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.

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.” 

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