EXCHANGE NEWSWIRE, 11 August 2010
HKEx 2Q10 EPS declined -16% Y/Y to HKD1.05, on revenues of HKD1,707 mn (-6% Y/Y) and expenses of HKD291 mn (-4% Y/Y).
SGX’s derivatives market will extend its trading hours by one hour to 2:00 am and will shorten the trading break between the T session close and the start of the Pre-Open of the T+1 session for the SGX Nikkei 225 Index and SGX MSCI Taiwan Index products by 30 minutes.
TOCOM amended its Market Rules to enable foreign commodity brokers to participate in its market through Intermediaries.
EuroCCP: JP Morgan became a general clearing participant (GCP) in EuroCCP.
Fortress Investment will acquire 80% of American General Finance, an AIG subsidiary that provides loans, retail financing and other credit-related products to clients in the US, UK and Caribbean countries. The company has about $20 bn in assets and $18 bn in liabilities, including $17 bn in debt.
Legg Mason AUM increased 2.2% M/M to $659 bn at the end of July.
Invesco AUM increased +4.1% M/M to $580.3 bn at the end of July on net long-term flows, positive market returns and strong foreign currencies against the USD, which contributed $5 bn in AUM during the month.
AllianceBernstein AUM increased +5.2% M/M to $482 bn at the end of July, as positive investment performance was partially offset by modest net outflows.
Calamos AUM increased +3.7% M/M to $31.0 bn at the end of July.
LSE was upgraded to “Buy” from “Neutral” at Goldman Sachs. Target price was reduced to GBp870 from GBp880.
Schroders was initiated with a “Neutral” rating at Goldman Sachs. Target price was set at GBp1590.
MF Global was upgraded to “Outperform” from “Market Perform” at Raymond James. Target price was set at $9.
FIX Protocol called on regulators to become the recognized reporting format for the proposed consolidated audit trail in the US.
The SEC revealed comments by exchanges and participants on its proposal to ban flash orders. NASDAQ and NYSE supported the ban while CBOE said it saved its customers more than $3.6 mn in a single month and “this very tangible benefit to investors should not be ignored by the Commission when considering the proposed flash ban."
The CFTC may require CME Clearport’s OTC clearing operation to register as a swap execution facility (SEF) and be regulated under new rules derived from the Dodd-Frank regulation, according to Reuters. All swaps that haven't received CFTC approval for futures-like treatment must be held in new "sequestered" accounts earmarked specifically for OTC products.
The CFTC will hold a meeting with representatives from BlackRock, Invesco, and TD Ameritrade to discuss the "flash crash" of May 6. The advisory committee convened by regulators will issue a "follow-up report" on the crash in early September, according to CFTC Chairman Gary Gensler .
The CFTC and the SEC may draft rules on derivatives by December, according to Goldman Sachs.
Wholesale Market Brokers’ Association Americas named Tradition executive director Julian Harding as chairman. Harding replaces Chris Giancarlo, who is an executive vice president at GFI. WMBA Americas also appointed Steven Merkel, general counsel at BGC Partners, as vice-chairman.
Chile’s Finance Minister Felipe Larrain will propose a new derivatives bill to Congress this month to promote the development of the capital markets in the country and encourage companies to hedge FX and interest rate risk. The bill aims to wipe out uncertainty about whether derivative transactions with foreign counterparts are subject to an extra 35% income tax.
Provided By: Equity Research Desk, www.erdesk.com