EXCHANGE NEWSWIRE, 29 April 2011
NDAQ and ICE are considering a tender offer after being rejected twice by the NYX board, according to Reuters. The NDAQ board will meet “in coming days” to conclude on whether to make a direct appeal to NYX shareholders, which will increase the pressure on the NYX board, which has refused to have discuss the NDAQ-ICE offer despite shareholder requests.
NYX CEO Niederauer was urged by shareholders to ask DB1 for a better price, and on July 7 at least half of NYX shareholders have to support the deal, in comparison for at least 75% of shareholders at DB1, in order for the deal to be approved. At the meeting yesterday, shareholders also approved two proposals that the NYX board had advised against, and there were fewer votes for the directors who were up for election.
DB1 executives publicly expressed support for NYX CEO Duncan Niederauer’s statements that at least another €100m in extra synergies in their proposed merger is achievable. DB1 CEO Reto Francioni said that “following the work conducted by joint teams, we were able to increase our initial synergy estimates to a new synergy target of at least €500m”.
NYX and DB1 CEOs stand by the deal terms of their proposed merger and rejected calls to improve terms and to give more details on the proposed costs synergies. NYX CEO Duncan Niederauer commented that if NYX pushes for DB1 to contribute more than the current 0.47 DB1 shares per share of the combined entity, “I’d hate to miss out on the accelerating opportunity because we got a touch greedy”.
BME posted 1Q 2011 EPS of €0.50 (+15% y/y), on revenues of €84.9m (+10% y/y) and EBITDA of €60.4m (+14% y/y). Cash ADV for the quarter was €2747.46b (+8% y/y).
CME raised Comex silver futures margins for the second time this week in response to the surge in silver prices as a result of much volatility. The higher margins will be implemented after close of trading on Friday. Initial margin requirements for speculators in the 5,000-ounce silver futures contract will be increased to $14,513 per contract from $12,825, and maintenance margin requirements will be increased to $10,750 from $9,500.
SGX appointed Nels Friets, previously managing director and head of securities at Citigroup Global Markets, as head of securities. SGX also announced the resignation of CFO Seck Wai Kwong, who will become executive vice president and general manager of global markets and global services at State Street Bank and Trust. Kwong will leave SGX on June 10, and will be replaced by an interim CFO Muthukrishnan Ramaswami.
Thai Futures Exchange (TFEX) will start trading silver futures and will also extend both gold and futures trading to 10.30pm from June 20.
SEC Chairman Mary Schapiro commented that SEC has flexibility on Dodd-Frank implementation and timeline. According to a Risk.net interview, SEC appears more willing than CFTC to implement rules that accommodate the OTC market’s current practices.
SEC and CFTC will jointly hold a public roundtable starting May 2 to discuss the schedule for implementation of rules for swaps and security-based swaps under the Dodd-Frank act.
Provided By: Equity Research Desk, www.erdesk.com
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