EXCHANGE NEWSWIRE, 23 April 2010
BM&FBovespa and Deutsche Bank reached an agreement under which the bank will issue Brazilian depositary receipts on U.S. stocks to trade in the exchange according to O Estado de Sao Paulo.
NYX CEO Duncan Niderauer called for a “pre-trade transparency reporting requirement” for dark pools.
LSE CEO Xavier Rolet said “part of the task of the MiFID review will be to put all these aspects together – microstructure, cost of operation, quality of products – and ensure that a competitive level playing field is defined.”
HKEx: HKSCC will admit OTC structured products authorised by the Securities and Futures Commission (SFC) into the Central Clearing and Settlement System.
HKEx’s Board of Directors re-appointed Ronald Arculli as Chairman of the Board for a further 2 years until the 2012 annual general meeting. Also the exchange changed the composition of the Audit Committee.
TOCOM and Singapore Mercantile Exchange signed a MoU to explore mechanisms which will enhance market liquidity and system efficiencies within each Exchange, including the joint development of new business opportunities.
Alpha ATS asked the Ontario Securities Commission for stock exchange status as it seeks to expand into the listings business.
DE Shaw MD Ted MacDonald said “there’s much less certainty about the amount of capital we commit” to clearinghouses versus cash that backs private OTC derivatives transactions.
GETCO will launch an internal crossing network in Europe.
TROW reported 1Q10 EPS of $0.57, on net revenues of $556.2 mn and expenses of $317.5 mn. Net income for the period stood at $153 mn, with AUM totaling $419 bn at the end of the period (+7% Q/Q), its highest ever.
IVZ: Invesco Mortgage Capital plans to offer 9 mn shares (with a 1.35 mn green-shoe) in a public offer to finance the acquisition of additional residential and commercial MBS and mortgage loans (on a leveraged basis) as well as for general corporate purposes.
Federated Investors reported 1Q10 EPS of $0.38 on revenues of $233 mn and expenses of $161 mn. AUM totaled $350 bn at the end of the period (-10% Q/Q).
BlackRock is targeting the $2.7 trillion 401(k) retirement market for its iShares ETFs unit and attracted $2 bn in new assets since last year according to DBR.
Schwab filed an application with the SEC to offer three new U.S. Treasury ETFs: U.S. TIPS, Short-Term U.S. Treasury and the Intermediate-Term U.S. Treasury.
Schwab selected Millennium Trust to serve as custodian for certain types of Alternative Assets.
Interactive Brokers reported 1Q10 EPS of $0.09 (-70% y/y), on net revenues of $211 mn (-29% y/y) and expenses of $146 mn(+13% y/y). COE, Thomas Peterffy, commented "the past quarter was characterized by shrinking volatilities in the equity markets, which continued to impact our market-making results; while our global brokerage business is proceeding to grow along a very high trajectory that remains unparalleled in the industry."
BEN was upgraded to "Buy" from "Neutral" at Ticonderoga. Target price was set at $140.
Janus was downgraded to "Neutral" from "Buy" at Goldman Sachs. Target price was reduced to $15 from $17.
Interactive Brokers was downgraded to "Neutral" from "Outperform" at Macquarie. Target price was reduced to $15 from $17.
EFG International was upgraded to "Outperform" from "Underperform" at CA Cheuvreux. Target price was maintained at CHF24.
US Deputy Treasury Secretary Neil Wolin told the ISDA that the Treasury does “not object to customization where managing a particular risk requires the use of a customized contract.” “But to ensure that the market in customized products does not give rise to unmanaged risk, dealers and other major swap market participants must be subject to much higher prudential standards than they are today." Wolin added.
US Senate: Democrats scheduled a 5 pm vote for Monday to begin discussing the OTC derivatives bill. Democrats need support from at least one Republican to reach the minimum of 60 votes required to have a debate on the Senate floor.
ISDA disclosed a comment letter to the CFTC saying that the proposal to impose position limits across several asset classes would severely limit liquidity in futures markets and may push traders overseas or to unregulated OTC markets.
SIFMA President and CEO, Tim Ryan, commented about President Obama’s speech on financial regulatory reform: “We share President Obama’s urgency to get bipartisan regulatory reform passed ... While we disagree on some of the details—specifically on the Volcker rule and aspects of the derivatives portion of the legislation—it should not distract us from our overall shared goal of passing responsible reform.”
Japan's Financial Services Agency extended the temporary restrictions on short selling and purchase of own stocks by listed companies.
Provided By: Equity Research Desk, www.erdesk.com