image EXCHANGE NEWSWIRE, 28 April 2010

CBOE members will vote on May 21 on demutualization and IPO plans. CBOE will issue 90.7 million shares to its seat holders, and an additional 10 million shares to be issued afterwards. CBOE set a $2.5 bn valuation floor for the IPO ($25 per share) and admitted that the SEC’s $0.30 proposed cap on trading fees could reduce revenues by $14.2 mn p.a.

NASDAQ OMX decided to close its MTF, NASDAQ OMX Europe (NEURO) after assessing the financial prospects of the NEURO business. NASDAQ OMX will maintain its existing data centers in London and continue to support its trading and market data operations, run the UK power exchange N2EX, and support its international listings business.

 

 

 

TMX 1Q10 EPS rose 14% Y/Y to C$0.66, 14% up Y/Y and 1 cent above consensus. Revenues were in line with consensus at $140 mn, up 2% Y/Y. Listing fees rose 37% Y/Y on a billed basis to C$49.3 mn, while trading and clearing fees were flat at C$59 mn due to higher cash and energy trading revenues and lower derivatives trading revenues. Market data revenues were down 3% Y/Y to $38 mn. TMX managed to curve expenses by 2% to $70 mn. The company declared a dividend eligible for tax purposes of C$0.38 per share share outstanding, payable on May 28to shareholders of record as of May 14, 2010.

TMX: Chile is seeking an agreement with TMX to dual list mining companies in Toronto and Santiago; Chile’s Deputy Mining Minister said in an interview with Bloomberg.

MarketAxess 1Q10 EPS doubled from a year ago to $0.17, in line with consensus estimates. Revenues were up 42% Y/Y to $34.9 mn, driven by a 44% increase in commissions and a 56% increase in technology products. Analysts expected revenues of $34.6 mn.

Chi-X plans to start operating in Australia by October 2010.

CME sent a letter to the CFTC saying the proposal to impose stronger position limits on energy trading lacks the required "factual and statutory" support. 

NASDAQ OMX Commodities introduced Inter Commodity Spread Credit (ICSC) service which provides collateral benefits to members by giving credit to off-set positions in products with sustained price correlation when calculating margins.

NASDAQ OMX: International Derivatives Clearing Group (IDCG) began clearing  US dollar interest rate swap vs. 1 month floating rate, US dollar forward start interest rate swap vs. 1 month floating rate, US dollar overnight index swap (OIS), US dollar 1 month forward rate agreement (FRA) and US dollar 3 month forward rate agreement (FRA).

DB1 started trading the iPath VSTOXX Short-Term Futures Total Return ETN, issued by Barclays.

BM&FBOVESPA set a record 103,885 trades in its derivatives segment. Yesterday’s trading session registered 4,757,915 contracts traded and a financial volume of R$310 bn.

Hellenic Exchanges: Greece’s securities regulator banned short-selling on the Athens Exchange until June 28.

BATS Options rolled out trading in 500 more securities and will complete the rollout by May 17.

The Indonesia Commodity and Derivatives Exchange postponed the introduction of a palm oil contract from April 30 to May 21 as more time was needed to prepare the trading systems.

Bursa Malaysia plans to invite GCC banks to become members of Bursa Suq Al-Sila (Islamic Finance) according to the Business Times.

RTS Realtime Systems rolled out its new low latency, event-based algorithmic trading solution to the first group of advanced traders at UOBF Schneider in Singapore.

BEN reported 1Q10 EPS of $1.55 (+0.6% q/q) on revenues of $1,413.1 mn (+2.6% q/q; +55%). AUM increased +6% q/q (+50% y/y) to $587 bn on net new flows of $17.4 bn.

IVZ reported 1Q10 EPS of $0.21 (-16% q/q) on net revenues of $544.4 mn (-3.8% q/q; +32.3% y/y). Average AUMs declined -0.8% q/q (+19% y/y) to $419.6 bn on net outflows of $6.9 bn.

SEI reported 1Q10 EPS of $0.31 (+72% y/y) on revenues of $221.5 mn (-11% y/y). Total assets increased +0.6% q/q (+11% y/y) to $394 bn.

WDR filed to launch a the Ivy Asset Strategy New Opportunities Fund, similar to the $22.9 bn Ivy Asset Strategy Fund, but with an equity focus on global small and mid-cap companies.

AMG was added to the “Top Picks Live List” at Citigroup.

Waddell & Reed was removed from the “Top Picks Live List” at Citigroup.

Brazil’s National Monetary Council will be allowed to set rules on credit card fees and to regulate credit card companies under a proposal by the Justice Minister.

Provided By: Equity Research Desk, www.erdesk.com