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Financial Stability Board Releases Reports Submitted to the G20
November 7, 2009-The Financial Stability Board (FSB) is publishing today four reports submitted to G20 Finance Ministers and Central Bank Governors.
(i) Progress since the Pittsburgh Summit in Implementing the G20 Recommendations for Strengthening Financial Stability
This updates the progress reportmade to the Pittsburgh Summit in September, and includes a description of the actions to date to implement the policy measures for improving financial regulation set out by the FSB in Pittsburgh. The areas on which it provides updates include:
- Building high quality capital and mitigating pro-cyclicality;
- Strengthening accounting standards;
- Reforming compensation practices to support financial stability;
- Improving over-the-counter derivatives markets;
- Addressing cross-border resolutions and systemically important financial institutions;
- Strengthening adherence to international supervisory and regulatory standards.
(ii) Exit from extraordinary financial sector support measures
This note reviews policies to withdraw from exceptional financial support measures. Exit policies in this area should be pre-announced, flexible, transparent and credible. Although decisions on the timing of withdrawal of measures will depend on judgements on the strength of national financial systems, there are gains from advanced information exchange between countries and from stronger forms of co-ordination where cross-border spillover effects are potentially significant.
The note includes a report by the staffs of the International Association of Deposit Insurers and the International Monetary Fund (IMF) on strategies to unwind temporary deposit insurance arrangements.
This report by the IMF, Bank for International Settlements and FSB responds to a request made by the G20 Leaders in April 2009 to develop guidance on this subject for use by national authorities. It outlines conceptual and analytical approaches to the assessment of systemic importance and discusses a possible form for general guidelines that would be sufficiently flexible to apply to a broad range of countries and circumstances.
(iv) The Financial Crisis and Information Gaps
This report by the staff of the IMF and the secretariat of the FSB identifies information gaps and sets forth proposals for strengthening data collection to better capture the build-up of risk in the financial sector, improve data on international financial network connections, monitor the vulnerability of domestic economies to shocks, and improve the communication of official statistics.
Mobile Edition Of NASDAQ.com Is Launched At http://mobile.nasdaq.com
November 9, 2009--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) has launched a mobile web version of NASDAQ.com, the world's most popular stock exchange web site, which draws about 2.4 million unique visitors per month. NASDAQ is the world's first major stock exchange to offer free access to information on all web-enabled mobile devices and smartphones. At http://mobile.nasdaq.com, users have access to real-time stock quotes, breaking news, charts, commentary and features such as Guru Analysis -- which empowers users with simulated investment philosophies of several world-renowned investors.
"Investors now have instant access to a wealth of market information on NASDAQ.com from any location," said John Jacobs, Executive Vice President, NASDAQ OMX. "This is another step in our continuing efforts to meet greater demand for timely information and to promote market transparency."
The mobile edition of NASDAQ.com is powered by mDog.com, the world's most comprehensive destination for mobile search, mobile web browsing, and mobile blogging.
"We're thrilled to be working with NASDAQ," said Keith Gerard, Founder of mDog.com. "Powering the mobile initiatives of NASDAQ is a testament to our technology's ability to comprehensively render data in real-time for one of the world's premier stock exchanges."
The launch of the mobile web version follows another recent enhancement to www.nasdaq.com. NASDAQ OMX announced the introduction last week of NASDAQ Community, an engaging and interactive financial networking community, on http://community.nasdaq.com.
NASDAQ OMX has long been a technology leader and innovator in market information. In 1996, NASDAQ became the first stock market to create its own website. In 2008, NASDAQ became the first U.S. stock exchange to help provide millions of investors with immediate and free web access to real-time market data.
Study finds overseas listing of futures contracts benefits home
October 9, 2009--A study by the Capital Markets Cooperative Research Centre has found
that trading in overseas-listed futures contracts benefits both the index futures as well as its
component stocks in the home exchanges.
This is the first study to examine how the trading activities of the home markets are affected
by the additional listing of a similar index future in a foreign market. Singapore Exchange
Limited (SGX) was chosen as “it provides an ideal experimental setting for examining the
relationship between cross-border exchanges, as it is a satellite hub that facilitates the
trading of numerous dual-listed financial derivatives,” said Professors Alex Frino and
Frederick H. deB. Harris and Mr Wong Jin Boon in their paper, entitled “The relationship
between satellite market and home market volumes: evidence from cross-listed Singapore
futures contracts.”
NASDAQ OMX Announces Third Quarter 2009 Results - Non-GAAP Diluted EPS $0.42 (GAAP Diluted EPS $0.28)
November 5, 2009--The NASDAQ OMX Group, Inc. ("NASDAQ OMX(R)") (Nasdaq:NDAQ) today reported net income attributable to NASDAQ OMX of $60 million, or $0.28 per diluted share, for the third quarter of 2009 compared with net income attributable to NASDAQ OMX of $58 million, or $0.27 per diluted share, in the third quarter of 2008, and net income attributable to NASDAQ OMX of $69 million, or $0.33 per diluted share, in the second quarter of 2009.
For comparison purposes, results for the second and third quarters of 2009 are presented on a non-GAAP basis and exclude merger expenses, losses on the sale of investments, a debt conversion expense, and certain other non-recurring items. Results for the third quarter of 2008 are presented on a pro forma non-GAAP basis that reflect the financial results of NASDAQ OMX and the Philadelphia Stock Exchange as if they were a combined company for the period presented and exclude merger expenses and certain other non-recurring items. A complete reconciliation of GAAP results to non-GAAP and to pro forma non-GAAP results is provided as an attachment.
For the third quarter of 2009, net income attributable to NASDAQ OMX on a non-GAAP basis was $89 million, or $0.42 per diluted share, a decrease of 18%, when compared to pro forma non-GAAP net income attributable to NASDAQ OMX of $108 million, or $0.51 per diluted share, for the third quarter of 2008, and a decrease of 10% when compared to non-GAAP net income attributable to NASDAQ OMX of $99 million, or $0.47 per diluted share, for the second quarter of 2009.
Items excluded from third quarter 2009 non-GAAP results are:
$25 million in debt conversion expense associated with the inducement provided to Silver Lake and another holder to convert their 3.75% convertible notes into common stock; $16 million in pre-tax expenses associated with asset retirements, workforce reductions, and other non-recurring items; and, $5 million in pre-tax merger expenses. "As stated throughout this year, we've targeted organic growth initiatives designed to bring transparency and innovation to the markets and are pleased to see several of these strategic initiatives gain traction," commented Bob Greifeld, NASDAQ OMX's Chief Executive Officer. "The growth of the BX market has established it as the most successful new trading venue, as it now averages more than 3.5% of the U.S. cash equities market. The recent move to a positive fee structure at BX follows a similar move at The NASDAQ Options Market, with the combined actions expected to make significant contributions to our results. And in our Market Technology business we are excited that the Osaka Securities Exchange and the Kuwait Stock Exchange each selected NASDAQ OMX as their strategic technology partner. We will continue to be innovative and use our technology leadership to bring new, creative market solutions to our trading community and to our exchange partners around the world."
Highlights
Continued expansion of the Market Technology business following its selection as the strategic technology provider to the Osaka Securities Exchange (OSE) and the Kuwait Stock Exchange (KSE). OSE, the premier Japanese derivatives and securities exchange, is the second major customer in Japan to choose NASDAQ OMX as a technology partner within the past 18 months. As part of the agreement with KSE, NASDAQ OMX will deliver technology for trading, surveillance and market data. KSE marks NASDAQ OMX's eleventh technology partner in the Middle East region. Additionally, NASDAQ OMX and BM&FBOVESPA continue their discussions regarding possible technology cooperation agreements.
Enjoyed continued growth in volume and market share at NASDAQ OMX BX (BX), as the market now regularly trades approximately 350 million shares per day with market share of U.S. cash equity trading in excess of 3.5%. In the month of October, market share for The NASDAQ Stock Market grew to 21.1% while BX grew to 3.7%, for a combined market share of 24.8%.
Captured a total of 35 new listings during the third quarter of 2009, including 33 on The NASDAQ Stock Market and 2 on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. Included in new listings are 12 IPOs and 7 companies that switched their listing to NASDAQ from exchanges operated by NYSE Group. Switches include Mattel, R.R. Donnelley & Sons, and TriMas Corporation. NASDAQ OMX also recognized 135 secondary offerings during the quarter, up from 110 in the first two quarters of 2009.
Launched central counterparty clearing in the NASDAQ OMX Nordic exchanges in Copenhagen, Helsinki, and Stockholm through a partnership with EMCF (European Multilateral Clearing Facility in October 2009. The introduction of central counterparty clearing in the Nordic equity markets is part of NASDAQ OMX's strategy to increase market liquidity by introducing a competitive market structure that is accessible to new participants.
Grew Nordic derivatives volumes during the quarter. Contributing to growing volume is the transition of volumes from the London Stock Exchange's EDX system into the NASDAQ OMX derivatives markets and clearinghouse. This transition is expected to be completed by year-end 2009.
Witnessed renewed volume growth in our European power markets, with total cleared carbon contracts up more than 50% from the second quarter of 2009.
Announced plans to launch a third equity trading platform during 2010, pending SEC approval. NASDAQ OMX expects to offer this equity trading platform with a new price/size priority model using the license acquired from its 2008 acquisition of the former Philadelphia Stock Exchange, known today as NASDAQ OMX PHLX.
Introduced next generation trading technology through the rollout of new enhancements and upgrades to INET, NASDAQ OMX's core trading technology platform. Recognized as the most sophisticated trading technology in the world, INET is the common technology utilized across NASDAQ OMX's U.S. and European markets. It also serves as the backbone for GENIUM, NASDAQ OMX's commercial exchange technology offering.
Announced plans to establish a new listing market, pending SEC approval, for companies that do not presently qualify for an exchange listing. The new listing market will be a modern venue for companies that aspire to list on, or return to, The NASDAQ Stock Market.
Continued the development of International Derivatives Clearing Group, an independently operated NASDAQ OMX subsidiary that operates a designated clearing organization for clearing and settling interest rate swap futures contracts and other fixed income derivatives contracts. More than 20 counterparties have submitted in excess of $850 billion in notional value into the clearinghouse to test systems and internal processes.
Reduced total principal amount of debt obligations by $232 million in the third quarter of 2009, bringing the total year-to-date reduction to $452 million. Actions during the third quarter of 2009 include repaying $113 million in principal on $2.0 billion term loan and converting $119 million of 3.75% convertible notes held by Silver Lake and another holder into common equity.
"During the third quarter, NASDAQ OMX continued to execute on a key priority of lowering total debt obligations," noted Adena Friedman, Chief Financial Officer. "Through principal debt payments, repurchases of convertible notes, the conversion of convertible notes, as well as other actions, we have been able to reduce total debt obligations by approximately $452 million this year alone. Looking forward, we will continue to maintain the same financial discipline that has provided NASDAQ OMX with the flexibility needed to compete effectively. For the full year of 2009, we are updating our guidance for total operating expenses to be in the range of $840 million to $850 million, including approximately $50 million in non-recurring costs."
For more info visit NASDAQ OMX
Fraud lawyers and investment professionals to launch asset recovery fund
November 5, 2009--A team of global commercial fraud lawyers and investment professionals is launching a USD150m investment fund, named Echemus, to underwrite the investigation, seizure and recovery of worldwide assets for victims of fraud.
The team is led by Martin Kenney, a renowned commercial fraud lawyer and asset recovery specialist currently engaged in unwinding billions of dollars connected to the Bernard Madoff investment scheme.
Kenney will serve as managing director of the fund and will oversee all of its investigation, collection and litigation activities.
The International Monetary Fund estimates that purportedly fraudulent, "black transactions" account for five to ten per cent of the world’s gross domestic product each year, and data from the International Chamber of Commerce shows more than USD1bn in high-value commercial fraud is reported every month worldwide.
SIFMA Research Quarterly for Third Quarter 2009 Now Available
November 5, 2009—The Securities Industry and Financial Markets Association (SIFMA) today released its third quarter 2009 Research Quarterly. The SIFMA Research Quarterly provides market participants and observers research and statistics on key areas of the capital markets.
Areas of the capital markets that are featured in the report include:
Municipal Bond Market;
Treasury Market;
Federal Agency Debt Market;
Funding and Money Market Instruments
Mortgage-Related Securities;
Asset-Backed Securities and CDO Market;
Corporate Bond Market;
Equity and Other Markets; and
Leveraged Loans.
http://www.sifma.org/research/pdf/ResearchQuarterly-2009Q3.pdf
Old Mutual restructuring still under review
November 5, 2009--Julian Roberts, chief executive of Old Mutual, hopes to reveal the future structure of the life assurance and banking group around the time of its 2009 results in March next year.
Analysts and investors have long expected a break-up of the group’s diverse businesses and there has been renewed speculation that Nedbank, the South African bank, is likely to be sold.
Banks face change to loan losses rule
November 5, 2009--Banks outside the US would have to report expected losses on their lending much earlier, under proposals published on Thursday by the international accounting rulemaker.
The plans represent a virtual U-turn from the current system for banks. They would allow banks to provide for expected losses over the duration of a loan, rather than, as now, waiting until the losses have occurred – a practice criticised for exacerbating the crisis by increasing the cyclicality of bank accounting.
US, EU start 'clean energy economy' talks
November 4, 2009--The United States and the European Union opened high-level talks Wednesday aimed at boosting chances of switching "to a clean, sustainable energy economy," US Energy Secretary Steven Chu said.
Cabinet ministers from both sides, in Washington for the first meeting of the US-EU Energy Council, discussed tackling energy security and markets, energy policies and regulation, energy technologies and research cooperation.
Participants said their talks will promote technological efforts to cut sharply the carbon emissions blamed for climate change as a UN-backed climate summit in Copenhagen prepares to meet next month and set new emissions targets.
US asks WTO to rule on China raw materials restrictions
November 4, 2009--The United States, joined by the EU and Mexico, asked the World Trade Organization Wednesday to rule on a dispute over Chinese restrictions on raw materials exports, officials said.
The move seeks a formal WTO panel on a complaint filed June 23 alleging China improperly restricts exports to materials to help its own manufacturers.
"We are going to the WTO today to enforce America's rights, so we can provide our country's manufacturers with a fair competitive environment," said Debbie Mesloh, a spokeswoman for the office of the US Trade Representative (USTR).
