EXCHANGE NEWSWIRE, 30 July 2010
CESR published the first set of technical advice to the European Commission in the context of reviewing MiFID. CESR recommended the establishment of a mandatory European consolidated tape. CESR also recommended MTFs to be treated like exchanges obligations and systematic internalizers’ obligations to be redefined. Internalization should be limited. The group called for "best execution" rules to be improved but fall short of requiring linking all trading venues.
BME 2Q10 EPS was up 2% Y/Y to €0.58, including a €7.5 mn extraordinary tax refund and €4 mn in provisions. Adjusting for extraordinary items, EPS was €0.52, above consensus estimates of €0.48. Revenues ex tax refund were €88 mn, topping consensus estimates and up 17% Y/Y.
BME will overhaul its SIBE trading platform to increase capacity and flexibility for equity trading.
CME CEO Craig Donohue said the Dodd-Frank Act allowing dealers and inter-dealer brokers to run their own swap execution facilities would enable them “to continue the business model and market structure they historically had.”
CME COMEX gold futures contract set a new volume daily record of 424,316 contracts, +3.5% higher than previous record set on May 25, 2010.
CBOE CEO William Brodsky said “there will be other VIX-like products that we hope will trade in different countries and on different exchanges. That will add to our profitability over time.”
NASDAQ OMX will shut down its point-in-time cross program on September 13.
JSE indicated that July 28 technical problems were caused by the MTN Network.
Interactive Data Corporation announced the completion of its acquisition by private equity firms Silver Lake and Warburg Pincus.
Redecard 2Q10 EPS increased +9% Y/Y to R$0.56 on net operating revenues of R$863 mn (+16.6% Y/Y) and net margin of 43.6% (46.4% in 2Q09). Credit cards financial volume increased +22% Y/Y to R$28.7 bn and number of transactions increased +15% Y/Y to 285 mn.
EFG International long-term issuer rating was downgraded to A3 from A2 at Moody’s. EFG Fiduciary Certificates was downgraded to Baa3 from Baa2; while EFG Banks deposit rating of A2, short-term rating of P-1 and financial strength rating of C+ were affirmed.
DFM was downgraded to “Sell” from “Neutral” at Goldman Sachs. Target price was reduced to AED1.17 for AED1.95.
Franklin Resources was upgraded to "Outperform" from "Underperform" at Credit Agricole Securities. Target price was increased to $112 from $101.
Schroders was upgraded to "Add" from "Neutral" at Evolution Securities. Target price was kept at GBp1,410.
Henderson Group was downgraded to “Equal Weight” at Morgan Stanley.
The Forward Market Commission of India will require members of commodity bourses to service their clients only though 'authorized persons' and discontinue with the sub-broker system.
CFTC Commissioner Bart Chilton said the regulator would expand position limits on speculators to metals and soft agricultural commodities
Provided By: Equity Research Desk, www.erdesk.com