The continuing turmoil in the financial markets has caused the New York to have its worst day since the 2001 terrorist attacks. The Dow Jones Industrial average dropped 504.48 points during the day. The S&P 500 index lost 4.7%. The biggest losers on the were banks and other financial institutions.
Europe, fared similarly with the Flagship FTSE off nearly 4%.
Treasury secretary, Henry M. Paulson Jr., commented “as we work off some of the past excesses,” but that Americans could “remain confident in the soundness and the resilience of our financial system.”
“Let me step back a bit and provide a little perspective,” Mr. Paulson said. “As I’ve long said, the housing correction is at the root of the challenges facing our markets and our financial institutions. I believe that we’ve taken very important steps with respect to Fannie Mae and Freddie Mac, and they’re amongst the most important actions we can take to work through this turmoil.”
Lehman Brothers, led the way seeing their shares drop 95% to 21 cents, on the way to declaring bankruptcy. AIG dropped to $4.76 or 65%. A promise of help from the Federal Reserve helped matters.
Showing posts with label New York. Show all posts
Showing posts with label New York. Show all posts
Monday, 15 September 2008
Wednesday, 10 September 2008
Summer Street COO Appointed
Summer Street Capital Partners, a Buffalo, New York-based private equity fund, announced that James D. Chambers has joined Summer Street as an Operating Partner.
In 2001, Chambers co-founded Conundrum Partners, a management advisory and investment firm. Previously, he served as the President of Business Services for Quest Diagnostics Inc., where he led key functions in the company's turnaround and growth strategy. His management of Quest's integration of SmithKline Beecham Clinical Laboratories resulted in a more than $2 billion increase in market value for the combined company. Prior to joining Quest Diagnostics, Chambers held senior management positions in finance and corporate development at Corning, Inc., Vista Chemical and Conoco, Inc.
"Summer Street is fortunate to be able to add Jim's many talents to our team of experienced partners," noted Mike McQueeney, managing partner. "His track record of driving operational excellence, advising companies experiencing rapid growth and acquiring and integrating companies positions Jim as an outstanding resource for our portfolio companies."
Chambers will join current operating partners Doug VanOort, John Burgess and Michael Serventi in reviewing prospective investments and providing operational resources for Summer Street's portfolio companies.
In 2001, Chambers co-founded Conundrum Partners, a management advisory and investment firm. Previously, he served as the President of Business Services for Quest Diagnostics Inc., where he led key functions in the company's turnaround and growth strategy. His management of Quest's integration of SmithKline Beecham Clinical Laboratories resulted in a more than $2 billion increase in market value for the combined company. Prior to joining Quest Diagnostics, Chambers held senior management positions in finance and corporate development at Corning, Inc., Vista Chemical and Conoco, Inc.
"Summer Street is fortunate to be able to add Jim's many talents to our team of experienced partners," noted Mike McQueeney, managing partner. "His track record of driving operational excellence, advising companies experiencing rapid growth and acquiring and integrating companies positions Jim as an outstanding resource for our portfolio companies."
Chambers will join current operating partners Doug VanOort, John Burgess and Michael Serventi in reviewing prospective investments and providing operational resources for Summer Street's portfolio companies.
RTI Expands Wall Street Presence
Real-Time Innovations (RTI), has significantly expanded its presence in New York City. RTI’s New York office will locate key personnel closer to customers taking advantage of RTI’s ultra low-latency messaging technology in trading applications. This will enhance RTI’s ability to support large deployments and to collaborate with financial services firms in the development of leading-edge low-latency solutions.
“No one understands the value of a millisecond more than RTI,” said Stan Schneider, CEO of RTI. “In addition to our success in financial services, RTI’s messaging technology provides the backbone for hundreds of mission-critical defense systems. Lives literally depend on RTI’s ability to deliver torrents of time-critical information quickly and reliably.”
“In the defense industry, RTI partners closely with customers to deploy systems that push the state of the art in performance and scale,” continued Schneider. “As a result, we are the market leader and we enjoy a 98 percent customer-satisfaction rating. Establishing a strong presence in New York will facilitate our ability to deliver the same level of support, service and cooperative development to the financial services market.”
RTI’s New York office is located at 14 Wall Street, directly across from the New York Stock Exchange. It includes sales, support, consulting, engineering services, product management and product development. In addition to RTI veterans who have relocated to New York, RTI has added three new hires with deep financial industry experience:
Virginia Myers, director of Financial Services Business Development, brings extensive experience selling software solutions to the financial industry for companies such as BEA, Rogue Wave, Inktomi and Cisco. She most recently managed several of BEA’s major accounts. Virginia will direct RTI’s sales activities in New York.
Henry Sun, director of Financial Services Strategy and Product Management, has more than 25 years of industry experience, most recently from 12 years at Thomson Reuters where he directed product management for real-time market data and data feeds. At RTI, Henry will ensure that clients have the proper product set and guide RTI’s evolving platform and strategy.
Marc Keveles, technical account manager, has extensive experience building, scaling and deploying trading systems for equity and fixed-income markets, pre-and post-trade analytics, co-location, compliance and virtualization. At RTI, Marc will help information technology (IT) personnel leverage RTI’s advantages to build state-of-the-art trading systems. Marc’s 13 years of financial experience include senior positions at Portware, Lava (Citi), Arch Insurance, BondBook and Tullett Prebon.
Henry Sun added, “RTI has a real opportunity in financial services. Its technological lead will translate into a significant competitive advantage for latency-critical applications. I am thrilled to join this exciting enterprise.”
“No one understands the value of a millisecond more than RTI,” said Stan Schneider, CEO of RTI. “In addition to our success in financial services, RTI’s messaging technology provides the backbone for hundreds of mission-critical defense systems. Lives literally depend on RTI’s ability to deliver torrents of time-critical information quickly and reliably.”
“In the defense industry, RTI partners closely with customers to deploy systems that push the state of the art in performance and scale,” continued Schneider. “As a result, we are the market leader and we enjoy a 98 percent customer-satisfaction rating. Establishing a strong presence in New York will facilitate our ability to deliver the same level of support, service and cooperative development to the financial services market.”
RTI’s New York office is located at 14 Wall Street, directly across from the New York Stock Exchange. It includes sales, support, consulting, engineering services, product management and product development. In addition to RTI veterans who have relocated to New York, RTI has added three new hires with deep financial industry experience:
Virginia Myers, director of Financial Services Business Development, brings extensive experience selling software solutions to the financial industry for companies such as BEA, Rogue Wave, Inktomi and Cisco. She most recently managed several of BEA’s major accounts. Virginia will direct RTI’s sales activities in New York.
Henry Sun, director of Financial Services Strategy and Product Management, has more than 25 years of industry experience, most recently from 12 years at Thomson Reuters where he directed product management for real-time market data and data feeds. At RTI, Henry will ensure that clients have the proper product set and guide RTI’s evolving platform and strategy.
Marc Keveles, technical account manager, has extensive experience building, scaling and deploying trading systems for equity and fixed-income markets, pre-and post-trade analytics, co-location, compliance and virtualization. At RTI, Marc will help information technology (IT) personnel leverage RTI’s advantages to build state-of-the-art trading systems. Marc’s 13 years of financial experience include senior positions at Portware, Lava (Citi), Arch Insurance, BondBook and Tullett Prebon.
Henry Sun added, “RTI has a real opportunity in financial services. Its technological lead will translate into a significant competitive advantage for latency-critical applications. I am thrilled to join this exciting enterprise.”
Wednesday, 3 September 2008
SunTrust at Lehman Conference
SunTrust Banks, Inc. (NYSE: STI) will present at the Lehman Brothers Global Financial Services Conference in New York on Wednesday, September 10, 2008, at approximately 9:45 a.m. Eastern time. Mark A. Chancy, Corporate Executive Vice President and Chief Financial Officer of SunTrust Banks, Inc. will make SunTrust's presentation.
Interested individuals can listen to the live webcast of the presentation and view the accompanying slides by visiting the SunTrust web site at http://www.suntrust.com/
Interested individuals can listen to the live webcast of the presentation and view the accompanying slides by visiting the SunTrust web site at http://www.suntrust.com/
Sovereign at Lehman Brothers
Sovereign Bancorp, Inc. ("Sovereign") (NYSE:SOV) , parent company of Sovereign Bank ("Bank"), today announced participation in the upcoming Lehman Brothers Financial Services Conference, to be held at the Hilton New York in New York City from Monday, September 8 through Wednesday, September 10, 2008. Joseph Campanelli, President and CEO of Sovereign, Kirk Walters, Sovereign's Chief Financial Officer, and M. Robert Rose, Sovereign's Chief Risk Management Officer, are scheduled to present on Tuesday, September 9, 2008 at 4:45 p.m. ET.
M & T Bank at Lehman Brothers Conference
M&T Bank Corporation (NYSE:MTB) ("M&T") will participate in the Lehman Brothers Financial Services Conference being held in New York City. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on September 8, 2008 at 2:30 pm (EDT).
Monday, 1 September 2008
CME Names New York Team
Following its combination with NYMEX Holdings, Inc. earlier this month, CME Group (NASDAQ:CME) , today named the senior leadership team for its New York-based operations.
"As we work to achieve the value that our combination promises to shareholders, customers and members, we are delighted to welcome these talented individuals to leadership positions in the combined company," said CME Group Chief Executive Officer Craig S. Donohue. "With these senior officers in place, we are well positioned to leverage the capabilities of the NYMEX team and expand the NYMEX energy and COMEX metals business and customer base, thereby ensuring that CME Group continues to be where the world comes to manage risk in every asset class."
The company named Bryan Durkin, its current Managing Director and Chief Operating Officer, to lead global integration efforts associated with the NYMEX transaction and to work closely with the following NYMEX senior executives named to continuing roles in the combined company:
-- De'Ana Dow, Managing Director, Government Relations. Dow will be responsible for serving as CME Group's liaison to Washington D.C. and advancing the company's legislative and regulatory agendas. The company also promoted Bo Chambliss as Managing Director, Government Relations. Dow and Chambliss will serve as co-heads of the company's Washington, D.C. office.
-- Sean Keating, Managing Director, NYMEX Operations. Keating will be responsible for all New York-based electronic- and floor-trading operations, as well as facility operations. He will report to Julie Holzrichter, CME Group Managing Director, Global Operations.
-- Thomas LaSala, Managing Director, NYMEX Chief Regulatory Officer. LaSala will oversee all market regulation and regulatory affairs related to the NYMEX self-regulatory organization. He will report to Kathleen Cronin, CME Group General Counsel and Corporate Secretary.
-- Robert Levin, Managing Director, Energy Research & Product Development. Levin will be responsible for all energy and metals product development. He will report to Julie Winkler, CME Group Managing Director, Research & Product Development.
-- Arthur McCoy, Managing Director, NYMEX Clearing. McCoy will manage risk management, clearing operations and audit for the NYMEX division of CME Clearing. He will report to Tim Doar, Managing Director, Risk Management.
-- Joseph Raia, Managing Director, Energy and Metals. Raia will be responsible for building energy and metals customer relationship management and sales programs. He will report to Rick Redding, CME Group Managing Director, Products & Services.
-- Christopher Rodriguez, Managing Director, Business Development. Rodriguez will oversee corporate development efforts in energy and metals asset classes. He will report to Ken Vroman, CME Group Managing Director and Chief Corporate Development Officer.
-- Ian Wall, Managing Director, NYMEX Information Technology. Wall will oversee all technology integration efforts as well as NYMEX technology operations. He will report to Kevin Kometer, CME Group Chief Information Officer.
"As we work to achieve the value that our combination promises to shareholders, customers and members, we are delighted to welcome these talented individuals to leadership positions in the combined company," said CME Group Chief Executive Officer Craig S. Donohue. "With these senior officers in place, we are well positioned to leverage the capabilities of the NYMEX team and expand the NYMEX energy and COMEX metals business and customer base, thereby ensuring that CME Group continues to be where the world comes to manage risk in every asset class."
The company named Bryan Durkin, its current Managing Director and Chief Operating Officer, to lead global integration efforts associated with the NYMEX transaction and to work closely with the following NYMEX senior executives named to continuing roles in the combined company:
-- De'Ana Dow, Managing Director, Government Relations. Dow will be responsible for serving as CME Group's liaison to Washington D.C. and advancing the company's legislative and regulatory agendas. The company also promoted Bo Chambliss as Managing Director, Government Relations. Dow and Chambliss will serve as co-heads of the company's Washington, D.C. office.
-- Sean Keating, Managing Director, NYMEX Operations. Keating will be responsible for all New York-based electronic- and floor-trading operations, as well as facility operations. He will report to Julie Holzrichter, CME Group Managing Director, Global Operations.
-- Thomas LaSala, Managing Director, NYMEX Chief Regulatory Officer. LaSala will oversee all market regulation and regulatory affairs related to the NYMEX self-regulatory organization. He will report to Kathleen Cronin, CME Group General Counsel and Corporate Secretary.
-- Robert Levin, Managing Director, Energy Research & Product Development. Levin will be responsible for all energy and metals product development. He will report to Julie Winkler, CME Group Managing Director, Research & Product Development.
-- Arthur McCoy, Managing Director, NYMEX Clearing. McCoy will manage risk management, clearing operations and audit for the NYMEX division of CME Clearing. He will report to Tim Doar, Managing Director, Risk Management.
-- Joseph Raia, Managing Director, Energy and Metals. Raia will be responsible for building energy and metals customer relationship management and sales programs. He will report to Rick Redding, CME Group Managing Director, Products & Services.
-- Christopher Rodriguez, Managing Director, Business Development. Rodriguez will oversee corporate development efforts in energy and metals asset classes. He will report to Ken Vroman, CME Group Managing Director and Chief Corporate Development Officer.
-- Ian Wall, Managing Director, NYMEX Information Technology. Wall will oversee all technology integration efforts as well as NYMEX technology operations. He will report to Kevin Kometer, CME Group Chief Information Officer.
Friday, 22 August 2008
CME Completes NYMEX Acquisition
CME Group Inc. (NASDAQ:CME) today announced that it has completed its acquisition of NYMEX Holdings, Inc. (NYSE:NMX) . The combined companies will provide customers around the world with access to all major benchmark asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals. CME Group Class A common stock will continue to trade on the NASDAQ under the ticker symbol "CME." NYMEX Holdings, Inc. common stock is being delisted and will no longer trade on the NYSE.
The merger creates a company with pro forma 2007 annual revenue of $2.7 billion and average trading volume of approximately 14.2 million contracts per day in the first two quarters of 2008. Customers from more than 85 countries trade CME Group products, primarily electronically. Corporate headquarters of the combined company will remain in Chicago at 20 S. Wacker Drive. CME Group's New York office will be located at the NYMEX World Headquarters, One North End Avenue.
"We are extremely pleased to complete our transaction and welcome NYMEX and COMEX into CME Group," said CME Group Executive Chairman Terry Duffy. "This is another milestone for CME Group and NYMEX in our long and successful histories. Together, we will continue operating the largest and most diverse derivatives exchange in the world. We are extremely grateful for the support of NYMEX shareholders, members and employees. As a united company, we are well positioned for a new phase of growth, innovation and product development that will benefit our customers, shareholders and market users around the world."
"We are very proud to have now completed the consolidation of three of the world's most important and successful derivatives exchanges," said CME Group Chief Executive Officer Craig Donohue. "Our NYMEX and COMEX acquisition further strengthens CME Group's leading position in global financial markets and provides significant and valuable new growth opportunities for our shareholders, customers and members. CME Group has a strong track record of delivering cost synergies and realizing revenue and growth opportunities from consolidation transactions and we now look forward to the integration of our two great companies."
The merger creates a company with pro forma 2007 annual revenue of $2.7 billion and average trading volume of approximately 14.2 million contracts per day in the first two quarters of 2008. Customers from more than 85 countries trade CME Group products, primarily electronically. Corporate headquarters of the combined company will remain in Chicago at 20 S. Wacker Drive. CME Group's New York office will be located at the NYMEX World Headquarters, One North End Avenue.
"We are extremely pleased to complete our transaction and welcome NYMEX and COMEX into CME Group," said CME Group Executive Chairman Terry Duffy. "This is another milestone for CME Group and NYMEX in our long and successful histories. Together, we will continue operating the largest and most diverse derivatives exchange in the world. We are extremely grateful for the support of NYMEX shareholders, members and employees. As a united company, we are well positioned for a new phase of growth, innovation and product development that will benefit our customers, shareholders and market users around the world."
"We are very proud to have now completed the consolidation of three of the world's most important and successful derivatives exchanges," said CME Group Chief Executive Officer Craig Donohue. "Our NYMEX and COMEX acquisition further strengthens CME Group's leading position in global financial markets and provides significant and valuable new growth opportunities for our shareholders, customers and members. CME Group has a strong track record of delivering cost synergies and realizing revenue and growth opportunities from consolidation transactions and we now look forward to the integration of our two great companies."
Saturday, 16 August 2008
Wachovia Announces ARS Settlement
Wachovia Corporation announced today that it has reached an agreement in principle for a global settlement with the Missouri Secretary of State (as the lead State in the North American Securities Administrators Association task force investigating the marketing and sale of auction rate securities, or ARS), the Attorney General for the State of New York and the Securities and Exchange Commission regarding ARS. Wachovia is pleased that the settlement produces a liquidity solution for its clients who purchased ARS at Wachovia.
"We understand that unprecedented market conditions have created difficulties for our clients, particularly those holding auction rate securities," said Robert K. Steel, president and chief executive officer of Wachovia Corporation. "We are pleased to announce a comprehensive solution for the liquidity needs of clients who purchased auction rate securities at Wachovia and to resolve this matter with federal and state regulators."
Daniel J. Ludeman, president and chief executive officer of Wachovia Securities, LLC, said, "Since this issue arose in February when auctions first started to fail, we have played a leading role in encouraging ARS issuers to restore liquidity to all of our clients, including those who have become part of our firm through the Oct. 1, 2007, merger of A.G. Edwards and Wachovia Securities. The dollar value of ARS held by Wachovia Securities clients has been cut by more than 50 percent through redemptions and successful auctions. Today's agreement in principle underscores our desire to ensure that clients who purchased ARS at Wachovia receive the liquidity they need."
"We understand that unprecedented market conditions have created difficulties for our clients, particularly those holding auction rate securities," said Robert K. Steel, president and chief executive officer of Wachovia Corporation. "We are pleased to announce a comprehensive solution for the liquidity needs of clients who purchased auction rate securities at Wachovia and to resolve this matter with federal and state regulators."
Daniel J. Ludeman, president and chief executive officer of Wachovia Securities, LLC, said, "Since this issue arose in February when auctions first started to fail, we have played a leading role in encouraging ARS issuers to restore liquidity to all of our clients, including those who have become part of our firm through the Oct. 1, 2007, merger of A.G. Edwards and Wachovia Securities. The dollar value of ARS held by Wachovia Securities clients has been cut by more than 50 percent through redemptions and successful auctions. Today's agreement in principle underscores our desire to ensure that clients who purchased ARS at Wachovia receive the liquidity they need."
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