EXCHANGE NEWSWIRE, 28 June 2011
DB1-NYX merger will be presented to European regulators “in the coming days” according to the European Competition Commissioner Joaquin Almunia. Institutional Shareholder Services (ISS) advised US shareholders to vote in favor of the merger, and now regulatory approval by Almunia and the European Commission is the major barrier to the merger’s success.
LSE-TMX merger received reiterated support from shareholder proxy advisor Glass-Lewis, which issued a new report stating that the C$3.6b merger was the best alternative for TMX shareholders, although Maple Group’s new offer “made this an even closer call than before”. 11 Canadian financial services executives also expressed support for the merger in an open letter, stating that rival Maple Group “would have significant control over virtually every aspect of access to financing in Canada” and “this will negatively impact fees, enforcement, regulation, innovation and transparency”.
LSE CEO Xavier Rolet said that the exchange will carry on with this Thursday’s vote on its takeover of TMX and that he believes the shareholders will support the deal despite Maple Group’s competing bid.
ICE will have the authority to adjust trade prices in softs futures effective July 1, in a series of changes to reduce unwarranted volatility in 2011. The contracts which will be affected include coffee “C”, cotton No. 2, cocoa, frozen concentrated orange juice and sugar No. 16, and ICE will adjusted their prices if “the exchange determines the original price of the trade does not represent the market value of the specific futures or options contract at the time of the trade”, or if the trades are executed away from the equilibrium price.
RTS Stock Exchange partnered with NDAQ in an market data agreement, in which NDAQ’s Global Data Products organization will supply RTS with services to ensure compliance with RTS market data policies and best practices.
Nigeria Stock Exchange will install an NDAQ-supported trading platform and launch equity options. The exchange is also preparing for demutualization and a possible listing, according to Nigeria’s Securities & Exchange Commission’s director-general Arunma Oteh, who believes “this is an exchange that has great potential. It’s been a one-product exchange and needs to broaden its product base”.
OSE received a direct access no-action letter from CFTC, which confirms that the US regulator will not take enforcement action against OSE for introducing the Remote Transaction Participant System, in which a foreign securities firm can directly access the OSE markets as a Transaction Participant without having a Japan-based branch office.
Istanbul Stock Exchange is developing an “order-routing” system that would enable overseas investors to gain access to Egyptian and Turkish stocks through technology linking the Turkish exchange with its partners in a new regional network. The exchange’s CEO Hüseyin Erkan said “we will not be in the business of promoting other countries’ listing on our exchanges”, and “instead of taking liquidity away from others, we’d like to increase co-operation through order-routing”.
Provided By: Equity Research Desk, www.erdesk.com
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