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Dow Jones joins Markit hub
June 22, 2010--Markit, a leading, global financial information services company, today announced that Dow Jones & Company has joined Markit Hub as the first third-party content provider.
Markit Hub is a web-based business intelligence platform that provides institutional market participants with direct-to-source access to research, commentary, news, data and analytics from global banks and major third-party providers.
Markit Hub customers will now gain access to Dow Jones Global Markets News, a leading news and business information service. Content includes breaking stories from Dow Jones Newswires and commentary from Heard On The Street, DJ Market Talk, Money Talks, Big Picture and Charting Money.
Markit Hub's commingled headlines and advanced navigation and filtering tools provide fast, customised access to a rich content set. The platform manages over 150,000 users at more than 3,000 investment firms across the globe with approximately 60% of customers based in North America and 40% split across Europe, Asia and Latin America.
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Source: Markit
BNY Mellon Launches BNY Mellon Clearing, LLC
June 22, 2010 – BNY Mellon, the global leader in asset management and securities
servicing, today announced the creation of a new company to clear futures and derivatives trades on
behalf of institutional clients. The company, BNY Mellon Clearing, LLC, is a U.S. registered futures
commission merchant and a member of the National Futures Association, and plans to become a clearing
member on major exchanges and central clearinghouses on a global basis to support the trading activities
of its clients.
“BNY Mellon Clearing represents a logical extension of our business model as the leading securities
servicing provider in the world,” said Gerald Hassell, president of BNY Mellon. “With this new company,
we will meet the growing needs of clients who trade derivatives and are seeking a global clearing partner
with proven operational, financial and risk management expertise.”
Sanjay Kannambadi will serve as CEO of BNY Mellon Clearing, reporting to Art Certosimo, senior executive vice president and CEO of Alternative and Broker-Dealer Services at BNY Mellon. Previously, Kannambadi was the head of BNY Mellon’s Office of Innovation, where he led a team responsible for the development and commercialization of new products and services across the company’s businesses.
“BNY Mellon Clearing will provide clients with our extensive operations, technology, risk, finance and compliance capabilities, along with access to exchanges and clearinghouses around the world,” said Kannambadi. “The company’s formation is designed to anticipate the rapid changes occurring in the clearing and settlement process for derivatives and the need for institutional investors to have a capable, stable partner as the market grows and evolves.”
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global
financial services company focused on helping clients manage and service their financial assets, operating
in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services
for institutions, corporations and high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing services and treasury services through a
worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1
trillion in assets under management, services $11.8 trillion in outstanding debt and processes global
payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.
Source: BNY Mellon
Consumer protection to be focus of financial reforms
June 22, 2010--The final shape of financial reform legislation, including tough restrictions on bank activity, is on course to be agreed on Thursday after a year of wrangling in the US Congress.
A conference of lawmakers on Tuesday backed a new Consumer Financial Protection Bureau to regulate credit products, housing it within the Federal Reserve but granting a high level of independence.
But they granted a partial exemption to car dealers who provide credit to customers over-riding the objections of President Barack Obama and the Pentagon, which says soldiers are a perennial target for unscrupulous dealers selling misleading products
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Source: FT.com
Aluminum ETF a strategic extension for banks-Alcoa
LME warehouse ownership opening banks to physical market
ETF a natural extension of warehouse strategy
June 22, 2010--The migration of some of Wall Street's biggest banks into the physical aluminum market is a strategic progression toward the creation of an exchange-traded fund (ETF), the director of material management with the world's largest aluminum producer said on Tuesday.
"There is still plenty of risk capital around to finance metal ... It's one of the reasons why the ETFs are becoming more attractive," said Greg Wittbecker, director of material management with Alcoa (AA.N) told Reuters on the sidelines of Harbor Intelligence's third annual aluminum outlook conference.
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Source: Reuters
Frank Announces House Offer on Prudential Regulation
June 22, 2010-- Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 1:00 p.m. tomorrow.
Title VI of base text: Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions
The House proposes the following amendments to the Base text:
Amend Senate Provision regarding moratorium on applications for credit card banks, industrial loan companies, and certain other depository institutions to allow for limited investments in the parent company. (Senate bill, § 603, page 514, after line 4).
Amend Senate Provision regarding functionally regulated subsidiaries to delete insurance companies from the definition because there is no federal regulation of insurance companies, and other technical and conforming changes to the section on holding company reports and the definition of functionally regulated subsidiary. (Senate bill § 604, page 521, line 4 – page 529, line 20).
Amend Senate Provision on banking agency authority over holding company subsidiaries to require Federal Reserve to examine nonbank subsidiaries that engage in bank-permissible activities. (Senate bill § 605, page 530).
Amend Senate Provision on requirements for bank holding companies to remain well capitalized and well managed to engage in expanded activities so that it applies to savings & loan holding companies as well. (Senate bill§ 606, page 538, after line 24).
Strike Senate Provision applying national bank lending to state-chartered banks. (Senate bill § 611, Page 551, lines 11-23).
Amend Senate Provision restricting charter conversions of banks and savings associations subject to an enforcement order, to allow for charter conversions not opposed by both the old and new federal banking agency. (Senate bill § 612, pages 552-553).
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Source: House Financial Services Committee
CFTC Issues an Exemption to Bursa Malaysia Derivatives Bhd Permitting U.S. Customers to Deal Directly with Malaysian Brokers
June 22, 2010-- The Commodity Futures Trading Commission (CFTC) today issued an order to Bursa Malaysia Derivatives Bhd (Bursa Malaysia) permitting designated Bursa Malaysia members to solicit and accept orders and customer funds directly from U.S. customers for trading on that exchange without having to register with the CFTC as futures commission merchants (FCM). This exemption follows similar exemptions granted to other foreign exchanges or foreign regulators pursuant to Regulation 30.10.
Orders issued by the Commission pursuant to Regulation 30.10 allow firms located in certain foreign jurisdictions to deal directly with U.S. customers on non-U.S. markets without having to comply with certain requirements set forth in the Commodity Exchange Act and CFTC regulations, including the requirement to register with the Commission as an FCM. These foreign firms are permitted to do so because they are subject to comparable customer protection standards in their home jurisdiction. The criteria for the CFTC’s review of foreign standards are set forth in an Intepretative Statement contained in Appendix A to Part 30 of the CFTC’s regulations.
The order has been published in the Federal Register (75 FR 35291) and the relief is effective as to each foreign firm upon the filing of certain representations with the National Futures Association. For more information on Bursa Malaysia Derivatives Bhd’s Regulation 30.10 exemption, as well as a list of other Regulation 30.10 exemptions granted by the CFTC, please refer to the List of Part 30 Exemptions link on the International page of the CFTC’s website.
Source: CFTC.gov
Credit Suisse and Dow Jones Indexes Join Forces on Hedge Fund Indexes
Former Credit Suisse/Tremont Hedge Fund Indexes To Be Rebranded Dow Jones Credit Suisse Hedge Fund Indexes
June 22, 2010--Credit Suisse, one of the world’s leading financial services providers, and Dow Jones Indexes, a leading global index provider, today signed an agreement which covers the calculation, licensing, branding and marketing of the hedge fund indexes formerly known as the Credit Suisse/Tremont Hedge Fund Indexes.
Under this agreement, the indexes will be branded Dow Jones Credit Suisse Hedge Fund Indexes, and Dow Jones Indexes will calculate, distribute and market the indexes, while Credit Suisse affiliates will continue to manage the financial products linked to them. Credit Suisse and Dow Jones Indexes intend to keep the methodologies and rules for each of the existing indexes consistent with past practices.
The Dow Jones Credit Suisse Hedge Fund Indexes are a family of hedge fund indexes which include broad market and investable indexes, all designed to track hedge fund performance. As one of the industry’s premier asset-weighted hedge fund indexes, the indexes are constructed from a database of more than 5,000 hedge funds and seek to provide the most accurate representation of the hedge fund universe. The index family presently consists of 17 indexes, including a range of geographical and strategy-specific hedge fund indexes, and will expand over time. The current index family includes:
1. The Dow Jones Credit Suisse Hedge Fund Index (the “Broad Index”), formerly known as the Credit Suisse/Tremont Hedge Fund Index, is an asset-weighted benchmark that measures hedge fund performance and seeks to provide the most accurate representation of the hedge fund universe.
2. The Dow Jones Credit Suisse AllHedge Index, an investable index comprised of all 10 Dow Jones Credit Suisse AllHedge Strategy Indexes (formerly known as the Credit Suisse/Tremont Sector Invest Indexes) weighted according to the sector weights of the Broad Index.
3. The Dow Jones Credit Suisse Blue Chip Hedge Fund Index (formerly known as the Credit Suisse/Tremont Investable Hedge Fund Index), an investable index comprised of 60 of the largest funds across the ten style-based sectors in the Broad Index; and
4. The Dow Jones Credit Suisse LEA Hedge Fund Index, an asset-weighted, composite index which provides insight in to three specific regions of the emerging markets hedge fund universe (Latin America, EEMEA (Emerging Europe, Middle East and Africa) and Asia).
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Source: Dow Jones Indexes
CBOE to List Options on CBOE Holdings, Inc. (CBOE) on Wednesday, June 23
June 22, 2010--The Chicago Board Options Exchange (CBOE) today announced it will list options on CBOE Holdings, Inc. (stock and option symbol CBOE) beginning Wednesday, June 23.
The contract specifications and Designated Primary Market Maker (DPM) for the options are listed below:
Initial strike prices: 25, 30, 35
Expiration cycle: March
Introductory expirations: July, Aug, Sep, Dec
Position limits: 25,000 contracts
DPM: Susquehanna Investment Group
For more information on new listings, visit the Trading Tools section of the CBOE website at: http://www.cboe.com/NewListings.
Source: CBOE
Gensler Comments on Status of Wall Street Reform Bill
June 22, 2010--– Following a meeting of the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues, Commodity Futures Trading Commission Chairman Gary Gensler today commented on the status of the Wall Street Transparency and Accountability Act of 2010.
Chairman Gensler said:
“Before I take questions on today’s meeting, I’d like to comment on the Wall Street reform bill that is currently in conference committee.
“The bill includes historic provisions to bring comprehensive regulation to over-the-counter derivatives. This includes fully regulating derivatives dealers and requiring standardized derivatives to be traded on transparent trading facilities and be cleared by central counterparties.
“To best protect the American public, I am hopeful that the final bill does not include exemptions from clearing and trading for financial entities that use derivatives. While it is clear that the bill will include exemptions for commercial end-users of derivatives, that exemption should be narrow and well-defined. Exemptions for financial entities leave interconnectedness in the system and create links in the chain between a dealer's failure and a taxpayer bailout.”
Source: CFTC.gov
NASDAQ and Xignite to Provide On-Demand Tick Data Via Cloud Computing Platform
June 22, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, and Xignite, Inc., the leading cloud services provider of on-demand data distribution technologies, today announced that NASDAQ has selected the XigniteOnDemand platform to build NASDAQ Data-On-Demand, a cloud-based computing solution for historical tick data distribution.
NASDAQ plans to launch Data-on-Demand in the second half of 2010 to provide easy and flexible access to large amounts of detailed historical NASDAQ Level 1 trade and quote data for all U.S.-listed securities. Tick data is increasingly used in quantitative environments for back testing of algorithmic trading strategies. As the securities trading industry pushes the limits of high frequency trading, algorithms require ever more rigorous back testing and fine tuning based on actual historical data. Obtaining and collecting tick data can be onerous and time-consuming as firms are required to establish feeds and maintain large amounts of data on-hand. By providing this data on-demand and allowing it to be purchased on-line, Data-on-Demand will make it easier than ever for firms to back-test their strategies.
"We are always looking to reduce costs of consuming data," said Randall Hopkins, NASDAQ OMX's Senior Vice President of Global Data Products. "Today our customers spend a large amount on technology infrastructure, not the market data itself. With Data-on-Demand, we want to drastically cut data management costs by running the technology infrastructure on the cloud for our clients and delivering to them the data they need, when they need it, and how they need it."
Unlike traditional means of market data delivery, such as feeds and files, on-demand market data distribution gives applications a way to cherry pick the specific subset of data that the application needs with pinpoint accuracy. Instead of combing through very large data sets of historical tick data, developers will be able to program their applications to select very specific data sets and obtain them on-demand and process them instantly. Data-on-Demand will also allow clients to download large tick data subsets on a scheduled basis.
"NASDAQ has decided to bring significant cost savings to one of the industry's highest priority requirements—timely access to high quality market replay information—by leveraging the industry's most powerful technology innovation today—on-demand cloud computing," said Stephane Dubois, CEO of Xignite. "This clearly shows NASDAQ's commitment to staying ahead of their customers' needs and reducing their costs. We are thrilled to partner with them on this industry-leading solution."
"We're excited about working with Xignite to launch Data-on-Demand," said Mr. Hopkins. "We had experience using the cloud to store and manage the large volumes of data we collect every day, and we needed someone to help make this data accessible to our clients in an easy, scalable and reliable manner. Xignite's proven technology and years of experience with on-demand market data and cloud computing will give us a tremendous jumpstart, saving us at least a year of development time."
Xignite developed XigniteOnDemand specifically to help financial marketplaces grow revenues for their market data businesses and accelerate product launches. XigniteOnDemand includes a complete, end-to-end solution ranging from a high-performance, scalable cloud computing technology platform to professional services for turnkey sales, marketing and customer support.
Source: NASDAQ OMX