EXCHANGE NEWSWIRE, 07 May 2010
NASDAQ canceled all trades executed yesterday between 14:40 and 15:00 greater which were over 60% away from the consolidated last print in that security at 14:40 or immediately prior. NASDAQ canceled trades in almost 300 stocks. NASDAQ OMX said it had no technology or system issues yesterday.
The SEC and the CFTC announced they are working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place yesterday. Regulators will make public the findings of the review along with recommendations for appropriate action.” NASDAQ OMX CEO Robert Greifeld “We were certainly engaged with the SEC and others. They were definitely involved and so was the Treasury.” Greifel added that “a circuit breaker at a stock level can help.” NYX CEO Duncan Niederauer said “the regulators are poised to do the right thing. I say let’s let them do their work here.”
BATS CEO Joe Ratterman commented on yesterday’s unusual market activity that the differences in order handling employed by US market centers must be addressed and called for cooperation among market centers. Ratterman said “NYSE’s slower mode may hamper the broader market.”
Goldman Sachs Electronic Trading unveiled a Smart Order Router Iceberg designed for fragmented European equities market.
CME said its markets functioned properly yesterday despite significant market activity. CME Clearing participants didn’t not experience any difficulties as a result of market events yesterday and all clearing members remain in good standing having met all financial obligations to the CME Clearing House. Before the stock market melted down yesterday, there was big trading in the S&P 500 E-mini futures contract. CME said activity by Citigroup in stock index futures markets “did not appear to be irregular or unusual.”
CME declared a dividend of $1.15 per share, payable on June 25 to shareholders of record on June 10.
DB1: Eurex introduced options on three TFs: db x-trackers MSCI Emerging Markets TRN, MSCI World TRN and MSCI Europe TRN, available for trading on May 17.
NASDAQ OMX Stockholm started trading in ten new EFTs issued by Deutsche Bank's db x-trackers: DJ STOXX 600 Oil & Gas, DJ STOXX 600 Oil & Gas Short Daily, EURO STOXX 50 Leveraged Daily, EURO STOXX 50 Double Short Daily, LEVDAX Daily MSCI ASIA ex JAPAN TRN Index, MSCI Pacific ex Japan TRN Index, SHORTDAX X2 Daily, S&P 500 2X Inverse Daily and S&P 500 2X Leveraged Daily.
HKEx appointed Mr Wong Sum Fai as the Chief Financial Officer and Head of Finance and Administration. He was previously Finance Director of Hutchison Port Holdings.
LSE: Essar Energy became the largest Indian IPO in the exchange, raising £1.3 bn.
ASX said it doesn’t use circuit breakers to halt the market and they “have error resolution rules and a dispute committee that allow for the prompt assessment of fair price and the need for corrections.”
United Stock Exchange of India appointed Mr. Arun Ramanathan and Mr. Dipak Chatterjee as independent directors of its BoD. Mr. Arun Ramanathan was previously Union Finance Secretary and Mr. Dipak Chatterjee was previously Union Commerce Secretary.
South Asian Federation Of Exchanges appointed Joseph Massey as Chairman
Charles Schwab plans to double its ETF offering over the next 12 to 18 month, according to senior vice president, Peter Crawford, at the annual membership meeting of the ICI.
BM&FBovespa was upgraded to “Buy” from “Neutral” at Goldman Sachs. Target price was raised to R$15.50 from R$14.50.
Fortress was upgraded to “Outperform” from “Neutral” at Macquarie.
Cielo was downgraded to “Neutral” from “Buy” at Goldman Sachs. Target price was reduced to R$20.10 from R$20.90.
The European Economic and Social Committee endorsed the European Commission’s proposal on the regulation of alternative investment funds and calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
US House Financial Services Subcommittee Chairman Paul Kanjorski sent a letter to SEC Chairman Mary Shapiro asking to detail the SEC´s views on what caused the meltdown yestreday. “We cannot allow a technological error to spook the markets and cause panic. This is unacceptable,” Kanjorski said.
US Senate Agriculture Committee Ranking Republican Saxby Chambliss (R., Ga.) along with Senate Banking Committee members Judd Gregg (R., N.H.) and Bob Corker (R., Tenn.) seek to amend proposal in the financial bill that would prevent clearinghouses and banks that deal in swaps from being eligible for Fed assistance, WSJ reported.
Provided By: Equity Research Desk, www.erdesk.com