EXCHANGE NEWSWIRE, 13 September 2011
DB1-NYX merger: BaFin, Germany’s financial industry regulator approved of the proposed DB1-NYX merger, and DB1 commented that BaFin’s approval applied in particular to Clearstream and Eurex Clearing. EU competition authorities are still investigating the deal amid “significant concerns” over the merged entity’s dominance in derivatives trading.
NYX bought a minority stake in The Receivables Exchange (TRE), with the aim of providing another venue for public companies to borrow money. Terms of the deal were undisclosed. NYX also appointed Paul DeDomenico as Head of Global Corporate Receivables Programs. DeDomenico was previously CEO of GE Capital – Working Capital Solutions.
CME aims to launch new Chinese Renminbi (RMB) FX products. However this will only proceed when CME is certain that Asian markets can mitigate operational risk by proving that they can deliver more automated processing, according to CME senior executives interviewed by Euromoney.
CETIP: Vontobel Asset Management purchased 82.3k additional shares of CETIP, reaching a total stake of 5.004% of common shares outstanding.
ICE plans to appoint Ben Jackson, current COO of ICE Futures US exchange, as president of its US commodity futures exchange, replacing current president Thomas Farley, according to a Financial Times source.
NYX COO Lawrence Leibowitz called for regulators to clarify whether there are problems with high frequency trading (HFT), as “to my knowledge there’s been no proof shown that high-frequency trading has been detrimental. So it’s sort of unclear why there’s this huge cloud.”
SGX proposed a new system to limit the liability of derivative clearing service members in the event that other members default on their trades. Public comments will be accepted until October 3.
Fidessa is now certified to provide full support to the trading community and provide them with access to the multiple trading platforms that will launch in Australia, starting with Chi-X Australia.
FSA is concerned about volume discounts, which create a “false incentive” to trade, and “cliff edge” schemes which allow fee cuts that are triggered to apply retrospectively, according to sources interviewed by the Financial Times. The sources also mentioned that FSA is in discussions with LSe regarding its current tariffs.
Provided By: Equity Research Desk, www.erdesk.com
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