Sunday 5th July 2015
NEWS TICKER: FRIDAY, JULY 3rd: Euronext says trading volumes for June 2015 and enterprise-wide activity for the first half year. During the first six months of 2015, Euronext posted the strongest six-month performance since the end of 2011 supported by favourable economic conditions. June average daily transaction value on the Euronext cash order book stood at €9,202m (+54% compared with June 2014). Activity on ETFs remained particularly dynamic last month with an average daily transaction value at €587m, up 106% compared to June 2014. Cash markets saw a material increase in trading activity across the first half of 2015, with an average daily transaction value for the period up 35% vs 2014. During this period, Euronext experienced three of the ten highest volume traded days since January 2012, and on march 20th the strongest single day of trading cash products of €18bn since the same date. In the meantime, the continued focus on nurturing domestic market share meant it returned to 65% for the month of June in a highly competitive environment - Morningstar has placed the Morningstar Analyst Rating for the Mirabaud Equities Swiss Small and Mid-fund Under Review following the appointment of new portfolio manager, Paul Schibli. The fund previously held a Neutral rating. Morningstar manager research analysts will meet with the new manager soon to reassess Morningstar’s opinion on the fund - Moody’s has today changed the outlook on all ratings of Bridge Holdco 4 Ltd, the ultimate holding company for Bridon Group, to stable from positive. Concurrently, the group's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR) as well as the B2 instrument rating on the USD286 million senior secured first lien term loan, $40m senior secured revolving credit facility and the Caa2 rating on the $111m senior secured second lien term loan borrowed by Bridge Finco LLC have been affirmed - Subsea 7 S.A. repurchase of convertible bonds has filed a notice with the Luxembourg stock exchange that it has repurchased convertible bonds worth $10m in nominal value at an average price of 91.5 of the $700m 1% Subsea 7 S.A. Convertible Bond Issue 2012/2017 (ISIN NO: 001066116.8). Following the purchase, the Company holds bonds with an aggregate nominal value of USD 91,800,000 representing approximately 13.1% of the 1.00% Subsea 7 S.A. Convertible Bond Issue 2012/2017 - Bellpenny says that its CEO, Kevin Ronaldson, will step down later this year to become ‘Founder Director’ of the business. Nigel Stockton, who has been a director of Bellpenny since inception, will, subject to FCA approval, become the new CEO. The changes are expected to take effect in September - The Straits Times Index (STI) ended 14.89 points or 0.45% higher to 3342.73, taking the year-to-date performance to -0.67%. The top active stocks today were DBS, which gained 2.00%, Singtel, which closed unchanged, Global Logistic, which declined 0.39%, Ascendas REIT, which gained 0.42% and UOB, with a 0.43% advance. The FTSE ST Mid Cap Index gained 0.16%, while the FTSE ST Small Cap Index declined 0.30%. Outperforming sectors today were represented by the FTSE ST Financials Index, which rose 0.69%. The two biggest stocks of the Index - DBS Group Holdings and OCBC- ended 2.00% higher and 0.79% higher respectively. The underperforming sector was the FTSE ST Basic Materials Index, which slipped 0.89%. Midas Holdings shares declined 1.56% and NSL increased 0.67%.

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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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