- SecondMarket a broker/dealer specializing in bankruptcy claims is creating an electronic auction where former MF Global customers can have multiple buyers bid for their claims. The sellers can set a minimum price they are willing to sell their claims at and multiple bidders compete to meet or exceed that price. SecondMarket will charge 0.5% of the proceeds the seller receives from the auction to be held on July 16.
- Maple Group received approval from the Ontario Securities Commission (OSC), which issued a No-Action letter confirming that the bureau does not intend to challenge Maple’s proposed acquisition of TMX. The Competition Act provides a one-year period following the completion of the transaction during which the Commissioner of Competition may raise the issue before the Competition Tribunal.
- A TSE-OSE merger has been approved by Japanese regulators, according to a statement issued by the Japan Fair Trade Commission (JFTC). TSE will move on with its JPY 480,000 per share takeover of OSE, and is expected to be completed on Jan. 1, 2013.
- Nasdaq OMX acquired NOS Clearing ASA, a Norway-based clearing house, for an undisclosed amount, after getting regulatory approval and approval from Imarex shareholders. Head of NDAQ Commodities, Geir Reigstad, commented that “NOS Clearing ASA fits perfectly into our strategy to grow internationally within the energy space.”
- The NASDAQ OMX Group announced that its BX Options exchange has become a participant exchange in the Options Clearing Corporation (OCC), bringing the total number of U.S. options markets to 10. Following the deal, all standardized options contracts traded on NASDAQ OMX BX can offset against the same contracts traded on other domestic options markets, ideally leading to increased efficiencies for member firms.
- The Options Industry Council (OIC) and the Chartered Institute for Securities & Investment (CISI) have signed a content sharing agreement making OIC's equity options educational materials available to CISI's global membership. The agreement allows CISI to provide its members access to the full suite of OIC print and digital material.
- The International Securities Exchange (ISE) announced that order management functionality is now available in PrecISE Trade®, ISE's innovative, front-end execution system. PrecISE users are now able to route orders to other PrecISE users for execution. Additionally, PrecISE offers a new "parent/child" feature, or the ability to stage larger orders and divide them into smaller orders to better control order management and execution.
- Dow Jones Indexes and FXCM will jointly launch the Dow Jones FXCM Yen Index, an index measuring changes in the value of the Japanese yen against a basket of the US dollar, the euro, the Australian dollar and the New Zealand dollar.
- NYSE will launch its new Retail Liquidity Program (RLP) on Aug. 1 after receiving SEC approval. NYSE said that initiative is complementary to existing product offerings and is intended for firms that service retail order flow. Under the program, retail brokers connect directly to the exchange and receive rebates for sending orders to the bourse, and match flows against designated market making firms which benefit from trading fee discounts and for providing liquidity. The retail brokers will have to submit orders that offer a price improvement that is a minimum increment over the protected best bid and offer.
- HKEx received approval from the Securities and Futures Commission (SFC) to list the first RMB qualified foreign institutional investor (RQFII) A-share ETF, which allows RMB raised outside of mainland China to be invested in an instrument replicating the A-share Chinese blue chip index performance.
- BATS Global Markets announced the results of the annual reconstitution of the BATS 1000 Index, a U.S. equities market benchmark, which will become effective prior to market open on Monday, July 2. As a result of the reconstitution, a total of 30 companies will be replaced in the Index. Some of the companies being added to the Index include LinkedIn Corporation (LNKD), GNC Holdings Inc. (GNC), The Madison Square Garden Company (MSG), Medivation, Inc. (MDVN) and Marathon Petroleum Corporation (MPC).
- HKEx signed a joint venture with Shanghai Stock Exchange and Shenzhen Stock Exchange to develop index-linked and equity derivative products. The partners will each invest HKD100m (US$12.89m) in the new company, which will be established within three months of the agreement signing.
- NYSE Technologies strengthened its ties with cloud-based web services provider Xignite Inc., and will launch a service for using the Internet to access real-time, historical and reference data across its markets, Zacks reported. This move will further develop the NYSE Technologies Market Data Web Services, which is powered by XigniteOnDemand.
- OptionsCity Software announced that it has signed an agreement to integrate with YellowJacket, an advanced communication platform operated by IntercontinentalExchange designed to meet the needs of traders and brokers in the derivative markets. OptionsCity’s pricing and theoretical values will be displayed within ICE’s YellowJacket interface beginning in the third quarter of 2012.
- Nasdaq OMX Group, Inc. announces that the Hong Kong Exchanges & Clearing Ltd (HKEx) will upgrade its derivatives trading system and clearing system to Nasdaq’s Genium INET technology. In addition HKEx has extended its support contract with Nasdaq OMX for a further five years. The platform upgrade is scheduled to be in effect by the fourth quarter of 2013.