Intercontinental Exchange’s (ICE) Board of Directors has approved pursuing an effective five-for-one stock split of ICE’s common stock that will be distributed in the form of a four share stock dividend per share. The proposal is subject to both Securities and Exchange Commission (SEC) and stockholder approval of the adoption of an amendment and restatement to ICE’s Certificate of Incorporation to increase the authorized shares of common stock and capital stock.
ICE also announced its third quarter dividend of 85¢ per share payable on Sept. 30, 2016 to holders as of Sept. 16, and an ex-dividend date of Sept. 14. Additionally, the ICE Board authorized $1 billion for future stock repurchases.
StockTwits Inc., the social platform for investors and traders announced in August that it will partner with Modern Trader magazine to present Stocktoberfest 2016 from Oct. 13-15. Stocktoberfest is a gathering of active traders, investors, fintech entrepreneurs, venture capitalists, and financial media, originally conceived by StockTwits co-founder Howard Lindzon. Held at the Hotel del Coronado in Coronado, Calif., the annual event features top names in trading, investing, fintech, and financial media as both presenters and attendees. This year’s theme will be: “Why it’s never been a better time to be an active investor.”
HTG Capital Partners, LLC
HTG Capital Partners LLC and Kottke Associates LLC, announced that they have reached a definitive agreement providing for the acquisition by HTG of the introducing broker, money management and proprietary trading businesses of Kottke Associates. The transaction is expected to close in the third quarter, subject to the completion of certain closing conditions. Chris Hehmeyer, manager and CEO of HTG, commented in a statement, “HTG is very excited to partner with the Kottke team. Neal and his partners are giants in our industry, and I am honored to now be in business with someone I have known for over 30 years.”
Bats Global Markets Inc. announced plans to launch the Bats Auction Mechanism (BAM), new functionality that provides price improvement opportunities for orders sent to its EDGX Options Exchange. Bats plans to launch BAM in November, pending SEC approval. The company’s two U.S. options exchanges, EDGX and BZX, set a combined record with market share of 11.7% in June while remaining the market leader in single-leg equity options trades with 19% market share. In addition, Bats will introduce a new feature called the Priority Quote Allocation. This functionality provides incentives to maintain two-sided quotes.
Financial services firm Scottrade Inc., released a social media intelligence platform for its trading clients on the ScottradeELITE platform. Scottrade is working with Contix, the social media event detection platform focused exclusively on trading to provide real-time breaking news alerts surfaced through social and traditional media. The tool surfaces specialized news for traders and investors by monitoring and analyzing over half a billion social and traditional media posts each day and pushing real-time alerts of the very earliest mentions of breaking financial news events. The tool is offered at no charge for two weeks within the ScottradeELITE platform. Scottrade clients who subscribe will receive a discounted rate from Contix and 20 free trades from Scottrade.
The International Swaps and Derivatives Association Inc. (ISDA) and IHS Markit announced the launch of ISDA Amend 2.0. ISDA Amend 2.0 allows investors to implement the new margining requirements for non-cleared derivatives, as well as the ability to inform counterparties about elections they have made under the ISDA Resolution Stay Jurisdictional Modular Protocol (ISDA JMP).
MUFG Investor Services
The global asset servicing group MUFG Investor Services and global asset management and investment advisory business Guggenheim Investments announced that they have made an agreement that MUFG Investor Services will acquire Guggenheim’s 1940-Act mutual fund administration business, Rydex Fund Services. The transaction is expected to close in the fourth quarter of 2016, subject to regulatory approvals and customary closing conditions, the company said in a statement.
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