EXCHANGE NEWSWIRE, 16 September 2011
DB1-NYX deal has lost 21% of its value since the merger was announced in February, according to a report compiled by Bloomberg. This makes it the largest decline of any all-stock takeover worth $1b or more.
Brazil’s government will impose an IOF tax of 1% on the adjusted notional value of financial derivatives that increase long positions or decrease short positions in the BRL, net of the adjusted notional value of financial derivatives that increase short positions or decrease long positions in the BRL, and the change in the previous day’s BRL cash position that does not come from the expiration of financial derivatives.
Miami International aims to launch the 14th stock exchange in US after starting an options market next year. The MIAX Equities Exchange will concentrate on listing companies from Central and South America, according to the firm’s senior Vice President for strategic planning and operations.
SGX approved Manchester United’s planned $1b listing, according to Reuters. The IPO would include stapled securities that bundle with both ordinary and preferential shares. SGX CEO Magnus Bocker defended SGX’s stance in allowing the planned listing, and said that “our listing regime does not allow companies, regardless of country of origin or size, to issue (ordinary) shares with different voting rights”.
SIX Group appointed Niklaus Santschi as CEO of its integrated payments services division starting January 2012. Santschi has been Head of Business Development & Sales within the Multipay Division and CEO SIX Pay since 2008 and is also responsible for expanding the international acquiring portfolio. This is part of its aim to position itself more obviously as a provider of all-round payment transaction solutions and to continue growth in Switzerland and Europe.
CFTC Commissioner Scott O’Malia confirmed that the new Dodd-Frank rules will only take effect by end-2012 “at the earliest”. According to O’Malia, CFTC had issued 57 draft rules in total, out of which only 12 have been completed so far. The Volcker rule, which was expected to be effected in October, will also not be able to meet its deadline due to delays in agreement on a draft proposal.
CFTC and SEC may get larger budgets as a Senate subcommittee approved a measure to increase US regulators’ budgets by 19%. The subcommittee’s chairman Richard J. Durbin said that his “top priority again this year is to continue to address the resource needs of two of our nation’s premier financial regulatory agencies” which “occupy pivotal positions at the forefront of stimulating and sustaining economic growth and prosperity in our country”.
CFTC head Gary Gensler commented that “large institutions usually have an outsize interest” in seeking to influence regulatory rules on swaps and “investors tend not to be knocking on our doors as much,” resulting in “a little imbalance”.
International Organization of Securities Commission (IOSCO) recommended that global regulators use position limits, publication of open contracts, as well as reporting of OTC derivatives to take charge of commodity markets that operate in “disorderly conditions”.
Provided By: Equity Research Desk, www.erdesk.com
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