EXCHANGE NEWSWIRE, 15 July 2010
NYX: NYSE Arca filed with the SEC to introduce a new price collar designed to safeguard the execution of market orders to be introduced on July 15. The new collar will prevent market orders to buy stock from executing or routing to another trading venue at a price above the collar. Conversely, market orders to sell will not execute or route at a price below the trading collar. The collar for issues priced $25 or less will be 10 percent above or below the last trade price; for issues priced above $25 up to and including $50, the collar will be 5 percent; and for issues above $50, the collar will be 3 percent.
DB1 and Equinix signed a data centre services contract to improve capacity and execution times for algorithmic traders located in Frankfurt. From 2011 onwards, Equinix’s FR2 International Business Exchange (IBX) data centre, will serve as the new main data centre for Xetra and Eurex in Frankfurt.
LSE’s COE, Xavier Rolet, called the creation of a London platform by NYX is “the last nail in the coffin” for Paris as a financial center, as reported by the Financial Times.
LSE announces that Gilt-Edged Market Maker (GEMM) Jefferies International has started trading in gilts on its Order book for Retail Bonds.
Eurex and KRX received support for their joint Eurex/KRX Link from ABN AMRO Clearing, Deutsche Bank, Goldman Sachs International, Interactive Brokers, MF Global, Morgan Stanley, Newedge and RBS Global Banking & Markets. IMC and Archelon signaled their interest to actively quote as market makers from day one. The link will become operational on August 30th.
RTS will provide an inter-month spread credit for opposite positions in futures and/or options on refined silver.
SMX will list WTI and Brent Crude Oil cash-settled futures contracts when it goes live in August.
Bursa Malaysia published two consultation papers aiming to seek public feedback on proposed amendments to its listing requirements and on its Corporate Disclosure Guide.
EGX: Al-Masry Al-Yom newspaper published on July 13 and then withdraw an article claiming that the Public Prosecutor had subpoenaed EGX’s Chairman, Maged Shawky, and the Head of the Egyptian Financial Supervisory Authority, Dr. Ziad Bahaa El-Din, to testify in ongoing investigations triggered by a formal complaint filed by a group of investors.
The Stock Exchange of Thailand: TFEX will start trading short-term interest rate futures and bond futures on October 18.
Taiwan Futures Exchange (TAIFEX) appointed Tony Fan as Chairman. Mr. Fan previously served as chairman of the Taiwan Depository & Clearing Corporation (TDCC).
MF Global will issue 10.5 mn shares of common stock and will pay an aggregate cash premium of approximately $48.8 mn in exchange for 1.1 mn shares of Preferred Stock and will issue 0.9 mn shares of common stock and pay an aggregate cash premium of approximately $4.48 mn to exchange $9.34 mn aggregate principal amount of Convertible Senior Notes.
ICAP revenues in 2Q2010 rose 8% Y/Y. ICAP said the current range of analysts’ forecasts for ICAP’s profit “appears reasonable.”
Citi Match dark pool 2Q10 value traded increased 36% Q/Q to €16.3 bn.
SunGard's MarketMap real-time market data solution now distributes Asian money market and fixed income data from Tullett Prebon.
Orc: EPS for the quarter ended in June declined to SEK1.3 from SEK4.33 a year ago. Revenues rose 57% Y/Y due to the integration with Neonet. Orc claims it achieved SEK40 mn in cost synergies.
Cohen & Steers’ AUM declined -3.7% Q/Q to $26.2 bn at the end of June; with $6.6 bn in open-end mutual funds, $5.3 bn in closed-end mutual funds and $14.3 bn in institutional separate accounts.
Interactive Brokers will be added to the S&P Small-Cap 600 Index, effective after the close on July 20.
T. Rowe Price was initiated with a "Positive" rating at Susquehanna. Target price was set at $59.
BEN was initiated with a "Positive" rating at Susquehanna. Target price was set at $116.
Janus was initiated with a "Positive" rating at Susquehanna. Target price was set at $13.
Legg Mason was initiated with a "Neutral" rating at Susquehanna. Target price was set at $33.
Invesco was initiated with a “Positive” rating at Susquehanna. Target price was set at $24.
Ashmore was downgraded to “Hold” from “Buy” at Citi. Target price was reduced to GBp300 from GBp325.
CFTC subcommittee on convergence will meet on July 15 to discuss recent developments in wheat markets. CME’s variable storage rate plan will start on July 18.
CFTC Technology Advisory Committee met yesterday to discuss high frequency trading. The Committee will provide advice on a recommended course of action for the Commission. Commissioner Bart Chilton said "I'm not suggesting that we are at a place where we should limit the use of this type of algorithmic trading, just that we need to be open to understanding more about how going so fast can impact markets." The FIA presented a paper outlining several best practices on DMA and algo trading. CFTC Commissioner Scott O’Malia called “wash trades” a “totally unacceptable practice”.
The CFTC proposed new regulations that would require exchanges and clearinghouses to produce recovery plans in the event of a disaster that could disrupt operations.
The FIA supported the CFTC’s proposed rule on co-location and proximity hosting services. “The FIA PTG strongly supports the CFTC’s goal of ensuring fair and transparent access to the futures markets … (and) believes that co-location benefits the markets by providing a level playing field for all firms that want low-latency access to an exchange,” said James Overdahl, a FIA PTG adviser and VP at NERA Economic Consulting.
The SEC is seeking public comment on whether it should review proxy voting, in particular the regime of “objecting beneficial shareholders.”
SEC’s Chief Counsel of the Division of Enforcement, Joan McKown, will leave the agency to become a partner at the Washington office of the law firm Jones Day.
Provided By: Equity Research Desk, www.erdesk.com