News Centre

Industry White Paper Urges Firms To Outsource Corporate Actions Validation Function

Date 17/01/2012

Financial institutions that require accurate, timely and cost-effective corporate actions information could derive significant benefits from outsourcing some functions to independent firms that offer high-quality global corporate actions information and validation services.

Statement By IMF Managing Director Christine Lagarde Following Executive Board Discussion On The Adequacy Of Fund Resources

Date 17/01/2012

Managing Director Christine Lagarde of the International Monetary Fund (IMF) today issued the following statement after an Executive Board discussion on the adequacy of Fund resources as part of the ongoing review of Fund resources:

“Today’s discussion on the adequacy of Fund resources was a welcome opportunity to assess whether they are sufficient for the IMF to fulfill its mandate and to play a full and constructive role in securing global stability. Following the request of our membership last year through the International Monetary and Financial Committee and the general support by the G20 leaders at the Cannes summit, today’s discussion was an important step."

FIF Capacity Statistics For December 2011

Date 17/01/2012

This month’s bulletin from the Financial Information Forum (FIF) finds that NYSE ARCABOOK OPTIONS was up a record 4% to 1,472,063 mps over the 1 second interval.

SEC Inspector General H. David Kotz To Leave Commission

Date 17/01/2012

The Securities and Exchange Commission today announced that Inspector General H. David Kotz will leave the agency at the end of January to join a private investigative services firm. Since he was appointed in December 2007, Mr. Kotz directed many important investigations and audits that led to significant improvements of the agency’s operations.

ISDA Updates Greek Sovereign Debt Q&A

Date 17/01/2012

The possibility of retrospectively applying Collective Action Clauses (CACs) to existing Greek debt has been discussed of late.  Would the inclusion or activation of a CAC trigger a Credit Event?

The determination of whether any action constitutes a credit event under CDS documentation will be made by ISDA’s EMEA Determinations Committee on the basis of the specific facts and if a market participant requests a decision from the DC. Generally, however, the inclusion of a CAC would not, in and of itself, be expected to trigger a Credit Event. On the other hand, the use of such a clause to effect a reduction in coupon or principal or one of the other events set out in the definition of the Restructuring Credit Event could trigger if the other requirements of the Restructuring Credit Event were met (for example decline in creditworthiness), as its effect would be to bind all holders of the relevant debt.

SEC Charges UBS Global Asset Management For Pricing Violations In Mutual Fund Portfolios

Date 17/01/2012

The Securities and Exchange Commission today charged an investment advisory arm of UBS with failing to properly price securities in three mutual funds that it managed, resulting in a misstatement to investors of the net asset values (NAVs) of those funds. The misconduct was revealed during the course of an SEC examination, minimizing investor harm.

Direct Edge Updates FIX Short Sale Order Marking Requirements Effective February 15, 2012

Date 17/01/2012

Overview 

As part of our effort to promote unified compliance standards across the industry, Direct Edge will update the order entry requirements for sending short sale orders via FIX on both EDGA Exchange and EDGX Exchange. Effective February 15, 2012, Direct Edge will require Members to populate FIX tag 114. This change will ensure short sale orders are clearly defined before entering the Direct Edge Exchanges. Please be advised that FIX tag 114 should be used both for short sale and short sale exempt orders. 

Bloomberg Vault Adds Cloud Archiving For IBM Message Software

Date 17/01/2012

Bloomberg announced today that financial services firms using IBM's messaging and collaboration software can reduce costs and streamline e-mail archiving and compliance by using Bloomberg Vault.

Chi-X Canada Welcomes Pico Quantitative Trading To Its Financial Ecosystem

Date 17/01/2012

Chi-X® Canada ATS Limited, a wholly owned subsidiary of alternative trading venue operator Chi-X® Global Holdings LLC, today announced that Pico Technologies, a division of Pico Quantitative Trading LLC, will offer its low latency infrastructure from Chi-X Canada’s Primary Data Center at 151 Front Street.

Derivatives Market: 2011 - Warsaw Stock Exchange In Europe

Date 17/01/2012

According to 2011 statistics:

• WSE remained #4 in Europe by the volume of trading in index futures;
• WIG20 futures ranked #6 by trading volume among all index futures in Europe;
• WIG20 options ranked #14 by trading volume among all index options in Europe.