EXCHANGE NEWSWIRE, 13 July 2010
US Senators Brown and Snowe, both republicans, signaled their support for the financial regulatory reform bill. Democrats now have the 60 required votes to pass the bill which could be signed into law as early as the end of the week.
Knight, Getco and Virtu Financial co-signed a letter sent to the SEC proposing a new set of rules for market makers. According to the trading firms, market makers should be required to quote at least 5% of the time at the best bid and offer. The letter also calls for eliminating stub quotes.
CFTC approved a Notice of Proposed Rulemaking that calls for the collection of certain ownership, control and other information for all trading accounts active on US futures exchanges. Data will include trading account numbers, the names and addresses, dates of birth and other ID information to identify related trading accounts of owners and controllers. The proposal will be published with a 60 day comment period.
CFTC’s Technology Advisory Committee will hold its first meeting on July 14, 2010 to address the topics of algorithmic and high frequency trading. The Committee will review working papers by Andrei Kirilenko, a CFTC economist, Richard Gorelick of RGM Advisors and FIA.
DB1 called on regulators to require derivatives clearinghouse’s independence from dealer banks.
NYX announced the introduction of NYSE Euronext London in a statement on the company’s Paris-based website.
LSE appointed Pinar Emirdag as head of professional business development. Ms. Emirdag was previously a member of Turquoise’s board.
Bursa Malaysia: Nomura will list $100 mn in Islamic bonds, becoming the second foreign issuer of sukuk.
WSE topped the European IPO league tables in 2Q10 according to PricewaterhouseCoopers’ IPO Watch Europe. WSE had seven IPOs with a total value of €3.14 bn, followed by LSE with 16 IPOs totaling €2.88 bn and BME with a single €1.32 bn IPO.
MICEX: Otkritie now offers DMA to the exchange. The service is designed to circumvent the need to previously hold the assets being transacted to trade in the T+0 market.
Legg Mason AUM declined -5.7% Q/Q (-1.8% Y/Y) to $645.5 bn at the end of June.
Invesco AUM increased +24.1% M/M to $557.7 bn at the end of June helped by the addition of a lower fee institutional passive mandate in Japan and favorable exchange rates movements. Preliminary 2Q10 to date average AUM increased +6.95 Q/Q to $480.5 bn, excluding the Van Kampen take on.
Franklin Resources preliminary June AUM declined -0.4% M/M (+26.4% Y/Y) to $570.5 bn at the end of June
AllianceBernstein AUM declined -1.7%% M/M to $458 bn at the end of June with “modest net inflows” partially offseting negative market performance.
Calamos AUM increased +10.7% Y/Y to $29.9 bn at the end of June.
Janus Capital International appointed Steven Bilodeau to join the Financial Institutions sales team in German-speaking Europe. Mr. Bilodeau was previously sales manager for Germany at Threadneedle.
Schwab reduced fees on six proprietary ETFs, becoming the lower cost ETFs in their respective categories.
LSE was initiated with a "Buy" rating at Shore Capital. No target price was provided.
optionsXpress was downgraded to “Market Perform” from “Outperform” at Raymond James. No target price was provided.
SEC’s CIO, Charles Boucher, resigned to pursue “not-for-profit work and completion of studies.”
Provided By: Equity Research Desk, www.erdesk.com