EXCHANGE NEWSWIRE, 14 June 2010
CFTC proposed a rule that seeks to provide equal access and fair pricing for co-location services. It plans to “ensure that cost is not used as a means to deny access to some market participants by pricing them out of the market.” The agency wants to ensure that high-frequency and algorithmic strategies “do not have a negative impact on the stability of commission-regulated futures and options markets.” Comments on the proposal can be submitted until July 12.
UK Business Secretary and member of the House of Commons Commission on the future of Banking Vince Cable wants to separate retail and investment banks. "The coalition agreement is quite explicit (...) The purpose of this commission is to look at the separation of retail and investment banking, that's the terms of reference," Calbe said in an interview with Channel 4.
LSE: Tokyo AIM Chairman and former head of equity markets David Shrimpton resigned for undisclosed reasons.
NYX appointed Luis Laginha de Sousa as Chairman and CEO of NYSE Euronext Lisbon. Mr. Laginha is currently COO of NYSE Euronext Lisbon.
SGX signed a five-year IT infrastructure outsourcing agreement with HCL Technologies for SGD110 mn.
EEX and Eurex will expand EUA futures with contracts which will reach maturity from the third EU ETS period (beginning on 1-Jan-2013). The exchange will also increase trading hours for futures and options by1.5 hours and extend post-trading phases.
SIX Swiss Exchange upgraded its trading platform, increasing capacity and reducing latency. SIX signed deals with Equinix and Interxion to provide proximity services to members by mid-July 2010, according to The Trade News.
Barclays Capital will launch its LX pan-European dark pool in 3Q10.
Knight dollar ADV increased 62% Y/Y to $23.7 mn in May 2010. Share ADV was up 43%. Knight Direct ADV rose 179% Y/Y to 63 mn shares. Hotspot FX ADV was up 151% Y/Y $48.7 bn.
MarketAxess’ BoD approved a $30 mn share repurchase program effective immediately to offset dilution form issued options. MKTX said the share buyback will not have a material impact on EPS in 2010.
DGCX will start trading currency futures contracts of AUD, CAD and CHF paired against the US Dollar on June 15.
Credit Suisse launched Onyx, an algorithmic trading platform designed for pair strategies between fixed income futures and cash US Treasuries that allows clients to trade cash US Treasuries directly with Credit Suisse.
Citigroup Global Transaction Services, Euroclear Bank’s FundSettle and Bloomberg’s Asset and Investment Manager reached an agreement to fully automate front-to-back-end fund-transaction processing for institutional clients.
Calastone connected A J Bell Securities to its independent cross-border transaction network.
Charles Schwab announced permanent operating expense ratios reductions on six of eight Schwab ETFs. Fees on Schwab’s US Large-Cap Growth, US Large-Cap Value, US Small Cap and International Equity ETFs were reduced to 0.13% from 0.15%, while Schwab US Broad Market ETF’s OER was cut to 0.06% from 0.08% and Schwab Emerging Markets Equity ETF to 0.25% from 0.35%.
Charles Schwab May net new assets totaled $4.7 bn excluding a $29.5 bn outflow related to a mutual fund clearing client who switched to an internal clearing platform; while client assets declined -6.6% m/m to $1,412.5 bn. Client daily average trades increased +16.5% M/M to 513k. Mutual funds (exc. MM) had net outflows of $0.81 bn and money market had net inflows of $1.6 bn.
T. Rowe Price was upgraded to "Outperform" from "Market Perform" at FBR Capital. Target price was reduced to $58 from $65.
Federated Investors was upgraded to "Market Perform" from "Underperform" at FBR Capital. Target price was reduced to $21 from $23.
BIS said activity in exchange-traded derivatives markets increased 16% sequentially to $514 tn in 1Q10. Open interest rose 12% to $82 tn in notional outstanding.
Getco hired SEC’s associate director of trading and markets Elizabeth King for its regulatory team.
UK’s FSA appointed Tom Boardman as Life Insurance Senior Advisor. Mr. Boardman was previously Director of Retirement Strategy and Innovation at Prudential.
AMF, the French regulator, is close to completing headcount expansion in wholesale markets supervision. AMF increased its headcount by 45 people to 399 and plans to add another 60 staff by year end.
South Korea set limit position limits in FX forwards to curve massive capital inflows.
EU Commission said European regulators may be empowered to temporarily “prohibit or restrict” naked CDS trades. The European Parliament is scheduled to vote on Tuesday on proposals to restrict CDS trading.
Provided By: Equity Research Desk, www.erdesk.com