EXCHANGE NEWSWIRE, 16 June 2010
Japan’s Financial Services Agency, the Ministry of Economy, Trade and Industry, and the Agriculture Ministry will form a working committee to discuss ways to integrate regulations and supervisory roles currently handled by separate authorities, Nikkei reported. The aim is to facilitate consolidation among futures and commodities exchanges in Japan. The team will begin to lay out a framework this fiscal year.
CBOE shares rose 12% to $32.49 in its market debut yesterday. CBOE’s IPO raised $339 mn, selling 11.7 mn shares at $29 each.
NYX: NYSE Arca Europe will offer trading in Hungarian and Czech blue chips.
NYX: NYSE Amex will start trading NASDAQ listed stocks on July 12, pending SEC’s approval.
NYX selected Firm58 to provide the online presentation and invoicing system for equities trading on the New York Stock Exchange, NYSE Arca and NYSE Amex, as well as options trading on NYSE Arca and NYSE Amex.
Pink OTC Markets: UK pay-television company BSkyB, which voluntarily delisted its stock from the NYSE in April, will list its shares on OTCQX.
CME Chairman, Terrence Duffy said that the exchange’s international trading volume is “growing” and expects it to expand further in the future. He added that CME is developing new products targeted at retail investors.
DB1: Eurex will start trading six new commodity index futures based on the Dow Jones UBS commodity on June28 that include grains, precious metal, petroleum and livestock.
Jupiter IPO price is expected be close to the lower end of the GBp150 to GBp210 range. The order book was 2.5 times subscribed.
Liquidnet may apply for a stock exchange market licence in Australia according to the Australian Financial Review. The company indicated that it will monitor Chi-X’s progress.
Liquidnet will start trading New Zealand equities on June 22.
RealTick expanded its suite of products provided by Bulltick Capital Markets. Clients have now access to Bulltick’s direct to market and algorithmic trading execution capabilities for the major LatAm and US markets and execution for futures and international equities.
Tradeweb: Winterflood Securities joined the Autex network a provider of IOIs and FIX connectivity.
AllianceBernstein was selected by Transamerica Asset Management as the sub-advisor for their Dynamic Allocation Variable Portfolio.
State Street Global Advisors appointed Steve Coyle as head of the US Sub-Advisory business within its Intermediary Business Group. Mr. Coyle joined SSgA in 2007, previously he was senior vice president and director of Sales for MFS where he spent 14 years.
SEI was appointed by Wilmington Trust to provide core processing and accounting systems for the firm's two advisory businesses.
MF Global fixed the conversion ratio of its Senior Convertible Notes exchange to 95.6938 shares of common stock plus $445 in cash for each $1,000 in principal; and on its Preferred Stock Series B exchange at 9.5694 shares of common stock plus $41 in cash. The offer will expire on June 29.
TD Ameritrade May DARTs increased +13.6% M/M to 484k; total client assets declined -5.2% M/M $332.4 bn; avg. spread based balances increased 0.7% M/M to $54.4 bn and avg. fee-based balances declined -3.0% M/M to $62.2 bn.
optionsXpress May retail DARTs increased +11.1% M/M to 37.0k. Open accounts increased +0.7% m/m to 363.3k with 2,400 net new accounts. Client assets declined -8.0% M/M to $7.2 bn and margin balances declined -2.1% M/M to $205 mn.
E*TRADE May DARTs increased +8.0% M/M to 196k, net new brokerage accounts totaled 5,055 and 2.6 mn ending brokerage accounts (+0.2% M/M). Total customer assets declined -6.8% M/M to $151.3 bn on net new assets of $0.6 bn.
Schroders was downgraded to “Sell” from “Buy” by Citigroup. Traget price was reduced to GBp1200 from GBp1365.
The European Parliament adopted a resolution that expressed that rules on derivatives trading must be made clearer and tougher to reduce speculation and ensure that as many derivatives as possible are traded through open channels and subject to rules; and suggests ways to regulate the trade in CDS and reduce the regulatory burden on corporate end-users.
The Swaps and Derivatives Market Association said in a letter to FRBNY SVP Theo Lubke that “the effort to protect clearing -from systemic failures-, however, is actually a proxy war to limit competition to the incumbent dealers’ $100 billion in profits for derivatives execution.”
UK Chancellor George Osborne might propose a regulatory overhaul that could include putting FSA’s oversight of the banking system under the umbrella of the Bank of England. The FSA would operate as a subsidiary of UK’s central bank.
India’s Finance Ministry proposed to tax investments in stocks and equity-linked mutual funds at the applicable tax rates for income. The “direct tax” code would allow a deduction at a specified percentage for investments held for more than one year.
The Federal Reserve approved new credit-card rules prohibiting issuers from charging more than $25 for late payments, bans inactivity fees, halts multiple penalties on single late payments and calls on issuers to “reevaluate recent interest rate increases and, if appropriate, reduce the rate.” Provisions will take effect on August 22.
Provided By: Equity Research Desk, www.erdesk.com