EXCHANGE NEWSWIRE, 10 May 2010
NASDAQ OMX and NYSE Euronext jointly announced they are committed to working closely with each other, the SEC, other regulators and all market participants to determine the cause of Thursday’s market crash and to develop effective solutions promoting greater market stability, efficiency and transparency.
NYX CEO Duncan Niederauer commented on NYSE´s switch to manual trading during the market plunge on Thursday. "We're simply slowing down the race car when we think it's dangerous, and I think it's the right thing to do," Niederaurer said. "Maybe it's better for the industry to respect that."
NASDAQ OMX Tallinn Stock Exchange was included in the UK tax office’s favored stock exchanges list.
LSE head of post-trade services Kevin Milne said: “trying to reconcile our accurate analysis with something –the Oxera study on trade and post-trade costs- that is based on spurious assumptions and outdated data makes little sense for anyone.” Euroclear responded: “We, nor our clients could reconcile the LSE’s statements made earlier this year that post-trade costs represented two-thirds of the cost of an LSE transaction. The Oxera report findings, validated by clients, show that overall post-trade costs represent only 17% and support our belief that Euroclear’s proportion of the total cost of a LSE trade is under 5%.”
LSE: Borsa Italiana halted temporarily its ETFPlus market because of “technical problems.” Trading will resume at 2:25 pm CET.
DB1: Scoach connected FINAM Limited, a Russian online broker based in Cyprus, and CONCORDE Értékpapír, an Hungarian online broker.
UBS appointed Dr. Robert Barnes as CEO of UBS MTF, a non-displayed order-book for crossing orders in European stocks currently seeking approval from UKs FSA. Barnes has been with UBS Investment Bank for over 16 years, serving as Head of Market Structures for the past five years.
ITG US ADV decreased 19% Y/Y to 165 mn shares in April.
Liquidnet added Estonian and Lithuanian equities to its platform.
Clearstream value of assets under custody increased 7% Y/Y to € 10.9 tn. International transactions increased +31% Y/Y to 3.1 mn and international OTC bond transactions increased +16% y/y to 1.7 mn.
ADSX’s Head of Market and Product Development, Elie Ghanem, indicated that operational consolidation between the region’s stock exchanges is the best answer to markets fragmentation issues.
Thomson Reuters is launching an online video platform for the financial services community on its terminals.
Tradeweb unveiled direct access to Asian dark pool BlocSec via Autex Trade Route.
Artio Global was upgraded to "Neutral" from "Sell" at Ticonderoga. No target price was provided.
Fortress was upgraded to “Buy” from “Neutral” at Goldmans Sachs. Target price was raised to $7.50 from $5.00.
EFG was upgraded to “Buy” from “Hold” at Kepler Capital. Target price was raised to CHF22 from CHF12.
EU Internal Market Commissioner Michel Barnier called for tougher sanctions against any “abnormal speculative action." "I think that all inquiries made by the European authorities need to be rigorous, fast and coordinated...and the sanctions need to be exemplary, Barnier said."
CESR published a consultation paper to review MiFID, covering non-equity markets transparency. The period for comments ends June 4.
CESR decided to intensify their monitoring of the securities and derivatives markets, in particular for potential breaches of conduct of business rules and cases of market abuse. CESR plans to liaise with non-European regulators to ensure global co-ordination.
US House Representative Paul Kanjorski (D-Pa), who chairs the House Capital Market Subcommittee, will hold a hearing on Tuesday looking into Thursday's market activity.
SEBI will publish a draft paper on physical settlement in equity derivatives.
Provided By: Equity Research Desk, www.erdesk.com