EXCHANGE NEWSWIRE, 17 November 2010
NYX appointed Mark Ibbotson, currently executive VP of global clearing, to lead the implementation of its new strategy and consult market participants regarding its proposal to launch its own European clearing facilities. Ibbotson was formerly COO of NYX’s global derivatives business.
NYX selected CB Richard Ellis Group to provide the exchange with global real estate transaction and facilities management services.
ICE: OTC Global Holdings joined ICE eConfirm Broker Matching Service, adding 18 portfolio companies to the service which allows over 200 active participants “to further automate their confirmation process”, according to ICE President and COO Chuck A. Vice.
Nordic Growth Market (NGM) and the Nordic Derivatives Exchange (NDX) implemented a new trading system Elastica, which utilizes the latest industry standard protocol FIX 5.0 SP2 and FAST 1.1, and allows FIX-integrated applications to benefit from the native protocol market access.
STOXX launched STOXX Asia/Pacific 50, STOXX North America 50 and STOXX Global 150 indices, which “offer a unique and well-balanced representation of blue-chip companies across all super sectors in these markets” and allow investors to “participate from the performance of only the most liquid stocks in these regions”, according to CEO Harmut Graf.
Blackstone raised its offer for Dynegy to $5 per share, up +11% from its original bid of $4.50 per share, valuing the entire current offer at $603m. Dynegy’s Board of Directors agreed on this new merger consideration and promised to pay Blackstone a $16.3m ($0.13 per Dynegy share) break-up fee if the merger is not approved by Dynegy’s shareholders.
ConvergEx added Adam Esposito to its global transition management team in New York to work with new and current clients in the development of customized strategies in setting up cost-effective portfolio restructurings.
BM&FBovespa was raised to “Buy” from “Neutral” at Goldman Sachs. Target price was reduced to R$16.50 from R$16.80.
The European Commission will begin the consultation process to inform the new MiFID proposals at the end of November, and the new legislation to update MiFID will be postponed to Q2 2011 from the initially scheduled Q1 2011.
FSA published proposals to ensure that platform services which are used to manage and buy investments after January 2013 are fully aligned with the Retail Distribution Review’s standards. From 2013, the cost of advice will be decided by the client and adviser, and must be revealed to the client as part of the product’s cost.
Securities Industry and Financial Markets Association (SIFMA) filed two comment letters supporting SEC’s proposed regulatory changes regarding disclosure of repurchase assets and due diligence, aimed at enhancing transparency and rebuilding investor confidence in the securitization markets.
Provided By: Equity Research Desk, www.erdesk.com