Tuesday 4th August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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Reciprocity widens access to liquidity

Wednesday, 18 April 2012
Reciprocity widens access to liquidity Usage of non-displayed trading venues continues to accelerate in Asia and tools for dark liquidity aggregation are increasingly in demand.“Dark pool trading has been growing rapidly in the region; our Asia-Pacific pools alone each grew between 100% and almost 600% last year,” explains Joel Hurewitcz, Instinet’s head of product strategy, Asia. “In that kind of environment, the firms that offer access to the widest range of liquidity destinations are going to be able to best reduce costs for fund managers and, ultimately, the end investors.” http://www.ftseglobalmarkets.com/

Usage of non-displayed trading venues continues to accelerate in Asia and tools for dark liquidity aggregation are increasingly in demand.“Dark pool trading has been growing rapidly in the region; our Asia-Pacific pools alone each grew between 100% and almost 600% last year,” explains Joel Hurewitcz, Instinet’s head of product strategy, Asia. “In that kind of environment, the firms that offer access to the widest range of liquidity destinations are going to be able to best reduce costs for fund managers and, ultimately, the end investors.”

With that context in mind, Instinet has now agreed a reciprocal liquidity agreement between its Asia-Pacific broker-dealer units and JP Morgan, broadening the Asian liquidity access opportunities available to each firms’ institutional clients. According to Hurewitz says the agreement is the latest step in the firm’s effort to connect to all meaningful pools of liquidity in the region.“Since 2010, we’ve been proactive in pursuing innovative new ways for our clients to efficiently trade the rapidly fragmenting Asia-Pacific equity markets,” says Hurewitz. “Deals such as this offer the buy side access to additional sources and types of liquidity, and ultimately provide the luxury of choice in how they implement their trading strategies.”

Instinet clients may use the firm’s Nighthawk® liquidity aggregation algorithm to access JPM-X in Hong Kong, Japan and Australia, while JP Morgan clients will be afforded access to Instinet BLX Australia, CBX™ Hong Kong and CBX™ Japan.

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