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.
Friday, 7 November 2008
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."
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