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Asia Pacific Market Outperforms Europe And The USA - FTSE Mondo Visione Exchanges Index Falls 10.2 Per Cent In January 2010
February 10, 2010--Listed exchanges suffered a hard start to the year with 16 out of the 18 exchanges on the FTSE Mondo Visione Exchanges Index experiencing a fall in their share prices.
The Index*, which aims to reflect market sentiment and is a key indicator of exchanges performance, fell by 10.
Bolsa Mexicana de Valores SA, Mexico, and Hellenic Exchanges SA, Greece, are the only listed exchanges to experience an increase in share price, up 7.6 and 3.1 per cent respectively.
Commenting on the Index which closed at 21,183.41 on 29 January 2010, Herbie Skeete, Managing Director, Mondo Visione and also Co-founder of the Index said:
"Exchanges got off to a frosty start in January with only Bolsa Mexicana and Hellenic Exchanges escaping the carnage that beset the sector in January".
Asia-Pacific based exchanges, including Australia Securities Exchange, Hong Kong Exchanges & Clearing and New Zealand Exchange, performed better than their US and European counterparts.
The FTSE Mondo Visione Exchanges Index best performer by capital returns in US dollars was Bolsa Mexicana de Valores SA with a 7.6 per cent increase in share price from 31 December 2009 to 29 January 2010. The FTSE Mondo Visione Exchanges Index worst performer by capital returns in US dollars was Deutsche Boerse with a 20.6 per cent decrease in share price from 31 December 2009 to 29 January 2010.
*The FTSE Mondo Visione Exchanges Index is compiled by FTSE Group from data based on the share price performance of listed exchanges and trading platforms.
FTSE Mondo Visione Exchanges Monthly Analysis – January 2010
ICR and NASDAQ OMX to Host IPO Summit
An Exclusive Event for Chinese Enterprises Seeking a U.S. Listing
February 9, 2010--ICR, a
leading financial communications consulting firm specializing in
investor relations, corporate communications and digital media, and
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest
exchange company, today announced they will host a U.S. IPO Summit
on Wednesday, March 3, 2010, at the St. Regis Beijing.
The U.S. IPO Summit, an exclusive event for Chinese enterprises seeking
a U.S. listing, will educate China-based companies about best practices
in the U.S. capital markets with a focus on today's more active areas
of new issuance: healthcare, consumer, clean technology and education.
The Summit will bring together leading investment banking, legal and accounting firms along with ICR's experts to provide potential new issuers with best practice approaches to executing successful IPOs and upgrades in the U.S. capital markets. In addition, the event will provide companies with insight about industry-specific investor sentiment and expectations for new issuance activity.
In 2009, 33 Chinese companies listed on the NASDAQ Stock Market, an exchange of NASDAQ OMX, the most of any U.S. exchange during the past year. A total of 124 Chinese companies now list on NASDAQ, including 102 from mainland China and 22 from Taiwan, Hong Kong and Macau. NASDAQ OMX has offices in Beijing and Hong Kong.
Sponsors on sector-focused new issuance activity include HSBC, Piper Jaffray and Jefferies & Co. The event will also feature key topics on re-IPOs from sponsors such as Rodman & Renshaw and Loeb & Loeb, as well as best practices in IPO-related services from BNY Mellon and Bowne.
Participation in the U.S. IPO Summit is by invitation only. Interested
parties or members of the media who would like to attend should contact
Wen Lei Zheng at 646-277-1215 or by email at wenlei.zheng@icrinc.com.
For more information on the conference, please visit our website at:
www.iposummit.com.
NASDAQ OMX Announces Fourth Quarter 2009 Results
Non-GAAP Diluted EPS $0.46 (GAAP Diluted EPS $0.20)
February 8, 2010-The NASDAQ OMX Group, Inc.
("NASDAQ OMX(R)") (Nasdaq:NDAQ) today reported net income attributable
to NASDAQ OMX of $43 million, or $0.20 per diluted share, for the
fourth quarter of 2009 compared with net income attributable to NASDAQ
OMX of $60 million, or $0.28 per diluted share, in the third quarter of
2009, and net income attributable to NASDAQ OMX of $35 million, or
$0.17 per diluted share, in the fourth quarter of 2008. Net income
attributable to NASDAQ OMX for the full year of 2009 was $266 million,
or $1.25 per diluted share.
Included in fourth quarter of 2009 results are:
-- $51 million of impairment charges related to unconsolidated investees,net of tax;
-- $16 million in pre-tax expenses associated with occupancy sub-lease
reserves, workforce reductions, and other non-recurring items; and
-- $12 million of pre-tax gains on the sales of certain businesses.
Excluding the above items net income attributable to NASDAQ OMX calculated on a non-GAAP basis was $99 million, compared with non-GAAP net income attributable to NASDAQ OMX of $89 million for the third quarter of 2009 and $110 million for the fourth quarter of 2008. Non-GAAP diluted earnings per common share were $0.46 for the fourth quarter of 2009 compared with non-GAAP diluted earnings per common share of $0.42 for the third quarter of 2009 and $0.52 for the fourth quarter of 2008.
"We've accomplished much in the past year, completing our integration efforts and furthering the diversity of our revenue model through growth in market technology, in European derivative trading, and in fee based services," commented Bob Greifeld, NASDAQ OMX's Chief Executive Officer. "Today we are a more efficient operator with better financial flexibility, placing us in a strong position to lever our expertise in trading technology, clearing, data distribution, and corporate services. The changing dynamics of our industry are providing numerous growth opportunities and our technology leadership leaves us well positioned to swiftly capitalize on those changes to expand our business."
Euro Proving No Reserve Asset as Central Banks Shift
February 1, 2010-- Investors are pulling cash out of Europe at a record pace as central banks slow euro purchases, jeopardizing its status as a substitute to the dollar as the world’s reserve currency.
Last year, policy makers loaded up on euros, while analysts at Barclays Plc in London and Aletti Gestielle SGR SpA in Milan predicted central bankers would make good on threats to reduce the greenback’s dominance. Now the euro is down 8.1 percent since Nov. 25 in its fastest slide in 10 months amid concern that cash-strapped countries like Greece won’t pay their debts. Billionaire investor George Soros said Jan. 28 that there’s “no attractive alternative” to the dollar.
CME Group Inc. Reports Solid Fourth-Quarter 2009 Financial Results
GAAP diluted EPS of $3.04- Pro Forma diluted EPS of $3.37- GAAP operating margin of 60 percent- Pro forma operating margin of 61 percent
February 4, 2010--CME Group Inc. (NASDAQ: CME) today reported that fourth-quarter GAAP total revenues were $667 million and GAAP operating income was $402 million. Fourth-quarter net income on a GAAP basis was $203 million and diluted earnings per share on a GAAP basis were $3.04.
The 2009 GAAP results reflect the operations of Chicago Mercantile Exchange (CME), Board of Trade of the City of Chicago (CBOT) and New York Mercantile Exchange (NYMEX) and include reductions in net income of $22 million, consisting of an impairment charge of $24 million on our investment in the Dubai Mercantile Exchange (DME) and net favorable impacts to net income of $2 million related to the ERP settlement. The 2008 GAAP results reflect the operations of both CME and CBOT, as well as the results of NYMEX after August 22, 2008, when the acquisition closed.
Fourth-quarter pro forma non-GAAP diluted earnings per share were $3.37, down 6 percent compared with the prior-year period. All pro forma results reflect the operations of both CME Group and NYMEX as if they were combined for all periods reported, and fourth-quarter 2009 pro forma non-GAAP results exclude the impairment charge, ERP adjustment and other merger-related items. Despite challenging market conditions that persisted throughout 2009, fourth-quarter represented the company's best quarterly revenue of the year. Total pro forma revenues decreased 4 percent from the prior year to $667 million, but increased $17 million from third-quarter 2009 revenues. Pro forma operating expenses decreased 2 percent to $258 million, compared with the same period last year.
As World Economy Slowly Recovers, Developing World Faces Scarce Financing, Says World Bank
Developing countries facing higher borrowing costs, lower credit levels, and reduced international capital flows
February 3, 2010-Published January 21, 2010
The global economic recovery that is now underway will slow later this year as the impact of fiscal stimulus wanes. Financial markets remain troubled and private sector demand lags amid high unemployment, according to a new report from the World Bank.
Global Economic Prospects 2010, released today, warns that while the worst of the financial crisis may be over, the global recovery is fragile. It predicts that the fallout from the crisis will change the landscape for finance and growth over the next 10 years.
Global GDP, which declined by 2.2 percent in 2009, is expected to grow 2.7 percent this year and 3.2 percent in 2011[1]. Prospects for developing countries are for a relatively robust recovery, growing 5.2 percent this year and 5.8 percent in 2011 -- up from 1.2 percent in 2009. GDP in rich countries, which declined by 3.3 percent in 2009, is expected to increase much less quickly—by 1.8 and 2.3 percent in 2010 and 2011. World trade volumes, which fell by a staggering 14.4 percent in 2009, are projected to expand by 4.3 and 6.2 percent this year and in 2011.
While this is the most likely scenario, considerable uncertainty continues to cloud the outlook. Depending on consumer and business confidence in the next few quarters and the timing of fiscal and monetary stimulus withdrawal, growth in 2011 could be as low as 2.5 percent and as high as 3.4 percent.
“Unfortunately, we cannot expect an overnight recovery from this deep and painful crisis, because it will take many years for economies and jobs to be rebuilt. The toll on the poor will be very real,” said Justin Lin, World Bank Chief Economist and Senior Vice President, Development Economics. “The poorest countries, those that rely on grants or subsidized lending, may require an additional $35-50 billion in funding just to sustain pre-crisis social programs.”
In this still weak environment, oil prices are expected to remain broadly stable, averaging about $76 a barrel; and other commodity prices should rise by only 3 percent per year on average during 2010 and 2011.
view the Global Economic Prospects 2010 report
Banks concede reform is inevitable
February 3, 2010--Paul Volcker and Barack Obama have either thrown the world into chaos or given the cause of global bank regulation new impetus – it depends on your point of view. But one thing is for certain: the twin US initiatives to derisk banks and tax them according to their size – the Volcker rule and the Obama levy as they have been dubbed – have seized the attention of bankers and regulators around the world.
The US last month first made clear that it wanted to exact a levy of 0.15 per cent on any bank balance sheet over $50bn. Then it said that banks should no longer engage in what it felt were riskier practices – investing in hedge funds, private equity or proprietary trading, the archetypal casino-style betting of bank funds for a quick profit.
ETF Landscape: Industry Review - Year End 2009-Blackrock
February 2, 2010--Global ETF assets break through US$1 trillion milestone at the end of 2009
At the end of December 2009 the global ETF industry assets exceeded US$1 trillion with 1,947 ETFs and 3,787 listings from 110 providers on 40 exchanges around the world.
Although there was significant growth in assets during 2009, just 100
ETFs, out of 1,947,account for US$683.3 BN OR 66% of the US$1 Trillion total.
Additionally, there were 611 OTHER Exchange Traded Products (ETPs) with assets of US$150.79BN from 37 providers on 18 Exchanges.
Combined there were 2,558 products with 4,687 listings, assets of US$1,186.48 BN from 133 providers on 43 exchanges around the world at the end of December 2009.
Impairment reporting - improving stakeholder confidence
February 2, 2010--Ernst & Young study of over 170 users of financial reports reveals that impairments reported during the last two years were lower than expected.
Executive Summary
Complexity, consistency and building confidence
Despite growing signs that the global economy is regaining its health, it is likely that recovery will be gradual for most and fragile for many.
What is not in doubt is that market confi dence was severely impacted in virtually every area of the global economy.
Whatever the timeline for recovery, boards will continue to find it
challenging to deliver the future performance and returns needed
to satisfy investors. In the meantime, scarcity of capital and increased risk aversion are driving investors and lenders to focus on the reliability of information used to make investment decisions.
World Federation of Exchanges (WFE)Announces Priorities for 2010
February 2, 2010--The officers and members of the Board of Directors of the World Federation of Exchanges (WFE) today announced priorities for the year in which WFE celebrates its 50th anniversary. The WFE brings the world’s regulated exchanges together in order to improve the quality of markets.
The Board of Directors targeted the following priorities for 2010, pledging to:
• Support reform in the regulation of OTC derivatives markets, which were a contributing factor in the recent financial crisis. The exchange community offers a clear alternative and a model for post-trade clearing and settlement, risk management and transparency in pricing. WFE intends to convey this message through constructive collaboration with policy makers and regulators, including a closer working relationship with the International Organization of Securities Commissions (IOSCO), to ensure that these reforms are coordinated globally, and in a manner which reduces systemic risk.
• Continue to press for international cooperation and coordination among regulators and exchanges on intermarket mechanisms.
• Examine the structure of fixed income markets in order to evaluate how post-trade transparency, risk management and investor protection could help these markets recover from the drop in liquidity that they have experienced since the credit crisis.
