EXCHANGE NEWSWIRE, 26 May 2011
TMX: Maple Group Acquisition Corp. presented its C$3.6b acquisition proposal directly to TMX shareholders after LSE and TMX announced that shareholders would vote on the LSE-TMX deal on June 30 upon receiving approval from the Ontario Superior Court of Justice to do so. Maple Group accused LSE and TMX of “accelerating the timing of their meeting” to pressure shareholders but LSE denied the accusations.
Oslo Børs is planning a full share listing which is expected to improve its visibility and liquidity, but it does not plan to increase its share capital or conduct a public offering of existing shares. The exchange also stated its plan to remain independent despite the current wave of global exchange consolidation.
ICE will launch 48 new cleared OTC energy contracts for North American power, North American natural gas and global refined petroleum products on June 13, increasing the total number of cleared OTC energy contracts offered to 515.
ICE Clear Europe cleared its first freight forward agreement (FFA), a wet freight, TD5 FFA – West Africa to USAC (Baltic) Swap (WAU), which was submitted by ICAP to ICE Clear Europe on May 24.
CME signed an MOU with Ukrainian Futures Exchange, Government of Ukraine and National Bank of Ukraine to jointly develop the financial and derivatives market in Ukraine for grain and non-agricultural products. The possibility of using the CME Globex electronic trading will also be explored.
LSE plans to launch FTSE 100 futures “go live on June 6”, after which it will start trading options based on the FTSE100 index in September. LSE aims to ultimately offer the full range of pan-European futures and options contracts, including the most traded European future, the EuroStoxx 50 future.
SGX will start offering trading in three more metals contracts in partnership with LME “in the not too distant future”. SGX CEO Magnus Bocker also said that SGX expects to offer central clearing for FX forwards in “the next few months”, and is waiting to “get through the interest rate swaps, have them cleared, everyone familiar with it and all the technology up and running before we move on to the next product”.
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) gained provisional approval from Indian regulator SEBI to establish separate platforms for small and medium sized companies (SMEs). BSE expects to secure final approval over the next few months, and NSE said it was progressing well to “operationalize” the platform. Multi Commodity Exchange of India (MCX) also indicated its interest in launching its own SME platform.
NYX will provide Shanghai Stock Exchange (SSE) with its NYSE Technologies Marketplace technology that sends trades through the FIX protocol, allowing licensed trading firms to trade faster into and out of China.
WSE: Poland’s Prime Minister Donald Tusk urged attendees of the Central and Eastern Europe IPO summit to make WSE a focal listing venue for companies in the region. Tusk also expressed “determination to support the development of the WSE, and capital markets in Poland”, in which only 5% of total Polish listings are foreign, compared to 10% and 20% for DB1 and LSE respectively.
DTCC’s managing director and general counsel Larry Thompson warned that “the underlying legislative intent of the Dodd-Frank Act could be subverted by the legislative language, preventing the exchange of information between regulators and frustrating efforts to identify and mitigate international financial risk and fragment regulatory oversight on a jurisdiction-by-jurisdiction basis”. Thompson also said that “DTCC believes the indemnification provision will significantly impede global regulatory cooperation.”
CFTC Commissioner Jill Sommers commented at a congressional hearing that there were “important substantive differences between the US and other jurisdictions…that may harm the competitiveness of US business”. Sommers noted that this could cause the US to lose trade to the European Union (EU), which might exempt pension funds from a rule requiring OTC derivative transactions to be made through a clearing house, and that the EU was considering a less troublesome standard for new trading platforms.
Provided By: Equity Research Desk, www.erdesk.com
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