EXCHANGE NEWSWIRE, 7 June 2011
TMX: Maple Group may add at least another three financial services companies, including Desjardins Financial Group, GMP Capital, and Dundee Capital Markets, to its bid for TMX, according to the Wall Street Journal. Should the bid go through the newly added firms will hold 7% in TMX, cutting Maple’s bank participants’ total holding to 22% from the originally proposed 25%.
TMX Select received approval from the Investment Industry Regulatory Organization of Canada (IIROC) to launch on July 11. The ATS platform will use “symmetrical pricing”, with a fee schedule charging liquidity providers and seekers a nominal fee of $0.0002/share for stocks under $1 and over, and $0.0001/share for stocks priced under $1.
ICE is being sued by an unidentified trader after he was sold stolen EU carbon permits on the exchange in January, according to Point Carbon.
CME: Green Exchange (GreenX) set a new exchange wide open interest in May, which was at 76,747 contracts (+745% y/y, +16% m/m). Total volume traded in May was 28,928 contracts, with a month-end 20-day ADV of 1,446 contracts.
DB1 launched a neutral benchmark for EUR IR swaps called the “Eurex ICAP Swap Spreads” which was jointly developed with ICAP. The spreads will be available through DB1’s direct real-time data feed CEO Core.
BM&F Bovespa will implement Streambase’s event processing technology to build a set of real-time, low-latency data applications that will be available to clients through the CME Globex interface.
MCX Stock Exchange (MCX-SX) aims to claim at least INR 150 crore in damages from rival NSE, which MCX-SX states is abusing the use of its dominant position and violating competition. The Competition Commission of India (CCI) has sent a penalty notice to NSE, and will issue a final order after NSE submits its reply on why a penalty should not be levied.
PAVE Platform selected Cinnober Financial Technology to support the Spanish MTF, which aims to be launched in 1Q 2012, and will be the first MTF in Spain with the support, ownership and governance of Spanish market participants.
Hungarian Power Exchange (HUPX) will be launched on Jan 1, 2013. The natural gas bourse will be operated by a firm that has the license to run a power exchange and is owned by a power transmission systems operator, competing directly with Prague-based Power Exchange Central Europe.
US Treasury Secretary Tim Geithner called for a global derivatives rule to prevent a global “race to the bottom”, and expressed fears that “risk in derivatives will become concentrated in those jurisdictions with the least oversight”. US officials are worried that companies will enter into derivatives contracts with non-US banks in order to lower costs and avoid restrictions where the timeline for new standards in Europe or Asia is more uncertain.
FSA will require the compulsory reporting of derivatives trades “in late 2012 or early 2013”. FSA director Alexander Justham said that trade reporting will allow regulators to spot systematic risks and could help supervise individual banks and combat market manipulation, by giving regulators a clear idea of the positions held.
Provided By: Equity Research Desk, www.erdesk.com
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