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."
Showing posts with label indices. Show all posts
Showing posts with label indices. Show all posts
Friday, 7 November 2008
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.
Monday, 6 October 2008
Markets Crash Around The World
Today has been another crazy day on the markets. On Wall Street the Dow Jones closed 363.35 points or 3.5% at 9,962. Although a massive shock, that was a remarkable recovery having seen the index be on target for a jaw-dropping record of 800 points, beating last weeks 777 point drop.
The broader S&P 500 also fell by 3.8%.
Gloom shifted from American banks to Europe with the disjointed and messy response from the continent's governments. The U.S. Government in the shape of the Federal Reserve. would significantly expand the amount of money it made available to major banks. The Fed will now lend up to $900 billion in credit. The sheer size of the new figure, they hope will reassure the markets.
London, did not recover from its own massive fall off a cliff. The Flagship FTSE 100 fell by 391 points or 7.85%. This represents the largest ever points drop and the third largest in percentage terms since its launch in 1987.
The broader S&P 500 also fell by 3.8%.
Gloom shifted from American banks to Europe with the disjointed and messy response from the continent's governments. The U.S. Government in the shape of the Federal Reserve. would significantly expand the amount of money it made available to major banks. The Fed will now lend up to $900 billion in credit. The sheer size of the new figure, they hope will reassure the markets.
London, did not recover from its own massive fall off a cliff. The Flagship FTSE 100 fell by 391 points or 7.85%. This represents the largest ever points drop and the third largest in percentage terms since its launch in 1987.
Sunday, 28 September 2008
Washington Mutual Disappears from S P 500
Standard & Poor's will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:
-- Washington Mutual Inc. (NYSE:WM) will be removed from the S&P 500 index after the close of trading on Monday, September 29. Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. S&P 100 and 500 constituent JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the FDIC.
Washington Mutual's place in the S&P 500 will be taken by S&P MidCap 400 constituent Flowserve Corp. (NYSE:FLS) , Flowserve will be replaced by S&P SmallCap 600 constituent UGI Corp. (NYSE:UGI) , and UGI Corp. will be replaced by Taleo Corp. (NASDAQ:TLEO) , all after the close of trading on Wednesday, October 1.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Flowserve is a manufacturer and aftermarket service provider of flow control systems. Headquartered in Irving, TX, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Industrial Machinery Sub-Industry index.
-- Washington Mutual Inc. (NYSE:WM) will be removed from the S&P 500 index after the close of trading on Monday, September 29. Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. S&P 100 and 500 constituent JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the FDIC.
Washington Mutual's place in the S&P 500 will be taken by S&P MidCap 400 constituent Flowserve Corp. (NYSE:FLS) , Flowserve will be replaced by S&P SmallCap 600 constituent UGI Corp. (NYSE:UGI) , and UGI Corp. will be replaced by Taleo Corp. (NASDAQ:TLEO) , all after the close of trading on Wednesday, October 1.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Flowserve is a manufacturer and aftermarket service provider of flow control systems. Headquartered in Irving, TX, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Industrial Machinery Sub-Industry index.
Monday, 22 September 2008
Harris Added to S and P 500
Harris Corporation (NYSE:HRS) , an international communications and information technology company, has been added to the S&P 500 Index effective at the close of trading September 19, 2008.
"We are pleased to be added to the S&P 500 and the increased recognition and stature that it provides for our company among all of our stakeholders," said Howard L. Lance, chairman, president and CEO. "Being added to the index acknowledges the company's track record of sustained growth during the past five years, the strategies that helped create these positive results, and the dedication of the more than 16,500 Harris employees who helped make it happen."
"We are pleased to be added to the S&P 500 and the increased recognition and stature that it provides for our company among all of our stakeholders," said Howard L. Lance, chairman, president and CEO. "Being added to the index acknowledges the company's track record of sustained growth during the past five years, the strategies that helped create these positive results, and the dedication of the more than 16,500 Harris employees who helped make it happen."
ICE Transitions US Russell Inded
IntercontinentalExchange (NYSE:ICE) , a has successfully transitioned the U.S. Russell Index complex to ICE Futures U.S.(TM) In June 2007, ICE signed an exclusive license agreement with Russell Investments. This agreement gives ICE exclusive rights to offer futures and options contracts based on Russell's industry-leading U.S. equity indexes, including the Russell 1000(R) Index and Russell 2000(R) Index, as well as the related value and growth indexes offered by Russell. Since the beginning of September, over 2.7 million Russell futures and options contracts have traded on the ICE platform. As of Friday, September 19, open interest in mini equivalent Russell contracts stood at 590,868 compared with 141,111 on September 2.
"We've enhanced our business by diversifying into new markets and executing on our plans to successfully expand and compete in a wide range of markets," said Jeff Sprecher, ICE Chairman and CEO. "We are proud to have the U.S. Russell Index futures complex as the cornerstone of our long-term strategy within the equity index segment. With the Russell 2000 contracts transitioned to ICE, we look forward to marketing and growing other key products within the valuable Russell suite."
"The transition reflects the industry's reliance on the Russell indexes as key benchmarks. In a short time, ICE's marketplace and platform have proven to deliver value in the dynamic equity index markets," said Kelly Haughton, Strategic Director of the Russell Indexes. "ICE has already demonstrated its commitment to building the Russell complex and to bringing effective risk management processes and marketing resources to our indexes. We look forward to continuing our work with the ICE team in capitalizing on the increasing investor interest in the Russell Index futures and options markets."
"We've enhanced our business by diversifying into new markets and executing on our plans to successfully expand and compete in a wide range of markets," said Jeff Sprecher, ICE Chairman and CEO. "We are proud to have the U.S. Russell Index futures complex as the cornerstone of our long-term strategy within the equity index segment. With the Russell 2000 contracts transitioned to ICE, we look forward to marketing and growing other key products within the valuable Russell suite."
"The transition reflects the industry's reliance on the Russell indexes as key benchmarks. In a short time, ICE's marketplace and platform have proven to deliver value in the dynamic equity index markets," said Kelly Haughton, Strategic Director of the Russell Indexes. "ICE has already demonstrated its commitment to building the Russell complex and to bringing effective risk management processes and marketing resources to our indexes. We look forward to continuing our work with the ICE team in capitalizing on the increasing investor interest in the Russell Index futures and options markets."
Monday, 15 September 2008
New York Plunge Worst Since September 11 Attacks
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.
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.
Thursday, 11 September 2008
CME Group Response to CFTC Swap Report
CME Group, issued the following statement in response to the Commodity Futures Trading Commission (CFTC) report on Swap Dealers and Index Traders:
"We commend the Commission and its staff's hard work on this report to ensure that exchange-traded and over-the-counter (OTC) derivatives markets in energy and agriculture products are functioning properly and to ensure that regulators have sufficient information to understand the activity of market participants across both commodity markets.
Throughout the recent turmoil in financial markets, the performance of CFTC regulated futures exchanges stands in welcome contrast to the OTC markets, and we believe the need for transparency, access to relevant trading data and the protections afforded by central counterparty clearing services has never been greater in financial and commodity derivatives markets. The Commission's recommendation to further promote policies that enhance and facilitate clearing of OTC derivatives is both welcome and fully supported by CME Group.
Furthermore, the Commission report supports the fact that fundamental factors of supply and demand are driving market prices. As the data from the Commission's report clearly shows, speculative trading positions by index traders in crude oil actually declined while prices in oil continued to rise. This data unequivocally demonstrates that market fundamentals have been influencing pricing trends.
CME Group intends to work with the Commission to ensure that the market regulation and customer protection mechanisms in U.S. futures markets are unmatched and we anticipate a greater need for transparency in the OTC markets. As a global industry leader, CME Group looks forward to participating in the ongoing analysis, discussion and debate concerning these matters. CME Group consistently works with our industry and market users to make sure our markets remain sound as part of the most efficient, transparent marketplace in the world."
"We commend the Commission and its staff's hard work on this report to ensure that exchange-traded and over-the-counter (OTC) derivatives markets in energy and agriculture products are functioning properly and to ensure that regulators have sufficient information to understand the activity of market participants across both commodity markets.
Throughout the recent turmoil in financial markets, the performance of CFTC regulated futures exchanges stands in welcome contrast to the OTC markets, and we believe the need for transparency, access to relevant trading data and the protections afforded by central counterparty clearing services has never been greater in financial and commodity derivatives markets. The Commission's recommendation to further promote policies that enhance and facilitate clearing of OTC derivatives is both welcome and fully supported by CME Group.
Furthermore, the Commission report supports the fact that fundamental factors of supply and demand are driving market prices. As the data from the Commission's report clearly shows, speculative trading positions by index traders in crude oil actually declined while prices in oil continued to rise. This data unequivocally demonstrates that market fundamentals have been influencing pricing trends.
CME Group intends to work with the Commission to ensure that the market regulation and customer protection mechanisms in U.S. futures markets are unmatched and we anticipate a greater need for transparency in the OTC markets. As a global industry leader, CME Group looks forward to participating in the ongoing analysis, discussion and debate concerning these matters. CME Group consistently works with our industry and market users to make sure our markets remain sound as part of the most efficient, transparent marketplace in the world."
Saturday, 6 September 2008
gnuTrade - online trading platform
gnuTrade's Features
Trading on price movements
Game-like trading screen with colourful graphics and sounds to enhance the trading experience
Free access to live prices of the world's major stock indices, global currencies, popular commodities and bonds
Unlimited play-money account to help learn or practice trading
Clear, jargon-free trading guides to help you learn about financial markets and how to use the gnuTrade system
Low bet amounts and minimum deposit of £20, €30 or $30 for real money trading
Unique 'per point', 'basic' and 'back a player' bets
Ways to profit whether markets go up or down
Special tradePeak feature gives you instant insight into how other players are trading
Automatic 'stop loss' feature to help limit risk
Live chat help desk
Trading forums and chat rooms to exchange opinions and ideas with other members
News section with regular updates on world news stories of the day
Option to create weekly or daily graphs of each market's performance
No commissions or stamp duty to pay
No brokers or transaction fees
Tax-free profits (if you are not a UK resident, you may be subject to taxes in your country of residence.)
Free, advanced software - no downloads
Quick, secure payout and deposit methods
Trading on price movements
Game-like trading screen with colourful graphics and sounds to enhance the trading experience
Free access to live prices of the world's major stock indices, global currencies, popular commodities and bonds
Unlimited play-money account to help learn or practice trading
Clear, jargon-free trading guides to help you learn about financial markets and how to use the gnuTrade system
Low bet amounts and minimum deposit of £20, €30 or $30 for real money trading
Unique 'per point', 'basic' and 'back a player' bets
Ways to profit whether markets go up or down
Special tradePeak feature gives you instant insight into how other players are trading
Automatic 'stop loss' feature to help limit risk
Live chat help desk
Trading forums and chat rooms to exchange opinions and ideas with other members
News section with regular updates on world news stories of the day
Option to create weekly or daily graphs of each market's performance
No commissions or stamp duty to pay
No brokers or transaction fees
Tax-free profits (if you are not a UK resident, you may be subject to taxes in your country of residence.)
Free, advanced software - no downloads
Quick, secure payout and deposit methods
Friday, 22 August 2008
S&P 500 and S&P MidCap 400
Standard & Poor's will make the following changes to the S&P 500 and S&P MidCap 400 indices:
S&P MidCap 400 constituent CF Industries Holdings Inc. (NYSE:CF) will replace Electronic Data Systems Corp. (NYSE:EDS) in the S&P 500, and SAIC Inc. (NYSE:SAI) will replace CF Industries in the S&P MidCap 400 after the close of trading on a date to be announced. Electronic Data Systems is being acquired by S&P 100 and S&P 500 constituent Hewlett-Packard Co. (NYSE:HPQ) in a transaction that is still pending final approvals.
S&P MidCap 400 constituent CF Industries Holdings Inc. (NYSE:CF) will replace Electronic Data Systems Corp. (NYSE:EDS) in the S&P 500, and SAIC Inc. (NYSE:SAI) will replace CF Industries in the S&P MidCap 400 after the close of trading on a date to be announced. Electronic Data Systems is being acquired by S&P 100 and S&P 500 constituent Hewlett-Packard Co. (NYSE:HPQ) in a transaction that is still pending final approvals.
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