EXCHANGE NEWSWIRE, 11 April 2011
NYX’s board of directors unanimously rejected NDAQ’s and ICE’s takeover bid because the bid would imply splitting up the company’s equities and derivatives businesses, and would burden NYX with higher levels of debt, a move that NYX considers strategically unattractive.
NDAQ filed a response with the SEC stating that NYX’s decision to reject the counterbid by NDAQ and ICE was unfair to shareholders because it denied them of a financially superior deal which would deliver more value, in favor of an inferior deal with DB1. NDAQ said it will “continue meeting with investors, customers and regulators to highlight” how its proposal is superior.
SGX CEO Magnus Bocker expressed disappointment at the Australian government’s rejection of the ASX-SGX merger, and emphasized that SGX’s focus remains on organic growth. Bocker also said that “there will always be opportunities like the one with ASX that create value to all our stakeholders.”
FESE submitted a letter to the European Commission stating that the “organized trading facility (OTF)” category proposed by the European Commission “should be considered a trading venue according to MiFID”. This new OTF category could make new NTFs abandon their licenses in favor of the less regulated OTFs. FESE also stated that appropriately dark trading and OTC markets must be regulated so they are no longer a “default category into which it is easy to opt”.
BRIX, a new Brazilian energy exchange, will be launched as a partnership between Eike Batista, Josué Gomes da Silva, da Coteminas, Roberto Teixeira da Costa e Marcelo Parodi, da Compass Comercializadora de Energia, and ICE. The first contract to be traded will be short-term bilateral contracts.
ROFEX set a new daily record last Friday for its agricultural derivatives with 3,795 contracts worth a total of 113,850 tons, +23.9% above its previous record on April 2011 worth 91,875 tons.
Fidessa launched a new web-based “Tradalyzer” tool which enables brokers to analyze the effectiveness of their smart routing technology, and provides independent validation of the execution service quality compared to the market’s performance.
Canadian Securities Administrators (CSA) proposed the National Instrument 23-103 rule which is designed to establish a regulatory framework for electronic trading in Canada. Market participants will be obligated to establish, maintain and ensure compliance with appropriate controls, policies and procedures, in order to manage the risks involved with electronic trading methods. Market places are also expected to be more active in managing risks to trading.
Provided By: Equity Research Desk, www.erdesk.com