EXCHANGE NEWSWIRE, 23 June 2010
OSE and TOCOM denied a report that stated that the exchanges were looking to merge. “We are not negotiating with a concrete party for specific issues,” an OSE spokesman indicated.
Bursa Malaysia obtained CFTC approval to offer US customers direct access to its derivatives markets. Local brokers are now able to provide access without registering in the US as FCMs.
CBOE CEO William Brodsky sent a letter to the SEC calling not to adopt a fee cap on options contracts. "Options exchanges, unlike stock exchanges, do not earn listing fees or substantial market data fees, have less ability to charge significant membership fees, and rely more heavily on transaction fees to recoup costs." Then “the commission should not adopt a fee cap that creates such a disparity in the fee structures of two competitor markets in like products," Broadsky said.
CBOE will list options on CBOE Holdings (symbol: CBOE) on June 23.
NASDAQ OMX head of transaction services Eric Noll said NASDAQ is evaluating increasing minimum obligations for market makers in cash markets by requiring market makers to meet certain participation in daily trading.
CME CEO Craig Donohue said there is no need to implement further price limits in energy markets as there are sound mechanisms in place and there was "no connection" between the energy futures markets and the stock market's "flash crash" of May 6.
CME will launch options on corn/wheat intercommodity futures spreads on CBOT and available on Globex and open outcry, starting July 25.
CME: Dow Jones Indexes agreed to calculate, market and distribute Credit Suisse/Tremont Hedge Fund Indexes, a family of 17 broad-market and investable indexes designed to track hedge-fund performance. Credit Suisse will continue to manage products linked to the indexes.
NYX EVP of US listings and cash execution services Joe Mecane said that during the 2:30 to 3:00 period on May 6, market share on the NYSE was five percentage points higher than usual during that time of day, and the participation rate of DMMs and SLPs was equally strong. “This is evidence that our liquidity providers did not walk away from the market” Mecane said.
NASDAQ OMX: The NASDAQ Exchange stopped routing orders to NYSE AMEX as it suffered a problem with its matching engine.
NASDAQ OMX: J.P. Morgan became NASDAQ OMX Stockholm's first non-Nordic custodian for the NASDAQ OMX Derivatives Markets.
BM&FBovespa decreased its FY2010 CapEx guidance -10% to R$272 mn from R$302 mn and provided a FY2011 guidance of R$200 mn. FY2010 operational budget was reduced -5.4% to R$520 mn.
BM&FBovespa appointed Eduardo Refinetti Guardia as CFO. Mr. Refinetti Guardia was previously partner of Pragma Gestão de Patrimônio, an asset management firm.
LME intends to list New Orleans as the first US delivery location for steel billet. LME is also looking at other US and European delivery locations.
TOCOM will launch the “Chukyo Oil Market”, on October 12, 2010 taking over the market currently operated by C-COM. Gasoline and kerosene contract specifications will be identical to current C-COM products, except for the trading method and trading hours
Pink OTC Markets introduced “Real-Time+”, a suite of real-time market data products.
DirectEdge CEO Bill O´Brien said at a SEC-CFTC joint committee meeting that the US market structure “left every market participant to make their own decision as to whether to trade normally, modify their operations, or cease trading altogether. Each broker and investor had to decide individually whether to withdraw from the market or continue to provide liquidity. And when the dust settled, no guiding principles existed as to how to address the aftermath of the situation in an orderly manner (…) There must be consistency regarding how the markets work, and how market participants conduct themselves,”
BATS CEO Joe Ratterman said “ (in the) long term, we believe it is vital for the industry to quickly move away from circuit breakers and instead implement trading limits, which we believe will eliminate clearly erroneous transactions from happening in the first place.”
FTSE launched the FTSE CDP Carbon Strategy Index Series, jointly developed with the Carbon Disclosure Project and ENDS Carbon. The series includes the FTSE CDP Carbon Strategy All-Share Index and the FTSE CDP Carbon Strategy 350 Index.
MasterCard indicated in a news release that “it is disappointed that the Financial Regulatory Reform Conference Committee has chosen to shift debit card acceptance costs from retailers to consumers. This provision stands to benefit some of the largest retailers in the world and will harm not only consumers, but also community banks, credit unions, and government benefits administrators. Currently, merchants pay their fair share of debit acceptance; in the future, consumers will be responsible for bearing this cost”.
Charles Schwab AUM in its collective trust funds surpassed $10 bn, a 5Y CAGR of 29%. Schwab plans to launch a diversified International Collective Trust Fund later in 2010.
Provided By: Equity Research Desk, www.erdesk.com