EXCHANGE NEWSWIRE, 04 June 2010
SGX said that 40% of its broking members, numerous proprietary trading firms and several vendors have chosen to relocate to its new co-location service months before its launch on 1Q11.
NASDAQ Dubai will migrate trading of equities to DFM’s X-Stream trading platform, starting on Sunday June 27, 2010. Clearing and settlement will also move to DFM's systems.
CBOE started trading weekly options on the SPY, QQQQ, DIA and IWM.
LSE: Raffaele Jerusalmi joined the Board of Directors as an Executive Director and Gay Huey Evans and Paul Heiden joined the board as independent Non-Executive Directors. Heiden will chair the Audit Committee, while Huey Evans will join the Audit and Remuneration Committees.
BM&FBovespa: new currency futures contracts introduced on Monday had a slow start. During the week, the volume in futures on the Mexican peso, the most popular among new contracts, was 985 contracts, compared to ADV of 400,000 in other FX futures.
NYX US cash equities matched ADV rose 3% Y/Y in May 2010. Liffe ADV ex Bclear reached 4.9 mn contracts up 52% Y/Y, driven by 57% higher fixed income products ADV. US options ADV rose 90% Y/Y to 4.8 mn contracts while market share was 26%. European average daily transactions 1.0 million transactions up 37.3% Y/Y.
BNY’s ConvergEx developed “SONAR”, a new block trading platform for mid-tier broker consortium Mahogany Partners. Through SONAR, Mahogany members will access external block liquidity as well as cross blocks between themselves electronically.
Knight’s CEO Thomas Joyce said that about 40,000 trades were adjusted on May 6 “because the prices were wrong.”
CME was upgraded raised to "Hold" from "Sell" at Portales Partners. No target price was indicated.
SGX was upgraded to "Neutral" from "Underperform" at CIMB-GK Securities. Target price was kept at SGD8.38.
Visa said there is no change in the way it handles transactions, responding to media reports saying it would block China UnionPay co-branded cards overseas.
CFTC Chairman Gary Gensler said the clearing exemption for end users is better crafted in the Senate bill because it is "narrow and explicit." “Every exemption, exception or loophole could weaken the legislation, leave risk in the system and strengthen Wall Street’s information advantage,” Gensler said. Gensler added that "there seems to be a growing consensus moving forward, particularly between the EU Commission and US regulators" on requiring central clearing for derivatives, higher capital for swaps dealers and more transparency for trading venues.
CFTC Commissioner Scott O'Malia said the Commission will scrutinize high-frequency trading. The CFTC is working on a report with proposals on co-location, account ownership and control reporting.
Provided By: Equity Research Desk, www.erdesk.com