56% Y/Y to $32.2 bn.
NASDAQ OMX Helsinki started trading six new ETNs with up and down double leverage on Nokia, Fortum and UPM-Kymmene shares issued by Commerzbank.
HKEx: BNP Paribas said is in talks with a Russian company about a potential IPO in Hong Kong.
SGX proposed amendments to its clearing rules to facilitate the settlement of OTC derivative contracts (such as IR swaps and FX forwards) and the introduction of banks as Trading Members in the securities market.
JSE is close to launching an on-exchange anonymous trading functionality called Block X.
DFM appointed a new board of directors for a three year term. The BoD is integrated by Abduljalil Yousef, Rashid Hamad Alshamsi, Mussabeh Mohammed Belgaizi, Ali Rashid Al Mazroui, Adil Al Fahim, Mohammed Humaid Al Miri and CEO Essa Abdul Fattah Kazim.
The United Stock Exchange of India Limited (USE) received final approval from SEBI to operate in currency futures in pairs of INR versus the US Dollar, Euro, Pound Sterling and Japanese Yen. As a result the Bombay Stock Exchange officially suspended its operations in the Currency Derivatives Segment.
NZX appointed Justin Bgoni as CFO. Mr. Bgoni worked as a Finance and Operations Director at several companies over the past six years.
The London Metal Exchange (LME) appointed Sir Brian Bender KCB as Chairman of both its Holdings and Limited Boards, taking over from Donald Brydon. Sir Bender previously worked on the civil service as Permanent Secretary of Department for Business, Enterprise and Regulatory Reform.
The Egyptian Exchange (EGX) entered into an agreement with MillenniumIT that will provide a Trading Surveillance System (TSS) to the exchange.
Nordic Growth Market rescheduled the launch of its new trading system Elastica for October 11.
Thomson Reuters launched Elektron, its new global, ultra-high speed data distribution platform.
RealTick expanded its options functionality that provide clients with enhanced spread trading capabilities and tools for trading in European, Asian and US markets.
Visa has agreed to buy CyberSource for $2 billion or $26 a share in a bid to increase its e-commerce business. The transaction will be completed by 4Q10 and will dilute V earnings by four or five cents that quarter. CyberSource processes 25% of all e-commerce transactions in the United States.
Calamos reported $33 bn in AUM at the end of March (+3.4% M/M; +40% Y/Y).
TROW was upgraded to “overweight” from “neutral”, target price was increased to $67 from $66.
JNS was downgraded to “underweight” from “neutral”, target price was increased to $15.00 from $14.50.
Schwab was upgraded to "Buy" from "Hold" at Sandler O'Neill. Target price was raised to $21.50 from $19.00.
US Senate Agriculture Committee Chairman Blanche Lincoln’s draft legislation on OTC derivatives may put index derivatives under the jurisdiction of the CFTC, OCC head of government relations Susan Milligan said, according to Bloomberg. The proposed bill would also impose a fiduciary duty on swap dealers transacting with municipalities and pension plans.
The ERISA Advisory Council recommended that the Obama Administration establish “a national retirement policy and new retirement plan models”. The recommendation was made in 2009 but only recently made public.
The SEC could file charges against Lehman Brothers because it "filed misleading financial reports and failed to disclose material accounting information."
The SEC is considering new rules for banks that would prevent financial firms from lowering their leverage before reporting deadlines to reduce their reported risk exposure.
FASB may review repo accounting rules when the SEC completes its examination of the accounting practices of the largest banks in the US.
The IMF proposed G-20 nations to tax banks’ balance sheets and profits to prevent another financial crisis.
A Hedge Fund Research report revealed that hedge fund assets collectively manage about $1,670 bn in assets, just 2% below the all-time high watermark of October 2007.
Provided By: Equity Research Desk, www.erdesk.com