Thursday 31st July 2014
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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

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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