EXCHANGE NEWSWIRE, 22 July 2010
President Obama signed into law the Dodd-Frank act yesterday.
LCH.Clearnet Vice President of US SwapClear Services Andrew McGuire the need to create an FCM model is “the biggest feature of the US Regulation bill” for them. The financial reform mandates that dealers send their swaps trades to clearinghouses through their FCM units.
BME and Clearstream started testing Regis TR, the proposed OTC trade repository with the support of local banks BBVA and Banco Sabadell. Regis-TR is expected to go live by year-end.
NYX will start matching orders from the NYSE and NYSE Amex at its Mahwah, New Jersey, data center. The shift will start on August 9 with 19 stocks. The company is also planning to relocate its European trading to a new data center in Basildon, outside London, in 4Q10.
BM&FBOVESPA will reduce the round lot for ETFs to ten units from 100 units, starting August 2.
SGX is planning to allow continuous trading of securities throughout the day, cancelling its lunch-time break.
MCX-SX said it has been informed by the SEBI that its application for its trading platform was “in order”.
The Stock Exchange of Thailand (SET) launched Streaming Pro, a multi-market trading real-time trading application.
Knight announced the resignation of Executive Vice President and Head of Global Institutional Fixed Income, Gary Katcher. Executive VP James Smyth will assume Mr. Katcher's responsibilities on an interim basis.
Patsystems launched ‘XConnect’, an application service provider to connect participants to multiple exchanges in the Asia Pacific region.
TradingScreen integrated precious metals cash commodities to its financial instrument offering.
Janus 2Q10 EPS increased +70% Y/Y to $0.17 on revenues of $249.3 mn. Average AUM declined -11% Q/Q to $147.2 bn at the end of June, with -$17.0 bn of net market depreciation and net outflows of $1.3 bn.
Cohen & Steers 2Q10 EPS increased +27% Y/Y to $0.27, including an after-tax gain of $0.08 per share due to recoveries on the sale of previously impaired securities.
Julius Baer plans to buy a German private bank with more than 80% of wealth management revenues, according to CEO Boris Collardi in an interview with Handelsblatt.
MF Global: eight of nine brokers from its London fuel oil swaps desk resigned. The company said: “We can only confirm that the London fuel oil desk is still operating.”
TradeStation reported 2Q10 EPS of $0.09 (-18% Y/Y) on net revenues of $36.1 mn (+2.6% Y/Y) including a $1.4 mn gain in mark-to-market of its U.S. Treasury portfolio. Brokerage commissions declined -4.3% Y/Y to $30.5 mn. The company guided 3Q10 EPS at $0.05 to $0.07 on revenues of $31 - 33 mn and FY2010 EPS between $0.22 and $0.28 on revenues of $132 to $137 mn.
TradeStation June DARTs declined -20% M/M (+2.3 Y/Y) to 88k. Client assets declined -0.9% M/M (+14% Y/Y) to $2.15 bn and margin balances increased +35% M/M (+87% Y/Y).
TD Ameritrade announced the construction of a 12-story office tower and pavilion as part of a master plan that will establish a corporate campus in Omaha.
The SEC approved changes to the principal disclosure document that SEC-registered investment advisers must provide to their clients and prospective clients.
The SEC appointed David W. Blass as an Associate General Counsel for Legal Policy in the agency's Office of the General Counsel. Mr. Blass was previously Special Counsel in the Asset Management Group at Willkie Farr & Gallaher.
FINRA appointed Susan F. Axelrod as Executive Vice President and head of the organization's Member Regulation Sales Practice area. Ms. Axelrod was previously Senior Vice President of Regulatory Operations at FINRA.
CFTC released the list of rulemaking 30 areas to implement the Wall Street Reform and Consumer Protection Act. The areas are divided into groups: Comprehensive Regulation of Swap Dealers & Major Swap Participants; Clearing; Trading; Data; Particular Products; Enforcement; Position Limits; and Other Titles. The CFTC is required to complete this rules generally in 360 days, though some are required within 90, 180 or 270 days.
CESR is looking into requiring mandatory electronic trade confirmation for OTC derivatives.
EU member of the Parliament Kay Swinburne disclosed a draft report that says "the European Parliament insists that post the 'flash crash', all trading platforms stress-test their technology and surveillance systems to ensure they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstances." The report calls for the implementation of circuit breakers, scrutinizing MTFs and crossing networks and ruling out flash orders. It also mentions limiting market data fees charged by exchanges.
Provided By: Equity Research Desk, www.erdesk.com