Thursday 18th December 2014
NEWS TICKER: THURSDAY DECEMBER 18TH 2014: Scotiabank’s Commodity Price Index dropped -4.8% m/m in November (-6.1% yr/yr) and will end 2014 in a ‘deflationary’ mode, says economist Patricia Mohr. "Significant capacity expansion and the defence of market share by major oil and iron ore producers— against a backdrop of lacklustre world economic growth — account for the softness at the end of the year," she says. Mohr adds that the decision by Saudi Arabia not to reduce output to shore up international oil prices, but instead to allow prices to drop to levels curbing US shale development appears to be having a negative impact on confidence in a wide variety of other commodity as well as equity markets. She predicts prices will fall further this month, but will start to rebound in mid 201 - Jonathan Hill, the EU's financial-services commissioner, says he plans to pursue rules that separate a bank's proprietary trading from retail operations. "The sensible thing to do is to seek to make progress quickly" on the issue, Hill said. "There are still areas of risk in some of the biggest and most complicated banks,” reports Bloomberg- CME Group, said yesterday that it will change daily price limits in its CME Feeder Cattle futures effective today, pursuant to its emergency action authority. The current daily price limit for CME Feeder Cattle futures is $3.00 per hundredweight and will change to $4.50 per hundredweight effective on trade date December 18th Additionally, effective December 19th (tomorrow) these limits will have the ability to expand by 150% to $6.75 per hundredweight on any business day in the event that one of the first two contract months settles at limit on the previous trading day. CME Feeder Cattle futures have been locked limit for five consecutive days as a result of various factors. The change to daily price limits is necessary to ensure continued price discovery and risk transfer, says the CME. Daily price limits for CME Live Cattle futures will remain unchanged at $3.00 per hundredweight. Effective Friday, December 19th, these limits will have the ability to expand by 150 percent to $4.50 per hundredweight in the event that one of the first two contract months settles at limit on the previous trading day - The Straits Times Index (STI) ended +16.42 points higher or +0.51% to 3243.65, taking the year-to-date performance to +2.49%. The FTSE ST Mid Cap Index gained +0.29% while the FTSE ST Small Cap Index gained +0.71%. The top active stocks were Keppel Corp (+2.68%), SingTel (-1.02%), DBS (+2.36%), Global Logistic (-3.21%) and UOB (+0.30%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+3.13%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+6.38%) and Geo Energy Resources (unchanged). The underperforming sector was the FTSE ST Telecommunications Index, which declined -0.98% with SingTel’s share price declining -1.02% and StarHub’s share price declining-0.73%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+2.56%), DBXT CSI300 ETF (+0.42%), STI ETF (+0.61%). The three most active Real Estate Investment Trusts (REITs) by value were Ascendas REIT (-0.42%), Keppel DC REIT (unchanged), Suntec REIT (+0.26%). The most active index warrants by value today were HSI23400MBeCW150129 (+7.32%), HSI22600MBePW150129 (unchanged), HSI24000MBeCW150129 (+12.50%). The most active stock warrants by value today were KepCorp MBeCW150602 (+21.95%), DBS MB eCW150420 (+29.29%), DBS MB ePW150402 (-18.03%) - Spain’s Director of Public Prosecutions, Eduardo Torres Dulce, has resigned from the post for “personal reasons”, Spanish daily El Mundo reported this morning. A spokesman for the Public Prosecutor’s office confirmed the news by telephone to The Spain Report, saying that Mr. Torres Dulce had informed Justice Minister Rafael Catalá of his decision: “but that it perhaps would not come into effect until they find a replacement”. That decision is taken at cabinet level. The next cabinet meeting for Rajoy’s government is tomorrow morning - Hedge funds including Marshall Wace, Odey Asset Management and Lansdowne Partners are shorting OTP Bank Plc, a Hungarian lender with a Russian subsidiary whose shares have fallen almost 6% this month reports Albourne Village. All three London-based funds took or increased their position this month in OTP, Hungary’s largest lender, according to data compiled by Bloomberg. The ruble rose today in Moscow after plunging as much as 19%against the dollar yesterday, when Russia’s central bank increased interest rates to 17% percent from 10.5 percent in an attempt to stem the decline. The ruble is down 52% this year and has taken a disproportionate beating in the wake of sanctions and falling oil prices. The country still has the third largest currency reserves in the world and so is unlikely to default. According to Eric Chaney, Manolis Davradakis and Greg Venizelos from AXA IM’s Research and Investment Strategy team Russia will likely resort to fiscal stimulus to contain the risk of social and political unrest. Capital controls, political unrest and even default on private hard currency debts are possible outcomes they say. They credit default swaps market is pricing a one-third probability of sovereign default within five years - Indonesia is ramping up financing for its $439bn development program, planning an almost fivefold increase in sales of project sukuk. The government is seeking to raise IDR7.14trn rupiah (around $568m) from notes that will fund particular construction ventures next year, compared with IDR1.5trn this year, which say local press reports, will help finance its estimated spending of about IDR5,519trn from 2015 to 2019 to build roads, railways and power plants.

Tradeweb expands Dealerweb division with brokerage acquisition

Wednesday, 18 April 2012
Tradeweb expands Dealerweb division with brokerage acquisition Tradeweb Markets completed the acquisition of the brokerage assets of Rafferty Capital Markets, LLC in mid March. Now that it has bought a New York-based registered broker-dealer, Tradeweb plans to launch an electronic inter-dealer marketplace for US Treasuries later this year. This latest acquisition underscores the firm’s strategy to expand the reach of its Dealerweb inter-dealer division, which evolved out of Tradeweb’s purchase of brokerage firm Hilliard Farber & Co, back in 2008. http://www.ftseglobalmarkets.com/

Tradeweb Markets completed the acquisition of the brokerage assets of Rafferty Capital Markets, LLC in mid March. Now that it has bought a New York-based registered broker-dealer, Tradeweb plans to launch an electronic inter-dealer marketplace for US Treasuries later this year. This latest acquisition underscores the firm’s strategy to expand the reach of its Dealerweb inter-dealer division, which evolved out of Tradeweb’s purchase of brokerage firm Hilliard Farber & Co, back in 2008.

Tradeweb Markets completed the acquisition of the brokerage assets of Rafferty Capital Markets, LLC in mid March. Now that it has bought a New York-based registered broker-dealer, Tradeweb plans to launch an electronic inter-dealer marketplace for US Treasuries later this year. This latest acquisition underscores the firm’s strategy to expand the reach of its Dealerweb inter-dealer division, which evolved out of Tradeweb’s purchase of brokerage firm Hilliard Farber & Co, back in 2008. “The Rafferty brokerage team further extends and expands our business in the IDB Rates markets through the strength of their dealer relationships and our proven technology and industry experience,” explains Billy Hult, president, Tradeweb Markets.

Rafferty Capital Markets is the trading and brokerage arm of Rafferty Holdings, a privately-owned firm established in 1987. Following the acquisition, the brokerage desks for US Treasuries, US agencies, mortgages, repo, corporate bonds, taxable municipal bonds and the JJ Kenny Drake tax-exempt municipal bond brokerage group will join the Dealerweb division. It has been a successful accretive business approach; since launching its IDB business, trading volumes have more than doubled, with the fastest growth taking place on Tradeweb’s electronic trading platforms.



Rafferty Capital Markets will continue to operate as a registered broker-dealer. Rafferty Holdings will also continue to operate their other business, Direxion Funds/ETF’s and Hilton Capital Management.

The creation of an inter-dealer business in 2008 was a natural extension for Tradeweb, which claims that by leveraging its technology and market expertise and the strong voice franchise of the Rafferty brokerage team, Dealerweb will provide a fully integrated hybrid voice/electronic trading solution for off-the-run US Treasuries.

The new platform is expected to launch later in Q4 2011. “This is an important transaction for Tradeweb Markets, which enhances our position in the top tier of the IDB markets,” claims Lee Olesky, Tradeweb’s chief executive. “As market structure continues to evolve, our rapidly growing and diverse portfolio of businesses will enable us to lead the migration towards more transparent and efficient financial markets.” 

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP

Related News

Related Articles

Related Blogs

Related Videos