EXCHANGE NEWSWIRE, 24 September 2010
BM&FBOVESPA will launch unsponsored Level 1 Brazilian Depositary Receipts (BDRs) on October 5. The first lot includes Apple, Google, Bank of America, Arcelor Mittal, Goldman Sachs, Avon, Wal-Mart, Exxon Mobil, McDonald's and Pfizer. Another ten receipts are expected by the end of this year, and up to 100 by end of 2011. Deutsche Bank will be the issuer.
LSE CEO Xavier Rolet expects consolidation among European exchanges as tougher supervision and Mifid regulation will reduce fees and volume
NYX plans to merge the Brussels and Amsterdam cash and derivatives markets according to L’Echo.
BM&FBOVESPA: Petrobras raised $70 bn in a stock offering.
BM&FBOVESPA set a record of 662.4K transactions (R$9.2 bn).
HKEx: Vale may list depositary receipts or ordinary shares in Hong Kong according to the Oriental Daily News.
TMX will introduce on-book non-displayed order types on TSX and its public venture capital marketplace TSX Venture Exchange, allowing the new non-displayed orders to trade and interact with both visible and non-visible orders.
CBOE filed a request with the SEC to loosen rules prohibiting trading between a CBOE market-making firm and an account jointly held by the market maker, as this would be “consistent with the requirements in place” elsewhere, according to the filing.
CBOE selected Citadel Securities to act as a designated primary market maker in weekly options on VIX-based futures contracts, which will start trading on September 28.
TSE will align trading rules for JGB and Index futures contracts with global standards when they migrate to the Tdex+ System in autumn 2011, and will also introduce a Market Maker scheme and an implied function.
CME Executive Chairman Terry Duffy commented in a Bloomberg interview that “a lot of money is coming out of U.S. equities going into the government Treasuries,” and “the risk appetite is not quite there.”
Tradeweb launched a new platform for blocks of index and single-name options for institutional clients by allowing them to compare quotes from online brokers. Nine major dealers committed support to the platform.
Bank of America Merrill Lynch (BAML) will form a Global Futures and Derivatives Clearing Services (GFDCS) group to provide agent-clearing services for rates, currencies, credit, equities and commodity derivatives as OTC derivatives clearing is expected to increase.
Fortress Investment will not pay a dividend in 3Q10 and will use the capital for potential future investment opportunities and for working capital purposes.
SGX was upgraded to "Outperform" from "Neutral" at CIMB-GK Securities. Target price was increased to S$9.75 from S$8.38.
DB1 was initiated with a “Neutral” rating at JPMorgan. Target price was not provided.
Charles Schwab, TD Ameritrade and E*TRADE were initiated with a "Market Perform" rating at JMP Securities. Target prices were not provided.
NYSE: a panel on corporate governance indicated that “SEC ought to take a look at” the fact that “proxy advisory firms are not regulated today, yet they are playing a very important role for many institutions in making voting decisions.”
ITG CEO, Robert Gasser, indicated that regulators have to improve HFT supervision and implement new regulation on how the orders are sent to exchanges.
DTCC appointed Andrew Leonard as managing director and head of Operational Risk. Leonard was most recently senior vice president and Operational Risk model head at Fannie Mae.
Provided By: Equity Research Desk, www.erdesk.com