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Date 06/08/2012
Knight Capital Group Notice Regarding Capital Infusion Transaction And Reliance On Exemption To NYSE's Shareholder Approval Policy
Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced that it has issued shares of convertible preferred stock convertible into approximately 267 million shares of common stock pursuant to a Securities Purchase Agreement entered into by Knight with several purchasers on August 6, 2012 in exchange for an aggregate of $400 million. This capital infusion was undertaken in response to the extraordinary trading loss experienced by Knight on August 1, 2012, which significantly depleted Knight's capital base and in turn precipitated a loss of customer and counterparty confidence and liquidity crisis that, if not immediately addressed, would have threatened Knight's ability to continue to operate. Today's capital infusion provides the liquidity and capital necessary to restore confidence to customers and the market and enables Knight to continue as an active participant in the capital markets. Because the shares issued represent, on an as-converted basis, approximately 73% of the outstanding common stock of Knight on a post-issuance basis, the issuance of convertible preferred stock would normally have required approval of Knight's stockholders according to the Shareholder Approval Policy of the New York Stock Exchange (the "Exchange"). However, the Audit Committee of the Board of Directors of Knight determined that the delay necessary in securing stockholder approval prior to the issuance of the preferred stock would seriously jeopardize the financial viability of Knight. Because of that determination, the Audit Committee expressly approved Knight's reliance on an exception provided in the Exchange's shareholder approval policy for such a situation and Knight's omission to seek the stockholder approval that would otherwise have been required under the Exchange's policy. In connection with Knight's request for the exceptional relief granted by the Exchange, Knight informed the Exchange regarding the circumstances that would have existed in the absence of a capital infusion transaction, including a liquidity situation in which it would not have been able to obtain necessary funds on an immediate basis because of the short cycle of Knight's funding sources and the risk that daily funding sources necessary for Knight's routine operations could cease to be available to Knight. The Exchange does not object to Knight's use of the exception and expects to approve Knight's listing application in relation to the proposed transaction on that basis.
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Date 06/08/2012
Pragma Research Recommends Market Structure Changes To Reduce Trading Costs For Investors
Pragma Securities, an independent algorithmic trading boutique, announced recommendations for market structure changes, which would reduce the amount investors lose in trading costs. The recommendations are based on recent Pragma research showing that when High Frequency Trading (HFT) market makers compete with directional traders, i.e., investors, to earn spreads and rebates by providing liquidity, investors are forced to cross the spread more often, which results in higher costs.
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Date 06/08/2012
Dow Jones Islamic Market Titans 100 Index Finished Up 2.50% In July - Index Measures Performance Of 100 Of World’s Leading Shari’ah-Compliant Stocks - Dow Jones Islamic Market Asia/Pacific Titans 25 Index, Dow Jones Islamic Market Europe Titans 25 Index End July In Positive Territory - Dow Jones Islamic Market U.S. Titans 50 Index Gains 2.44%
The Dow Jones Islamic Market Titans 100 Index finished July up 2.50%, according to data compiled by S&P Dow Jones Indices. The index measures the performance of 100 of the world’s leading Shari’ah-compliant stocks.
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Date 06/08/2012
U.S. Department Of The Treasury Announces $750 Million In Additional Expected Proceeds From AIG Common Stock Sale
Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its underwritten public offering of American International Group, Inc. (AIG) common stock. The underwriters have exercised their over-allotment option in full to purchase approximately 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share.
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Date 06/08/2012
Remarks Before The 2012 American Accounting Association Annual Meeting - Policy Choices Informed By Root Cause Analysis And The Audit Performance Feedback Loop – Investors Are Counting On All Of Us, By Brian T. Croteau, Deputy Chief Accountant, Office Of The Chief Accountant, U.S. Securities And Exchange Commission
Introduction
Good afternoon. Thank you Steve [Glover] for that very kind introduction and thank you to the Auditing Section of the American Accounting Association for inviting me to be here today. While many of us in Washington are heading to the Maryland and Delaware shores this time of year, I’m so glad to see so many of you from around the country assembled here, in our nation’s capital, to collaborate and share your research and thoughts on important accounting and auditing topics. I’ve had the opportunity to take part in many academic conferences, symposiums, and other meetings over the years, and I always look forward to them. I have learned that the academic community is not - nor should you be - shy about being clear and direct when sharing your views with colleagues, auditors, regulators, and others. I find it extraordinarily valuable to hear about the research and other thinking that you and your students are doing and also what you think about the work that the Public Company Accounting Oversight Board (PCAOB) and SEC are doing. I’m particularly pleased to see so many familiar faces here today and glad that many of you stay in touch and provide very helpful updates about your work throughout the year. Before I go any further, I must remind you that my remarks today are my own and do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.
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Date 06/08/2012
BOX Options Exchange Price Improvement Activity Increases In July
In the month of July, price improved contracts on BOX Options Exchange (“BOX”) averaged 280,308 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction (“PIP”) averaged $179,218 per day, while total savings to investors this month were $3.8 MM. With this, BOX has saved investors over $395 MM since its inception in 2004. Overall average daily trading volume on BOX in the month of July was 593,901 contracts, which represented a 1% increase over the same period last year.
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Date 06/08/2012
Direct Edge Trading Notice #12-31: Introducing Edge Ticker Plant
Today, Direct Edge® launched Edge Ticker PlantSM, a low-cost, high-performing accelerated market data aggregator as part of our consistent commitment to offer value-added products and services to market participants. Edge Ticker Plant leverages the Connect EdgeSM network and Exegy ticker plant technology to integrate more than 20 market data feeds with direct market access to all major U.S. equity exchanges. Edge Ticker Plant was designed to lower technology infrastructure costs without compromising performance and uses the same trusted connectivity infrastructure that supports the Direct Edge exchanges and our Member firms.
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Date 06/08/2012
Knight Capital Group Completes $400 Million Equity Financing Agreement - Infusion Of New Capital And Resulting Liquidity Will Allow Knight To Resume Normal Operations Immediately
Knight Capital Group, Inc. (NYSE Euronext: KCG) announced $400 million in equity financing withWall Street firms including Jefferies Group, Inc., which conceived and structured the investment, as well as Blackstone, GETCO LLC, Stephens,Stifel Financial Corp. and TD Ameritrade Holding Corporation.
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Date 06/08/2012
BM&FBOVESPA Announces July Market Performance
- More than 300,000 agribusiness derivatives contracts traded
- FIIs turn over BRL 242.71 million in 28,063 transactions in July
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Date 06/08/2012
Final ISDA-AFME-BBA-Assosim Submission To ESMA Re. EMIR Draft Technical Standards For The Regulation On OTC Derivatives, CCPs And Trade Repositories
Click here to download the ISDA-AFME-BBA-Assosim response to the ESMA Consultation Paper and Draft Technical Standards for theRegulation on OTC Derivatives, CCPs and Trade Repositories.
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