EXCHANGE NEWSWIRE, 23 May 2011
TMX’s board rejected Maple Group Acquisition Corp’s takeover bid, and said that it still supports the plan to partner with LSE. Maple Group expressed disappointment in TMX’s decision and commented that it was confident that its proposed transaction could obtain all requisite approvals and that the merger could be closed by late fall.
LSE CEO Xavier Rolet welcomed TMX’s decision to reject Maple Group’s takeover. Rolet said that “the Maple scheme of arrangement” was “unattractive” and that “we are pleased that the merits of our merger proposal have been fully understood”. Rolet also said that “our deal does not require leverage, unlike the Maple plan which would have higher levels of leverage than even NDAQ”.
CME CEO Craig Donohue defended CME’s decision to raise commodity margins and denied claims that the exchange was responsible for bursting the bubble in silver prices.
Chi-X Europe experienced a half-hour outage due to “human error” this morning. The outage was the third outage in Chi-X Europe’s four years of operations.
JSE chose SuperDerivatives to provide the exchange with market data for its new exotic currency options product offering, in particular the “any-day expiry” contracts. The new offering will give investors the advantages of listed derivatives with the flexibility of OTC contracts, and also allows investors to negotiate the terms of an option contract, as well as choose both the expiry data and the underlying asset.
NZX selected OMFinancial (OMF) to be its first New Zealand-based broker to provide customer access to NZX’s Dairy Futures market.
ICAP CEO Michael Spencer advocated increased competition in the exchange-traded derivatives sector, and said it was “incredible” that monopolistic behavior among derivatives exchanges “hasn’t attracted the attention of the antitrust authorities before”.
MiFID released poll results which showed that some continental Europe-based brokers and asset managers believed that rules allowing large block trades to be done without prices displayed beforehand could undermine market transparency. The poll also found that there were “differences in perceptions of the impact of waivers between UK, and other European, stakeholders”.
SEC appointed Craig Lewis as chief economist and director of the Division of Risk, Strategy, and Financial Innovation (RiskFin). Lewis is currently the Madison S. Wigginton Professor of Finance at Vanderbilt University’s Owen Graduate School of Management and will assume his new post in June this year.
Provided By: Equity Research Desk, www.erdesk.com
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