EXCHANGE NEWSWIRE, 6 July 2011
TSE and OSE are aiming for a merger deal by this autumn. A Reuters source said that the agreement, which will be held through a share swap or tender offer by TSE for OSE shares, may be hindered by differences between both Japanese exchanges, as TSE wants to list its own shares before proceeding with merger operations, an option OSE is not keen on. Both TSE and OSE spokesmen did not comment on any decision regarding the talks.
DB1-NYX merger: WSJ sources expect NYX to easily get more than 50% of shareholder votes required for the deal to progress at this Thursday’s meeting. NYX CEO Duncan Niederauer said that “the tone in most of the meetings” with the firm’s biggest shareholders “was very positive”.
NYX’s European dark pool SmartPool launched trading in the 20 biggest Swiss stocks and the 30 largest midcaps, with transactions to be cleared by EuroCCP. SmartPool CEO Lee Hodgkinson said that “we inherited the service and it came to conclusion at the end of June and so now we’re trading Swiss stocks” and “we have expanded the range of securities to the Swiss midcaps and will be seeking to add new customers from Switzerland.”
DB1’s Xetra cash market migrated to Equinix’s International Business Exchange (IBX) data center. The move allows DB1 to offer clients co-location services from a single location for the first time, and Xetra participants also have the choice of accessing the data center that is most cost-effective for them.
MICEX will launch two new interest rate derivatives as it prepares to merge with RTS. The new products are futures contracts on the one-month average RUONIA interest rate and on three-month overnight indexed swap fixing, and both contracts are based on the RUONIA interest rate determined by the Bank of Russia and the National Foreign Exchange Association.
DGCX reported 1H 2011 total volumes of 1,417,223 contracts (+52% y/y) worth US$69.1b, among which there were 1,105,673 currency contracts traded (+80% y/y). The exchange also recorded the highest monthly volume of 268,390 contracts worth US$12.96b in June.
SCHW was ordered by the Financial Industry Regulatory Authority to pay $40,500 in compensatory damages and other costs to Richard and Sally Warner Watts. The couple had claimed that the brokerage gave them advice to invest in the YieldPlus fund which resulted in steep losses while the firm was liquidating its own position in the fund.
CFTC data revealed that approximately 95% of US crude oil futures volume is generated through day trading or betting on arcane price relationships, suggesting that long term price bets have little effect on energy price volatility. Data also showed that only 5.5% of NYMEX crude trading volume involved net changes in large traders’ stance on price direction.
Provided By: Equity Research Desk, www.erdesk.com
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