EXCHANGE NEWSWIRE, 7 July 2011
DB1-NYX merger: NYX shareholders will vote on the merger today, with at least 50% of the votes required for the deal to proceed. DB1 shareholders have until July 13 to vote for the merger, and a higher minimum level of 75% of votes is needed, after which regulatory approval would be the final obstacle.
DB1: Eurex will expand its Italian government bond offering, with the mid-term Euro BTP future to be launched on September 19. The new futures contract will be based on deliverable bonds with a residual maturity of 4.5 to 6 years and an original maturity of not more than 16 years; the notional coupon will be 6% and the contract will have a value of EUR 100,000. The minimum tick size will be fixed at 0.01% (EUR10/tick), and the contract can be traded from 8am to 7pm CET.
CME software engineer Chunlai Yang was charged by the US with the theft of CME’s trade secrets for a Hong Kong-incorporated start-up firm called East China Technology Innovation Park Co., in which Yang was to have a financial stake. CME has yet to find any evidence that customer, trading or regulatory data had been compromised.
NYX: NYSE Technologies launched it pre-trade Risk Management Gateway (RMG) for SGX trading members, allowing member-sponsored traders direct access to SGX’s matching engines. NYSE Technologies also plans to launch RMG in other parts of Asia, including Tokyo and Hong Kong.
SGX proposed introducing circuit breakers for all stocks in the Straits Times Index and the MSCI Singapore Free Index in order to prevent huge swings in stock prices during cases of price volatility. The circuit breakers would be activated should an incoming trading order cause a stock to trade outside a 10% band around its reference price, blocking the trading order and implementing a five minute cooling off period. After the cooling off period, a new price band will be established.
HKEx and Dalian Commodity Exchange (DCE) signed an MOU to cooperate and mutually exchange information.
US Department of Justice (DOJ) chief antitrust enforcer Christine Varney will leave the DOJ after two and a half years of service to join New York law firm Cravath, Swaine & Moore LLP.
Ontario Securities Commission (OSC) will review emerging market-focused listings and “disclosures of certain issuers from the markets and the vehicles through which these companies have accessed the Ontario market”. OSC Chairman Howard Wetston also commented that “issuers who access our market, and the advisors who support them, have important responsibilities to investors and we will take regulatory action as warranted to ensure these responsibilities are met”.
UK’s Financial Conduct Authority (FCA), which will replace FSA as the new UK regulator at end-2012, published an approach paper which states that the disruption of big buy-side businesses could “threaten the integrity of a particular market” and will therefore be subject to active supervision. Public comments on the approach document will be welcomed until September 1.
Provided By: Equity Research Desk, www.erdesk.com
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