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NASD Fines Three MetLife Securities Firms $5 Million For Providing Inaccurate, Misleading Information In Late Trading Inquiry - Firms Allowed Late Trading, Failed To Produce Emails In Timely Manner

Date 19/09/2006

NASD today announced that it has imposed a $5 million fine against MetLife Securities, Inc. (MSI) of New York, New England Securities, Inc. (NES) of Boston and Walnut Street Securities, Inc. (WSS) of St. Louis - all owned by MetLife, Inc. - for providing inaccurate and misleading information to NASD, allowing late trading of mutual funds, failing to produce e-mails in a timely fashion and other conduct that violates NASD's rules.
Mother Dairy Selects Financial Technologies And MCX To Set Up SAFAL National Exchange Of India (SNX) - First Nation-Wide Spot Exchange For Perishable Commodities In India

Date 19/09/2006

Mother Dairy Foods Processing Limited, a group company of NDDB (National Dairy Development Board) and the owner of brands like ’Mother Dairy’, ’Safal’ and ’Dhara’, has signed a joint venture agreement with Financial Technologies (India) Ltd and MCX (Multi Commodity Exchange of India Ltd.) to establish the SAFAL National Exchange of India Ltd (SNX).
MiFID: Investment Banks Sign Letter Of Intent To Pool Trading Information

Date 19/09/2006

Members of a consortium of leading investment banks have signed a Letter of Intent and Term Sheet to pool trade transparency information across Europe to create a trade data and market data dissemination platform. The members of the consortium are: ABN AMRO, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS.
LIFFE CONNECT® Platform Wins Customer Acclaim For Dramatic Performance Uplift

Date 19/09/2006

Euronext.liffe, the international derivatives business of Euronext, completed the latest upgrade of its LIFFE CONNECT® trading platform this summer, as part of an on-going investment programme, giving the system significantly improved performance. Customers will see the further benefits of increased capacity with this week’s launch of the successful “full-screen” market model into the Paris equity derivatives market.
Leading Central European Broker, WOOD And Company, To Offer Direct Market Access To Prague, Budapest And Warsaw Stock Exchanges Via GL NET

Date 19/09/2006

GL TRADE, global provider of front-to-back office software solutions for international financial institutions, offers WOOD & Company, the first Central European broker Direct Market Access to Prague, Budapest and Warsaw stock exchanges via GL NET.

JADE To Go Live September 25

Date 19/09/2006

Starting September 25, 2006 trade Asian commodity derivatives in a state-of-the-art electronic environment established in partnership by two of the world's most respected exchanges. The Chicago Board of Trade (CBOT®) and the Singapore Exchange (SGX) have joined forces to create the Joint Asian Derivatives Exchange (JADE), a market division of SGX-DT. On this date, JADE will commence trading in its first futures contract, TSR 20 Rubber. This contract will be traded on
ICEX News & Views - Volume 6, Issue 20

Date 19/09/2006

This issue: the planned combination of ICEX and OMX, day count methods on the bond market and first day of trading in Exista.
Iceland Stock Exchange To Join The OMX Nordic Exchange

Date 19/09/2006

OMX and Eignarhaldsfelagid Verdbrefathing hf (EV), the owner of Iceland Stock Exchange (ICEX) and Icelandic Securities Depository (ISD) have signed a Letter of Intent regarding an acquisition of EV. The transaction is the next step in realizing the vision of an integrated Nordic and Baltic securities market and establishing the OMX Nordic Exchange as a leading European marketplace.
Eurex Clearing Lowers Fees For Equity Transactions On Xetra Additional Volume Discounts For The Clearing Of Algorithmic Trading Transactions - Total Cost Of An Average Order In Algorithmic Trading €1.93/€10,000 Private Client Order Costs €1.27

Date 19/09/2006

As of 1 October, Eurex Clearing will be reducing the clearing fees for Xetra orders: The fixed fee per order will be reduced from €0.52 to €0.50; the variable fee remains unchanged at 0.0015 percent of the transaction value. Eurex Clearing also offers volume discounts of up to 49 percent on the fixed clearing fee per order to clients who generate orders on a fully electronic basis using the Automated Trading Program (ATP) on Xetra. This means that clients save around 7 percent of the current
Doral Financial Settles Financial Fraud Charges With SEC And Agrees To Pay $25 Million Penalty

Date 19/09/2006

The Securities and Exchange Commission today filed financial fraud charges against Doral Financial Corporation, alleging that the NYSE-listed Puerto Rican bank holding company overstated income by 100 percent on a pre-tax, cumulative basis between 2000 and 2004. The Commission further alleges that by overstating its income by $921 million over the period, the company reported an apparent 28-quarter streak of “record earnings” that facilitated the placement of over $1 billion of debt and equit