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CBOE To Launch Exchange-Traded Credit Default Options In Second Quarter

Date 14/03/2007

The Chicago Board Options Exchange (CBOE) today announced that it has developed and plans to launch Credit Default Options based on credit events, during the second quarter of 2007, pending regulatory approval. Regulatory approval for Credit Default Options on individual companies is expected shortly, and CBOE intends to file for Credit Default Basket Options soon. CBOE's Credit Default Options offer the opportunity to hedge the risk of adverse credit events such as bankruptcy and failure to
SEC Enforcement Action Against Banc Of America Securities For Failing To Safeguard Nonpublic Research Information And Publishing Fraudulent Research - Firm To Pay $26 Million

Date 14/03/2007

The Securities and Exchange Commission announced today a settled enforcement action against Banc of America Securities LLC (BAS) for failing to safeguard its forthcoming research reports, including analyst upgrades and downgrades, and for issuing fraudulent research. As part of the settlement, BAS agreed to a censure, a cease-and-desist order, and payment of $26 million in disgorgement and penalties.
CBOE Introduces New Benchmark Index - CBOE S&P 500 VARB-X Strategy Benchmark Provides Performance Measure For Volatility Arbitrage Trading

Date 14/03/2007

The Chicago Board Options Exchange (CBOE) today announced that it will begin publishing a new benchmark index, the CBOE S&P 500 VARB-X Strategy Benchmark (VTY) on Friday, March 16, 2007. The new index tracks the performance of a hypothetical volatility arbitrage trading strategy designed to capitalize on the historical difference between S&P 500 Index (SPX) option implied volatility and the realized, or historical, volatility of the S&P 500 Index.
SEC And NYSE Settle Enforcement Actions Against Goldman Sachs Unit For Role In Customers' Illegal Trading Scheme

Date 14/03/2007

The Securities and Exchange Commission and the NYSE Regulation, Inc. today settled separate enforcement proceedings against a prime broker and clearing affiliate of The Goldman Sachs Group, Inc. for its violations arising from in an illegal trading scheme carried out by customers through their accounts at the firm. Both proceedings find that firm customers traded and profited by illegally selling securities short just prior to public offerings of the companies' securities. In connection with
OMX Signs Agreement With BIDS Trading

Date 14/03/2007

OMX, a leading expert in the exchange industry, has signed an agreement with BIDS Trading, L.P. (Block Interest Discovery Service). Under the terms of the agreement, OMX will provide hosting capabilities for the BIDS ATS.

UK’s Financial Services Authority Supports IOSCO Principles For The Valuation Of Hedge Fund Portfolios

Date 14/03/2007

The Financial Services Authority (FSA) has today supported the paper released by IOSCO on the valuation principles that should be used by hedge funds in valuing their investment portfolios. Dan Waters, FSA Asset Management Sector Leader and Chair of the IOSCO working group which drafted the valuation paper, said:
The Philadelphia Stock Exchange Announces Launch Of The PHLX Marine Shipping IndexIndexTM (ShxSM) On March 14

Date 14/03/2007

The Philadelphia Stock Exchange announced today the launch of the PHLX Marine Shipping IndexIndexTM (ShxSM). Options on the SHX are slated to be launched at a later date.
CME And CBOT Announce New Timelines For Electronic And Floor Trading Migrations Post Merger Close

Date 14/03/2007

Following the October 17, 2006, announcement of their proposed merger to create the most extensive and diverse global derivatives exchange, Chicago Mercantile Exchange Holdings Inc. (NYSE, Nasdaq: CME) and CBOT Holdings, Inc. (NYSE: BOT) today announced new proposed timelines for electronic migration to CME Globex(R) and trading floor consolidation.
FIA Inducts 19 Individuals To Futures Hall Of Fame

Date 14/03/2007

The Futures Industry Association today announced the induction of 19 members into the Futures Hall of Fame. They join 55 other honorees in the Hall of Fame, which was established in 2005 on the occasion of the FIA’s 50th anniversary. The 19 new members were honored at a special dinner and awards ceremony during the 32nd annual International Futures Industry Conference in Boca Raton, Fla.
Chi-X Names Michael Bundy CTO

Date 14/03/2007

Instinet Chi-X(R) Limited, a pan-European equity alternative trading system (ATS), today named Michael Bundy Chief Technology Officer. Mr. Bundy joins Chi-X from Nomura subsidiary Instinet, which owns Chi-X, where he will be succeeded by Christopher Rogers (see separate announcement).