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  • Shenzhen Stock Exchange: 2012 ChiNext Q1 Performance Summary

    Date 27/04/2012

    Up to April, 27, 311 ChiNext-listed companies had disclosed 2012 Q1 report or relevant financial data. 311 companies garnered the aggregate operating income of 33.358 billion yuan for the first quarter;the average operating income reached 107 million yuan, up 12.79 percent year-on-year, higher than 0.96 percent, 12.05 percent growth rate respectively for the main board and SME board in the same period. The aggregate net profit came to 4.495 billion yuan, with the net profit averaged 14.45 million yuan, keeping even compared with the same period last year in which the average net profit slid 19.54 percent, 9.63 percent respectively for the main board and the SME board. Among these companies, 215 had the growth compared with last year, accounting for 69.13 percent. 81 got the decline year-on-year, representing 26.05 percent; 15 companies reported the loss for 2012 first quarter, taking 4.82 percent.  

  • Federal Court Enters Order Settling CFTC $85 Million Forex Fraud Action Against California Resident Peter Son And His Companies SNC Asset Management, Inc. And SNC Investments, Inc. - Defendants Ordered To Pay $5 Million Civil Monetary Penalty - Son Pleaded Guilty To Federal Charges In Related Criminal Action And Was Sentenced To 180 Months In Prison And Ordered To Pay Over $60 Million In Restitution

    Date 26/04/2012

    The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court supplemental consent order requiring defendants Peter Son (Son) of Danville, Calif., and his companies, SNC Asset Management, Inc., and SNC Investments, Inc., to pay a $5 million civil monetary penalty. The court also ordered Son’s wife, relief defendant Ann Lee (Lee), to disgorge $300,000 of ill-gotten gains. The court’s supplemental consent order, entered on April 19, 2012, by Judge Maxine M. Chesney of the U.S. District Court for the Northern District of California, resolves a CFTC complaint that charged the defendants with operating an $85 million fraudulent foreign currency (forex) scam (see CFTC Press Release 5666-09, June 9, 2009). The CFTC complaint named Lee as a relief defendant because she received monthly funds as purported wages, although she performed no services for SNC.

  • FSB Publishes Interim Report On Securities Lending And Repos

    Date 26/04/2012

    The Financial Stability Board (FSB) published today a report entitled  Securities Lending andRepos: Market Overview and Financial Stability Issues. The report describes the segments, operations and practices of these securities financing markets, which may constitute an important element of the shadow banking system. The FSB is examining the regulation of securities financing markets from a financial stability perspective as part of its wider work onshadow banking, on which the FSB will issue recommendations by the end of 2012.

  • Standard & Poor's Ratings Services Research Update: Ratings On Spain Lowered To 'BBB+/A-2' On Debt Concerns; Outlook Negative

    Date 26/04/2012

    Overview

    • We believe that the Kingdom of Spain's budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections. 
    • At the same time, we see an increasing likelihood that Spain's government will need to provide further fiscal support to the banking sector.
    • As a consequence, we believe there are heightened risks that Spain's net general government debt could rise further.
    • We are therefore lowering our long- and short-term sovereign credit ratings on Spain to 'BBB+/A-2' from 'A/A-1'.
    • The negative outlook on the long-term rating reflects our view of the significant risks to Spain's economic growth and budgetary performance, and the impact we believe this will likely have on the sovereign's creditworthiness.

  • NYSE Euronext Board Of Directors Accepts Resignation Of Ricardo Salgado

    Date 26/04/2012

    NYSE Euronext (NYSE: NYX) announced today that its Board accepted the resignation of Ricardo Salgado from the Company’s Board of Directors. Mr. Salgado tendered his resignation pursuant to NYSE Euronext bylaws after he did not receive a majority of votes cast for reelection at today’s annual meeting of NYSE Euronext shareholders.