Barclays' accused of falsifying materials

Exchange Shorts

  • London Stock Exchange agreed to buy Russell Investments for $2.7b, the FT reported. The deal was financed by debt and a $1.6b equity fundraising. LSE CEO Xavier Rolet stated that “with this acquisition we are strongly positioned for the changing dynamics in the global indices market.”
  • Eris Exchange: RBS Securities will offer clearing services to RBS’s global client base via Eris Exchange. RBS will also offer its clients access to Eris SwapBook, Eris Exchange’s electronic central limit order book.
  • Singapore Exchange: Singapore government confirmed plans for the launch of a gold futures contract on the SGX. Trading could start as early as in September.
  • Barclays’ dark pool is being sued by New York’s attorney general Eric Schneiderman, who alleges that the dark pool gave high-frequency traders advantages over other customers, Bloomberg reported. According to the report, Barclays had falsified marketing materials in order to conceal how much HFT traders were trading.
  • Merval cash market and ROFEX derivatives market announced that the first transactions pursuant to the interconnection agreement between the two Argentine exchanges have been registered. Transactions involved Merval member Allaria Ledesma and ROFEX member LBO SBSA. CNV President Alejandro Vanoli said the new Capital Market Law -which promotes interconnection- is now officially real.
  • SEC adopted part of a long-awaited rule on Wednesday, which explains when certain cross-border trades by foreign banks trigger a requirement for them to register as a “security-based swap dealer.”
  • Switzerland is considering regulations that may require the country’s commodity trading industry to disclose payments to foreign governments. According to Bloomberg, head of the Swiss commercial registry office in Bern, Nicholas Turin, stated that the proposals allow Switzerland “the option to increase the scope of the regulations to match other jurisdictions.”
  • ICAP hired PricewaterhouseCoopers to review how to separate its broking unit from its electronic-trading businesses. The London-based cut 100 positions at its voice brokerage business as part of a 60-million-pound cost-reduction plan, according to Bloomberg.
About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com. 

Equity Research Desk (www.erdesk.com) provides fundamental analysis of global capital markets related entities to support the investment process of buy-side analysts at hedge funds and traditional money managers. The company focuses its coverage on securities exchanges, discount brokers, trading platforms, asset managers, financial-related technology companies and intellectual property assets in the US, Europe, Asia, and Latin America.

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