EXCHANGE NEWSWIRE, 22 July 2011
HKEx may make an offer of about HKD 52b (US$6.7b) for LSE. According to reports of several Hong Kong newspapers, HKEx could offer more than GBp 1,500 per share, representing a premium of 47%. HKEx CEO Charles Li had said earlier in March that the exchange had “no plan to run another exchange across the ocean” and emphasized that the exchange’s focus is on China.
TMX agreed to start discussions with Maple Group next week, although both sides said there was no assurance of a deal, and TMX made no recommendation to shareholders on Maple Group’s bid. Member of Maple Group, Luc Betrand, commented that “the commencement of discussions is a positive step.”
EuroCCP received FSA authorization to offer interoperability for clearing on BATS Europe and UBS MTF. The Preferred Interoperable Clearing Service will be launched by BATS Europe starting July 29 and trading firms can elect a preferred CCP to clear their trades, and if trading firms on both sides of a trade have selected a preferred CCP, each side will be cleared by the respect CCP the firm has chosen.
SIX x-clear will reduce its fees to attract new business as Europe prepares for the interoperability initiative that will start next week. Clients clearing at least 1.5m transactions a month will be charged one Swiss cent per transaction, and lower-volume clients will be charged 2.5 cents, which is approximately half the clearer’s current fee, and this new fee schedule will be offered till end-2012.
SGX proposed a new algorithm to calculate how trading orders are matched during opening and closing periods and adjustment phases. The new algorithm is expected to better reflect the markets and will improve the calculation of demand and supply in the market. It will be implemented within the new trading engine during 2H 2011.
KRX will advance delivery and payment for settlement securities, and settlement in the KOSPI Market and KOSDAQ Market will start at 9am on the settlement date “T+2” effective July 25.
TGE will launch rice futures on August 8, starting from the Day Session. The rice futures contract will begin trading with November 2011, December 2011 and January 2012 contract months, and a total of 19 rice brands will be used as the underlying.
ConvergEx Holdings will be acquired by funds advised by private equity firm CVC Capital Partners. The deal will be an all-cash transaction that is expected to close in early autumn, making CVC the largest owner of ConvergEx Holdings. BNY Mellon will remain a minority shareholder, and the existing ConvergEx management team will remain substantial shareholders and continue managing the company.
Provided By: Equity Research Desk, www.erdesk.com
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