CME Group today announced that it will launch a Russian Export Blend Crude Oil (REBCO) financial futures contract, on the CME Globex(R) electronic trading platform and the ClearPort(R) electronic clearing and trading platform, beginning November 23 for trade date November 24.
The contract (commodity code: R2) will be financially settled based on Argus Media's Urals FOB Primorsk assessment. It will be listed for up to 48 consecutive months, beginning with the January 2009 contract.
Monday 10 November 2008
Friday 7 November 2008
Tradeweb Upgrades CDS Indices Marketplaces
Tradeweb, upgraded its marketplaces in the U.S. and Europe for Credit Default Swap Indices. As a result, clients will be able to view real-time composite prices, and efficiently execute and process trades for the major CDS indices. The U.S. market is live, with Europe expected to launch in January 2009.
This initiative supports the goals voiced by financial regulators in recent weeks by providing increased price transparency, a marketplace for electronic trading and connectivity to relevant third parties for electronic processing and legal confirmation of CDS index trades.
The new marketplaces will benefit institutional clients by:
-- Providing access to the liquidity of leading CDS dealers;
-- Displaying real-time, indicative composite two-way pricing for the major U.S. and European CDS indices;
-- Providing connectivity to key third parties, including DTCC Deriv/SERV (and the Trade Information Warehouse), and order management systems where relevant;
-- Maintaining a full audit trail on all trades;
-- Electronically capturing trade details in real-time, using the Tradeweb API messaging service;
-- Providing access to AccountNet, Tradeweb's leading derivatives account database to maintain accurate settlement instructions and deliver electronic allocations to dealers.
These CDS Index marketplaces offer a broad level of commitment from the major dealers, sophisticated new trading protocols for institutional clients and real-time pricing to provide a high degree of market transparency. They demonstrate Tradeweb's ability to evolve the electronic trading environment to meet changing market needs.
The markets will provide a new trading protocol, "Request-for-Market," in addition to enhanced "Request-for-Quote" functionality, pioneered by Tradeweb in the late-1990s. RFM allows a client to request a two-sided market and negotiate interactively with a single dealer, while RFQ allows clients to request a price from up to four dealers simultaneously.
"We have been working with the buy-side and supporting dealers for months to bring an enhanced electronic marketplace for trading CDS indices. Especially given the current market turmoil, we are confident that Tradeweb's inherent transparency and efficiency for OTC markets will provide a compelling trading mechanism for the market," said Lee Olesky, CEO of Tradeweb.
"As one of the leading CDS dealers, we are keen to provide solutions that allow our clients to trade more effectively. We support the growth of electronic trading as it provides for a more efficient marketplace and look forward to using Tradeweb as a distribution channel for better servicing our clients in the CDS market," said Eraj Shirvani, Head of European Credit at Credit Suisse and Chairman of the International Swaps and Derivatives Association.
"We are proud to support CDS index trading on the Tradeweb platform," said Rob Milam, Managing Director, Head of North American High Grade Credit Trading at J.P. Morgan. "It will allow us to expand our client service and provide another efficient trading and settlement process."
"We believe the liquidity that clients will find on Tradeweb will prove to be very compelling, and the capabilities for automated trade booking will benefit all market participants," said Brian Walter, Managing Director, Head of U.S. Credit Index Trading at UBS.
"Tradeweb has successfully introduced greater transparency and efficiency to the fixed income and derivatives markets over the past decade," said Vic Simone, Managing Director of Goldman Sachs and Chairman of Tradeweb. "It makes sense that they are leading the way in providing the same kind of benefits to the CDS market."
This initiative supports the goals voiced by financial regulators in recent weeks by providing increased price transparency, a marketplace for electronic trading and connectivity to relevant third parties for electronic processing and legal confirmation of CDS index trades.
The new marketplaces will benefit institutional clients by:
-- Providing access to the liquidity of leading CDS dealers;
-- Displaying real-time, indicative composite two-way pricing for the major U.S. and European CDS indices;
-- Providing connectivity to key third parties, including DTCC Deriv/SERV (and the Trade Information Warehouse), and order management systems where relevant;
-- Maintaining a full audit trail on all trades;
-- Electronically capturing trade details in real-time, using the Tradeweb API messaging service;
-- Providing access to AccountNet, Tradeweb's leading derivatives account database to maintain accurate settlement instructions and deliver electronic allocations to dealers.
These CDS Index marketplaces offer a broad level of commitment from the major dealers, sophisticated new trading protocols for institutional clients and real-time pricing to provide a high degree of market transparency. They demonstrate Tradeweb's ability to evolve the electronic trading environment to meet changing market needs.
The markets will provide a new trading protocol, "Request-for-Market," in addition to enhanced "Request-for-Quote" functionality, pioneered by Tradeweb in the late-1990s. RFM allows a client to request a two-sided market and negotiate interactively with a single dealer, while RFQ allows clients to request a price from up to four dealers simultaneously.
"We have been working with the buy-side and supporting dealers for months to bring an enhanced electronic marketplace for trading CDS indices. Especially given the current market turmoil, we are confident that Tradeweb's inherent transparency and efficiency for OTC markets will provide a compelling trading mechanism for the market," said Lee Olesky, CEO of Tradeweb.
"As one of the leading CDS dealers, we are keen to provide solutions that allow our clients to trade more effectively. We support the growth of electronic trading as it provides for a more efficient marketplace and look forward to using Tradeweb as a distribution channel for better servicing our clients in the CDS market," said Eraj Shirvani, Head of European Credit at Credit Suisse and Chairman of the International Swaps and Derivatives Association.
"We are proud to support CDS index trading on the Tradeweb platform," said Rob Milam, Managing Director, Head of North American High Grade Credit Trading at J.P. Morgan. "It will allow us to expand our client service and provide another efficient trading and settlement process."
"We believe the liquidity that clients will find on Tradeweb will prove to be very compelling, and the capabilities for automated trade booking will benefit all market participants," said Brian Walter, Managing Director, Head of U.S. Credit Index Trading at UBS.
"Tradeweb has successfully introduced greater transparency and efficiency to the fixed income and derivatives markets over the past decade," said Vic Simone, Managing Director of Goldman Sachs and Chairman of Tradeweb. "It makes sense that they are leading the way in providing the same kind of benefits to the CDS market."
MarketAxess Holdings Inc. (NASDAQ:MKTX) , the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced total monthly trading volume for October 2008 of $13.3 billion, consisting of $7.3 billion in U.S. high-grade volume, $2.4 billion in eurobond volume, and $3.6 billion in other volume.
This data can be accessed on MarketAxess' website at www.marketaxess.com.
Monthly volume updates are posted in the Investor Relations section of the website on or before the tenth business day of each month. The data provide current month and historical volume totals on a monthly, quarterly and annual basis.
This data can be accessed on MarketAxess' website at www.marketaxess.com.
Monthly volume updates are posted in the Investor Relations section of the website on or before the tenth business day of each month. The data provide current month and historical volume totals on a monthly, quarterly and annual basis.
Thursday 6 November 2008
Liquidnet To Open Singapore Office
Liquidnet is to open an office in Singapore in November 2008 amid surging interest in the region among its buy-side membership. Liquidnet currently has 109 members signed on to trade Asia-Pacific equities on its platform (as of 31/07/08) which gives institutional investors a protected venue to make large trades without attracting price-altering attention. The office is Liquidnet's fourth in the region after Hong Kong, Tokyo, and Sydney.
"Member interest in Singapore and all of Asia has grown stronger as the global markets have become more challenging," said David Klinger, managing director of Liquidnet Asia. "Buy-side investors representing millions of individual investors are expressing an even greater need in these shifting markets to trade large blocks of Asian stock quickly to preserve the conviction of their trading decisions. That is where we add great value."
Liquidnet already provides trading in Singapore. During the third quarter of 2008, the average value of a trade in Singapore equities in Liquidnet was S$1.8 million.
Greg Henry will manage the office and report directly to David Klinger. Henry was most recently responsible for portfolio trading operations at Liquidnet in New York. He joined the firm in July 2004 having previously worked with Fidelity Capital Market Services, Investment Technology Group Inc. and Instinet Inc.
"Member interest in Singapore and all of Asia has grown stronger as the global markets have become more challenging," said David Klinger, managing director of Liquidnet Asia. "Buy-side investors representing millions of individual investors are expressing an even greater need in these shifting markets to trade large blocks of Asian stock quickly to preserve the conviction of their trading decisions. That is where we add great value."
Liquidnet already provides trading in Singapore. During the third quarter of 2008, the average value of a trade in Singapore equities in Liquidnet was S$1.8 million.
Greg Henry will manage the office and report directly to David Klinger. Henry was most recently responsible for portfolio trading operations at Liquidnet in New York. He joined the firm in July 2004 having previously worked with Fidelity Capital Market Services, Investment Technology Group Inc. and Instinet Inc.
Wednesday 5 November 2008
ICE Completes Derivatives Transition
IntercontinentalExchange (NYSE: ICE) , has successfully transitioned its energy futures and OTC markets to ICE Clear Europe(TM). On the morning of November 3, 2008, 100 percent of open positions, or 28.5 million contract sides, were transferred from LCH.Clearnet to ICE Clear Europe. The total margin requirement now managed by ICE Clear Europe for these novated positions is approximately $16.5 billion. ICE Clear Europe launched with 44 member firms.
"We want to take the opportunity to express our gratitude to members of the clearing community who have supported our transition over the course of the past year and a half," said Paul Swann, President of ICE Clear Europe. "We will continue to work closely with market participants to expand ICE Clear Europe and to offer additional benefits to our clearing firms and customers. Our next steps will be to respond to the enormous demand for additional cleared energy contracts."
"ICE Clear Europe will allow us to introduce new cleared OTC and futures contracts in our energy markets in the coming weeks and months," added David Peniket, President and Chief Operating Officer of ICE Futures Europe. "The coordinated effort by our clearing members, customers and employees to launch the first new derivatives clearing house in the U.K. will result in more products and services for the broader trading community."
"We believe ICE's commitment to clearing is demonstrated by the collaborative nature of the development of ICE Clear Europe," said ICE Chairman and CEO Jeffrey C. Sprecher. "Integrated clearing, in particular, plays a central role in risk management and in the sound operation of global markets, especially in today's volatile environment. We will strive to bring further innovative risk management solutions to the global marketplace."
As the first new major clearing house in London in over a century, ICE Clear Europe was formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
"We want to take the opportunity to express our gratitude to members of the clearing community who have supported our transition over the course of the past year and a half," said Paul Swann, President of ICE Clear Europe. "We will continue to work closely with market participants to expand ICE Clear Europe and to offer additional benefits to our clearing firms and customers. Our next steps will be to respond to the enormous demand for additional cleared energy contracts."
"ICE Clear Europe will allow us to introduce new cleared OTC and futures contracts in our energy markets in the coming weeks and months," added David Peniket, President and Chief Operating Officer of ICE Futures Europe. "The coordinated effort by our clearing members, customers and employees to launch the first new derivatives clearing house in the U.K. will result in more products and services for the broader trading community."
"We believe ICE's commitment to clearing is demonstrated by the collaborative nature of the development of ICE Clear Europe," said ICE Chairman and CEO Jeffrey C. Sprecher. "Integrated clearing, in particular, plays a central role in risk management and in the sound operation of global markets, especially in today's volatile environment. We will strive to bring further innovative risk management solutions to the global marketplace."
As the first new major clearing house in London in over a century, ICE Clear Europe was formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
Belzberg Technologies 2008 Q3
Belzberg Technologies Inc. (TSX -BLZ), a provider of technology-based equity and options trading services, announced today that in the third quarter ended September 30, 2008 the net loss was $0.3 million including a previously announced unusual pre-tax trading error of $0.8 million. Net earnings in the same quarter last year were $1.8 million.
Total revenue for the third quarter increased 13% to $11.0 million versus $9.7 million in the same year-ago period. Diluted loss per share for the third quarter was ($0.02) per share as compared to earnings of $0.12 per share in the same year-ago period.
Total revenue for the third quarter increased 13% to $11.0 million versus $9.7 million in the same year-ago period. Diluted loss per share for the third quarter was ($0.02) per share as compared to earnings of $0.12 per share in the same year-ago period.
Tuesday 4 November 2008
BNY ConvergEx On Pension Fund Leverage
BNY ConvergEx Group, LLC, has created a new solution that enables small and medium-sized pension funds to leverage the benefits of international asset reallocation opportunities.
Through its global transition management business, ConvergEx has created a new clearing solution that gives small and medium sized pension fund clients investing in commingled funds the ability to use transition management to make changes in investment strategy. ConvergEx's global clearing arrangements allow it to offer efficient global trading and settlement to those clients without their own global clearing and settlement framework in place.
"As the recent uncertainty in the equity markets has demonstrated, having access to a multitude of markets and asset classes is essential when seeking enhanced returns, beating benchmarks, or simply staying above water," stated Carey S. Pack, Chief Executive Officer, BNY ConvergEx Execution Solutions. "This is another prime example of ConvergEx's ongoing commitment to creating unique solutions to the increasingly sophisticated demands of our global transition management clients."
Kal Bassily, CFA, Managing Director and Global Head of BNY ConvergEx Group's global transition management business, commented, "Clients who lack the ability to trade and settle their portfolios in non-US securities are exposed to greater risk during the transition process if the trade involves a large cash funding component. We have created a unique remedy to this problem by allowing small and medium-sized pension funds to participate in transitions as they never have before, while both expanding the breadth of opportunities available to them during changes in investment strategy and increasing our ability to hedge and mitigate risk."
ConvergEx's global transition management business recently received eleven "Best in Class" rankings in Plan Sponsor Magazine's 2008 Transition Management Survey, including wins for best in Pre-Trade, best in Execution, best in Post-Trade and best in Organization & Support, as well as a sweep of the Endowments, Foundations, and Nonprofits category.
With a dedicated team of professionals worldwide, ConvergEx's experience, global capabilities and dedicated expertise help to provide clients with a customized transition strategy that can preserve assets, minimize market impact, manage risk and minimize cost.
Through its global transition management business, ConvergEx has created a new clearing solution that gives small and medium sized pension fund clients investing in commingled funds the ability to use transition management to make changes in investment strategy. ConvergEx's global clearing arrangements allow it to offer efficient global trading and settlement to those clients without their own global clearing and settlement framework in place.
"As the recent uncertainty in the equity markets has demonstrated, having access to a multitude of markets and asset classes is essential when seeking enhanced returns, beating benchmarks, or simply staying above water," stated Carey S. Pack, Chief Executive Officer, BNY ConvergEx Execution Solutions. "This is another prime example of ConvergEx's ongoing commitment to creating unique solutions to the increasingly sophisticated demands of our global transition management clients."
Kal Bassily, CFA, Managing Director and Global Head of BNY ConvergEx Group's global transition management business, commented, "Clients who lack the ability to trade and settle their portfolios in non-US securities are exposed to greater risk during the transition process if the trade involves a large cash funding component. We have created a unique remedy to this problem by allowing small and medium-sized pension funds to participate in transitions as they never have before, while both expanding the breadth of opportunities available to them during changes in investment strategy and increasing our ability to hedge and mitigate risk."
ConvergEx's global transition management business recently received eleven "Best in Class" rankings in Plan Sponsor Magazine's 2008 Transition Management Survey, including wins for best in Pre-Trade, best in Execution, best in Post-Trade and best in Organization & Support, as well as a sweep of the Endowments, Foundations, and Nonprofits category.
With a dedicated team of professionals worldwide, ConvergEx's experience, global capabilities and dedicated expertise help to provide clients with a customized transition strategy that can preserve assets, minimize market impact, manage risk and minimize cost.
Belzberg Technologoies
Belzberg Technologies Inc. is a provider of technology-based brokerage services, trading equities and options through Electronic Brokerage Systems, Belzberg Technologies' wholly owned broker-dealer. Electronic Brokerage Systems is a member of most North American stock exchanges, options exchanges and clearing organizations, including the NYSE, NASDAQ, CBOE, NSCC and OCC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all North American equities and options markets. The firm's client-base includes over 200 leading U.S and international brokerage houses and financial institutions. Belzberg Technologies is listed on the Toronto Stock Exchange (Ticker-BLZ) - additional information is available at www.belzberg.com.
Misys In Pakistan Win
AlBaraka Islamic Bank has announced that it has selected Misys Equation and Misys Trade Innovation for implementation across its 20 branches in Pakistan. The new contract builds on a number of previous contracts with the AlBaraka Banking Group (ABG) and Misys across Africa and the Middle East.
Shafqaat Ahmed, AlBaraka Islamic Bank's Country Head Pakistan said, "As part of our growth strategy involving conversion of our Pakistan Operations into an Islamic Bank registered in Pakistan, paving the way for significantly enhancing our branch network and customer outreach, AlBaraka Islamic Bank in Pakistan has chosen Misys Equation as its new banking system. This will support its growth and diversification and would provide us a common banking system platform with our parent company, AlBaraka Banking Group, Bahrain and subsidiary banking companies spread over 12 countries. AlBaraka Islamic Bank's choice of Misys Equation is based on Misys' ability and strength to fully support AlBaraka's Islamic Banking needs, its strong risk management and compliance policies and its need for strong parameterisation attributes in a system, to support the bank's ongoing efforts aimed at innovative new product development."
Shafqaat Ahmed, AlBaraka Islamic Bank's Country Head Pakistan said, "As part of our growth strategy involving conversion of our Pakistan Operations into an Islamic Bank registered in Pakistan, paving the way for significantly enhancing our branch network and customer outreach, AlBaraka Islamic Bank in Pakistan has chosen Misys Equation as its new banking system. This will support its growth and diversification and would provide us a common banking system platform with our parent company, AlBaraka Banking Group, Bahrain and subsidiary banking companies spread over 12 countries. AlBaraka Islamic Bank's choice of Misys Equation is based on Misys' ability and strength to fully support AlBaraka's Islamic Banking needs, its strong risk management and compliance policies and its need for strong parameterisation attributes in a system, to support the bank's ongoing efforts aimed at innovative new product development."
Monday 3 November 2008
Tradeweb Completes Hilliard Farber Acquisition
Tradeweb, a leading over-the-counter, online marketplace, announced today that it is has completed the acquisition of Hilliard Farber, an inter-dealer voice brokerage for mortgage-related and other U.S. securities. Terms of the deal were not disclosed. Tradeweb additionally plans to launch an electronic inter-dealer platform for pass-through mortgage-backed securities in early 2009, complementing Hilliard Farber's voice offering.
The formation of an inter-dealer business is a natural extension for Tradeweb, which has played a pioneering role in developing electronic customer-to-dealer trading of debt securities and derivatives since 1998. Hilliard Farber provides extensive voice broking experience and expertise, as well as an extensive network of trading desk relationships, off which Tradeweb can leverage its decade of leadership in electronic trading to build a broader inter-dealer business.
Hilliard Farber was one of the first inter-dealer brokers to trade mortgage-backed securities, when it opened a mid-town Manhattan office in 1975. Since then, it has grown to become one of the largest boutique brokers.
Hilliard Farber's brokers will continue to operate under the Hilliard Farber brand, and will offer voice broking in all their current markets, including U.S. Treasury securities, repurchase agreements, as well as specialty mortgage products: pass-through mortgage-backed securities, adjustable-rate mortgages and specified pools.
"Tradeweb is strongly positioned to develop an inter-dealer business," said Lee Olesky, CEO of Tradeweb. "Our relationships with the dealers date back to the roots of e-trading; our expertise at building markets has been thoroughly tested; and we have a proven track record of delivering greater efficiency to both institutional clients and dealers."
"Hill provides a strong foundation on which we can build our inter-dealer business," said Billy Hult, President of Tradeweb, who will now oversee Hill Farber and Tradeweb's electronic inter-dealer markets. "Its extensive brokerage experience, combined with Tradeweb's reputation in the electronic markets, promises to deliver a powerful offering to the dealer community."
"Tradeweb was a logical choice as we examined the strategic options for the business. It has a proven ability to create liquid and efficient electronic markets," said Hilliard Farber, founder and owner of the company.
The formation of an inter-dealer business is a natural extension for Tradeweb, which has played a pioneering role in developing electronic customer-to-dealer trading of debt securities and derivatives since 1998. Hilliard Farber provides extensive voice broking experience and expertise, as well as an extensive network of trading desk relationships, off which Tradeweb can leverage its decade of leadership in electronic trading to build a broader inter-dealer business.
Hilliard Farber was one of the first inter-dealer brokers to trade mortgage-backed securities, when it opened a mid-town Manhattan office in 1975. Since then, it has grown to become one of the largest boutique brokers.
Hilliard Farber's brokers will continue to operate under the Hilliard Farber brand, and will offer voice broking in all their current markets, including U.S. Treasury securities, repurchase agreements, as well as specialty mortgage products: pass-through mortgage-backed securities, adjustable-rate mortgages and specified pools.
"Tradeweb is strongly positioned to develop an inter-dealer business," said Lee Olesky, CEO of Tradeweb. "Our relationships with the dealers date back to the roots of e-trading; our expertise at building markets has been thoroughly tested; and we have a proven track record of delivering greater efficiency to both institutional clients and dealers."
"Hill provides a strong foundation on which we can build our inter-dealer business," said Billy Hult, President of Tradeweb, who will now oversee Hill Farber and Tradeweb's electronic inter-dealer markets. "Its extensive brokerage experience, combined with Tradeweb's reputation in the electronic markets, promises to deliver a powerful offering to the dealer community."
"Tradeweb was a logical choice as we examined the strategic options for the business. It has a proven ability to create liquid and efficient electronic markets," said Hilliard Farber, founder and owner of the company.
BNY ConvergEx Tops NYSE Euronex Broker Volume
BNY ConvergEx Group, LLC, today announced that it was ranked number one in the NYSE Euronext Broker Volume Top 10 from October 1st through October 21st 2008.
Over the past year ConvergEx has quickly moved from being consistently ranked in the top 10 of all firms in NYSE Euronext trading, to a top 5 ranking at the end of the third quarter, to a number one ranking for the period mentioned above. This rapid increase in volume can be attributed to ConvergEx's agency model, which has allowed it to put the needs of its clients first and maintain a position of strength during this period of unprecedented market volatility.
As trading volatility surged around the world over the last several months, significant growth was attained in both the number and type of new client wins, even as the complexity and degree of difficulty of the trades being executed greatly increased. The NYSE Euronext Broker Volume Top 10 provides a way to identify the leaders in equity orderflow and lists the top 10 NYSE member firms by volume.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "ConvergEx's ability to thrive in this unstable and challenging trading environment is a direct result of a unique agency trading model that combines advanced execution technology with the skill of our sales traders. Clients have realized that this model allows us to focus solely on their investment objectives, and better positions us to be their partner for the long term."
Over the past year ConvergEx has quickly moved from being consistently ranked in the top 10 of all firms in NYSE Euronext trading, to a top 5 ranking at the end of the third quarter, to a number one ranking for the period mentioned above. This rapid increase in volume can be attributed to ConvergEx's agency model, which has allowed it to put the needs of its clients first and maintain a position of strength during this period of unprecedented market volatility.
As trading volatility surged around the world over the last several months, significant growth was attained in both the number and type of new client wins, even as the complexity and degree of difficulty of the trades being executed greatly increased. The NYSE Euronext Broker Volume Top 10 provides a way to identify the leaders in equity orderflow and lists the top 10 NYSE member firms by volume.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "ConvergEx's ability to thrive in this unstable and challenging trading environment is a direct result of a unique agency trading model that combines advanced execution technology with the skill of our sales traders. Clients have realized that this model allows us to focus solely on their investment objectives, and better positions us to be their partner for the long term."
LiquidPoint
LiquidPoint, based in Chicago and a member of BNY ConvergEx Group, is an agency-based registered broker-dealer that specializes in derivatives execution management technology and brokerage services for listed options and equities. LiquidPoint provides a total solution for today's dynamic and diverse trading requirements, combining sophisticated trading tools with its commitment to superior order execution services and focused customer support.
LiquidPoint Claims Options Trading Record
BNY ConvergEx Group, LLC today announced that LiquidPoint routed and/or executed a record 84.6 million options contracts for the month of October 2008. This represented LiquidPoint's highest volume ever recorded in one month, surpassing September 2008 as the previous record month and bringing its year-to-date options contract total to 631 million.
LiquidPoint's October volume represents an increase of 54.8% compared to October 2007, while the overall volume of the U.S. options industry increased approximately 28.7% over the same period, according to transaction volume data obtained from the Options Clearing Corporation (OCC).
"The fact that we were able to achieve record volumes while overall options volume has grown to a less dramatic degree is a great testament to the strength and reliability of our options execution technology," commented Anthony J. Saliba, Chief Executive Officer, LiquidPoint. "Clients continue to recognize the advantages of ConvergEx's independent agency trading model, especially as an oasis of calm during this period of extreme volatility in the markets."
LiquidPoint's October volume represents an increase of 54.8% compared to October 2007, while the overall volume of the U.S. options industry increased approximately 28.7% over the same period, according to transaction volume data obtained from the Options Clearing Corporation (OCC).
"The fact that we were able to achieve record volumes while overall options volume has grown to a less dramatic degree is a great testament to the strength and reliability of our options execution technology," commented Anthony J. Saliba, Chief Executive Officer, LiquidPoint. "Clients continue to recognize the advantages of ConvergEx's independent agency trading model, especially as an oasis of calm during this period of extreme volatility in the markets."
October Options Figures
375 million contracts changed hands in October according to the Options Industry Council (OIC), representing a 28.75 percent increase over October 2007 and 1.4 million contracts more than the previous monthly volume record set in September. Average daily volume for the month was 16,344,995 contracts, also up 28.75 from the same period last year.
On October 20, year-to-date volume reached three billion contracts for the first time in history. It took 203 trading days to reach this milestone. Total options volume reached two billion contracts for the third time ever on July 22, taking only 140 trading days to reach that mark. The Options Clearing Corporation (OCC) reported October year-to-date volume stood at 3,116,322,848 contracts, an increase of 34.63 percent compared to the same period last year. Year-to-date daily volume is averaging 14,699,636 contracts, compared to 11,022,807 contracts at the same point in 2007.
Equity options saw 336,805,246 contracts traded, 25.54 percent higher than October 2007. Year-to-date equity options volume is 2,857,938,960 contracts, up 36.70 percent over the same point last year. Daily equity options volume averaged 14,643,706 contracts per day in October, an increase of 25.54 percent over the same month last year.
On October 20, year-to-date volume reached three billion contracts for the first time in history. It took 203 trading days to reach this milestone. Total options volume reached two billion contracts for the third time ever on July 22, taking only 140 trading days to reach that mark. The Options Clearing Corporation (OCC) reported October year-to-date volume stood at 3,116,322,848 contracts, an increase of 34.63 percent compared to the same period last year. Year-to-date daily volume is averaging 14,699,636 contracts, compared to 11,022,807 contracts at the same point in 2007.
Equity options saw 336,805,246 contracts traded, 25.54 percent higher than October 2007. Year-to-date equity options volume is 2,857,938,960 contracts, up 36.70 percent over the same point last year. Daily equity options volume averaged 14,643,706 contracts per day in October, an increase of 25.54 percent over the same month last year.
Sunday 2 November 2008
Trading Jargon Today
Actimize
A provider of transactional risk management software for the financial services industry and a NICE Systems company.
CEP
Complex Event Processing
CFIUS
Committee on Foreign Investment in the United States
Committee on Foreign Investment in the United States
Examines national interest issues and is part of the US Treasury Department
FTEN
A provider of advanced risk-management technology to hedge funds.
Janus Capital Group
A large asset manager that focuses on equities.
KX Systems
A provider of high-speed data management solutions.
Sovereign Wealth Funds
Investment vehicles owned by national governments
Tabb Group
Financial markets' research and strategic advisory firm focused exclusively on capital markets.
A provider of transactional risk management software for the financial services industry and a NICE Systems company.
CEP
Complex Event Processing
CFIUS
Committee on Foreign Investment in the United States
Committee on Foreign Investment in the United States
Examines national interest issues and is part of the US Treasury Department
FTEN
A provider of advanced risk-management technology to hedge funds.
Janus Capital Group
A large asset manager that focuses on equities.
KX Systems
A provider of high-speed data management solutions.
Sovereign Wealth Funds
Investment vehicles owned by national governments
Tabb Group
Financial markets' research and strategic advisory firm focused exclusively on capital markets.
TABB Group
TABB Group is a financial markets' research and strategic advisory firm focused exclusively on capital markets. Founded in 2003 and based on the methodology of "first-person knowledge," TABB Group analyzes and quantifies the investing value chain from the fiduciary, investment manager, broker, exchange and custodian.
ICE and The Clearing Corporation CDS Agreement
IntercontinentalExchange, Inc. and The Clearing Corporation (TCC), today announced new agreements intended to advance their previously announced joint global clearing solution for Credit Default Swaps (CDS). Together with nine of the major global investment banks who are dealers in the CDS markets, ICE and TCC have entered into memorandums of understanding (MOUs) to develop a joint global clearing solution and to effect the acquisition of TCC by ICE.
Under the terms of the new agreements, ICE will acquire TCC and will form ICE US Trust (ICE Trust), a New York limited purpose trust company and subsidiary of ICE, with the support of Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and UBS. As previously announced, ICE and TCC continue to work closely with regulators, other market participants and industry groups to develop a comprehensive central counterparty clearing solution for the CDS market. This customized solution is currently undergoing final testing in preparation for launch.
"ICE has been a long-time believer in the value that clearing brings to market participants, and we've demonstrated that belief by creating innovative clearing and risk management solutions in both the futures and the over-the-counter markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "We have made a commitment to developing a market structure that reduces risk and increases transparency and capital efficiency in these important global markets, first through our acquisition of Creditex, and now through our planned acquisition of The Clearing Corporation. Both of these organizations have demonstrated strong dedication to the CDS community."
"TCC has served as a credit intermediary in a broad range of markets since 1925, and the CDS market represents an excellent opportunity to apply our expertise," said Kevin R. McClear, Chief Operating Officer of TCC. "Our work over the last two years has laid a strong foundation for a market-based solution that will significantly reduce counterparty risk and is intended to address applicable regulatory requirements."
The Boards of Directors of ICE and TCC have approved the MOUs, specific terms of which have not been disclosed at this time. The transaction is subject to the receipt of required government approvals. The parties will work toward receiving the necessary governmental approvals while working to execute definitive documents during the fourth quarter of 2008, by which time they expect to begin clearing CDS transactions through ICE Trust. Post-transaction TCC will continue to support its existing clearing customers.
Under the terms of the new agreements, ICE will acquire TCC and will form ICE US Trust (ICE Trust), a New York limited purpose trust company and subsidiary of ICE, with the support of Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and UBS. As previously announced, ICE and TCC continue to work closely with regulators, other market participants and industry groups to develop a comprehensive central counterparty clearing solution for the CDS market. This customized solution is currently undergoing final testing in preparation for launch.
"ICE has been a long-time believer in the value that clearing brings to market participants, and we've demonstrated that belief by creating innovative clearing and risk management solutions in both the futures and the over-the-counter markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "We have made a commitment to developing a market structure that reduces risk and increases transparency and capital efficiency in these important global markets, first through our acquisition of Creditex, and now through our planned acquisition of The Clearing Corporation. Both of these organizations have demonstrated strong dedication to the CDS community."
"TCC has served as a credit intermediary in a broad range of markets since 1925, and the CDS market represents an excellent opportunity to apply our expertise," said Kevin R. McClear, Chief Operating Officer of TCC. "Our work over the last two years has laid a strong foundation for a market-based solution that will significantly reduce counterparty risk and is intended to address applicable regulatory requirements."
The Boards of Directors of ICE and TCC have approved the MOUs, specific terms of which have not been disclosed at this time. The transaction is subject to the receipt of required government approvals. The parties will work toward receiving the necessary governmental approvals while working to execute definitive documents during the fourth quarter of 2008, by which time they expect to begin clearing CDS transactions through ICE Trust. Post-transaction TCC will continue to support its existing clearing customers.
Friday 31 October 2008
Equities Trading
ABCDS
A credit default swap based on an Asset-Backed Security itself based on relatively risky home equity loans (U.S.) In effect a type of insurance against default on the underlying ABS.
Advantest
Supplier of automatic test equipment to the semiconductor industry. Advantest's SoC, logic, memory, mixed-signal and RF testers and device handlers are integrated into the most advanced semiconductor fabrication lines in the world. Founded in Tokyo in 1954, Advantest established its North American subsidiary in 1982 and its European subsidiary in 1984. More information is available at www.advantest.com.
Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.
At-the-money
Occurs if the strike price of the option is equal to the market price of underlying security.
Beauchamp
A platform to manage complex portfolios and satisfy investor and regulatory requirements. Supplied by Linedata
Capped-Style Option
Option with an established profit cap. The cap price is equal to the option's strike price plus a cap interval for a call option or the strike price minus a cap interval for a put option. Exercised automatically when the underlying security closes above or below the cap price, depending on whether it is a call or a put.
Common Criteria
Set of strict predefined requirements for security.
Compliance Hub
Post-trade automation derivative products. Examples are credit and equity swaps. Communicator Inc.
Covered Call Option Writing
Trading strategy involving simultaneously selling call options and owning an equivalent position in the underlying security. The reverse is to sells a put option and shorting the underlying security.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
EquiLend
EquiLend is a provider of trading services for the securities finance industry. With its robust suite of automated trading tools, EquiLend enables its clients to scale their businesses with great efficiency on a global basis in all securities finance markets. Used by borrowers and lenders throughout the world, the EquiLend platform automates formerly manual trading and post-trade processes.
EVCA
Equity and Venture Capital Association
Fidessa Next Phase of European Multi-Asset Strategy
Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe.
Homeland Security Presidential Directive 12.
Directive from the U.S. Federal Government requiring all Federal employees and contractors be issued with a uniform card by October 2006 for access to facilities and computer systems.
Human Resource Management
Support activity in the value chain analysis. Included are recruitment, hiring, training, development, and compensation of all personnel required for the entity or company.
Initial Performance Bond
Also known as "Initial Margin". Funds required when a futures position is opened.
International Accounting Standards No.19
Accounting standard requiring listed companies account for the financial condition of their pension funds on the balance sheet, particularly in the case of defined pension pension schemes.
LEAPS
Long-Term Equity Anticipation Securities
Liquidnet
Electronic marketplace that facilitates institutional equities trading for asset management firms worldwide.
Livedoor
Japanese company at the centre of a corporate governance scandal. Can be seen as the equivalent of World-Com or Enron as it is used as evidence of the need for a Japanese Sarbanes-Oxley type legislation on internal controls over financial reporting.
Margin Requirement for Options
Amount an uncovered (naked) option writer is required to deposit and maintain to cover a position. Calculated
Market Timing
US illegal practice of trading in mutual fund companies after the daily fixed pric, profiting from knowledg of subsequent market moves that had not been in the price.
Marketplace Rules 4310(c)(4)
NASDAQ rule requiring companies to have a $1 share price to remain on the market.
NYSE Euronext
Parent company of exchanges including New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms.
NYSE Euronext Advanced Trading Equities in a Box
NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity.
Physical Controls
A type of control activity. They involve the physical security of assets. They ensure adequate safeguards over access to assets and records.
Private Equity Intelligence
Research group specialising in the private equity arena.
Quadriserv Investors
Quadriserv, Inc. today announced the addition of Susquehanna Private Equity Investments, LLLP, an affiliate of Susquehanna International Group, LLP, and Round Table Partners to its investor ranks. These investing partners join existing institutional investors Bessemer Venture Partners, Merrill Lynch and Renaissance Technologies, LLC to fund the ongoing development and commercialization of Quadriserv’s innovative securities lending platform.
Rule enforced by the SEC requiring U.S. to make available to the public that they make to securities analysts. If the disclosure is intentional the release has to be simultaneous. Unintentional disclosure has to be made available to the public within 24 hours.
RFID
Radio Frequency Identification
Section 104
Section of the Sarbanes-Oxley Act requiring the PCAOB to inspect registered public accounting firms on a regular basis
Section 302
Section of the Sarbanes-Oxley Act of 2002 requiring a certification to accompany each quarterly and annual report filed with the SEC.
Seibu Railway Co.
Japanese company at the centre of a corporate governance scandal. Can be seen as the equivalent of World-Com or Enron as it is used as evidence of the need for a Japanese Sarbanes-Oxley type legislation on internal controls over financial reporting.
SFAS 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
Statement No. 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
Information, data or a device to which an end-user or other device requires access
Terra Firma
UK private equity firm.
Tervela
Founded in 2004, Tervela delivers the next-generation communications infrastructure -- the message network -- designed and engineered to exceed the information dissemination and processing requirements of the world's most demanding financial services institutions. Addressing the challenges of market volume, volatility and visibility, Tervela invented the message switch to enable investment banks, hedge funds, exchanges and other data-intensive organizations to deliver consistent, outstanding and predictable performance -- even in the most demanding market conditions. The company is funded by Goldman Sachs, Sigma Partners, Acartha Group and North Hill Ventures. For more information, please visit http://www.tervela.com/.
A credit default swap based on an Asset-Backed Security itself based on relatively risky home equity loans (U.S.) In effect a type of insurance against default on the underlying ABS.
Advantest
Supplier of automatic test equipment to the semiconductor industry. Advantest's SoC, logic, memory, mixed-signal and RF testers and device handlers are integrated into the most advanced semiconductor fabrication lines in the world. Founded in Tokyo in 1954, Advantest established its North American subsidiary in 1982 and its European subsidiary in 1984. More information is available at www.advantest.com.
Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.
At-the-money
Occurs if the strike price of the option is equal to the market price of underlying security.
Beauchamp
A platform to manage complex portfolios and satisfy investor and regulatory requirements. Supplied by Linedata
Capped-Style Option
Option with an established profit cap. The cap price is equal to the option's strike price plus a cap interval for a call option or the strike price minus a cap interval for a put option. Exercised automatically when the underlying security closes above or below the cap price, depending on whether it is a call or a put.
Common Criteria
Set of strict predefined requirements for security.
Compliance Hub
Post-trade automation derivative products. Examples are credit and equity swaps. Communicator Inc.
Covered Call Option Writing
Trading strategy involving simultaneously selling call options and owning an equivalent position in the underlying security. The reverse is to sells a put option and shorting the underlying security.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
EquiLend
EquiLend is a provider of trading services for the securities finance industry. With its robust suite of automated trading tools, EquiLend enables its clients to scale their businesses with great efficiency on a global basis in all securities finance markets. Used by borrowers and lenders throughout the world, the EquiLend platform automates formerly manual trading and post-trade processes.
EVCA
Equity and Venture Capital Association
Fidessa Next Phase of European Multi-Asset Strategy
Fidessa group plc (LSE:FDSA), a leading global provider of multi-asset trading systems, market data and global connectivity solutions, has added an enhanced multi-asset, pre-trade risk module for account-based trading across equities, futures and contracts for difference (CFDs) to its European sell-side trading platform. The move marks the latest phase in Fidessa’s comprehensive multi-asset strategy, and is a direct response to increasing asset convergence seen in both the US and Europe.
Homeland Security Presidential Directive 12.
Directive from the U.S. Federal Government requiring all Federal employees and contractors be issued with a uniform card by October 2006 for access to facilities and computer systems.
Human Resource Management
Support activity in the value chain analysis. Included are recruitment, hiring, training, development, and compensation of all personnel required for the entity or company.
Initial Performance Bond
Also known as "Initial Margin". Funds required when a futures position is opened.
International Accounting Standards No.19
Accounting standard requiring listed companies account for the financial condition of their pension funds on the balance sheet, particularly in the case of defined pension pension schemes.
LEAPS
Long-Term Equity Anticipation Securities
Liquidnet
Electronic marketplace that facilitates institutional equities trading for asset management firms worldwide.
Livedoor
Japanese company at the centre of a corporate governance scandal. Can be seen as the equivalent of World-Com or Enron as it is used as evidence of the need for a Japanese Sarbanes-Oxley type legislation on internal controls over financial reporting.
Margin Requirement for Options
Amount an uncovered (naked) option writer is required to deposit and maintain to cover a position. Calculated
Market Timing
US illegal practice of trading in mutual fund companies after the daily fixed pric, profiting from knowledg of subsequent market moves that had not been in the price.
Marketplace Rules 4310(c)(4)
NASDAQ rule requiring companies to have a $1 share price to remain on the market.
NYSE Euronext
Parent company of exchanges including New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms.
NYSE Euronext Advanced Trading Equities in a Box
NYSE Euronext Advanced Trading Solutions, a world leader in low latency trading technology and division of NYSE Euronext (NYX), today announced an innovative software based solution that has the capability to comfortably handle 10 major US equities feeds on a single server with potential headroom of 3x current market peak capacity.
Physical Controls
A type of control activity. They involve the physical security of assets. They ensure adequate safeguards over access to assets and records.
Private Equity Intelligence
Research group specialising in the private equity arena.
Quadriserv Investors
Quadriserv, Inc. today announced the addition of Susquehanna Private Equity Investments, LLLP, an affiliate of Susquehanna International Group, LLP, and Round Table Partners to its investor ranks. These investing partners join existing institutional investors Bessemer Venture Partners, Merrill Lynch and Renaissance Technologies, LLC to fund the ongoing development and commercialization of Quadriserv’s innovative securities lending platform.
Rule enforced by the SEC requiring U.S. to make available to the public that they make to securities analysts. If the disclosure is intentional the release has to be simultaneous. Unintentional disclosure has to be made available to the public within 24 hours.
RFID
Radio Frequency Identification
Section 104
Section of the Sarbanes-Oxley Act requiring the PCAOB to inspect registered public accounting firms on a regular basis
Section 302
Section of the Sarbanes-Oxley Act of 2002 requiring a certification to accompany each quarterly and annual report filed with the SEC.
Seibu Railway Co.
Japanese company at the centre of a corporate governance scandal. Can be seen as the equivalent of World-Com or Enron as it is used as evidence of the need for a Japanese Sarbanes-Oxley type legislation on internal controls over financial reporting.
SFAS 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
Statement No. 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
Information, data or a device to which an end-user or other device requires access
Terra Firma
UK private equity firm.
Tervela
Founded in 2004, Tervela delivers the next-generation communications infrastructure -- the message network -- designed and engineered to exceed the information dissemination and processing requirements of the world's most demanding financial services institutions. Addressing the challenges of market volume, volatility and visibility, Tervela invented the message switch to enable investment banks, hedge funds, exchanges and other data-intensive organizations to deliver consistent, outstanding and predictable performance -- even in the most demanding market conditions. The company is funded by Goldman Sachs, Sigma Partners, Acartha Group and North Hill Ventures. For more information, please visit http://www.tervela.com/.
New Trading Stuff
SaxoMobileTrader for iPhone(TM).
From Saxo Bank, offered to clients and partners the platform allows a user, with either an iPhone(TM) or an iPod Touch(TM), to stay updated with the markets, view their account status, and fully manage their positions and orders across multiple asset classes.
Liquidnet
Electronic marketplace that facilitates institutional equities trading for asset management firms worldwide.
PIMCO
Asset management subsidiary of Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company.
From Saxo Bank, offered to clients and partners the platform allows a user, with either an iPhone(TM) or an iPod Touch(TM), to stay updated with the markets, view their account status, and fully manage their positions and orders across multiple asset classes.
Liquidnet
Electronic marketplace that facilitates institutional equities trading for asset management firms worldwide.
PIMCO
Asset management subsidiary of Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company.
Saxo Bank Launches Mobile Trading
Saxo Bank has released SaxoMobileTrader for iPhone(TM). Offered to clients and partners the platform allows a user, with either an iPhone(TM) or an iPod Touch(TM), to stay updated with the markets, view their account status, and fully manage their positions and orders across multiple asset classes.
SaxoMobileTrader for iPhone(TM) enables clients to trade wherever they are, using the familiar and easy to navigate interface, allowing for convenient access to their portfolios.
Increasing investor sophistication combined with highly mobile lifestyles has meant that individual investors and traders are even more in need of accessing their portfolios on the go. The introduction of SaxoMobileTrader for iPhone(TM) follows the successful launch in May this year of SaxoWebTrader 2 and SaxoMobileTrader 2, the mobility-enhancing version of Saxo Bank's multi-asset class trading platform SaxoTrader.
"When commuting to work, out to lunch or just away from your desk our mobile services allow traders to always be connected to our full suite of products. The latest addition to our range of trading technologies further empowers our clients, whenever they need it and wherever they are" says Julius Heslet, Product Manager for SaxoWebTrader.
SaxoMobileTrader for iPhone(TM) as well as the recently launched SaxoMobileTrader for BlackBerry(TM) reflect the growing smart mobile device market. According to consulting and market analysis firm Canalys' Smart Mobile Device Analysis 2007, smart mobile device shipments hit 118 million in 2007, up 53 percent from 2006 levels.
"We are witnessing a massive increase in the demand for smart phones and wireless handhelds. This is a trend we believe will continue to drive the development of mobile trading. With SaxoMobileTrader for iPhone(TM) complementing our recently launched SaxoMobileTrader for BlackBerry(TM), we now cover the largest segments of the smart phone market", says Julius Heslet.
SaxoMobileTrader for iPhone(TM) enables clients to trade wherever they are, using the familiar and easy to navigate interface, allowing for convenient access to their portfolios.
Increasing investor sophistication combined with highly mobile lifestyles has meant that individual investors and traders are even more in need of accessing their portfolios on the go. The introduction of SaxoMobileTrader for iPhone(TM) follows the successful launch in May this year of SaxoWebTrader 2 and SaxoMobileTrader 2, the mobility-enhancing version of Saxo Bank's multi-asset class trading platform SaxoTrader.
"When commuting to work, out to lunch or just away from your desk our mobile services allow traders to always be connected to our full suite of products. The latest addition to our range of trading technologies further empowers our clients, whenever they need it and wherever they are" says Julius Heslet, Product Manager for SaxoWebTrader.
SaxoMobileTrader for iPhone(TM) as well as the recently launched SaxoMobileTrader for BlackBerry(TM) reflect the growing smart mobile device market. According to consulting and market analysis firm Canalys' Smart Mobile Device Analysis 2007, smart mobile device shipments hit 118 million in 2007, up 53 percent from 2006 levels.
"We are witnessing a massive increase in the demand for smart phones and wireless handhelds. This is a trend we believe will continue to drive the development of mobile trading. With SaxoMobileTrader for iPhone(TM) complementing our recently launched SaxoMobileTrader for BlackBerry(TM), we now cover the largest segments of the smart phone market", says Julius Heslet.
Liquidnet
Liquidnet is an electronic marketplace that facilitates institutional equities trading for asset management firms worldwide. By giving buy-side traders a first look at a global natural liquidity pool of more than 7.98 billion shares per day of liquidity on average, Liquidnet consolidates and delivers the institutional equities market directly to the desktops of 535 buy-side trading firms. Institutional investors use the Liquidnet marketplace to enhance the quality and speed of trade execution, gain price improvement for their trades, and, ultimately, lower overall trading costs. Launched in 2001, Liquidnet now trades in 30 equity markets across five continents. Liquidnet is headquartered in New York with offices in London, Toronto, Tokyo, Hong Kong and Sydney. Additional company information is available online at www.liquidnet.com.
Thursday 30 October 2008
Tradeweb
Tradeweb is a leading over-the-counter, multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivative, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of the major investment banks with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and nine leading global dealers.
PIMCO Launches Global Multi-Asset Fund
PIMCO has launched the PIMCO Global Multi-Asset Fund ("GMAF"), the firm's new asset allocation mutual fund. GMAF is managed by a team led by Co-Chief Investment Officer Mohamed A. El-Erian and that also includes Vineer Bhansali, a managing director and head of the portfolio management analytics group, and Curtis Mewbourne, a managing director and generalist portfolio manager.
"Transformations in global economic and financial conditions are challenging traditional asset allocation products," said Mr. El-Erian. "When we began developing this fund early this year, we recognized that ongoing market developments and economic transformations would impact the future set of investor opportunities, and also involve a new and significant configuration of risks. The current financial crisis illustrates this recognition and underscores the need to provide clients with an expanded universe of investment solutions."
"The Global Multi-Asset Fund is designed to tap into PIMCO's complete views across risk exposures and asset classes, both in the U.S. and abroad. It is an important part of the firm's continued evolution as a provider of global investment solutions for clients," Mr. El-Erian added.
"Transformations in global economic and financial conditions are challenging traditional asset allocation products," said Mr. El-Erian. "When we began developing this fund early this year, we recognized that ongoing market developments and economic transformations would impact the future set of investor opportunities, and also involve a new and significant configuration of risks. The current financial crisis illustrates this recognition and underscores the need to provide clients with an expanded universe of investment solutions."
"The Global Multi-Asset Fund is designed to tap into PIMCO's complete views across risk exposures and asset classes, both in the U.S. and abroad. It is an important part of the firm's continued evolution as a provider of global investment solutions for clients," Mr. El-Erian added.
NYSE and SunGard
The NYSE, a subsidiary of NYSE Euronext (NYX), is providing market data, news and alerting capabilities for NYSE listed companies through its NYSE Market Access Center(SM) using data management solutions jointly developed with SunGard. NYSE's Market Access Center Alerts provide real-time access to trading information and news driving today's dynamic markets. The service uses SunGard's Fame real-time data feed, charting and reporting capabilities, news management system and a new complex alerting system to deliver results to issuers' wireless devices. SunGard also provided consulting services including project management, requirements analysis, and change management; integration expertise in terms of connectivity and ASP delivery, user acceptance testing and final launch.
Joseph Mecane, executive vice president of NYSE Euronext, said, "NYSE's market information tools are a key component of our value proposition to listed companies and this is a significant enhancement to our growing suite of services. We chose SunGard as our partner due to its experience and expertise which has helped us to launch NYSE Market Access Center Alerts. With Fame, we are able to deliver relevant, complex alerting to busy investor relations and chief financial officers with the flexibility to incorporate additional data sources in the future."
For NYSE, SunGard's Fame delivers results based on real-time pricing data from North American exchanges and news from Dow Jones Newswires to NYSE's issuers' desktops and wireless devices. Fame's new complex alerting capability goes beyond 'new news' and 'limit quote' alerts to provide customizable alarm triggers and delivery. It maps news to the movement of prices and volumes on securities and, as customized by the user, provides updates on stock rating changes, earnings announcements, merger and acquisition activity and companies added or removed from major indices. Fame's market data, news and alerting capabilities provided to NYSE are fully hosted by SunGard, helping NYSE reduce maintenance and support, ensure 24/7 availability, and meet time-to-market objectives on new offerings.
Developed using SunGard's Common Services Architecture (CSA)*, Fame can be deployed as an end-to-end data management solution or as individual components for real-time and time series market data, historical financial data management, desktop solutions, data delivery via HTML, XML or dynamic Java-based content, analytical modelling tools, and managed data services.
Janet Crowley, general manager of SunGard's Fame business unit, said, "SunGard's financial data solutions provide a solid foundation for NYSE's expanded service offerings and sustained leadership in market intelligence services. Through consolidated feeds and flexible delivery methods, SunGard helps NYSE to focus on enhancing the end-user experience by providing timely, unique and customized information, and actionable alerts based on a meaningful combination of market events."
Joseph Mecane, executive vice president of NYSE Euronext, said, "NYSE's market information tools are a key component of our value proposition to listed companies and this is a significant enhancement to our growing suite of services. We chose SunGard as our partner due to its experience and expertise which has helped us to launch NYSE Market Access Center Alerts. With Fame, we are able to deliver relevant, complex alerting to busy investor relations and chief financial officers with the flexibility to incorporate additional data sources in the future."
For NYSE, SunGard's Fame delivers results based on real-time pricing data from North American exchanges and news from Dow Jones Newswires to NYSE's issuers' desktops and wireless devices. Fame's new complex alerting capability goes beyond 'new news' and 'limit quote' alerts to provide customizable alarm triggers and delivery. It maps news to the movement of prices and volumes on securities and, as customized by the user, provides updates on stock rating changes, earnings announcements, merger and acquisition activity and companies added or removed from major indices. Fame's market data, news and alerting capabilities provided to NYSE are fully hosted by SunGard, helping NYSE reduce maintenance and support, ensure 24/7 availability, and meet time-to-market objectives on new offerings.
Developed using SunGard's Common Services Architecture (CSA)*, Fame can be deployed as an end-to-end data management solution or as individual components for real-time and time series market data, historical financial data management, desktop solutions, data delivery via HTML, XML or dynamic Java-based content, analytical modelling tools, and managed data services.
Janet Crowley, general manager of SunGard's Fame business unit, said, "SunGard's financial data solutions provide a solid foundation for NYSE's expanded service offerings and sustained leadership in market intelligence services. Through consolidated feeds and flexible delivery methods, SunGard helps NYSE to focus on enhancing the end-user experience by providing timely, unique and customized information, and actionable alerts based on a meaningful combination of market events."
Exchanges Jargon
American-Style Option
Option contract which can be excercised at any time between the purchase date and the expiration date. Most commonly exchange-traded option in the U.S.
CME
Formerly Chicago Mercantile Exchange. Largest derivatives exchange, built through mergers with CBOT and NYMEX.
2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.
Cox, Christopher
Chairman of the Securities and Exchange Commission. Confirmed in 2005.
Donaldson, William
Former chairman of the Securities and Exchange Commission
ETF
Exchange-Traded Fund
Floor Broker
Licensed member of an Exchange, who is paid a fee for executing orders for Clearing Members or their customers.
Floor Trader
Also known as a "local". Exchange member who only trades for his own account.
FTSE All-Share
Index covering all the shares irrespective of size on the main London Stock Exchange
Futures
All contracts covering purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
Futures Commission Agent
Engages in soliciting or accepting handling orders for the purchase or sale of futures contracts , subject to the rules of a futures exchange and, who, in connection with solicitation or acceptance or orders, accepts any money or securities to margin any resulting trades or contracts. Can be a firm or person.
FXall
Foreign exchange platform
Hang Seng
Benchmark index of the Hong Kong Stock Exchange
Kopsi
Benchmark index of the Seoul Stock Exchange
Nikkei 225
Benchmark index of the Tokyo Stock Exchange
NYSE
New York Stock Exchange
NYSE Euronext
Parent company of exchanges including New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms.
Options Industry Council
An industry cooperative funded by the American Stock Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, NASDAQ Options Market, NASDAQ OMX PHLX, NYSE Arca, and The Options Clearing Corporation.
SEC
Securities and Exchange Commission.
TietoEnator and SEB Enskilda
SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution.
TOCOM
Tokyo Commodity Exchange
TSE
Tokyo Stock Exchange
TTT Moneycorp Real-time Messaging
SMA Financial, SWIFT Regional partner for UK, Eire and Channel Islands today announced that TTT Moneycorp (Moneycorp), the leading international foreign exchange and payments specialist, has moved to real-time message processing over the SWIFT network using MQ Series.To cope with rapidly expanding business volumes and to automate its payment, banking and treasury services, Moneycorp initially implemented the SMA Bureau Service to send payment messages over the secure SWIFT network.
Option contract which can be excercised at any time between the purchase date and the expiration date. Most commonly exchange-traded option in the U.S.
CME
Formerly Chicago Mercantile Exchange. Largest derivatives exchange, built through mergers with CBOT and NYMEX.
2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.
Cox, Christopher
Chairman of the Securities and Exchange Commission. Confirmed in 2005.
Donaldson, William
Former chairman of the Securities and Exchange Commission
ETF
Exchange-Traded Fund
Floor Broker
Licensed member of an Exchange, who is paid a fee for executing orders for Clearing Members or their customers.
Floor Trader
Also known as a "local". Exchange member who only trades for his own account.
FTSE All-Share
Index covering all the shares irrespective of size on the main London Stock Exchange
Futures
All contracts covering purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
Futures Commission Agent
Engages in soliciting or accepting handling orders for the purchase or sale of futures contracts , subject to the rules of a futures exchange and, who, in connection with solicitation or acceptance or orders, accepts any money or securities to margin any resulting trades or contracts. Can be a firm or person.
FXall
Foreign exchange platform
Hang Seng
Benchmark index of the Hong Kong Stock Exchange
Kopsi
Benchmark index of the Seoul Stock Exchange
Nikkei 225
Benchmark index of the Tokyo Stock Exchange
NYSE
New York Stock Exchange
NYSE Euronext
Parent company of exchanges including New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms.
Options Industry Council
An industry cooperative funded by the American Stock Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, NASDAQ Options Market, NASDAQ OMX PHLX, NYSE Arca, and The Options Clearing Corporation.
SEC
Securities and Exchange Commission.
TietoEnator and SEB Enskilda
SEB Enskilda has selected TietoEnator’s capital market solution ProBroker to manage the company’s trading operation at the Oslo Stock Exchange. SEB Enskilda is the largest broker dealer at the Oslo Stock Exchange in terms of number of transactions as well as volumes. The implementation project has been running since vinter 2008 and 1st September SEB Enskilda went sucessfully into production with their new trading clearing and settlement solution.
TOCOM
Tokyo Commodity Exchange
TSE
Tokyo Stock Exchange
TTT Moneycorp Real-time Messaging
SMA Financial, SWIFT Regional partner for UK, Eire and Channel Islands today announced that TTT Moneycorp (Moneycorp), the leading international foreign exchange and payments specialist, has moved to real-time message processing over the SWIFT network using MQ Series.To cope with rapidly expanding business volumes and to automate its payment, banking and treasury services, Moneycorp initially implemented the SMA Bureau Service to send payment messages over the secure SWIFT network.
Wednesday 29 October 2008
Trading Terms
Xforex
Currency trading firm
EIN
Distributor of digital news
NYFIX
Electronic trading solutions vendor. NYFIX Marketplace is a global community of trading counterparties utilizing innovative services that optimize the business of trading.
NYFIX Marketplace
NYFIX Marketplace is a global community of trading counterparties utilizing innovative services that optimize the business of trading. NYFIX Millennium(R) provides the NYFIX Marketplace with new methods of accessing liquidity
Ambit
Banking solution suite for retail, commercial and private banks.
CME
Formerly Chicago Mercantile Exchange. Largest derivatives exchange, built through mergers with CBOT and NYMEX.
BNP Paribus
This French-based banking group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
Geneos Wealth Management
Broker/dealer headquartered in Denver, CO, providing financial and estate-planning services through a select network of registered representatives.
Currency trading firm
EIN
Distributor of digital news
NYFIX
Electronic trading solutions vendor. NYFIX Marketplace is a global community of trading counterparties utilizing innovative services that optimize the business of trading.
NYFIX Marketplace
NYFIX Marketplace is a global community of trading counterparties utilizing innovative services that optimize the business of trading. NYFIX Millennium(R) provides the NYFIX Marketplace with new methods of accessing liquidity
Ambit
Banking solution suite for retail, commercial and private banks.
CME
Formerly Chicago Mercantile Exchange. Largest derivatives exchange, built through mergers with CBOT and NYMEX.
BNP Paribus
This French-based banking group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
Geneos Wealth Management
Broker/dealer headquartered in Denver, CO, providing financial and estate-planning services through a select network of registered representatives.
Currency Magazine Launched
EIN News, and the currency trading firm Xforex have entered into an advertising agreement to provide more extensive up-to-the-minute news about currency exchange and other aspects of the world of international finance.
The recent market turmoil has triggered a substantial increase in currency trading and, at the same time, a rising need for alternative sources of breaking financial news.
According to Xforex spokesman Mark Leigh, market interest in foreign currency trading rises in times of unrest. "Most people don't give a second thought to foreign currency until markets collapse. Once that happens, everyone wants to get in on the action," Leigh said. "Though there are bound to be losses, it is actually in these shaky times when many dramatic profits are made."
The French Press Agency (AFP) reported last week that recent financial events have "people flocking to the Internet for the latest money news along with tips on how to salvage investments." EIN News' financial publications have seen a significant rise in subscriptions. EIN News portal Finance Industry Today experienced a 500% increase in traffic during the month of September. Responding to this demand, EIN News recently launched FOREX Trading News Today to fill an important gap in financial news coverage.
EIN News was established in Central Europe in 1995, and through the years has built more than 200,000 individual topic news feeds organized within 50 news sites. The company has launched the well-known "Russia Today" brand and opened internet news access to China with "Inside China Today." Offering a unique combination of human editing and proprietary scanning software, EIN News won Europe's coveted Momentum Award as the most innovative internet company on the continent. Serving thousands of customers daily, the company distributes its feeds via email or mobile news alerts, online and other channels such as Newsfeedmaker.com.
For more information: www.einnews.info
The recent market turmoil has triggered a substantial increase in currency trading and, at the same time, a rising need for alternative sources of breaking financial news.
According to Xforex spokesman Mark Leigh, market interest in foreign currency trading rises in times of unrest. "Most people don't give a second thought to foreign currency until markets collapse. Once that happens, everyone wants to get in on the action," Leigh said. "Though there are bound to be losses, it is actually in these shaky times when many dramatic profits are made."
The French Press Agency (AFP) reported last week that recent financial events have "people flocking to the Internet for the latest money news along with tips on how to salvage investments." EIN News' financial publications have seen a significant rise in subscriptions. EIN News portal Finance Industry Today experienced a 500% increase in traffic during the month of September. Responding to this demand, EIN News recently launched FOREX Trading News Today to fill an important gap in financial news coverage.
EIN News was established in Central Europe in 1995, and through the years has built more than 200,000 individual topic news feeds organized within 50 news sites. The company has launched the well-known "Russia Today" brand and opened internet news access to China with "Inside China Today." Offering a unique combination of human editing and proprietary scanning software, EIN News won Europe's coveted Momentum Award as the most innovative internet company on the continent. Serving thousands of customers daily, the company distributes its feeds via email or mobile news alerts, online and other channels such as Newsfeedmaker.com.
For more information: www.einnews.info
MarketAxess Q3 Results
MarketAxess Holdings Inc. (NASDAQ:MKTX) , the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced results for the third quarter ended September 30, 2008.
Total revenues for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Pre-tax income for the third quarter of 2008 was $2.1 million, compared to $3.6 million for the third quarter of 2007, a decrease of 42.4%. Net income for the third quarter of 2008 totaled $1.5 million, or $0.04 per share on a diluted basis, compared to $2.4 million, or $0.7 per share on a diluted basis, for the third quarter of 2007.
For the third quarter of 2008, pre-tax margin was 9.3%, compared to 16.4% for the third quarter of 2007.
"Credit market turbulence reached new heights in the third quarter, increasing our focus on innovative solutions to restore secondary market liquidity," said Richard M. McVey, chairman and chief executive officer of MarketAxess. "Our first step was the addition of 21 new dealers to the platform during the past quarter to augment liquidity sources for institutional investors on the system. We are also developing technology and trading solutions to increase the breadth of potential counterparties available to all system participants. While short term results are likely to be uneven, our strong cash flow and balance sheet allow us to make essential investments to improve the functioning of the corporate bond and credit default swap markets."
Third Quarter Results
Total revenue for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Commission revenue totaled $17.2 million on total trading volume of $49.0 billion, compared to $19.0 million in commission revenue on total trading volume of $75.7 billion for the third quarter of 2007.
U.S. high-grade corporate bond commissions decreased 10.1% to $10.8 million on trading volume of $27.5 billion for the third quarter of 2008, compared to $12.0 million in commissions on trading volume of $39.9 billion for the third quarter of 2007. U.S. high-grade fixed-rate and floating-rate bond trading volume totaled $24.4 billion and $1.8 billion, respectively, compared to $31.2 billion and $6.1 billion, respectively, in the third quarter of 2007. Total U.S. high-grade trading volume includes single-dealer inquiries of $1.4 billion and $2.6 billion for the third quarter of 2008 and the third quarter of 2007, respectively. Effective September 1, 2008, single-dealer inquiry trades are being reported within U.S. high-grade fixed-rate and floating-rate bond trading volume. U.S. high-grade trading volume as a percentage of FINRA's high-grade TRACE trading volume decreased to an estimated 6.4%, compared to an estimated 7.8% for the third quarter of 2007.
Total revenues for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Pre-tax income for the third quarter of 2008 was $2.1 million, compared to $3.6 million for the third quarter of 2007, a decrease of 42.4%. Net income for the third quarter of 2008 totaled $1.5 million, or $0.04 per share on a diluted basis, compared to $2.4 million, or $0.7 per share on a diluted basis, for the third quarter of 2007.
For the third quarter of 2008, pre-tax margin was 9.3%, compared to 16.4% for the third quarter of 2007.
"Credit market turbulence reached new heights in the third quarter, increasing our focus on innovative solutions to restore secondary market liquidity," said Richard M. McVey, chairman and chief executive officer of MarketAxess. "Our first step was the addition of 21 new dealers to the platform during the past quarter to augment liquidity sources for institutional investors on the system. We are also developing technology and trading solutions to increase the breadth of potential counterparties available to all system participants. While short term results are likely to be uneven, our strong cash flow and balance sheet allow us to make essential investments to improve the functioning of the corporate bond and credit default swap markets."
Third Quarter Results
Total revenue for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Commission revenue totaled $17.2 million on total trading volume of $49.0 billion, compared to $19.0 million in commission revenue on total trading volume of $75.7 billion for the third quarter of 2007.
U.S. high-grade corporate bond commissions decreased 10.1% to $10.8 million on trading volume of $27.5 billion for the third quarter of 2008, compared to $12.0 million in commissions on trading volume of $39.9 billion for the third quarter of 2007. U.S. high-grade fixed-rate and floating-rate bond trading volume totaled $24.4 billion and $1.8 billion, respectively, compared to $31.2 billion and $6.1 billion, respectively, in the third quarter of 2007. Total U.S. high-grade trading volume includes single-dealer inquiries of $1.4 billion and $2.6 billion for the third quarter of 2008 and the third quarter of 2007, respectively. Effective September 1, 2008, single-dealer inquiry trades are being reported within U.S. high-grade fixed-rate and floating-rate bond trading volume. U.S. high-grade trading volume as a percentage of FINRA's high-grade TRACE trading volume decreased to an estimated 6.4%, compared to an estimated 7.8% for the third quarter of 2007.
NYSE Euronext (NYX) operates the world's leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, includes the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. As the world's largest exchange group by number of listings and market capitalization, NYSE Euronext is home to over 6,400 listed issues representing a combined $26.7 / euro 17.1 trillion (as of June 30, 2008) in total global market capitalization, more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $157.0 /euro 102.7 billion (as of June 30, 2008), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information and free real-time stock prices for all NYSE-listed securities, please visit www.nyx.com.
CME Revenues Increase 20% Earnings Down 16%
CME Group Inc. (NASDAQ:CME) today reported total GAAP revenues increased 20 percent to $681 million, and GAAP operating income increased 22 percent to $421 million. Net income for the third quarter was $169 million, down 16 percent versus the prior year due primarily to an income tax adjustment and other non-core items. Diluted earnings per share on a GAAP basis were $2.81. The 2008 GAAP results reflect the operations of both Chicago Mercantile Exchange (CME) and Board of Trade of the City of Chicago (CBOT), as well as the results of NYMEX Holdings, Inc. (NYMEX) after August 22, 2008 when the acquisition closed.
Pro forma non-GAAP diluted earnings per share in the third quarter were $4.13. All pro forma results reflect the operations of both CME Group Inc. and NYMEX, as if they were combined for all periods reported. Additionally, third-quarter 2008 pro forma non-GAAP results exclude a net impact of $76 million of merger-related and other items, which are listed in detail in Table 1. Total revenues increased six percent to $787 million and total operating expenses decreased three percent compared with the same period last year at $269 million. A strong rate per contract and continued focus on expense discipline helped the company reach third-quarter operating income of $518 million, an increase of 11 percent from $468 million for the year-ago period, and its second highest pro forma operating margin ever, at 66 percent. Operating margin is defined as operating income as a percentage of total revenues. Pro forma net income was $278 million for third-quarter 2008. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these pro forma results is included with the attached financial statements.
"CME Group's record quarterly volumes in our E-mini and FX complexes in the third quarter highlight the diversity and strength of our product base," said CME Group Executive Chairman Terry Duffy. "We are focused on continued innovation across our product lines and our technology and to that end are very excited about the strategic opportunities offered by the completion of the NYMEX acquisition. NYMEX's energy and metals products, as well as the ClearPort over-the-counter clearing platform, provide additional ways for our customers to manage risk during even the most challenging market conditions. By combining these offerings with the extensive distribution and strong international presence established by CME, we look forward to ongoing growth in these globally significant products."
Pro forma non-GAAP diluted earnings per share in the third quarter were $4.13. All pro forma results reflect the operations of both CME Group Inc. and NYMEX, as if they were combined for all periods reported. Additionally, third-quarter 2008 pro forma non-GAAP results exclude a net impact of $76 million of merger-related and other items, which are listed in detail in Table 1. Total revenues increased six percent to $787 million and total operating expenses decreased three percent compared with the same period last year at $269 million. A strong rate per contract and continued focus on expense discipline helped the company reach third-quarter operating income of $518 million, an increase of 11 percent from $468 million for the year-ago period, and its second highest pro forma operating margin ever, at 66 percent. Operating margin is defined as operating income as a percentage of total revenues. Pro forma net income was $278 million for third-quarter 2008. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these pro forma results is included with the attached financial statements.
"CME Group's record quarterly volumes in our E-mini and FX complexes in the third quarter highlight the diversity and strength of our product base," said CME Group Executive Chairman Terry Duffy. "We are focused on continued innovation across our product lines and our technology and to that end are very excited about the strategic opportunities offered by the completion of the NYMEX acquisition. NYMEX's energy and metals products, as well as the ClearPort over-the-counter clearing platform, provide additional ways for our customers to manage risk during even the most challenging market conditions. By combining these offerings with the extensive distribution and strong international presence established by CME, we look forward to ongoing growth in these globally significant products."
BNP Paribus Boosts Hedge Fund Service Team
BNP Paribas has created a multi-asset, hedge fund client service team. The team will be a single point of entry for Hedge Funds for all inquiry, will leverage the bank's capabilities and will focus on operational efficiencies.
The team will be headed globally by John Polivko, based in New York and reporting locally to Jean-Patrick Kaiser, Deputy Chief Operating Officer, and globally to Bernard Gavgani, Equity and Commodity derivatives COO and François Freyeisen, Fixed Income COO.
John recently joined the firm from Merrill Lynch where he was in charge of the client service organization for Prime Brokerage and more recently worked in financing sales. Prior to Merrill Lynch, John spent 7 years as a Managing Director at Bears Stearns in Prime Brokerage.
In addition, we are pleased to announce the appointments of regional managers who will report directly to John Polivko.
Victoria Baker has been named regional head of the Americas and will also be based in New York. Victoria has been with BNP Paribas for ten years and was most recently responsible for Fixed Income client services.
Neil Spice has been appointed regional head of EMEA, based in London. Neil formerly managed the Fixed Income client service team at BNP Paribas in London. Prior to joining BNP Paribas, Neil spent 3 years at BONY and his previous experience includes: Deutsche Bank, Merita Bank and Prudential Bache Forex.
Jacqueline Man becomes regional head of hedge fund client service based in Hong Kong. Jackie was formerly responsible for client services in Asia for SCOPE (Secondary Client Offering Post-Trade, EQD) for BNP Paribas. Jacqueline joined the firm 4 years ago. Prior to BNP Paribas, she spent 7 years at Merrill Lynch in Asia.
The team will be headed globally by John Polivko, based in New York and reporting locally to Jean-Patrick Kaiser, Deputy Chief Operating Officer, and globally to Bernard Gavgani, Equity and Commodity derivatives COO and François Freyeisen, Fixed Income COO.
John recently joined the firm from Merrill Lynch where he was in charge of the client service organization for Prime Brokerage and more recently worked in financing sales. Prior to Merrill Lynch, John spent 7 years as a Managing Director at Bears Stearns in Prime Brokerage.
In addition, we are pleased to announce the appointments of regional managers who will report directly to John Polivko.
Victoria Baker has been named regional head of the Americas and will also be based in New York. Victoria has been with BNP Paribas for ten years and was most recently responsible for Fixed Income client services.
Neil Spice has been appointed regional head of EMEA, based in London. Neil formerly managed the Fixed Income client service team at BNP Paribas in London. Prior to joining BNP Paribas, Neil spent 3 years at BONY and his previous experience includes: Deutsche Bank, Merita Bank and Prudential Bache Forex.
Jacqueline Man becomes regional head of hedge fund client service based in Hong Kong. Jackie was formerly responsible for client services in Asia for SCOPE (Secondary Client Offering Post-Trade, EQD) for BNP Paribas. Jacqueline joined the firm 4 years ago. Prior to BNP Paribas, she spent 7 years at Merrill Lynch in Asia.
Ambit Payments Now on Sungard
SunGard has packaged its Ambit Payments solution together with Sun Microsystems' software and hardware to deliver a pre-tested and pre-configured solution for corporate payments. The new solution, Ambit Corporate Payments Express, will be offered as an "off-the-shelf" solution that will help banks capture new corporate payments and cash management services business (www.sungard.com/ambit).
Ambit Corporate Payments Express will offer banks a cash management and payments solution for corporate services, which can scale easily as more clients are acquired and more users are needed. A SOX-compliant white-labelled solution, it is designed to help provide secure payments processing, support multiple formats, payments and instruments, and help achieve ease of integration and connection. Banks will be able to offer corporate clients a global payments service that will help streamline the processing and management of payments and account statements, improve visibility into payment streams and cash flows, and manage the complexity of connectivity with internal and external systems - including SWIFT.
The solution will be deployed on selected Sun SPARC Enterprise CMT servers with CoolThreads technology. It will also be deployed on Intel Xeon Sun Fire x64 server platforms running Solaris Cluster technology in combination with GlassFish (standards-based Java EE), Java CAPS Financial EAI and the MySQL database servers. Sun systems with CoolThreads technology will help customers tackle the demands of secure Web-scale computing while helping to reduce space and energy consumption.
Ambreesh Khanna, global head of financial services at Sun Microsystems, commented: "By leveraging Sun's technology, SunGard has created a unique pre-packaged corporate payments solution. We expect that Ambit Corporate Payments Express will help banks improve time-to-market and reduce risk as the solution has been tested, benchmarked and pre-configured. The solution's underlying infrastructure software and hardware stack has been optimized for performance, allowing banks to host a maximum number of corporate clients on a single configuration, helping to improve total cost-of-ownership."
Kevin Ferguson, senior vice president, business development for SunGard's banks and corporation business, said: "In today's volatile climate, corporations are focused on improving their liquidity management and are relying on their bank to provide the appropriate services. Additionally, banks are looking to capture new corporate customers by entering new areas. They must therefore be able to offer payment services that assist with automation, process optimization and international expansion. Ambit Corporate Payments Express will help banks offer these services quickly and efficiently."
Ambit Corporate Payments Express will offer banks a cash management and payments solution for corporate services, which can scale easily as more clients are acquired and more users are needed. A SOX-compliant white-labelled solution, it is designed to help provide secure payments processing, support multiple formats, payments and instruments, and help achieve ease of integration and connection. Banks will be able to offer corporate clients a global payments service that will help streamline the processing and management of payments and account statements, improve visibility into payment streams and cash flows, and manage the complexity of connectivity with internal and external systems - including SWIFT.
The solution will be deployed on selected Sun SPARC Enterprise CMT servers with CoolThreads technology. It will also be deployed on Intel Xeon Sun Fire x64 server platforms running Solaris Cluster technology in combination with GlassFish (standards-based Java EE), Java CAPS Financial EAI and the MySQL database servers. Sun systems with CoolThreads technology will help customers tackle the demands of secure Web-scale computing while helping to reduce space and energy consumption.
Ambreesh Khanna, global head of financial services at Sun Microsystems, commented: "By leveraging Sun's technology, SunGard has created a unique pre-packaged corporate payments solution. We expect that Ambit Corporate Payments Express will help banks improve time-to-market and reduce risk as the solution has been tested, benchmarked and pre-configured. The solution's underlying infrastructure software and hardware stack has been optimized for performance, allowing banks to host a maximum number of corporate clients on a single configuration, helping to improve total cost-of-ownership."
Kevin Ferguson, senior vice president, business development for SunGard's banks and corporation business, said: "In today's volatile climate, corporations are focused on improving their liquidity management and are relying on their bank to provide the appropriate services. Additionally, banks are looking to capture new corporate customers by entering new areas. They must therefore be able to offer payment services that assist with automation, process optimization and international expansion. Ambit Corporate Payments Express will help banks offer these services quickly and efficiently."
Tuesday 28 October 2008
Forex Jargon
Advanced Trader
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.
Bank Of England
UK Central Bank
Bank Of Japan
Japan's Central Bank
Contract
1) Unit of trading for a financial or commodity future.
2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.
ECB
European Central Bank
Fiserv
provider of technology solutions for the financial and insurance industries.
FXall
Foreign exchange platform
Samurai Bond
A yen bond from a foreign company issued in Japan
SaxoWebTrader
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.
Bank Of England
UK Central Bank
Bank Of Japan
Japan's Central Bank
Contract
1) Unit of trading for a financial or commodity future.
2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.
ECB
European Central Bank
Fiserv
provider of technology solutions for the financial and insurance industries.
FXall
Foreign exchange platform
Samurai Bond
A yen bond from a foreign company issued in Japan
SaxoWebTrader
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Forex Trading Tools
SaxoWebTrader
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Advanced Trader
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Advanced Trader
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
Forex Trading Tools
SaxoWebTrader
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Advanced Trader
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Advanced Trader
FX trading, charting, Java-based, no re-qoutes or re-confirmations, complex orders including contingency orders, analysis, tick-by-tick tradable price feed, real-time margin and position monitoring, From http://www.ac-markets.com
SaxoWebTrader
SaxoWebTrader
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Online FX trading tool from Saxo Bank, Features: advanced charting and analysis, Trade 160+ FX crosses including gold and silver pairs, 6000+ CFDs and 11000+ stocks, dealer access, research from Saxo, real-time prices, account summary and portfolio performance
Geneos Wealth Management Enhances Trading Platform
Geneos Wealth Management, Inc. (Geneos), a Denver-based broker/dealer serving financial advisors, today announced major enhancements to its industry-leading technology platform.
The latest version of the Web-based Geneos application -- Nexus 2.0 -- automates many of the tasks associated with an independent financial advisor's business, including account opening, compliance, and reporting. A fully open architecture platform, Nexus 2.0 enables its users to manage data in multiple formats and applications and allows comprehensive paperless document imaging.
"What makes Nexus 2.0 unique is the innovation in its design and function," said Dean Rager, Senior Vice President for Geneos. "Our streamlined software development methodology provides for a very rich application that delivers more features and functionality than ever."
The Web-based system allows reps to access information virtually anywhere, and its paperless data environment provides efficiencies and flexibility in reporting, business approval, and compliance processing. Nexus 2.0 also incorporates direct input from reps -- key reporting has been in conjunction with advisors -- to create a suite of services that are adaptable to broker needs. "Nexus 2.0 is a rep's fully customized office -- available anywhere," said Rager.
By bringing together technologies such as Rich Internet Application (RIA) programming techniques and XML interfaces, Nexus 2.0 is a full-fledged technology platform designed to be nimble and agile in a fast-changing compliance environment. Nexus, which has won several industry awards, including the "Run Smarter Award" from Laserfiche, is able to meet rigorous auditing and regulatory mandates with a transparent solution for tracking and managing data.
In addition, Nexus 2.0 incorporates straight-through processing, which virtually eliminates faxing and cuts printing and mailing costs and audit preparation time. Nexus 2.0 also provides all client data to its clearing firm partners, Pershing and National Financial, in a single easy-to-use interface.
"The robustness of Nexus 2.0 can only be made possible by developers with years of experience in the Independent Broker/Dealer industry," said Geneos President and CEO Russ Diachok. "In line with the definition of its own name, Nexus 2.0 can be the core or center of an independent advisor's technology strategy."
While more than 70 different reports available in the full version of Nexus 2.0, Geneos allows its representatives the ability to pick and choose the components that best suit their independent practice. "There's no comparing Nexus 2.0's data power over any other competing system," said Rager, "but the system can exist in many different forms. There is no paying for things you don't need with Nexus 2.0."
The latest version of the Web-based Geneos application -- Nexus 2.0 -- automates many of the tasks associated with an independent financial advisor's business, including account opening, compliance, and reporting. A fully open architecture platform, Nexus 2.0 enables its users to manage data in multiple formats and applications and allows comprehensive paperless document imaging.
"What makes Nexus 2.0 unique is the innovation in its design and function," said Dean Rager, Senior Vice President for Geneos. "Our streamlined software development methodology provides for a very rich application that delivers more features and functionality than ever."
The Web-based system allows reps to access information virtually anywhere, and its paperless data environment provides efficiencies and flexibility in reporting, business approval, and compliance processing. Nexus 2.0 also incorporates direct input from reps -- key reporting has been in conjunction with advisors -- to create a suite of services that are adaptable to broker needs. "Nexus 2.0 is a rep's fully customized office -- available anywhere," said Rager.
By bringing together technologies such as Rich Internet Application (RIA) programming techniques and XML interfaces, Nexus 2.0 is a full-fledged technology platform designed to be nimble and agile in a fast-changing compliance environment. Nexus, which has won several industry awards, including the "Run Smarter Award" from Laserfiche, is able to meet rigorous auditing and regulatory mandates with a transparent solution for tracking and managing data.
In addition, Nexus 2.0 incorporates straight-through processing, which virtually eliminates faxing and cuts printing and mailing costs and audit preparation time. Nexus 2.0 also provides all client data to its clearing firm partners, Pershing and National Financial, in a single easy-to-use interface.
"The robustness of Nexus 2.0 can only be made possible by developers with years of experience in the Independent Broker/Dealer industry," said Geneos President and CEO Russ Diachok. "In line with the definition of its own name, Nexus 2.0 can be the core or center of an independent advisor's technology strategy."
While more than 70 different reports available in the full version of Nexus 2.0, Geneos allows its representatives the ability to pick and choose the components that best suit their independent practice. "There's no comparing Nexus 2.0's data power over any other competing system," said Rager, "but the system can exist in many different forms. There is no paying for things you don't need with Nexus 2.0."
Radar Logic Signs With Barclays Capital
Radar Logic Incorporated (www.radarlogic.com) announced today that it has signed a license agreement with Barclays Capital, its seventh licensing agreement with Wall Street firms. These agreements enable the initiation of trading in derivative instruments and financial products based on Radar Logic's Residential Property Index™, or RPX™. The RPX enables users to trade residential property prices in 25 MSAs nationwide in addition to a composite index based on those 25 cities.
"We are very pleased to have Barclays Capital join our existing dealer group as interest and activity in RPX as an asset class continues to grow globally," said Michael Feder, CEO of Radar Logic. "Barclays Capital is an outstanding institution and we welcome them to this exciting product."
Radar Logic uses innovative, proprietary modeling techniques to create Daily Prices derived from the actual prices paid for U.S. residential real estate. Investment and derivative opportunities based on these prices, in the RPX, are expected to surpass $2 billion in volume traded by the end of the year.
"We are very pleased to have Barclays Capital join our existing dealer group as interest and activity in RPX as an asset class continues to grow globally," said Michael Feder, CEO of Radar Logic. "Barclays Capital is an outstanding institution and we welcome them to this exciting product."
Radar Logic uses innovative, proprietary modeling techniques to create Daily Prices derived from the actual prices paid for U.S. residential real estate. Investment and derivative opportunities based on these prices, in the RPX, are expected to surpass $2 billion in volume traded by the end of the year.
CME Group, today announced that it will launch European style options on the European gasoil bullet swaps futures contract and average price options on the European gasoil calendar swaps futures contract, on ClearPort(R) and the New York energy trading floor, beginning November 2 for trade date November 3.
The European style gasoil options contract (commodity code: F8) will be listed for 36 consecutive months, beginning with the November 2008 contract. The bullet swap contract expires one day before the gasoil futures contract.
The average price gasoil options contract (commodity code: F7) will be listed for the balance of the current year, plus each calendar month for the following two years.
Both contracts will be 1,000 metric tons in size with a minimum price fluctuation of $0.01 per metric ton. There will be 20 strike prices in intervals of $5.00 per metric tons above and below the at-the-money strike price.
The European style gasoil options contract (commodity code: F8) will be listed for 36 consecutive months, beginning with the November 2008 contract. The bullet swap contract expires one day before the gasoil futures contract.
The average price gasoil options contract (commodity code: F7) will be listed for the balance of the current year, plus each calendar month for the following two years.
Both contracts will be 1,000 metric tons in size with a minimum price fluctuation of $0.01 per metric ton. There will be 20 strike prices in intervals of $5.00 per metric tons above and below the at-the-money strike price.
CME Group Announces Gas And Plastics Futures
CME Group, today announced that it will launch five new natural gas liquids swaps futures contracts and two plastics futures contracts on ClearPort(R), beginning November 2 for trade date November 3.
The natural gas liquids swaps contracts and their commodity codes are: Conway propane (OPIS) (W1); Mont Belvieu natural gasoline (OPIS) (W3); Mont Belvieu ethane (OPIS) (W8); Mont Belvieu isobutene (OPIS) (Y2); and Mont Belvieu normal butane (OPIS) (Z2). These contracts will be cash-settled using OPIS assessments. They will be listed for 36 consecutive months, beginning with the November 2008 contract, and will be 42,000 gallons in size.
The plastics futures contracts and their commodity codes are: polypropylene (P1) and polyethylene (P6). The contracts will be listed for 24 consecutive months, beginning with the January 2009 contract, and will be 47,000 pounds in size. They will feature physical delivery in Houston.
For more information, please visit http://www.nymex.com/.
The natural gas liquids swaps contracts and their commodity codes are: Conway propane (OPIS) (W1); Mont Belvieu natural gasoline (OPIS) (W3); Mont Belvieu ethane (OPIS) (W8); Mont Belvieu isobutene (OPIS) (Y2); and Mont Belvieu normal butane (OPIS) (Z2). These contracts will be cash-settled using OPIS assessments. They will be listed for 36 consecutive months, beginning with the November 2008 contract, and will be 42,000 gallons in size.
The plastics futures contracts and their commodity codes are: polypropylene (P1) and polyethylene (P6). The contracts will be listed for 24 consecutive months, beginning with the January 2009 contract, and will be 47,000 pounds in size. They will feature physical delivery in Houston.
For more information, please visit http://www.nymex.com/.
Monday 27 October 2008
BoNY Mellon Launches 30 GDR Sub-Indices and Indices
The Bank of New York Mellon (NYSE:BK) has launched The Bank of New York Mellon GDR IndexSM and 30 global depositary receipt (GDR) subindices. The Bank of New York Mellon GDR Index comprises all GDRs traded on the London Stock Exchange. The new subindices include one market, six regional and 23 country GDR indices. The Bank of New York Mellon's GDR indices serve as benchmarking tools for investors and intermediaries to track the GDR market and to benchmark specific GDR holdings.
The company also has launched a broader composite index, The Bank of New York Mellon DR IndexSM, which combines The Bank of New York Mellon GDR Index and The Bank of New York Mellon ADR Index(R). Accordingly, The Bank of New York Mellon DR Index includes all American depositary receipts (ADRs) listed on the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX) and NASDAQ, as well as all GDRs that trade on the London Stock Exchange.
Also launched were one market, four regional and eight country subindices of The Bank of New York Mellon DR Index. The 14 new DR indices join the bank's established DR indices -- The Bank of New York Mellon Russia Select DR Index, The Bank of New York Mellon Frontier Select DR Index, and The Bank of New York Mellon New Frontier DR Index.
"With investor appetite for international investing and diversification on the rise, we are pleased to introduce the world's most comprehensive suite of GDR indices," said Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon's Depositary Receipt Division. "These indices bring GDR investors a refined tool for effectively assessing their holdings and serve as a complementary addition to our ADR index family."
These new GDR and DR index families complement The Bank of New York Mellon's well-established ADR index family, which includes The Bank of New York Mellon ADR Index and 56 ADR subindices. The Bank of New York Mellon ADR Index is celebrating its 10-year anniversary.
The Bank of New York Mellon GDR Index, The Bank of New York DR Index and their subindices are capitalization-weighted and calculated on a continuous basis throughout the trading day. They are adjusted for free-float using Dow Jones' methodology. The Bank of New York Mellon GDR Index is accessible on Reuters and Bloomberg at "BKGDR" and on Reuters Station at "&BGDR." The Bank of New York Mellon DR Index is accessible on Reuters and Bloomberg at "BKDRX" and on Reuters Station at "&BDRX." The bank's GDR and DR index families are accessible at bnymellondrindex.com and through the bank's DR website bnymellon.com/dr. The bank's ADR indices are accessible at adrindex.com.
The Bank of New York Mellon acts as depositary for more than 1,300 sponsored American and global depositary receipt programs, acting in partnership with leading companies from 64 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at bnymellon.com/dr.
The Bank of New York Mellon Corporation 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. The company 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, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.
The company also has launched a broader composite index, The Bank of New York Mellon DR IndexSM, which combines The Bank of New York Mellon GDR Index and The Bank of New York Mellon ADR Index(R). Accordingly, The Bank of New York Mellon DR Index includes all American depositary receipts (ADRs) listed on the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX) and NASDAQ, as well as all GDRs that trade on the London Stock Exchange.
Also launched were one market, four regional and eight country subindices of The Bank of New York Mellon DR Index. The 14 new DR indices join the bank's established DR indices -- The Bank of New York Mellon Russia Select DR Index, The Bank of New York Mellon Frontier Select DR Index, and The Bank of New York Mellon New Frontier DR Index.
"With investor appetite for international investing and diversification on the rise, we are pleased to introduce the world's most comprehensive suite of GDR indices," said Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon's Depositary Receipt Division. "These indices bring GDR investors a refined tool for effectively assessing their holdings and serve as a complementary addition to our ADR index family."
These new GDR and DR index families complement The Bank of New York Mellon's well-established ADR index family, which includes The Bank of New York Mellon ADR Index and 56 ADR subindices. The Bank of New York Mellon ADR Index is celebrating its 10-year anniversary.
The Bank of New York Mellon GDR Index, The Bank of New York DR Index and their subindices are capitalization-weighted and calculated on a continuous basis throughout the trading day. They are adjusted for free-float using Dow Jones' methodology. The Bank of New York Mellon GDR Index is accessible on Reuters and Bloomberg at "BKGDR" and on Reuters Station at "&BGDR." The Bank of New York Mellon DR Index is accessible on Reuters and Bloomberg at "BKDRX" and on Reuters Station at "&BDRX." The bank's GDR and DR index families are accessible at bnymellondrindex.com and through the bank's DR website bnymellon.com/dr. The bank's ADR indices are accessible at adrindex.com.
The Bank of New York Mellon acts as depositary for more than 1,300 sponsored American and global depositary receipt programs, acting in partnership with leading companies from 64 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at bnymellon.com/dr.
The Bank of New York Mellon Corporation 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. The company 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, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.
Bank of Commerce Q3 Results
Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ:BOCH) , a $650 million financial services holding company, and parent company of Redding Bank of Commerce(TM), Roseville Bank of Commerce(TM), Sutter Bank of Commerce(TM) and Bank of Commerce Mortgage(TM) today announced third quarter 2008 operating results. Bank of Commerce Holdings' net income was $717,000 for the third quarter 2008 compared with $1,331,000 for the third quarter of 2007 down $614,000 or 46%.
Diluted earnings per common share was $0.08 for the third quarter 2008 compared to $0.15 for the third quarter of 2007.
Year-to-date net income was $2,853,000 compared to $4,418,000 in the prior year, down $1,565,000 or 35.4%. Year-to-date diluted earnings per common share were $0.33 compared to $0.49 in the prior year, a decrease of 33%. Year-to-date return on average assets and return on average common equity were 0.58% and 8.11%, respectively, compared with 1.01% and 13.02%, respectively, for the same period in 2007. The Company's results for the third quarter of 2008 declined due to higher provisioning for loan losses and compression in the margin.
The allowance for loan and lease losses, including unfunded commitments, totaled $6.1 million at September 30, 2008 compared to $8.2 million at December 31, 2007 and $5.1 million at September 30, 2007. The Company's allowance for loan losses was 1.20% of total loans at September 30, 2008 and 1.09% at September 30, 2007.
Diluted earnings per common share was $0.08 for the third quarter 2008 compared to $0.15 for the third quarter of 2007.
Year-to-date net income was $2,853,000 compared to $4,418,000 in the prior year, down $1,565,000 or 35.4%. Year-to-date diluted earnings per common share were $0.33 compared to $0.49 in the prior year, a decrease of 33%. Year-to-date return on average assets and return on average common equity were 0.58% and 8.11%, respectively, compared with 1.01% and 13.02%, respectively, for the same period in 2007. The Company's results for the third quarter of 2008 declined due to higher provisioning for loan losses and compression in the margin.
The allowance for loan and lease losses, including unfunded commitments, totaled $6.1 million at September 30, 2008 compared to $8.2 million at December 31, 2007 and $5.1 million at September 30, 2007. The Company's allowance for loan losses was 1.20% of total loans at September 30, 2008 and 1.09% at September 30, 2007.
Wednesday 22 October 2008
CME Expands With Turkish Lira
CME Group will augment its portfolio of emerging markets currencies products with the introduction of Turkish lira futures contracts denominated in both U.S. dollars (TRY/USD) and in euros (TRY/EUR). The new contracts will trade exclusively on the CME Globex(R) electronic trading platform and are currently scheduled to begin trading in the first quarter of January, 2009.
"We see emerging markets currencies, such as the Turkish lira, as another component in growing our FX business around the world. As Turkey continues its development within the global economy, the lira contract will be a key plank in our growing emerging markets currency products range," said Derek Sammann, CME Group Managing Director of FX Products. "Overall CME Group FX volumes achieved new record highs in September, averaging 835,000 contracts per day, up 32 percent on September 2007, which was a record average daily notional value of $111 billion, up 41 percent."
In the last 12 months, volumes in CME Group's top four emerging markets currencies -- the Russian ruble, Mexican peso, South African rand and Chinese renminbi -- have grown an average of 152 percent. Individually, volumes in the renminbi rose 234 percent, the ruble 178 percent, the rand 141 percent and the peso 56 percent.
CME Group Turkish lira futures are designed to serve global customers by expanding liquidity in this growing currency.
"We see emerging markets currencies, such as the Turkish lira, as another component in growing our FX business around the world. As Turkey continues its development within the global economy, the lira contract will be a key plank in our growing emerging markets currency products range," said Derek Sammann, CME Group Managing Director of FX Products. "Overall CME Group FX volumes achieved new record highs in September, averaging 835,000 contracts per day, up 32 percent on September 2007, which was a record average daily notional value of $111 billion, up 41 percent."
In the last 12 months, volumes in CME Group's top four emerging markets currencies -- the Russian ruble, Mexican peso, South African rand and Chinese renminbi -- have grown an average of 152 percent. Individually, volumes in the renminbi rose 234 percent, the ruble 178 percent, the rand 141 percent and the peso 56 percent.
CME Group Turkish lira futures are designed to serve global customers by expanding liquidity in this growing currency.
RTS Realtime And Shinyoung In Korean Connectivity
RTS Realtime Systems Group (RTS), a leading trading solutions provider, and Shinyoung Securities Company Ltd., a leading brokerage firm in Korea, announced today that they have signed an agreement to provide direct market access (DMA) to the Korea Exchange, the third largest derivatives exchange globally by volume. Under the agreement, RTS is able to offer its clients access to the KOSPI index options, the leading exchange-traded derivative contract by volume, as well as KOSPI 200 index futures and the underlying cash markets.
Henk Huitema, RTS Managing Director, Asia Pacific, said: "We have been steadily increasing our connectivity and presence in Asia as our clients' interest in the region continues to grow. We are especially pleased to join with Shinyoung in offering our clients high-speed, low latency access to the rapidly growing Korea Exchange and its enormously popular futures and options contracts. We look forward to offering more connectivity and our RTD Tango algorithmic trading solution throughout the Asia Pacific region."
Said Ike Lee, Head of Sales, Shinyoung Securities: "We believe that RTS is one of the most efficient and fastest channels for non-Kospi traders to get into the Korean market. We strive to provide our customers with the best solutions to help them maintain their competitive edge."
RTS clients using the RTD Realtime Trading Desktop can price, trade and quote on over 100 exchanges worldwide. RTD Tango is an event-based automated algorithmic trading system, enabling users to code, deploy and test thousands of trading strategies simultaneously. Since its inception in 2005, RTD Tango has been widely used by the brokerage and proprietary trading community across the globe.
Henk Huitema, RTS Managing Director, Asia Pacific, said: "We have been steadily increasing our connectivity and presence in Asia as our clients' interest in the region continues to grow. We are especially pleased to join with Shinyoung in offering our clients high-speed, low latency access to the rapidly growing Korea Exchange and its enormously popular futures and options contracts. We look forward to offering more connectivity and our RTD Tango algorithmic trading solution throughout the Asia Pacific region."
Said Ike Lee, Head of Sales, Shinyoung Securities: "We believe that RTS is one of the most efficient and fastest channels for non-Kospi traders to get into the Korean market. We strive to provide our customers with the best solutions to help them maintain their competitive edge."
RTS clients using the RTD Realtime Trading Desktop can price, trade and quote on over 100 exchanges worldwide. RTD Tango is an event-based automated algorithmic trading system, enabling users to code, deploy and test thousands of trading strategies simultaneously. Since its inception in 2005, RTD Tango has been widely used by the brokerage and proprietary trading community across the globe.
Bank of America Executive Change
Bank of America today announced the Global Banking, Securities and Wealth Management leadership team that will be in place once the combination with Merrill Lynch & Co. is complete.
Greg Fleming, currently president and chief operating officer of Merrill Lynch, will head Global Corporate and Investment Banking, which will include commercial banking. He will operate from New York. David Darnell, currently president of Global
Commercial Banking, will continue as head of Global Commercial Banking reporting to Fleming. He will operate from Charlotte.
Tom Montag, currently global head of Sales and Trading at Merrill Lynch, will be head of Global Markets which includes sales, trading and research. He will operate from New York. Capital Markets will report to both Montag and Fleming.
Peter Kraus, executive vice president of Global Strategy at Merrill Lynch, has decided to leave the company after the merger to pursue other opportunities. "While at Merrill Lynch Peter provided valuable insight and advice to me and the team. We know he will be successful in whatever he pursues and wish him well," Thain said.
Keith Banks, president of Global Wealth and Investment Management at Bank of America, will be head of U.S. Trust and Columbia Management. He will operate from New York.
Bob McCann, vice chairman and president, Global Wealth Management at Merrill Lynch, will be head of the combined financial advisor organization. He will operate from New York.
The leader of Global Wealth and Investment Management will be determined in the future as the company works to define the target environment through the transition process.
Cathy Bessant, president of Global Product Solutions at Bank of America, will be head of Global Product Solutions for the combined companies. She will operate from Charlotte.
Jim Kelly, Business Executive-Technology and Operations at Bank of America, will head technology and operations support for all of Thain's businesses. He will operate from Charlotte.
"With these talented individuals and others who will be announced as we move forward I am more than ever convinced that we will be the world's premier financial services company," Thain said.
Greg Fleming, currently president and chief operating officer of Merrill Lynch, will head Global Corporate and Investment Banking, which will include commercial banking. He will operate from New York. David Darnell, currently president of Global
Commercial Banking, will continue as head of Global Commercial Banking reporting to Fleming. He will operate from Charlotte.
Tom Montag, currently global head of Sales and Trading at Merrill Lynch, will be head of Global Markets which includes sales, trading and research. He will operate from New York. Capital Markets will report to both Montag and Fleming.
Peter Kraus, executive vice president of Global Strategy at Merrill Lynch, has decided to leave the company after the merger to pursue other opportunities. "While at Merrill Lynch Peter provided valuable insight and advice to me and the team. We know he will be successful in whatever he pursues and wish him well," Thain said.
Keith Banks, president of Global Wealth and Investment Management at Bank of America, will be head of U.S. Trust and Columbia Management. He will operate from New York.
Bob McCann, vice chairman and president, Global Wealth Management at Merrill Lynch, will be head of the combined financial advisor organization. He will operate from New York.
The leader of Global Wealth and Investment Management will be determined in the future as the company works to define the target environment through the transition process.
Cathy Bessant, president of Global Product Solutions at Bank of America, will be head of Global Product Solutions for the combined companies. She will operate from Charlotte.
Jim Kelly, Business Executive-Technology and Operations at Bank of America, will head technology and operations support for all of Thain's businesses. He will operate from Charlotte.
"With these talented individuals and others who will be announced as we move forward I am more than ever convinced that we will be the world's premier financial services company," Thain said.
Shoreline Trading Award
Shoreline Trading Group LLC a multi-prime brokerage and agency execution services to emerging and established asset managers, announced today that it was ranked as the Number 2 prime broker in its category in Alpha Magazine's 4th Annual Alpha Awards for Hedge Fund Service Providers. The awards are based on a comprehensive survey of hedge fund managers. The ranking in the survey is a first for Shoreline, reflecting its rapid growth relative to entrenched firms and proving the value to clients of its boutique approach to multi-prime brokerage.
In the context of the global market crisis, the award recognizes the confidence that asset managers have in Shoreline's ability to deliver its boutique business model: focused on accessing multiple prime brokerage firms through a single relationship and providing high quality customer service to its clients. Recognizing the fiduciary and operational risk requirements that funds have for multiple prime brokerage relationships, Shoreline introduces its accounts to the clearing and custody services of Goldman Sachs Execution & Clearing, JP Morgan Securities, Credit Suisse Securities Corp, and Fortis Securities. To facilitate these services, Shoreline provides hedge funds, institutions, and professional traders with trade execution platforms and turnkey back office solutions.
Said Michael Murray, Shoreline Partner: "In navigating today's turbulent global market conditions, asset managers require both expertise and experience. The recognition and confidence that hedge funds have placed in Shoreline through the Alpha Award confirms the successful efforts we've made to service our clients since 1996, and we are grateful to them. Our franchise has been built by a comprehensive focus on client service and a commitment to providing our clients with the various multi-prime brokerage and agency execution tools they require. Our clients, regardless of size, will continue to receive boutique, best-of-breed, world-class service, guidance, and insight to help them navigate the challenges and volatility of today's environment, to increase assets under management, and to improve alpha."
In the context of the global market crisis, the award recognizes the confidence that asset managers have in Shoreline's ability to deliver its boutique business model: focused on accessing multiple prime brokerage firms through a single relationship and providing high quality customer service to its clients. Recognizing the fiduciary and operational risk requirements that funds have for multiple prime brokerage relationships, Shoreline introduces its accounts to the clearing and custody services of Goldman Sachs Execution & Clearing, JP Morgan Securities, Credit Suisse Securities Corp, and Fortis Securities. To facilitate these services, Shoreline provides hedge funds, institutions, and professional traders with trade execution platforms and turnkey back office solutions.
Said Michael Murray, Shoreline Partner: "In navigating today's turbulent global market conditions, asset managers require both expertise and experience. The recognition and confidence that hedge funds have placed in Shoreline through the Alpha Award confirms the successful efforts we've made to service our clients since 1996, and we are grateful to them. Our franchise has been built by a comprehensive focus on client service and a commitment to providing our clients with the various multi-prime brokerage and agency execution tools they require. Our clients, regardless of size, will continue to receive boutique, best-of-breed, world-class service, guidance, and insight to help them navigate the challenges and volatility of today's environment, to increase assets under management, and to improve alpha."
DebtX and KEMA to Sell Real Estate Loans
DebtX, an online marketplace for commercial loans, and KEMA, a boutique investment banking firm, today announced they have signed a multi-year agreement with the U.S. Department of Housing and Urban Development (HUD) to sell commercial real estate loans at http://www.debtx.com/.
Operating as KDX Ventures (KDX), DebtX and KEMA will help HUD sell certain of its multifamily and healthcare portfolio loans. The loans were primarily assigned to HUD after default by a borrower or co-insuring lender. The first sale under the agreement is expected to be executed in early 2009.
"DebtX and KEMA are a proven team with complementary skill sets that will enable HUD to maximize recoveries from the sale of HUD-held loans," said DebtX CEO Kingsley Greenland. "We're pleased to work again with HUD to help the agency implement its loan sale strategy."
The contract announced today is HUD's most recent engagement of DebtX and KEMA. In 2005, DebtX and KEMA collaborated to sell a loan portfolio totaling approximately $300 million.
"The agreement between HUD and KDX enables the agency to obtain all valuation, due diligence, and loan sale services from a single and tightly integrated advisor," said KEMA President Kirk Michel. "This integrated approach, along with KEMA's local presence in Washington D.C., will enable KDX to efficiently and expeditiously sell loans within the scope of the agency's mission."
KDX Ventures was created under The U.S. Small Business Administration's (SBA) Mentor-Protege program, which is designed to enhance the capability of 8(a) participants to compete more successfully for federal government contracts. The program encourages private-sector relationships and expands SBA's efforts to identify and respond to the developmental needs of 8(a) clients.
In addition to HUD, DebtX signed a five-year agreement with the Federal Deposit Insurance Corporation (FDIC) in December 2007 to sell loans in receivership. DebtX is currently engaged to sell more than $424 million in loans from two FDIC receiverships. The first of these portfolios bids on Nov. 10.
With more than 4,000 registered and approved investors and approximately 300 financial institutions selling through its exchange, DebtX operates the world's largest and most liquid online marketplace for loans. DebtX works with financial institutions to sell Commercial & Industrial (C&I), Commercial Real Estate (CRE), residential and consumer loans. DebtX is based in Boston, with offices in Atlanta, Chicago, New York, San Francisco and Frankfurt, Germany.
Operating as KDX Ventures (KDX), DebtX and KEMA will help HUD sell certain of its multifamily and healthcare portfolio loans. The loans were primarily assigned to HUD after default by a borrower or co-insuring lender. The first sale under the agreement is expected to be executed in early 2009.
"DebtX and KEMA are a proven team with complementary skill sets that will enable HUD to maximize recoveries from the sale of HUD-held loans," said DebtX CEO Kingsley Greenland. "We're pleased to work again with HUD to help the agency implement its loan sale strategy."
The contract announced today is HUD's most recent engagement of DebtX and KEMA. In 2005, DebtX and KEMA collaborated to sell a loan portfolio totaling approximately $300 million.
"The agreement between HUD and KDX enables the agency to obtain all valuation, due diligence, and loan sale services from a single and tightly integrated advisor," said KEMA President Kirk Michel. "This integrated approach, along with KEMA's local presence in Washington D.C., will enable KDX to efficiently and expeditiously sell loans within the scope of the agency's mission."
KDX Ventures was created under The U.S. Small Business Administration's (SBA) Mentor-Protege program, which is designed to enhance the capability of 8(a) participants to compete more successfully for federal government contracts. The program encourages private-sector relationships and expands SBA's efforts to identify and respond to the developmental needs of 8(a) clients.
In addition to HUD, DebtX signed a five-year agreement with the Federal Deposit Insurance Corporation (FDIC) in December 2007 to sell loans in receivership. DebtX is currently engaged to sell more than $424 million in loans from two FDIC receiverships. The first of these portfolios bids on Nov. 10.
With more than 4,000 registered and approved investors and approximately 300 financial institutions selling through its exchange, DebtX operates the world's largest and most liquid online marketplace for loans. DebtX works with financial institutions to sell Commercial & Industrial (C&I), Commercial Real Estate (CRE), residential and consumer loans. DebtX is based in Boston, with offices in Atlanta, Chicago, New York, San Francisco and Frankfurt, Germany.
Jack Henry Webcast
Jack Henry & Associates will host a live Webcast of its first quarter fiscal 2009 earnings conference call on November 5, 2008. The press release announcing first quarter earnings will be issued after market-close on November 4, 2008.
The live Webcast, which will begin at 7:45 a.m. Central (8:45 a.m. Eastern), can be accessed on the Jack Henry Web site at http://www.jackhenry.com/. Please log-on 10 minutes prior to the beginning of the call. An archived replay of the quarterly earnings call will be available on http://www.jackhenry.com/ approximately one hour after the live call.
The live Webcast, which will begin at 7:45 a.m. Central (8:45 a.m. Eastern), can be accessed on the Jack Henry Web site at http://www.jackhenry.com/. Please log-on 10 minutes prior to the beginning of the call. An archived replay of the quarterly earnings call will be available on http://www.jackhenry.com/ approximately one hour after the live call.
Tuesday 21 October 2008
Capnetix Upgrades Fundix
Capnetix is pleased to announce the latest release of its flagship Fundix™ product which contains a number of features specifically targeted at addressing the regulatory complexities and rising costs associated with managing transfer agency and related fund administration activities.
Built on a state-of-the-art web architecture (SaaS 2.0) Fundix™ centralizes all processing effectively removing the hurdles often associated with implementing transactional systems resulting in a faster time to ROI. With its’ built-in workflow capability Fundix™ reduces bottlenecks and increases visibility in processing daily activities such as daily NAV calculations and tax/dividend processing. Funds can be brought on-line in a matter of days and most importantly Fundix™ is designed to scale based on your processing requirements and growth curve regardless of the size of your firm’s assets under management.
“In this increasingly complex financial and regulatory environment investment management companies are finding themselves struggling to ensure business transparency while trying to maintain a competitive edge in terms of both service and cost.” said Charlie Peppler, CEO of Capnetix. “Capnetix is very excited about this release of Fundix™ which we believe will help companies gain the upper-hand in managing these considerable challenges.”
Key features found within the latest release of Fundix™ include:
• Support for both currency and unit specific trades.
• Flexible browsing of all active trades, allowing final review before processing.
• Configurable dividend handling (including dividend reinvestment or cash payout).
• Form driven fund setup, including name, CUSIP, precision for price and unit calculations, and election of pricing algorithm.
• Configurable fee calculations and pricing algorithms.
• Inventory of off-the-shelf reports for trade confirmations, account value history, price reports, month end reports.
Built on a state-of-the-art web architecture (SaaS 2.0) Fundix™ centralizes all processing effectively removing the hurdles often associated with implementing transactional systems resulting in a faster time to ROI. With its’ built-in workflow capability Fundix™ reduces bottlenecks and increases visibility in processing daily activities such as daily NAV calculations and tax/dividend processing. Funds can be brought on-line in a matter of days and most importantly Fundix™ is designed to scale based on your processing requirements and growth curve regardless of the size of your firm’s assets under management.
“In this increasingly complex financial and regulatory environment investment management companies are finding themselves struggling to ensure business transparency while trying to maintain a competitive edge in terms of both service and cost.” said Charlie Peppler, CEO of Capnetix. “Capnetix is very excited about this release of Fundix™ which we believe will help companies gain the upper-hand in managing these considerable challenges.”
Key features found within the latest release of Fundix™ include:
• Support for both currency and unit specific trades.
• Flexible browsing of all active trades, allowing final review before processing.
• Configurable dividend handling (including dividend reinvestment or cash payout).
• Form driven fund setup, including name, CUSIP, precision for price and unit calculations, and election of pricing algorithm.
• Configurable fee calculations and pricing algorithms.
• Inventory of off-the-shelf reports for trade confirmations, account value history, price reports, month end reports.
United Software Extends BankVal
Unified Software has extended its BankVal range to provide new capabilities with BankVal UK v2 and a brand new product in the shape of BankVal Server.
Unified Software successfully pioneered BankVal UK in 2003, as the first web service solution to the bank validation problem. The software has proved to be a great success with a range of customers, including BT, RSPB and Greenpeace.
BankVal UK validates bank account details before they are submitted to the BACS payment network, ensuring Direct Debit and Credit payments work first time. Customers can therefore save time and money spent on correcting rejected payments.
BankVal v2 has been enhanced to cater for the new UK Faster Payments system (FPS). FPS is the new electronic payments network which processes financial transactions in hours rather than days.
George Barron, Managing Director at Unified Software comments:
“The £300m Faster Payments Service (FPS) was launched in May 2008 by 13 top banks and our enhanced product sits perfectly with the way the market is progressing. Since the focus of FPS is on speed, validation is more important than ever before. Customers now rely on being able to make payments in near real time, but invalid data will prevent this from happening, BankVal UK v2 is a successful and cost effective solution to this. FPS aims to benefit businesses by improving cash flow and allowing for improved financial management to the benefit of businesses both large and small.”
True to its values of providing unrivalled customer service, Unified Software has also launched BankVal Server. This new development offers businesses a bank account validation system that can be hosted using their internal IT infrastructure, thus providing greater flexibility within the businesses existing systems.
Offering the same functionality as the existing BankVal range, BankVal Server is hosted on a customer’s own computer systems and can be deployed as a conventional application or as a web service. George commented: “Through pioneering BankVal throughout the UK and abroad, we have an excellent understanding of our customer’s needs. We feel that launching BankVal UK Server offers an alternative for those businesses that prefer to keep all management systems in house.”
Unified Software successfully pioneered BankVal UK in 2003, as the first web service solution to the bank validation problem. The software has proved to be a great success with a range of customers, including BT, RSPB and Greenpeace.
BankVal UK validates bank account details before they are submitted to the BACS payment network, ensuring Direct Debit and Credit payments work first time. Customers can therefore save time and money spent on correcting rejected payments.
BankVal v2 has been enhanced to cater for the new UK Faster Payments system (FPS). FPS is the new electronic payments network which processes financial transactions in hours rather than days.
George Barron, Managing Director at Unified Software comments:
“The £300m Faster Payments Service (FPS) was launched in May 2008 by 13 top banks and our enhanced product sits perfectly with the way the market is progressing. Since the focus of FPS is on speed, validation is more important than ever before. Customers now rely on being able to make payments in near real time, but invalid data will prevent this from happening, BankVal UK v2 is a successful and cost effective solution to this. FPS aims to benefit businesses by improving cash flow and allowing for improved financial management to the benefit of businesses both large and small.”
True to its values of providing unrivalled customer service, Unified Software has also launched BankVal Server. This new development offers businesses a bank account validation system that can be hosted using their internal IT infrastructure, thus providing greater flexibility within the businesses existing systems.
Offering the same functionality as the existing BankVal range, BankVal Server is hosted on a customer’s own computer systems and can be deployed as a conventional application or as a web service. George commented: “Through pioneering BankVal throughout the UK and abroad, we have an excellent understanding of our customer’s needs. We feel that launching BankVal UK Server offers an alternative for those businesses that prefer to keep all management systems in house.”
NumeriX and NxR2 Try Valuing Credit Instruments
NumeriX and R2 Financial Technologies, today announced the availability of NxR2, the first solution of its kind designed to enable easier and more accurate pricing and valuation of the complete spectrum of cash and synthetic credit instruments. The application provides consistent valuation and risk analytics for credit products, which incorporate detailed information at the collateral level for credit derivatives and structured finance transactions.
In 2008, NumeriX and R2 made a conscious decision to combine their expertise in pricing analytics and risk management to develop the tools necessary to find transparency in an opaque market. As the credit markets continue to be mired in uncertainty, it is only through technological innovation that can connect best-of-breed data sources with advanced analytics that market participants will achieve the level of granularity and transparency needed to make more informed decisions about new investments and existing credit portfolios.
“The credit crisis has highlighted the need for transparency on the contents and structure of these complex securities, as well as for effective valuation and risk methodologies”, said Dr. Dan Rosen, CEO at R2. “Our vision is to provide packaged advanced analytics with detailed credit data, scenario capabilities, productivity and reporting tools, in order to perform reliable valuations, and understand the key underlying risks and concentrations in structured credit portfolios and strategies. This will allow business users to make better investment decisions and discriminate between securities, as well as manage their risk, and satisfy regulatory requirements.”
NxR2 is a Windows-based application allowing investors to gain a greater understanding of their portfolios. NxR2 provides full connectivity to the world-class data providers specializing in the credit markets: Bloomberg, Markit and Intex. By integrating Bloomberg and Markit’s pricing data alongside Intex’s deal libraries and cash-flow generation functionality, NumeriX has developed the most comprehensive and transparent valuation and risk analytic solution. In addition, its open interface and design allow the effective integration of other generic cash-flow libraries and credit data.
Capabilities and features of NxR2 include:
• Advanced pricing and risk analytics, including the detailed, integrated valuation of Cash and Synthetic CDOs and scenario generation, with the ability to set assumptions at the desired level of granularity.
• Immediate access to trade-ready information with complete instrument coverage including ABSs/RMBS/CMBS, cash CDOs (CLO, CBO, ABS CDO), synthetic CDOs and CDS Indices, bespoke CDOs, as well as single-name credit products, including CDSs, loans and bonds.
• Real-time pricing, cash-flow and exposure reports, as well as sensitivity analytics, enabling transparent and informed investment decisions.
• An effective work-flow and productivity tool to price and profile investment strategies, giving the buy-side comprehensive data management.
• Advanced pricing analytics powered by NumeriX 7.
“We recognized the lack of readily-available tools for traders to accurately price structured credit products,” said Steven R. O’Hanlon, President and Chief Operating Officer at NumeriX. “NxR2 brings greater understanding of the market for credit derivative products and structured finance by providing the tools to credit investors and dealers to more effectively manage the risk exposure of these products.”
In 2008, NumeriX and R2 made a conscious decision to combine their expertise in pricing analytics and risk management to develop the tools necessary to find transparency in an opaque market. As the credit markets continue to be mired in uncertainty, it is only through technological innovation that can connect best-of-breed data sources with advanced analytics that market participants will achieve the level of granularity and transparency needed to make more informed decisions about new investments and existing credit portfolios.
“The credit crisis has highlighted the need for transparency on the contents and structure of these complex securities, as well as for effective valuation and risk methodologies”, said Dr. Dan Rosen, CEO at R2. “Our vision is to provide packaged advanced analytics with detailed credit data, scenario capabilities, productivity and reporting tools, in order to perform reliable valuations, and understand the key underlying risks and concentrations in structured credit portfolios and strategies. This will allow business users to make better investment decisions and discriminate between securities, as well as manage their risk, and satisfy regulatory requirements.”
NxR2 is a Windows-based application allowing investors to gain a greater understanding of their portfolios. NxR2 provides full connectivity to the world-class data providers specializing in the credit markets: Bloomberg, Markit and Intex. By integrating Bloomberg and Markit’s pricing data alongside Intex’s deal libraries and cash-flow generation functionality, NumeriX has developed the most comprehensive and transparent valuation and risk analytic solution. In addition, its open interface and design allow the effective integration of other generic cash-flow libraries and credit data.
Capabilities and features of NxR2 include:
• Advanced pricing and risk analytics, including the detailed, integrated valuation of Cash and Synthetic CDOs and scenario generation, with the ability to set assumptions at the desired level of granularity.
• Immediate access to trade-ready information with complete instrument coverage including ABSs/RMBS/CMBS, cash CDOs (CLO, CBO, ABS CDO), synthetic CDOs and CDS Indices, bespoke CDOs, as well as single-name credit products, including CDSs, loans and bonds.
• Real-time pricing, cash-flow and exposure reports, as well as sensitivity analytics, enabling transparent and informed investment decisions.
• An effective work-flow and productivity tool to price and profile investment strategies, giving the buy-side comprehensive data management.
• Advanced pricing analytics powered by NumeriX 7.
“We recognized the lack of readily-available tools for traders to accurately price structured credit products,” said Steven R. O’Hanlon, President and Chief Operating Officer at NumeriX. “NxR2 brings greater understanding of the market for credit derivative products and structured finance by providing the tools to credit investors and dealers to more effectively manage the risk exposure of these products.”
Ambit
Ambit is a banking solution suite for retail, commercial and private banks. It provides banking professionals with solutions that support front-, middle- and back-office operations, as well as solutions for financial management, risk and compliance. Ambit helps banks improve customer service management, streamline business processes, comply with regulations and capture growth opportunities.
Monday 20 October 2008
S1 Corporate Banking Update Released
S1 Enterprise, has made available a new release of S1 Corporate Banking that encompasses an array of user customizable and international online cash management capabilities including: a new Interactive Information Reporting solution that offers user-defined data manipulation so banks can provide their large corporate customers the ability to tailor the user experience to their individual needs, and a Service Oriented Architecture (SOA) based Global Payments Framework that will enable banks to more easily implement new high and low value payment types worldwide.
Interactive Information Reporting allows users to customize the appearance of their prior day and current day report information, execute advanced data aggregation and complex calculations, and perform advanced sorting and filtering of account information. In addition, a new Business Dashboard leverages the latest in Web 2.0 technologies to provide "drag and drop" widgets for immediate access to the most relevant data and functions. Users have access to account balance metrics, reporting and transaction capabilities, items needing immediate attention, and shortcuts to transaction initiation functions. Users can enjoy a unique online experience as their customizations to Interactive Information Reporting and Business Dashboard can be saved.
The Global Payments Framework allows S1 Enterprise and its customers to easily add new country specific payment methods. Based on SOA principles, the Global Payments Framework supports open standards based web services, enabling maximum flexibility and ensuring technology alignment with current and emerging standards. Additionally, AJAX and context sensitive Java-Help were implemented to leverage an enhanced user experience. Other key features of the new S1 Corporate Banking solution include asynchronous export, integration of SWIFT-reported data, eReport usability upgrades, and IAT payments.
Finally, extensive modifications were incorporated to facilitate multi-locale, multilingual installations.
"With this release, we have taken significant steps to execute on our SOA strategy. Additionally, our Interactive Information Reporting and Business Dashboard capabilities leverage the newest technologies to provide innovative solutions for banks who want to provide a user-centric customer experience," says Fred Dumas, General Manager, S1 Treasury Online Group. "Leading institutions such as Comerica Bank and Zions Bancorporation will be the first banks to leverage the new S1 Corporate Banking application."
Interactive Information Reporting allows users to customize the appearance of their prior day and current day report information, execute advanced data aggregation and complex calculations, and perform advanced sorting and filtering of account information. In addition, a new Business Dashboard leverages the latest in Web 2.0 technologies to provide "drag and drop" widgets for immediate access to the most relevant data and functions. Users have access to account balance metrics, reporting and transaction capabilities, items needing immediate attention, and shortcuts to transaction initiation functions. Users can enjoy a unique online experience as their customizations to Interactive Information Reporting and Business Dashboard can be saved.
The Global Payments Framework allows S1 Enterprise and its customers to easily add new country specific payment methods. Based on SOA principles, the Global Payments Framework supports open standards based web services, enabling maximum flexibility and ensuring technology alignment with current and emerging standards. Additionally, AJAX and context sensitive Java-Help were implemented to leverage an enhanced user experience. Other key features of the new S1 Corporate Banking solution include asynchronous export, integration of SWIFT-reported data, eReport usability upgrades, and IAT payments.
Finally, extensive modifications were incorporated to facilitate multi-locale, multilingual installations.
"With this release, we have taken significant steps to execute on our SOA strategy. Additionally, our Interactive Information Reporting and Business Dashboard capabilities leverage the newest technologies to provide innovative solutions for banks who want to provide a user-centric customer experience," says Fred Dumas, General Manager, S1 Treasury Online Group. "Leading institutions such as Comerica Bank and Zions Bancorporation will be the first banks to leverage the new S1 Corporate Banking application."
KEMA
KEMA is a boutique financial advisory firm that assists clients in the management and disposition of real estate loans, commercial loans and other corporate assets. KEMA is a minority-owned business, a U.S. Small Business Administration 8(a) certified firm, and a certified Historically Underutilized Business by the North Carolina Department of Administration. KEMA is headquartered in Hillsborough, NC and maintains satellite offices in Washington, D.C. and New York. For more information, contact, 919.644.0430 or visit http://www.kemaadvisors.com/.
DebtX
DebtX is one of the world's leading full-service loan sale advisors for commercial, consumer and specialty finance debt. DebtX helps commercial banks, insurance companies, investment banks, government sponsored enterprises and other institutions increase profitability and reduce risk by offering comprehensive loan sale advisory services that create liquidity in an institution's loan portfolio. DebtX operates the largest marketplace of buyers and sellers of commercial loans and offers a variety of innovative information and technology services. DXMark(R) is the first objective valuation of commercial real estate portfolios based on actual secondary market loan sales. DXOpen(R) is a family of deal management products used by syndication and agency services professionals to distribute and administer their syndicated or participated loans.
Scotiabank Electronic Banking Launched
Scotiabank's Global Transaction Banking (GTB) division today announced the launch of ScotiaGlobal electronic banking, an integrated, online cash management tool. Also announced is the availability of a new Integrated Payments service through ScotiaConnect electronic banking.
ScotiaGlobal offers GTB clients who operate their business across the NAFTA region access to real-time information on their Scotiabank accounts in Canada, the US and Mexico. Through a single sign-on to ScotiaGlobal, clients can also access their ScotiaConnect and Scotia En Linea services to manage their electronic cash management and payments across the region.
"Customers are demanding truly integrated global cash management solutions and ScotiaGlobal brings them that through a single platform," said Alice Eastman, Senior Vice-President Cash Management and Payment Services, Global Transaction Banking, Scotiabank. "ScotiaGlobal offers GTB clients a platform that is easy to access and convenient so they can manage their business banking across the NAFTA region from one centralized location."
ScotiaGlobal also includes links to other Scotiabank international online banking platforms along with trade finance and foreign exchange services. In addition, valuable content on interest rates and economic reports are available for clients who conduct business globally.
Today, GTB also launched Integrated Payments through ScotiaConnect. The Integrated Payments service streamlines the process of multiple collections and disbursements, improving cash flow and reducing expenses. Integrated Payments also allows clients to conveniently view, approve and delete Electronic Fund Transfers and Automated Clearing House payments online through ScotiaConnect.
"We understand that our clients work in complex organizations with multiple points of payment, and the ability to have approvals for multiple transaction types in an integrated platform will create a more efficient payables function," said Ms. Eastman. "The Integrated Payments system will also serve as a solution for our clients who currently don't have approval mechanisms in their own systems or who have a high volume of transactions."
ScotiaGlobal offers GTB clients who operate their business across the NAFTA region access to real-time information on their Scotiabank accounts in Canada, the US and Mexico. Through a single sign-on to ScotiaGlobal, clients can also access their ScotiaConnect and Scotia En Linea services to manage their electronic cash management and payments across the region.
"Customers are demanding truly integrated global cash management solutions and ScotiaGlobal brings them that through a single platform," said Alice Eastman, Senior Vice-President Cash Management and Payment Services, Global Transaction Banking, Scotiabank. "ScotiaGlobal offers GTB clients a platform that is easy to access and convenient so they can manage their business banking across the NAFTA region from one centralized location."
ScotiaGlobal also includes links to other Scotiabank international online banking platforms along with trade finance and foreign exchange services. In addition, valuable content on interest rates and economic reports are available for clients who conduct business globally.
Today, GTB also launched Integrated Payments through ScotiaConnect. The Integrated Payments service streamlines the process of multiple collections and disbursements, improving cash flow and reducing expenses. Integrated Payments also allows clients to conveniently view, approve and delete Electronic Fund Transfers and Automated Clearing House payments online through ScotiaConnect.
"We understand that our clients work in complex organizations with multiple points of payment, and the ability to have approvals for multiple transaction types in an integrated platform will create a more efficient payables function," said Ms. Eastman. "The Integrated Payments system will also serve as a solution for our clients who currently don't have approval mechanisms in their own systems or who have a high volume of transactions."
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