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’Brussels in sane competition ruling shock
An eye-catching story from the FT”s Alex Barker and Jeremy Grant on Tuesday…
Europe set to block DB-NYSE tie-up
European competition officials have recommended blocking the tie-up between Deutsche Börse and NYSE Euronext,
NYSE Euronext’s bizarre internalisation U-turn
US market structure watchers may have noticed something very interesting occur this week.
On Oct 12, the NYSE Euronext filed a proposal to the SEC to create a new “Retail Liquidity Pilot Progam”. According to Joe Saluzzi at Themis Trading,
I name this premier global exchange group…
Time to think like a brand consultant and come up with a name for this:
Winner gets a bottle of nice champagne.
Usual rules apply: ie Taxloss can’t win, prize must be collected from FT HQ in London.
Going Dutch, with NYSE and D Börse
BUT WILL NYSE COME FIRST IN THE NAME?
Ahem, sadly for Chuck Schumer, we don’t know yet. NYSE Euronext and Deutsche Börse just unveiled their vision for a Premier Global Exchange Group without quite giving it anything so important as a name:
The little match problem
As most European investors would have noticed, Euronext markets suffered a 45-minute outage just ahead of the close on Wednesday.
According to the FT’s Jeremy Grant, the halt was due to a “human error”.
Soros goes to Bombay (Stock Exchange)
You know things are heating up when George Soros wants to invest, and in this case, it’s Asia’s oldest stock exchange.
As the FT reports on Wednesday, Soros is in final talks to buy Dubai Holding’s 4 per cent stake in the Bombay Stock Exchange (still somewhat anachronistically called after the old colonial name for the city of Mumbai) for about $40m,
Nasdaq, NYSE testimony on the flash crash
Talk about insta-outrage: less than one week after last Thursday’s ‘flash crash’, US lawmakers have organised a hearing on the roots of that sudden, short-lived stock market plunge.
The House Financial Committee on Financial Services,
Blame the trading bots – again
Does anyone remember the high-frequency-trading outrage that erupted last summer?
Prepare yourself for a redux.
The blame for Thursday’s Dow Jones rout has swiftly shifted from a fat-fingered Citigroup trader to the rise of the machine-trading bots.That’s right,
Snap news
Breaking pre-market news on Wednesday,
- NYSE Euronext announces plan to sell stake in NYSE Amex options market – statement.
- Merck KGaA aquires Suzhou Taizhu Technology for €28m – statement.
- Vivendi launches amicable €2bn tender offer for Brazil’s GVT – statement.
NYSE Euronext acquires Nyfix
NYSE Euronext on Thursday agreed to pay a significant premium to buy Nyfix, a US company which sells software used by asset managers and hedge funds to communicate trading intentions to their brokers and banks.
A defence of high frequency trading by NYSE Euronext
This is certainly interesting. On Wednesday, NYSE Euronext’s vice president of corporate communications Ray Pellecchia posted a defence of high frequency trading – flash orders aside – on the exchange’s “Exchanges”
NYSE Euronext reports loss
NYSE Euronext, operator of the New York Stock Exchange, on Thursday reported a Q2 net loss of $182m, compared with a profit of $195m a year ago, after absorbing a one-time charge, mostly made up of a $355m payment to LCH.Clearnet for breaking a contract as the US group moved to set up its own UK-based clearer.
NYSE Euronext opposes LCH.Clearnet bid
NYSE Euronext on Wednesday said it opposed a plan by a consortium of 11 banks and Icap, the inter-dealer broker, to buy LCH.Clearnet, Europe’s largest independent clearing house. The exchange group is the second largest shareholder in the clearer with 5%.
NYSE chief cautions on March rally
The March stock market rally that fuelled hopes of a broader economic recovery was deceptive because “real money” investors remained on the sidelines, said the chief executive of NYSE Euronext, the world’s largest stock exchange.
NYSE Euronext launches alternative trading platform
European investors will on Monday be presented with two additional share-trading facilities with the launch of NYSE Euronext’s alternative trading platform and the unveiling of plans for a “dark pool” block trading system by US operator Pipeline,
NYSE Euronext posts $1.34bn Q4 loss
NYSE Euronext on Monday reported a Q4 net loss of $1.34bn, missing expectations, as it was hit by costs related to the merger of NYSE and Euronext. Revenues also suffered because of a new rebate scheme for high frequency customers.
NYSE Euronext to launch ‘Octopus’
NYSE Euronext, the transatlantic exchange operator, will combat alternative share trading platforms in Europe with plans to be the first exchange to launch one of its own, escalating the battle for regional market share.
CME to leave NYSE for Nasdaq
Shares in CME Group, the world’s largest futures exchange, will next week cease trading on the New York Stock Exchange and list solely on the Nasdaq, NYSE’s main rival for US listings. Analysts said the move was likely to sour relations between NYSE Euronext,
NYSE Euronext beats LSE to Doha deal
NYSE Euronext won a competititve tender to take a 25% equity stake in Qatar’s stock market, stoking the three-way battle for regional financial supremacy in the petrodollar-fuelled Gulf region. The transatlantic
The London Stock Exchange left on the shelf – again
It is no way to treat a Dame, certainly. Three weeks after LSE chief executive Clara Furse kindly travelled all the way to Qatar, seemingly to help the Doha Securities Market expand its trading platform and develop the emirate’s capital market in the wider Gulf region,
Weekend catch-up
In case you missed these stories:
S&P discloses errors in rating models
S&P has told regulators it found an error in the computer models underpinning the credit ratings of complex debt products but that the glitch did not affect the ratings of the debt.
Euronext to cut fees by up to 30%
The battle for market share in European cash equities trading ratcheted up on Thursday when NYSE Euronext unveiled trading fee cuts of up to 30% in an effort to attract high-frequency traders. NYSE Euronext said the new fee structure,
NYSE mounts challenge to LSE
In a challenge to the London Stock Exchange’s success in drawing big IPOs, rival NYSE Euronext has launched a “fast path” campaign to persuade Chinese, Indian and Russian companies planning IPOs in the US to list partially in Europe as well.
NYSE Euronext moves into commodities – in India
Stock exchange NYSE Euronext is set to buy a 5 percent holding in India’s largest commodities bourse, Multi Commodity Exchange, according to India’s Economic Times. In January, the Indian government said foreign investors could buy up to 49 per cent of local exchanges,
NYSE, CME see record volumes
Consolidation in the global exchange sector boosted earnings at US exchanges in the 2007 fourth quarter, with the New York Stock Exchange and the CME Group both announcing record volumes on Tuesday. Growth at the CME Group,
NYSE Euronext buys rival Amex for $260m
NYSE Euronext on Thursday boosted its presence in US derivatives and exchange-traded funds by agreeing to pay $260m to acquire the American Stock Exchange, putting an end to a century-long rivalry. Coming just weeks into the tenure of Duncan Niederauer as chief executive of NYSE Euronext,
Stock exchanges and the return of volatility
Exchanges are loving the credit crunch.
It’s official.
Exhibit A – The London Stock Exchange posted its biggest trading day ever amid the August carnage – for the first time executing more than 1m trades in a single session.
NYSE takes 1 per cent stake in Bovespa
NYSE Euronext has taken a 1 per cent stake in Bovespa , the owner of Brazil’s largest exchange, in a bid to expand its presence in Latin America’s largest economy. The exchange said it had paid $90m in cash for the stake,
An Asian cousin for Aim – and a NYSE Euronext banks link-up
The Tokyo and London stock exchanges have agreed to set up a market for emerging companies in Tokyo. The new market, which will be ready for trading by the end of 2008, will cater to young companies and investment professionals.
Dark is Smart in the new world of Mifid
Smart Pool, a plush new leisure facility aimed at traders in the Square Mile, launched on Wednesday – complete with a new “soft-thermo” warm wave machine, automated sounds of seagulls, a slide designed by Tate Modern star Carsten Höller,