EXCHANGE NEWSWIRE, 18 May 2011
NYX CEO Duncan Niederauer told employees that “we’ve got to get a lot of regulatory and policy-maker support” as the main obstacle to its DB1 proposal is potential resistance by regulators. Niederauer also said that the withdrawal of the NDAQ-ICE merger removed a “cloud of uncertainty” over the DB1 plan.
SIX Swiss Exchange confirmed that it is currently in discussions with DB1 to identify the consequences of the DB1-NYX merger on joint Swiss-German ventures, Eurex, Scoach and Stoxx. Spokesman Alain Bichsel also stressed that the Swiss exchange wants to “continue to offer an independent first-class infrastructure to the Swiss financial industry”, and did not comment on speculation of the exchange joining the current wave of industry consolidation.
HKEx said it hopes that a framework for business trust listings will be ready by the next few months, and that it is working with the Securities and Futures Commission (SFC) to resolve “highly technical issues” regarding the framework. HKEx is pushing for the framework so that it will not lose out in IPO attractiveness to SGX, which allows business trust listings. A Wall Street Journal source said that compliance requirements for business trust listings will likely be at least equivalent to those for existing companies.
Hong Kong Mercantile Exchange (HKMEx) launched trading of gold futures on Wednesday, and will start trading silver futures in July. A CNY-denominated gold futures contract will also be launched in the autumn to take advantage of growing investor demand for the Chinese currency.
Shanghai Stock Exchange (SSE) will introduce cross-border ETFs this year. QDII FX quotas may be granted for the ETFs, which may adopt a “T+2” settlement regime.
Bursa Malaysia CEO Tajuddin Atan said that the exchange is open to HFT trading in the future, as HFT traders are increasingly looking abroad with the US trading environment gets increasingly competitive and regulated.
Thomson Reuters partnered with technology provider StreamBase to deliver complex event processing (CEP) technology, which can be used for HFT strategies over the Thomson Reuters’ Elektron network.
OXPS reported April retail DARTs of 36,100 (+8% y/y, +2% q/q), institutional DARTs of 13,400 (-20% y/y, -9% q/q), and ending customer accounts of 392,600 (+9% y/y, +1% q/q). Ending client assets were $8.7b (+11% y/y, +3$ q/q) and ending margin balances were $215m (+3% y/y, -2% q/q).
FXCM’s board of directors authorized the repurchase of up to $30m of its Class A common stock and its FXCM Holdings, LLC units. The program allows shares to be repurchased from time to time in open market transactions, privately negotiated transactions or otherwise.
ICAP expressed confidence that its new electronic broking platform, i-Swap, will meet the currently undefined derivatives trading rules that are being written by European regulators. i-Swap has seen 41 banks making more than 4,300 trades worth EUR360b since its launch, contributing to ICAP’s electronic business +20% increase in revenue to GBP302m and a +23% rise in operating profit to GBP123m.
Bank of International Settlements (BIS) reported that 2H10 OTC commodity derivatives increased $2.92t (+2% h/h). The BIS report also commented that metals, energy and agricultural contracts made up 0.5% of the total $601t OTC derivatives market in the second half of 2010.
Provided By: Equity Research Desk, www.erdesk.com
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