EXCHANGE NEWSWIRE, 30 June 2010
US Congress: Democrats dropped the $19 bn bank and hedge fund tax from the financial regulation bill passed this week to gain Republican support at the Senate.
NYX was selected as the provider of a new trading system for Warsaw Stock Exchange. Polish Treasury Minister, Aleksander Grad, said the deal “doesn’t mean capital relations.” Financial terms of the deal were not disclosed.
CME: The Green Exchange appointed Dr. James Cash, Sir David King, Erle Nye, Daniel Rappaport and Prof. Dr. Fritz Vahrenholt as Public Directors. The Board of Directors now has 14 members.
NYX: NYSE Liffe will launch weekly options on ING, Royal Dutch Shell and ArcelorMittal on the Amsterdam market on July 16.
LSE appointed Kevin Milne as Vice Chairman of Monte Titoli and CC&G and Giulio Di Cerbo as member of the board of both Monte Titoli and CC&G. Mr. Milne is currently Director of Post Trade at LSE and Mr. Di Cebo is currently Senior Adviser to LSE Post Trade Division.
SGX announced a new organization structure with ten Business Units and seven Support Units to support its Asian Gateway expansion. Mr Gan Seow Ann and Mr Muthukrishnan Ramaswami where appointed as Co-Presidents and Mr Chew Sutat was appointed as Head, Corporate and Market Strategy.
Cantor Fitzgerald dropped plans to launch movie box office receipt contracts after the financial regulatory bill banned the practice.
Thailand Futures Exchange (TFEX) will start trading 10 Thai Baht Gold futures on August 2.
Buenos Aires SE President Adelmo Gabbi is calling on President Fernandez de Kirchner to review its capital control procedures, namely the requirement for foreigners to deposit 30% of the money brought to the country for one year. The exchange is pushing for a tax on short term capital movements to replace the current system.
Knight appointed a team of traders and relationship managers at Morgan Stanley to form Knight Advisor Services, a division that will provide fixed income sales, trading and research to RIAs and broker-dealers. Joshua Zucker, MD, leads credit sales and trading for the group. Bohn C. Vergari is Director of RIA sales. Joseph T. Miller, VP of credit sales, and Patrick J. Moore is VP of broker-dealer sales. John W. Browning, Assistant V, leads business development.
FCStone will launch a new Forex platform developed by Integral. "Clients will get enhanced liquidity that's tailor-made for them, whether they're retail, algorithmic or commercial, while it provides us with much greater risk-management capabilities," said Edgar Ramon, global head of foreign exchange.
Calastone signed an agreement with Aviva Investors to provide settlement and matching services.
T. Rowe Price and the Education Trust of Alaska lowered the fee on its College savings plan by a third to 0.20% and the annual account fee by 20% to $20. The combined savings plans had a total of $1.2 bn in AUM at the end of March.
State Street appointed Andrew Kuritzkes as Chief Risk Officer. Mr. Kuritzkes was previously Partner and Head of Public Policy at Oliver Wyman.
MF Global extended the expiration date of its exchange offer until July 14 and increased the cash premium it will pay to tendering holders to $480 from $445 for Convertible Senior Notes and to $44.50 from $41.00 for Series B Preferred Stock.
MF Global extended until June 15, 2014 $690 mn of its unsecured committed revolving credit facility at Libor plus 275 bps, 75 bps higher than its previous commitment. “We believe the new facility more than supports our long-term liquidity requirements, reduces refinancing risk and provides us flexibility as we drive toward greater growth and profitability," said CFO, Randy MacDonald.
Charles Schwab is developing a new technology platform designed to increase integration between the disparate systems and workflows in advisors’ offices. The project, previously known as Project C is now called Schwab Intelligent Integration.
Interactive Brokers will upgrade its ScaleTrader algorithm to encompass pairs trading enabling clients to trade the spread between any two securities. Orders can be entered using net share price differences or by using credit or debit ratios.
Penson Financial Services acquired Broadridge’s brokerage clearing unit, Ridge Clearing & Outsourcing Solutions, for $35.2 mn paid with $20.6 mn in five-ear subordinated notes and 2,455,627 Penson shares.
Julius Baer was initiated with a “Neutral” rating at Mediobanca. Target price was set at CHF40.
NYX: Citigroup shares triggered for the second time the recently placed circuit breakers as shares dropped -17% on June 29 (over the 10% price movement threshold). An order of 8,820 shares that crossed for $3.3174 at 1:03:51 pm ET was canceled and trading resumed at $3.80.
The International Capital Market Association (ICMA) appointed Gilles Lindental as Chairman of ICMA France and Monaco Region. Mr. Lindental is currently Head of Credit Departments at Louis Capital Markets.
Provided By: Equity Research Desk, www.erdesk.com