EXCHANGE NEWSWIRE, 20 April 2010
US Senator Dodd plans to release his financial regulation bill this week. Dodd commented that he was open to altering the proposed $50 bn fund to pay down costs associated with the winding down of failed financial institutions but decided not to incorporate the proposed $90 bn bank tax proposed under the “Volker rule”.
ELX Futures will launch Eurodollar Futures contracts on June 18. ELX Futures will initially list the first two years of quarterly and serial contracts and corresponding calendar spreads with implieds, one year packs and two year bundles. The contract will be available for cross margining.
CME will change CBOT settlement procedures for agricultural futures on options expiration days when the lead futures contract month is different from the expiring month. The lead futures contract and the expiring month will both be settled based on outright trading activity in the open-outcry pit during the closing period.
BMV reported 1Q10 net income of MXN124 mn (-11% Y/Y; -6% Q/Q) and EPS of MXN0.21 (-11% Y/Y; -6% Q/Q) on revenues of MXN419 mn (+18% Y/Y; -6% Q/Q) and expenses of MXN260 mn (+17% Y/Y; -15% Q/Q). Management affirmed its MXN624 mn FY10 net income target.
Bursa Malaysia reported 1Q10 net income of MYR28.1 mn ( +81% Y/Y), or MYR0.053 per share. Revenues rose +37% Y/Y to MYR 88 mn.
NYX CEO Duncan Niederauer said "ADV and open interest of a few hundred thousand contracts" is needed by 1H11 for the NYSE Liffe US to be taken seriously.
NYX: NYSE Arca started trading the Global X Silver Miners (SIL) and Global X Copper Miners (COPX) ETFs.
The Bahrain Financial Exchange (BFX) appointed Standard Chartered Bank as the clearing & settlement bank of the BFX Clearing and Depository Corporation.
Turquoise will upgrade its core trading platform with Millennium Exchange technology. Launch is scheduled for between late August 2010 and early September 2010, with a precise date to be confirmed in June 2010.
LaBranche reported 1Q10 pro-forma EPS of $0.04 which includes an after-tax charge of $4.3 million related to the redemption of all its remaining outstanding 11% Senior Notes due 2012. This compares to a pro-forma net loss $0.56 per share for 1Q09. LaBranche no longer adjusts its GAAP revenues to give pro forma effect to gains/losses in its NYX shares, as it sold 65% of its shares during the quarter.
DB1: Xetra started trading the RBS Physical Gold ETC.
Knight launched Oasis, a smart order execution algorithm for European small and mid-cap stocks. The algorithm has been available in the US since last June.
Thomson Reuters unveiled Elektron, a network that will connect hedge funds, asset managers, banks, brokerages and exchanges connect a securely reach trading partners.
JPMorgan developed a solution for currency clearing services in Indonesia using Hong Kong’s payment-vs-payment settlement system.
SunGard launched Valdi, a suite of global trade order management, integrated DMA, compliance, liquidity and hosted services.
BlackRock launched two new bond funds: the Multi-Sector Bond Fund and the Strategic Income Opportunities fund.
STT: SSgA earned investment management fees of $226 mn in 1Q10 (+25% Y/Y) as AUM increased +38% Y/Y to $1,929 bn.
AB: Alliance Trust CEO Katherine Garrett-Cox said the investment trust will concentrate more on emerging markets.
UBS will connect to Chi-X Global Technology’s MarketPrizm pan-Europe trading infrastructure.
Schwab signed a MoU to settle claims related to the YieldPlus Fund for about $200 mn. As a result 1Q10 contingency reserve was increased by $172 mn (net of expected insurance coverage) and 1Q10 earnings will be reduced by $105 mn or $0.09 per share.
TD Ameritrade fiscal 2Q10 EPS increased +17% Y/Y to $0.27, including a $0.04 favorable resolution of certain income tax matters. Revenues increased 24% Y/Y to $652 mn and expenses increased +36% Y/Y to $405 mn.
SIFMA appointed Richard Dorfman as Managing Director and Head of the SIFMA Securitization Group (SSG). Mr. Dorfman was previously President and CEO of the Federal Home Loan Bank of Atlanta.
CFTC will hold public meeting on April 27 to discuss whether 18 carbon contracts on ICE, with five from NGX and one from CCX performing significant price discovery functions.
UK’s FSA is expecting further clarification on how the capital requirements directive’s due diligence measures deal with banks’ positions in structured finance.
Provided By: Equity Research Desk, www.erdesk.com