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SIFMA: US Municipal Bond Credit Report, 2012 Q2

Date 31/07/2012

About the Report

The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both taxable and tax-exempt. Issuance volumes, outstanding, credit spreads, highlights and commentary are included.

Summary

According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $113.1 billion in the second quarter of 2012, a 44.8 percent and 70.1 percent increase, respectively, quarter-over-quarter ($78.1 billion) and year-over-year ($66.5 billion). Refundings as a percentage of issuance continued to stay elevated in the second quarter as issuers sought to take advantage of low rates, with approximately 62.5 percent of issuance in 2Q'12 derived from refundings, having abated slightly from the 66.7 percent in 1Q'12 but well above 48.9 percent in 2Q'11. Year-to-date, municipal issuance totaled $191.2 billion, a smidge shy of the 10-year average ($194.3 billion year-to-date).

Thomson Reuters Reports Second-Quarter 2012 Results

Date 31/07/2012

• Revenues grew 3% before currency
• Adjusted EBITDA of $892 million with a margin of 28.0%
• Underlying operating profit of $617 million with a margin of 19.3%
• Adjusted earnings per share were $0.54 vs. $0.51 in the second quarter 2011
• 2012 Outlook affirmed

ISDA: Response To The Third FSB Progress Report On Implementation Of OTC Derivatives Market Reforms

Date 31/07/2012

The International Swaps and Derivatives Association (ISDA) would like to take this opportunity to respond  to  the  Financial  Stability  Board’s  Third  Progress  Report  on  Implementation  of  OTC Derivatives Market Reforms, as published on 15 June 2012 (“the Progress Report”).

Bermuda Stock Exchange Will Be Closed For Bermuda ‘Cup Match’ Public Holidays

Date 31/07/2012

The Bermuda Stock Exchange (BSX) advises that the BSX will be closed on 02 and 03 August, 2012, for the Emancipation Day and Somers Day (collectively known as “Cup Match”) public holidays in Bermuda. The Exchange will reopen on Monday, 06 August, 2012.

Thomson Reuters And FX Alliance Inc. (FXall) Announce Expiration Of Hart-Scott-Rodino Act Waiting Period Relating To Tender Offer For Shares Of FXall

Date 31/07/2012

Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, and FXall (NYSE:FX), the leading independent global provider of electronic foreign exchange trading solutions to corporations and asset managers, today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”), has expired in connection with the previously announced cash tender offer made by CB Transaction Corp., a wholly owned indirect subsidiary of Thomson Reuters, to purchase all of the outstanding shares of common stock of FXall. Expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the tender offer.

ISDA: Letter On EMIR Concerns Regarding Timing And Scope Of Application Of Obligations Of Clearing Members Of CCPs, To EC Internal Market And Services, EBA And ESMA

Date 31/07/2012

The new Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (EMIR) imposes a number of obligations on clearing members of CCPs. However, EMIR does not explicitly address a number of important issues as to the timing or scope of the application of these provisions. EMIR will be directly applicable and it is important that it is made clear that these obligations only apply to clearing members of existing EU CCPs when the CCP becomes authorised under EMIR and do not apply to clearing members of non-EU CCPs.

Wurts & Associates Selects MSCI’s BarraOne

Date 31/07/2012

MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, announced today that Wurts & Associates has selected BarraOne as an integral  tool in their investment process.

ISDA: Letter On EMIR Prohibition Against Non-EU CCPs Providing Clearing Services In The EU, To EC Internal Market And Services, EBA And ESMA

Date 31/07/2012

Article 25(1) EMIR 1  will prohibit non-EU central counterparties (CCPs) from providing clearing services to clearing members (and trading venues) established in the EU unless and until the CCP is recognised by the European Securities and Markets Authority (ESMA).  As with other provisions of EMIR relating to the regulation of CCP, this provision will apply to all kinds of CCPs including those clearing OTC derivatives, exchange traded  derivatives and securities transactions.

Speech By SEC Commissioner: Remarks On News Conference Call About The SEC’s Report On The Municipal Securities Market By SEC Commissioner Elisse B. Walter

Date 31/07/2012

As many of you know, the municipal securities market is an incredibly important component of our capital markets and provides critical support for our country’s infrastructure. The funds that are raised through this market help finance schools, roads, hospitals, and so much more.

Toronto Stock Exchange, TSX Venture Exchange, TMX Select And Montreal Exchange Closed For Civic Holiday

Date 31/07/2012

TMX Group Inc. today announced that Toronto Stock Exchange, TSX Venture Exchange, TMX Select and Montreal Exchange will be closed on Monday, August 6, 2012 for the Civic Holiday. NGX will remain open for regular trading hours.