EXCHANGE NEWSWIRE, 19 November 2010
NYX plans to clear OTC equity derivatives, and “there are ongoing consultations with market participants.” The solutions “will link up to existing widely used OTC infrastructure and will leverage our planned purpose-built clearinghouse,” according to global derivatives head Garry Jones.
ICE will launch 39 new cleared OTC energy contracts for global oil and petroleum products, natural gas liquids, North American power and North American natural gas on December 13.
LSE arranged for a £250m five-year revolving credit line at 100bps over the London interbank offered rate, which will be used to refinance debt.
HKEx may toughen restrictions on the sale of new shares, and investors may be required to extend their lock-up periods and to disclose their identities, according to the Ming Pao newspaper.
SGX will begin trading USD-denominated SGX EURO STOXX 50 Index futures and options on its derivatives market on December 6, the first time these products are available in Asia.
Tradeweb executed the first fully-electronic IR swap trade to be processed by a central clearinghouse in the US, with Deutsche Bank as the clearing member.
Fitnetix launched an integrated microchip which allows orders to be conducted within eight microseconds, and is compliant with the new SEC regulations regarding “naked access”.
BATS Global Markets appointed Troy Yeazel as Vice President of Operations and Jeff Connell as Vice President of Market Oversight. Yeazel and Connell’s “leadership has been instrumental in the growth of our businesses and ensuring that our members are provided with top-notch customer service and support,” in COO Chris Isaacson’s words.
Charles Schwab reached a revised $235m settlement of the Schwab YieldPlus fund lawsuit. The new agreement will remain at the same cost to Schwab and the judicial approval is expected by Monday.
CFTC Commissioner Scott O’Malia raised concerns that provisions in the Dodd-Frank law are causing CFTC to move away from its flexible oversight regime to a one with prescriptive and rigid rules, and that “not everything will conform to a one-size-fits-all solution”.
SEC’s Inaugural Director of Division of Risk, Strategy and Financial Innovation, Henry Hu, will leave the agency in January 2011 and return to the University of Texas to do research, where he worked prior to joining SEC in 2009.
SEC charged two employees from Bernard L. Madoff Investment Securities (BMIS), Annette Bongiorno and JoAnn Crupi, with fraud and claimed that both employees “helped create an elaborate edifice of fake accounts, fake trades, and fake profits”.
The European Council adopted legal texts underpinning a EU financial reform framework, and also adopted regulations establishing a European Systematic Risk Board (ESRB) and three new supervisory authorities at the micro-financial level.
Provided By: Equity Research Desk, www.erdesk.com