EXCHANGE NEWSWIRE, 14 September 2010
BM&FBOVESPA will set a +/-15% price fluctuation limit on ETFs, shares and other assets on its equity markets starting September 27.
NYX member firms reported 2Q10 $2.5 bn profit after tax and $36 bn in revenues, compared to a record $18.2 bn profit and $63 bn in revenues in 2Q09.
HKEx is considering the implementation of an offshore yuan clearing house one year from now to take advantage of China’s yuan relaxation rules, according to China Business News. HKEx is currently seeking suggestions from banks on this proposed market, which would allow non-deliverable forwards denominated in yuan to be traded on an exchange platform.
SGX announced plans to launch a new GlobalQuote for Asian ADRs on October 22. SGX will initially list 19 large Chinese ADRs. CEO Magnus Bocker said “our ADR offering gives customers new opportunities to act quickly on information and news-flow on major Asian companies. We will continue to add to our suite of securities on GlobalQuote through our work with NASDAQ OMX.”
ICE launched Novation Consent = Confirmation (C=C) for the CDS markets on its ICE Link Platform, an industry-wide initiative for simplifying and streamlining the processing of CDS novations.
CME said it had already dealt with the test orders ”inadvertently” sent to active metals and energy markets on Monday and set in place corrective actions.
Bursa Malaysia announced plans to migrate derivatives trading, which includes commodity, financial and equity futures, onto the CME Globex platform on September 20, with a pre-implementation test set for September 18.
SMX implemented a new direct market access (DMA) service from OrcSoftware.
JSE: South Africa was ranked the first out of 139 countries for its securities exchanges regulation by a World Economic Forum Competiveness report.
MCX Stock Exchange’s currency futures offering license was renewed for another year by SEBI.
ICAP’s Euro IRS trades reached a nominal value of over €10 bn matched through its platform within the first week of trading.
MF Global appointed Bradley Abelow as global COO, replacing Karel Harbour, who will retire at end 2010. Abelow was a founding partner of private equity firm NewWorld Capital Group and held a range of senior positions, including managing Goldman’s operations division.
MF Global suffered at least 10 oil and fuel broker resignations in Singapore, another blow in a series of defections following a May 2010 announcement by Chief Executive Jon Corzine that the firm planned to cut staff and restructure the bonus system. However, Corzine recently said that the brokerage firm may add as many as 1,000 jobs over the next two years on plans to move into investment banking.
MasterCard (MA US) and Visa Inc.(V US) were both downgraded to “Market Perform” from “Outperform” at Sanford Bernstein, with target prices of $216 ($268) and $77 ($93) respectively.
Provided By: Equity Research Desk, www.erdesk.com