EXCHANGE NEWSWIRE, 19 August 2010
TurkDex won SEC approval to offer trading in futures contracts based on the Istanbul Stock Exchange 30 Stock Index (ISE-30) to US investors. CEO Cetin Ali Donmez said the move would boost trade volumes in Turkdex and increase interest from Asian and European investors in the exchange.
MarketAxess plans to register as a SEF for CDS. The company estimates that ADV in the global client-to-dealer CDS market is $50 bn to $60 bn in notional value. 50% to 75% could represent clearable swaps that must be traded on an exchange or through a SEF, according to WSJ. MarketAxess will offer a CDS pricing service using Markit data that would consolidate industry-wide trading the in the same way MKTX’s BondTicker does with FINRA TRACE data.
LSE proposed allowing market makers for the 350 biggest stocks to quote prices for “at least” 90% of all the time and eliminate the 90 second window to refresh their quotes in an effort to replenish more quickly the order book. “This is in response to requests from market makers,” said spokesman Patrick Humphris.
TMX: BOX is in talks with Fidelity Investments, TD Ameritrade, Bank of America and Knight about selling an equity stake to boost liquidity. TMX owns 54% of BOX. Other owners will also be able to sell their holdings.
ASX FY10 underlying net profit after tax (excluding significant items) increased +6.1% Y/Y to AUD332.6 mn on operating revenues of AUD588.2 mn (+9.2% Y/Y) and expenses of AUD134.2 mn (-3.0% Y/Y). Trade execution activity increased +24% Y/Y in equities and +18% Y/Y in derivatives.
BVMF3 launched its Financial Education Campaign, "Wanna Be a Partner?" Ex-soccer star, Pele, is the face of the campaign. BVMF3 targets to reach 5 mn accounts by 2014 from 600k today.
Chi-X Japan selected KVH low-latency network connections and proximity hosting services for its new equities trading platform.
RTS Realtime Systems will provide connectivity and low latency access to the SMX from its first day of trading on August 31.
Fidessa connected its global FIX network to Chi-X Japan.
MasterCard will acquire DataCash, a European payment service provider, at a price of GBp360 per share in cash ( £333 mn total). DataCash offers a single interface that provides e-commerce merchants with the ability to process secure payments across the world. In 2009, DataCash processed more than 240 mn transactions for more than 1,400 merchants. DataCash 2009 revenues were £36.9 mn and EBITDA margin was 46%.
State Street was appointed by Strategic Investments Group to provide investment services for its new UCITS product, Strategic Active Trading Funds with $250 mn in assets.
Eaton Vance F3Q10 EPS increased +36% Y/Y to $0.34 on revenues of $273 mn (+20% Y/Y) and expenses of $194 mn (+15% Y/Y). AUM declined -1.7% Q/Q to $173.3 bn at the end of July on net inflows of $4.8 bn.
JSE was downgraded to “Hold” from “Buy” at Citi. Target price was increased to ZAr8000 from ZAr7800.
DFM was downgraded to “Sell” from “Hold” at Deutsche Bank. Target price was reduced to AED1.30 from AED2.50.
Eaton Vance was downgraded to “Sell” from “Hold” at Citi. Target price was reduced to $23 from $32.
The Futures and Options Association (FOA) sent a comment letter to CESR opposing mandatory standardization of OTC derivatives. CEO Anthony Belchambers said “the advantages of trading on-exchange are well known, but product diversity is critically important if the risk-management capabilities of end-users are not just to be sustained, but actually enhanced. After all, the need to enhance risk management capability was one of the key lessons of the crisis.”
Provided By: Equity Research Desk, www.erdesk.com