EXCHANGE NEWSWIRE, 09 July 2010
CBOE: An Illinois circuit court ruled in favor of CBOE in its dispute with ISE on exclusive rights to trade index options. The court dismissed ISE argument that the values of the indexes lie in the public domain. ISE will now appeal the decision. The ruling also forbids OCC from clearing SPX and DJX options unless they are traded pursuant to CBOE's exclusive license.
The SEC is looking into stricter rules for market makers that would require them to maintain liquidity during stressful times and eliminate quotes 10% away from a stock's current price.
LSE plans to introduce maker-taker pricing and cross margining with cash securities to attract liquidity to its proposed pan-European derivatives platform. LSE is expected to launch CAC 40, DAX, AEX and Eurostoxx index futures and options by March 2011 to compete with Eurex and NYSE Liffe.
BVMF3 plans to sell $612m of 10Y debt with as soon as today. The rate is expected at 250bps above the 10Y US Treasury Note and S&P rated the unsecured notes BBB+.
NYX: Timber Hill, Integral Derivatives, Wolverine Trading, Susquehanna and Morgan Stanley will on July 12 start operations as electronic market makers at NYSE Amex options.
NYSE Technologies launched a new SFTI Internet VPN, a site-to-site virtual private network service that allows customers to connect to SFTI application services and a range of trading destinations using their existing internet connection.
NYSE Arca began trading the Global X Brazil Consumer ETF sponsored by Global X Funds.
LME officially launched its Asia office in Singapore.
Bursa Malaysia rolled out initiatives supporting ETF listings and trading. Bursa Malaysia CEO also stated that there are four or five IPO scheduled for this month. Bursa Malaysia listed its first Chinese ETF based on the FTSE/Xinhua China 25 Index, sponsored by CIMB-Principal.
DFM: the Dubai Financial Services Authority granted NASDAQ Dubai approval to migrate trading to DFM's platform. Trading will migrate to the X-Stream platform on July 11th. NASDAQ Dubai will move its trading hours in line with DFM's, trading from 10:00 to 14:00 UAE time from Sunday to Thursday (NASDAQ Dubai previously traded up to 17:00 UAE time). Settlement will also move from T+3 to T+2.
Philippine Stock Exchange: five companies are seeking IPO approval. IPO is set to pick up amid a stronger market, according to Chairman Hans Sicat.
ITG US ADV decreased 10% Y/Y to 164 mn shares in June 2010.
Newedge appointed Nicolas Breteau as CEO, replacing Patrice Blanc who left the company for "personal reasons". Nicolas previously served as global head of sales at Newedge and was managing director of the Europe and Middle East division.
Man Group’s client assets declined 2.3% fall to $38.5bn in fiscal 1Q11.
Visa was added to Goldman’s conviction buy list. FY10 EPS was raised to $3.88 from $3.78. Price target was kept at $93
Eaton Vance was raised to neutral from underweight at JPMorgan. Price target was increased to $30 from $28.
Janus was raised to neutral from underweight at JPMorgan. Price target was increased to $9.5 from $8.5.
The National Futures Association called on the CFTC to require mutual funds operating in futures to register with the NFA
Provided By: Equity Research Desk, www.erdesk.com