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  • CME Group And GFI Group Announce Plan For Strategic Transactions - CME Group To Acquire Trayport And FENICS From GFI Group - GFI Group Stockholders To Receive $4.55 Per GFI Group Share In CME Group Stock Creating Substantial Stockholder Value - GFI Group's Wholesale Brokerage To Be Acquired By Private Consortium Of Current GFI Group Management

    Date 30/07/2014

    CME Group, the world's leading and most diverse derivatives marketplace, and GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, today announced that they have entered into definitive agreements to create value for their respective stockholders through a two-step transaction through which:

    • CME Group will acquire Trayport and FENICS. CME Group will purchase these businesses by first acquiring all of the outstanding shares of GFI Group in exchange for $4.55 per share in CME Group Class A Common Stock which represents a 46% premium above yesterday's closing price of $3.11 per share of GFI Group common stock.
    • Immediately following the acquisition of GFI Group, a private consortium of GFI Group management, led by current Executive Chairman Michael Gooch, CEO Colin Heffron and Managing Director Nick Brown, will acquire GFI Group's wholesale brokerage and clearing businesses for $165Min cash and the assumption, at closing, of approximately $63M of unvested deferred compensation and other liabilities. After completion of the transaction, the wholesale brokerage business, including the Kyte Group, will continue as a private company with its management and operations largely unchanged. The continuing GFI Group brokerage business will maintain its commitment to both Trayport and FENICS by entering into long-term commercial agreements.

  • Moscow Exchange: Update On Equity & Bond Market Trading Suspension

    Date 30/07/2014

    Moscow Exchange is currently working to resolve the issues disrupting Equity & Bond Market trading.

  • ISDA Publishes Bilateral Form Of Amendment Agreement For Certain Silver Transactions

    Date 30/07/2014

    ISDA has published a Bilateral Form of Amendment Agreement for Certain Silver Transactions, which addresses the winding down of the administration of the London Silver Fix by the London Silver Market Fixing Limited on August 14, 2014. Counterparties with outstanding contracts referencing the ‘SILVER-FIX’ can use the amendment agreement to replace that with a new commodity reference price, which may include a reference to the new London Silver Price, expected to be available from August 15, 2014. The amendment agreement can be downloaded here, while an explanatory note can be found here.

  • Moscow Exchange: Settlement Time For Trades On The Equity & Bond Market Postponed

    Date 30/07/2014

    Due to the trading suspension on the Equity & Bond Market, the National Clearing Centre will not settle trades in the first clearing pool at the established time.

  • BBA Comment On BoE Announcement On Remuneration

    Date 30/07/2014

    Responding to the Bank of England announcement on responsibility and accountability in the banking sector, Anthony Browne, chief executive of the BBA, said:

    “One banker rewarded for failure is one too many. That’s why banks have already taken steps to right the wrongs of the last decade, cutting cash bonuses by more than 75% and fixing rewards more closely to the long-term health of the business. We also agree that clawbacks can certainly be a useful way to discourage wrongdoing and are in the interests of customers and shareholders."

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