EXCHANGE NEWSWIRE, 22 September 2011
TMX: Ontario Securities Commission said it aimed to publish Maple’s detailed application for the TMX bid “in the coming weeks”, after which there will be a 30-day comment period, followed by public hearings. The Competition Bureau also commented that “we will take whatever time necessary to review the proposed transaction”, and will only announce its views after hearings by the Ontario and Quebec securities commission, according to a Financial Times source.
LSE appointed Denzil Jenkins as Head of Compliance and Regulation starting in 2012, reporting to CEO Xavier Rolet, according to the Financial Times and Finextra. Jenkins is currently Director of Regulation at Chi-X Europe, and has more than 20 years of experience in the financial sector and has held senior positions at large financial organizations, including the Financial Services Authority (FSA) and Deutsche Bank.
NYX Executive Director Regional Business Head for Asia and Benelux, Alan van Griethuysen, was appointed President of the Association of Futures Markets (AFM).
Mercado Integrado Latino Americano (MILA): Bloomberg will hold a conference today at 11am at the New York Academy of Sciences, which will also be streamed live on Bloomberg Professional, on the investment opportunities given securities market integration in Latin America.
MarkitSERV, the OTC derivatives processing services firm which is a joint venture between Markit and DTCC, agreed to buy UK post-trade software vendor Logiscope. Deal terms were not disclosed, but the deal will give MarkitSERV a client base of more than 60 banks, brokers and exchanges and 400 financial institutions, according to the Financial Times.
DTCC COO Michael Bodson said that central CCPs are not necessarily more effective in reducing counterparty risk in the OTC derivatives market than current arrangements. Bodson also said that “regulators are trying to do the right thing in terms of increasing safety and soundness, but in some ways they’re trying to force something into a structure which may not be appropriate. The bilateral model may not be a bad thing it’s well regulated and well risk managed.”
CORRECTION: HKEx appointed Richard Leung, current chief technology officer of Chi-X Global, to be senior vice-president and to co-head HKEx’s IT division in order to develop a new market data and securities trading system. Current co-head of the IT Division, Roger Lee, will become Head of Listings Operations from January (Mark Dickens remains Head of Listings Division), and Lee will also lead an internal team developing the data centre.
SEC emphasized that there will now be an “enormous focus” on obtaining data on derivatives and other products which till now has not been available. SEC Assistant Chief Counsel Matt Reed, said that the immediate objective is on data on derivatives, such as credit default swaps (CDS), and the amount of detail “will depend precisely on what terms needed to be reported”.
Provided By: Equity Research Desk, www.erdesk.com
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