Funds
NYSE Euronext and Deutsche Borse have both agreed to a mutual termination of the business combination agreement originally signed by the companies on 15 February, 2011.
The move comes following the recently announced decision by the European Commission to block the proposed merger of the two firms.
The global mining giant Xstrata plc has confirmed that it has received an approach from and is in discussions with commodities giant Glencore International plc regarding an all share merger of equals “which may or may not lead to an offer being made by Glencore for Xstrata.” A combined group could be valued at about USD82 billion.
In accordance with Rule 2.6(a) of the (UK) City Code on Takeovers and Mergers (the “Code”), Glencore (which already owns 34.4% of Xstrata) is now required, by no later than 5:00 p.m. on 1 March 2012, to either announce a firm intention to
NYSE Euronext announced today that in light of the decision by the European Commission to prohibit its proposed combination with Deutsche Boerse, the companies are in discussions to terminate their merger agreement.
NYSE Euronext said it would focus on the successful standalone strategy that has delivered strong growth and diversification of its core businesses and that it would leverage its financial strength to return capital to shareholders. In that regard, NYSE Euronext announced its intent to resume a USD550 million share repurchase program following the termination of the merger agreement and after the release of its fourth quarter and 2011 year-end
In January 2012, the international derivatives exchanges of Eurex Group recorded an average daily volume of 8.2 million contracts (Jan 2011: 10.4 million).
Of those, 5.5 million were Eurex Exchange contracts (Jan 2011: 7.1 million), and 2.7 million contracts were at the US-based International Securities Exchange (ISE) (Jan 2011: 3.3 million). In total, 174.1 million contracts were traded, thereof 120.3 million at Eurex and 53.8 million at the ISE.
Eurex Exchange grew slightly in its equity index segment, the largest product segment, to 59.8 million contracts compared with 59.2 million contracts in January 2011. Futures on the EURO STOXX 50®
The National Futures Association (NFA) and MarketAxess Holdings Inc have entered into an agreement that paves the way for NFA to perform regulatory services for MarketAxess’ planned swap execution facility (SEF).
The Agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable MarketAxess and NFA to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for MarketAxess to fulfill its SEF self-regulatory obligations. Upon the issuance of the Commodity Futures Trading Commission’s (CFTC) final SEF rules, NFA and MarketAxess anticipate that they
Fund administrator GlobeOp is to be acquired by private equity firm TPG Capital in a deal worth around GBP508 million (USD800 million).
The deal follows GlobeOp’s announcement on 6 January 2012 that it was carrying out a review of its ‘strategic options’ and will see Geo 3, a newly established partnership directly owned by TPG Partners VI-AIV, acquire 100 per cent of the ‘issued and to be issued share capital of GlobeOp’.
Under the terms of the Offer, GlobeOp Shareholders will be entitled to receive 435 pence in cash for each Ordinary Share held. The Offer Price represents a premium
EFAMA has welcomed the publication by the European Securities and Markets Authority (ESMA) of its Consultation Paper setting out future guidelines on UCITS Exchange-Traded Funds (UCITS ETFs) and other UCITS issues.
Broadly speaking, EFAMA supports ESMA’s proposals in favour of increased investor protection through more transparency and additional requirements for securities lending, collateral management and the use of strategy indices. EFAMA also welcomes ESMA’s decision to broaden the scope of its proposed guidelines to all UCITS engaged in the same type of activity, instead of targeting exclusively UCITS ETFs.
Peter De Proft (pictured), Director General of EFAMA, says: “EFAMA
BNP Paribas, following a competitive tender, has implemented a mandate to provide fund administration to Equinox Fund Management (Equinox), a US alternative asset manager with more than USD1.5 billion in assets under management.
BNP Paribas administers a platform of independent fund vehicles accessed by mutual funds sponsored by Equinox. BNP Paribas’ solution captures and values trades in real-time, producing a Net Asset Valuation (NAV) on the same day. Equinox-sponsored mutual funds then use this NAV as part of the process to strike their own NAVs on a daily basis. This daily-NAV solution provides the necessary transparency required to value alternative
SEI has been selected by Monsoon Capital, a US-based alternative asset manager focusing on emerging markets, to provide full fund administration and trustee and custodial services for the firm’s UCITS IV fund.
Given Monsoon’s systematic and quantitative trading approach, SEI’s technology, which delivers a straight-through, automated process for trade reconciliation, was a key factor in the manager’s decision to select SEI. Monsoon will also receive comprehensive data management, performance, and risk reporting via SEI’s Manager Dashboard. The online tool provides Monsoon with the flexibility to tailor reporting to better support the firm’s unique business decision-making process.
SEI’s comprehensive outsourcing solution
UK-based Javelin Capital, an emerging markets equity hedge fund backed by Majedie Investments, has launched a UCITS-compliant version of its fund on the SICAV platform established by G
