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NYSE Euronext Announces Equity Investment in its U.S. Futures Exchange, NYSE Liffe U.S., by Leading Global Banks and Liquidity Providers
NYSE Euronext to remain the largest shareholder of NYSE Liffe U.S.-
-Anticipated to significantly enhance competitive position and liquidity-
October 30, 2009--NYSE Euronext (NYX) today announced the signing of a binding agreement with several leading global banks and liquidity providers — Citadel Securities, GETCO, Goldman Sachs, Morgan Stanley, and UBS — to sell a significant equity interest in NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext.
NYSE Euronext will remain the largest shareholder in the entity, which will bring substantial competitive and operational benefits to the marketplace.
NYSE Euronext will continue to manage the day-to-day operations of NYSE Liffe U.S., which will operate under the supervision of a separate Board of Directors, chaired by Jim McNulty, and Chief Executive Officer Thomas F. Callahan. The transaction is expected to close shortly, subject to regulatory review.
"This partnership further demonstrates the commitment of NYSE Euronext to create exceptional value through innovation both for and with our customers," said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext. "Today's announcement marks an important step in achieving our goal of establishing NYSE Liffe U.S. as a highly competitive, global multi-asset exchange."
Mr. Callahan added: “NYSE Liffe U.S. will effectively compete in the U.S. futures market by delivering innovative products and services, and by leveraging the market leading technology of NYSE Euronext. I am thrilled that this group of distinguished market leaders shares our vision for innovation and efficiency, and we look forward to working with them to accelerate the growth of NYSE Liffe U.S.”
NYSE Liffe U.S. launched trading in September 2008 as a fully electronic, liquid market for 100 oz. gold futures, 5,000 oz. silver futures, options on gold and silver futures, and mini-sized 33.2 oz. gold and 1,000 oz. silver futures. The exchange expanded into equity index futures with the launch of futures on MSCI Emerging Markets, MSCI EAFE, and MSCI USA Indices in September 2009. NYSE Liffe U.S. has plans to further expand into futures on other asset classes, including U.S. interest rate products. NYSE Liffe U.S. utilizes the proven LIFFE CONNECT® trading platform designed and maintained by NYSE Technologies and used by NYSE Liffe in Europe.
The Options Clearing Corporation (OCC) acts as clearing house for NYSE Liffe U.S. futures on precious metals, MSCI index futures, as well as all ETF options and index options trading on NYSE Arca, creating the opportunity for unique margin efficiencies for NYSE Euronext customers. NYSE Liffe U.S. intends to clear its U.S. interest rate futures at New York Portfolio Clearing, its innovative joint venture with DTCC designed to offer significant transparency and capital relief to major market participants by offering “single pot” margining of cash bonds and interest rate derivatives, subject to regulatory approvals.
Dow Jones Indexes and UBS Announce 2010 Weights of Dow Jones-UBS Commodity Index
October 30, 2009-Dow Jones Indexes, a leading global index provider, and UBS Investment Bank announced the new target weightings for the Dow Jones-UBS Commodity Index(SM) that will become effective in early January 2010.
The new target weights for the commodity components, which were determined and approved by the Dow Jones-UBS Commodity Index Supervisory Committee following consultation with the Dow Jones-UBS Commodity Index Advisory Committee, are listed below.
Report on U.S. Portfolio Holdings of Foregn Securities at End-Year 2008
October 30, 2009--The findings from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2008 were released today and posted on the Treasury web site at
(http://www.treas.gov/tic/fpis.html).
The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System.
A complementary survey measuring foreign portfolio holdings of U.S. securities also is conducted annually. Data from the most recent such survey, which reports on securities held on June 30, 2009, are currently being processed. Preliminary results are expected to be reported on February 26, 2010.
Overall Results
The survey measured the value of U.S. portfolio holdings at year-end 2008 of approximately $4.3 trillion, with $2.7 trillion held in foreign equities, $1.3 trillion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.3 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2007, measured U.S. portfolio holdings of $7.2 trillion, with $5.2 trillion held in foreign equities, $1.6 trillion in foreign long-term debt securities and $0.4 trillion held in foreign short-term debt securities. The decrease in the value of U.S. portfolio holdings between the two surveys primarily reflects valuation changes in foreign equities during 2008.
U.S. portfolio holdings of foreign securities by country at the end of 2008 were the largest for the United Kingdom ($647 billion), followed by Japan ($403 billion) and Canada ($378 billion) (see Table 2). These three countries attracted one-third of the total U.S. portfolio investment.
The surveys are part of an internationally-coordinated effort under the auspices of the International Monetary Fund (IMF) to improve the measurement of portfolio asset holdings.
Financial Secrecy Index - coming very soon
October 30, 2009--
From the Financial Times:
Leading economic centres including the US, UK and Singapore are among the countries most to blame for promoting international financial secrecy, according to a new index comparing the harm allegedly done by tax havens and rich nations.
The league table to be published on Monday by the Tax Justice Network, a respected campaign group, is led by the US state of Delaware and includes Luxembourg, Switzerland and Hong Kong in its top 10."
We should stress by way of background, however, that we are measuring something slightly more complicated than the state of Delaware in isolation. As with our closely related < href="http://www.secrecyjurisdictions.com/" TARGET="_top">Mapping the Faultlines project, we refer toUSA (Delaware.)
More precisely, the FSI (Financial Secrecy Index) is designed to identify the key contributors to global financial secrecy on a jurisdiction-by-jurisdiction basis. However, in some important cases, different level of secrecy prevail in different sub-jurisdictional entities. Since financial flow data are only systematically and comparably available at a jurisdictional level, this creates a potential problem. To deal with this, and recognising the impact that even marginal secrecy differences can have on the volume of illicit flows, we treat the most secretive sub-jurisdictional entity as representative of the potential for opacity of the whole jurisdiction, and therefore base its Opacity Score on this. The most obvious case where we have applied this technique is with the US state of Delaware, which is taken as representative of the maximum secrecy available within the whole jurisdiction (the USA.)
NYSE Euronext profit declines 28 per cent
October 20, 2009-NYSE Euronext, the transatlantic exchange, on Friday reported a 28 per cent drop in net income for the third quarter on lower trading volumes and as modest gains in derivatives revenues failed to offset fee cuts in its US share trading business.
The figures came as the group’s chief executive, Duncan Niederauer, said investor confidence globally seemed to have “stabilised”.
Gold slips below US$1,040/oz
October 30, 2009--Gold prices slipped below US$1,040 per ounce in Europe on Friday as the dollar extended gains against a basket of currencies, helped by a retreat in risk appetite as U.S. stocks slid after mixed economic data.
Spot gold was bid at US$1,037.60 an ounce at 1602 GMT, against US$1,044.95 late in New York on Thursday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell US$9.10 to US$1,038.00 an ounce.
AMF and FINRA Sign MoU on Financial Market Surveillance and Supervision
October 29, 2009--Richard G. Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (FINRA), and Jean-Pierre Jouyet, Chairman of the Autorité des marchés financiers (AMF), signed on 19 October 2009 a memorandum of understanding (MoU) on information-sharing with a view to strengthening and improving cooperation in the surveillance and supervision of the markets under their jurisdictions
The memorandum establishes a formal basis for cooperation among FINRA and the AMF in order to more effectively conduct their oversight of regulated markets and financial firms.
FINRA is the self-regulatory organisation responsible for regulating and overseeing broker-dealers in the United States and for supervising a number of markets.
Commenting, Jean-Pierre Jouyet said: "I welcome this agreement with FINRA Chairman and CEO Richard G. Ketchum, which strengthens our cooperation with the United States in the field of investigations and market surveillance. Surveillance and transparency are more important than ever and demand close cooperation between regulators".
"We are very pleased to sign this Memorandum of Understanding with the AMF," said Ketchum. "Both FINRA and the AMF share significant common ground in our mission to protect investors and ensure the integrity of capital markets. In today's global environment, international regulatory cooperation is more important than ever. We look forward to a long and productive partnership with the AMF."
The MoU has two main aims:
organise the transmission of information between authorities regarding market surveillance and investigations into market abuse;
facilitate the sharing of information on trading by firms coming within the two authorities' respective jurisdictions.
The agreement will also allow the AMF and FINRA to keep each other informed about practices in their markets and about issues concerning financial markets in general.
October 2009 “Market’s Measure” - Preliminary Report - A Monthly Report From Dow Jones Indexes And STOXX Ltd. On The Performance Of U.S., European, Asia And Other Global Stock Market Indexes
October 28, 2009--Dow Jones Industrial Average Posts 1.75% Gain in OCTOBER, European Stocks Gain 0.36%, Asia Rises 0.32% and World Equities Rise by 2.25%
Oil & Gas Sector Posts Biggest Gain for October in U.S. Europe & Worldwide
Travel & Leisure Sector Takes the Hardest Hit for October in Worldwide
As of October 27 the Dow Jones Industrial Average rose 1.75% in October, closing at 9882.17. Stock market indexes in Europe, Asia and globally were up in October, according to preliminary monthly figures from global index providers, Dow Jones Indexes and STOXX Ltd.
- The Dow Jones Industrial Average rose 1.75% in October, closing at 9882.17. Year-to-date, the index is up 12.60%.
- Measuring Europe, the Dow Jones STOXX 50 Index is up 0.36% for October, closing at 2462.60. Year-to-date, the index is up 18.17%.
- Measuring Eastern Europe, the Dow Jones STOXX EU Enlarged Total Market Index is up 3.44% for October, closing at 205.38. Year-to-date, the index is up 35.58%.
- The performance of the Dow Jones STOXX EU Enlarged 15 blue-chip index is up 5.11% for October, closing at 2219.35. The index is up 35.01% so far this year.
- The Dow Jones Asian Titans 50 Index rose 0.32% in October to 132.16. So far this year, the index is up 28.83%.
- The Dow Jones Global Titans 50 Index rose 2.25% in October, closing at 168.50. Year-to-date, the index is up 17.02%.
OCTOBER 2009 Sector Winners and Losers
- In the U.S., the Dow Jones U.S. Oil & Gas Index was the biggest winner in October, posting a 6.78% gain. The Dow Jones U.S. Telecommunications Index posted the biggest loss, dropping -5.36%.
- In Europe, the Dow Jones STOXX 600 Oil & Gas Index posted the biggest gain, climbing 5.78%. The Dow Jones STOXX 600 Insurance Index had the sharpest decline, falling -4.87%.
- In Asia, the Dow Jones Asia/Pacific Basic Materials Index posted the biggest gain, rising 2.71%. The Dow Jones Asia/Pacific Telecommunications Index posted the biggest loss, down -5.00%.
- Globally, the Dow Jones World Oil & Gas Titans Index had the best performance, climbing 6.93%. The Dow Jones World Travel & Leisure Titans Index posted the biggest loss, dropping -5.72%.
October 2009 “Islamic Market’s Measure” – Preliminary Report - Monthly Report On The Performance Of The Dow Jones Islamic Market Indexes
October 27, 2009--Based on the close of trading on October 26, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 2.17% month-to-date, closing at 2025.76. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 1.96%, closing at 168.03.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, decreased -0.42%, closing at 1795.29. The Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 2.15%, closing at 134.57.
Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2076.65, a gain of 3.77%, while the pan-European blue chip Dow Jones STOXX 50 Index gained 1.87%, closing at 2728.85.
Measuring the performance of 50 of the largest Shari’ah compliant U.S. stocks, the Dow Jones Islamic Market U.S. Titans 50 Index increased, closing at 2036.15. It represents a gain of 1.99%. The U.S. blue-chip Dow Jones Industrial Average increased 1.60%, closing at 9867.96.
Dow Jones Indexes Launches Dow Jones Islamic Market Greater China Index
October 26, 2009--Dow Jones Indexes, a leading global index provider, today launched the Dow Jones Islamic Market (DJIM) Greater China Index. The index measures the performance of companies in mainland China, Hong Kong and Taiwan that have passed screens for Shari’ah compliance.
The Dow Jones Islamic Market Greater China Index is designed to serve as underlying for financial products such as exchange-traded funds (ETFs) or as a benchmark for mutual funds. The index is licensed to Prudential Fund Management Berhad, the regional Islamic hub for the global Prudential network and one of the leading fund management companies in Malaysia, to be used as the benchmark for Prudential Dinasti Equity Fund.
“Expanding the Dow Jones Islamic Market index series to the Greater China region enables market participants to track the performance of leading Shari’ah compliant companies in one of the most dynamically evolving regions worldwide,” said Michael A. Petronella, president, Dow Jones Indexes. “While China, Hong Kong and Taiwan are markets in different developmental stages with different economic characteristics, they share a common, robust business culture. That along with expectations for long-term growth and market demand were important factors in our introduction of the Dow Jones Islamic Market Greater China Index.”
Mark Toh, regional head of Islamic Fund Management, Prudential Corporation Asia, and chairman and acting chief executive officer of Prudential Fund Management Berhad said, “When we first realized there was a gap in the current marketplace where no index could provide us with a fitting measure of Shari’ah compliant equities in the Greater China region, we approached Dow Jones Indexes to create one because we recognize Dow Jones Indexes as one of the global leaders in indexes. We have worked with them before, and we trust their expertise.”
The Dow Jones Islamic Market Greater China Index measures the stock performance of Shari’ah compliant companies with primary operations in mainland China, Hong Kong and Taiwan, which are traded at the Hong Kong Stock Exchange, the Taiwan Stock Exchange as well as at U.S. exchanges. To determine their eligibility for the Dow Jones Islamic Market Indexes, stocks are screened based on their industry type and their financial ratios. Excluded are companies engaged in the following lines of business: alcohol, tobacco, pork-related products, financial services, defense/weapons and entertainment. Also excluded are companies for which the following financial ratios are 33% or more: debt divided by trailing 12-month average market capitalization; cash plus interest-bearing securities divided by trailing 12-month average market capitalization; and accounts receivables divided by trailing 12-month average market capitalization.
The U.S. dollar denominated Dow Jones Islamic Market Greater China Index is free-float market capitalization weighted. The total weight of all Taiwanese companies is capped at 30% of the index and each component’s weight is capped at 10% of the index. The index composition is reviewed quarterly in March, June, September and December. The index is also reviewed on an ongoing basis to account for corporate actions such as mergers, de-listings or bankruptcies.
Year-to-date, the Dow Jones Islamic Market Greater China Index is up 59.49% through October 22, 20091.
The Dow Jones Islamic Market Greater China Index comprises 290 components as of October 22, 2009. The top five components of the index are China Mobile Ltd. (Telecommunications, China), China Unicom (Hong Kong) Ltd. (Telecommunications, China), CNOOC Ltd. (Oil & Gas, China), Hon Hai Precision Industry Co. Ltd. (Industrial Goods & Services, Taiwan), and Taiwan Semiconductor Manufacturing Co. Ltd. (Technology, Taiwan) as of October 22, 2009
The Dow Jones Islamic Market Indexes were introduced in 1999 as the first indexes intended to measure the global universe of investable equities that pass screens for Shari’ah compliance. With more than 100 indexes, the series is the most comprehensive family of Islamic market measures and includes regional, country, and industry indexes, all of which are subsets of the Dow Jones Islamic Market Index. An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies.
There are currently more than 150 licensees with more than US$7 billion in assets benchmarked to the Dow Jones Islamic Market Indexes
