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NYSE Euronext has signed an agreement with several global banks and liquidity providers — Citadel Securities, Getco, Goldman Sachs, Morgan Stanley and UBS — to sell a significant equity interest in NYSE Liffe US, its US futures exchange.
NYSE Euronext will remain the largest shareholder in the entity and will continue to manage its day-to-day operations.
NYSE Liffe US will operate under the supervision of a separate board of directors, chaired by Jim McNulty and chief executive officer Thomas F. Callahan.
The transaction is expected to close shortly, subject to regulatory review.
"This partnership further demonstrates the commitment of NYSE
The States of Guernsey has welcomed the final report of the Foot Review, which examines the long-term opportunities and challenges facing British Crown Dependencies and overseas territories as financial centres.
Guernsey’s chief minister Deputy Lyndon Trott says: “In my view this report vindicates the position of Guernsey and the other Crown Dependencies. Mr Foot finally confirms the issue that the three Crown Dependencies do provide a positive economic benefit to the UK.
“Once again an independent expert has found Guernsey to be a favourable, compliant and transparent international financial centre, which can offer high quality professional services for the benefit
NYSE Euronext’s net income was USD125m, or USD0.48 per diluted share, for the third quarter of 2009, compared to net income of USD174m, or USD0.66 per diluted share for the third quarter of 2008.
Third quarter 2009 GAAP results include the impact from merger expenses and exit costs, the impact of the disposition of Hugin Group, the sale of its investment in BM&F Bovespa and a fair value adjustment to its investment in BIDS Holdings.
Pro forma non-GAAP diluted earnings per share excluding these items was USD0.53 in the third quarter of 2009, compared to USD0.72 in the third quarter
A recent Edhec position paper has welcomed the European Commission’s consultation on the Ucits depositary function, but stresses that an in-depth study of the regulations and practices of those who are part of the value chain is necessary.
The two authors – Noël Amenc, director of Edhec-Risk Institute and professor of finance at Edhec, and Samuel Sender, director of applied research at Edhec-Risk – also believe that above a protective floor offered to non-qualified investors, protection should be optional, and this protection should be subject to a cost-benefit analysis.
Say Amenc and Sender: “The European Commission consultations on the Ucits
The Federal Court of Australia has approved the settlement of a compensation claim to clients who were advised by Professional Investment Services to invest in the failed Westpoint Group.
Under the settlement, PIS must pay eligible investors AUD5.9m.
The court approved a distribution mechanism whereby the settlement sum will be distributed equally to group members based upon the total capital that they had invested. This will result in group members receiving 62.5 per cent of the capital they invested.
On 7 September 2009, the Australian Securities and Investments Commission filed an application with the Federal Court in Brisbane seeking final
Dutch hedge funds on average gained 1.31 per cent in September, as measured by the Finles/IEX Dutch hedge fund index.
The index rose 11.48 per cent in the first nine months of 2009, outperforming the global hedge fund index. The HFRX Global hedge fund index rose 10.8 per cent.
The five best performing funds in September were: All Markets Fund; HIQ Invest Market Neutral Fund; QAM Global Certificate; IdB Real Estate Fund; and Henderson Global Currency Fund.
The five best performing funds YTD are: HIQ Invest Market Neutral Fund (+40 per cent); Antaurus Europe Fund (+36 per cent); IdB
Jersey Finance has welcomed the conclusions of the Review of British Offshore Financial Centres, which was launched in November last year when Michael Foot was asked to review the opportunities and challenges facing British Crown Dependencies and overseas territories that had significant financial centres.
Published today, the report includes an examination of how these financial centres are managing the effects of the economic downturn, as well as their overall ability to respond to major economic shocks. Issues such as implementation of international standards for regulation and information exchange are also reviewed.
Jersey is regarded as performing extremely well in all
Paladyne Systems, a provider of technology and services to the global hedge fund industry, has formed a partnership with RiskMetrics, a provider of risk management and corporate governance services to the global financial community, to provide intra-day, daily and monthly risk reports to hedge funds and service providers.
Paladyne has integrated RiskMetrics’ RiskManager, a tool for analysing, measuring and monitoring risk, with Paladyne Analytics Master, a data aggregation warehouse, custom reporting, and reconciliation tool.
Both firms’ clients now have a two-way connection enabling them to seamlessly communicate position data to RiskManager and receive back a full-set of risk analysis reports
BNY Mellon has received approval from the Irish Financial Regulator to establish a new bank licensed entity in Ireland.
Known as The Bank of New York Mellon (Ireland), the creation of the new entity reinforces BNY Mellon’s commitment to Ireland and provides strategic growth opportunities for its business there.
The licence allows BNY Mellon to provide a wide range of banking services to its institutional clients and the broader market, and will also expand the range of capabilities it can offer from Ireland to local and global clients.
In addition to his role as country executive for Ireland, Joe Duffy
The share of electronic trading in buy side fixed income volumes and sell side electronic volumes declined in 2008, but in 2010-12 there will be a recovery in Europe as the economy improves and spreads tighten, according to a report from Celent, a Boston-based financial research and consulting firm.
According to the report, trading in the secondary market has suffered in the wake of the downturn. Government bond volumes are down around 20 to 30 per cent on their pre-downturn levels. Non-government bonds suffered much more, with trading levels down 70 to 80 per cent from their pre-credit crunch levels.
