EXCHANGE NEWSWIRE, 25 August 2010
CME: The CFTC is trying to reconcile the operation of Clearport with new rules aimed at providing a better view of activity and pricing in off-exchange markets. One potential alternative for Clearport would be to add a transaction execution capability, and to register the platform with regulators as a "swap execution facility." CEO Craig Donohue said we "will be adapting and we are working closely with regulators to preserve the benefits of our existing model."
BME: Barcelona-based Plataforma Alternativa de Valores Españoles (PAVE) plans to become Spain’s first securities MTF, with roll-out scheduled for 1Q11. The company estimates that stock trading costs will fall by about two-thirds and aims to achieve a 30% market share within 18 months of introduction.
ISE will expand its modified maker/taker pricing program on September 1 to cover 100 symbols accounting for over 60% of ISE volume. Customer priority and pro-rata market structure remain in place across all names.
Plus Markets launched Plus Derivatives Exchange (PDX) to offer trading in the FTSE MTIRS Index, which tracks full fixed-for-floating interest rate swaps. Trading will initially be through an OTC cleared service, developing subsequently an Exchange-Traded Index. PLUS will also launch a new lit order book in 2011. In addition, PLUS plans to create a new form of corporate bond product subscribed to through specialist funds.
NYX said Bluenext CEO, Serge Harry, was not fired. The statement came in response to an article in La Tribune.
LSE: 5 stocks were halted due to circuit-breakers being triggered after unusual price moves. The stocks were: BT Group, Hays, Next, Northumbrian Water and United Utilities.
Bursa Malaysia: the Islamic Development Bank became the first multilateral development bank in listing a sukuk. IDB plans a RM1.0 bn MTN Program.
MA, V: According to TransUnion, credit card debt reached an eight-year low of$5.0k on average per individual, during 2Q10 and it is prompt to go lower.
Schroders sold over 152k shares covered by its letter of intent concerning Travis Perkins’ offer for BSS Group. Schroder still retains 20.7 mn shares.
SEI will provide collateral management for OTC derivatives for its asset management clients.
GAM Holding plans to pay a dividend equal to half its annual net income and buy back shares.
The FSA published a Discussion Paper considering fundamental changes to trading activity regulation. Areas of recommendation include: (i) Heightened focus on valuation of trading positions; (ii) New capital framework to reduce financial system arbitrage; and (iii) Alignment of firms’ risk management and modeling standards with regulatory objectives
CFTC and Japan’s Ministry of Economy, Trade and Industry signed a SOI concerning cooperation, consultation and the exchange of information.
Uruguay plans to set up a clearinghouse for local bonds to lure investments. The clearinghouse will be modeled after Euroclear and will be backed the two local exchanges (Bolsa de Valores de Montevideo and Bolsa Electronica del Uruguay) and will be set up by the central bank in early 2011.
Provided By: Equity Research Desk, www.erdesk.com