EXCHANGE NEWSWIRE, 15 July 2011
DB1-NYX merger received more than 80% of DB1 shareholder votes, meeting the 75% threshold for the merger to proceed. The final tally will be announced on Friday. The merger now requires approval from more than 40 global regulators, and is a key hurdle to clear is the European Commission, which will decide by August 4 whether the combination will go through or not.
ICE acquired 31,565,314 shares representing 12.44% of CETIP’s share capital of CETIP from FIP Advent and other entities. ICE paid R$25.50 per share, a total of $512m, and CEO Jeffery Sprecher said “we are committed to contributing to the growth of these markets while supporting increased transparency and security”.
TMX: Maple Group would rather have TMX’s approval for the deal than go ahead with its hostile takeover bid. Maple Group said it has no plans to change its $50/share bid while it continues to engage TMX management, solicit shareholders and win competition authorities’ approval.
PSE plans to extend trading hours amid bullish market conditions as the local stock market index hit a record high last week. The two-stage extension will first see trading be extended to 1pm from 12pm starting October 1, and in January trading will run until 3.30pm but include a 90-minute break starting at 12pm.
ITG appointed David Stevens as Head of US and Latin America. Stevens will be based in New York, and was most recently CEO of ITG Asia Pacific and previously head of ITG Europe. Jamie Selway has been named ITG's Head of Liquidity Management, as well as ITG's derivatives business. Jeff Bacidore is joining ITG as head of algorithms, reporting to Selway. Bacidore was previously head of algorithmic trading at GSAM and research director at the NYSE. Ralph Edwards joined ITG as its derivatives strategist. Edwards was most recently responsible for options business at Sanford C. Bernstein.
ConvergEx multi-asset class execution management system (EMS), RealTick10, now includes an enhanced risk management solution to adapt to SEC’s ban on unfiltered access, which prevents broker-dealers from allowing clients to trade directly on equity markets without appropriate pre-trade risk controls.
International Swaps and Derivatives Association (ISDA) published a 300-page updated equity derivatives documentation. Legal counsel for ISDA Michael Voisin stated the “documentation has been designed to stand the test of time, to permit standardization while not inhibiting innovation”, and “we are hoping there will be no need to revisit these definitions in future”.
CFTC issued a temporary order revising the deadline for swaps regulations till December 31, “granting temporary relief from certain provisions that would otherwise apply to swaps or swap dealers on July 16.” The rules that will not go into effect over this week include the definition of a swap, exemptions for clearing and capital and margin requirements for trades.
Provided By: Equity Research Desk, www.erdesk.com
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