Monday 24th November 2014
NEWS TICKER – MONDAY NOVEMBER 24TH 2014: The director of the National Security Agency, Navy Admiral Michael Rogers, says he expects to see adversaries launch a cyber-attack in the next few years aimed at severely damaging America's critical infrastructure. "I fully expect that during my time as commander, we're going to be tasked to help defend critical infrastructure within the United States because it is under attack by some foreign nation or some individual or group," Rogers told the House Select Committee on Intelligence this morning (EST). Rogers, who also serves as commander of the US Cyber Command, says the government is better prepared to defend against those attacks than it was two years ago.On November 24th, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) that will incorporate an early withdrawal feature. This feature will allow depository institutions to obtain a return of funds prior to the maturity date subject to an early withdrawal penalty. The Federal Reserve will offer eight-day term deposits with an interest rate of 0.29000% and a maximum tender amount of $20,000,000,000. The penalty for early withdrawal is 0.75%, the minimum tender per institution is $20,000,000,000 - The Straits Times Index (STI) ended +29.72 points higher or +0.90% to 3345.32, taking the year-to-date performance to +5.70%. The FTSE ST Mid Cap Index gained +0.64% while the FTSE ST Small Cap Index gained +0.83%. The top active stocks were SingTel (+0.51%), UOB (+1.37%), DBS (+1.64%), Keppel Corp (+0.22%) and OCBC Bank (+1.16%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+1.70%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+1.72%) and Geo Energy Resources (+3.02%). The underperforming sector was the FTSE ST Technology Index, which gained +0.16% with Silverlake Axis’s share price gaining 0.41% and STATS ChipPAC’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value were the IS MSCI India (+1.70%), SPDR Gold Shares (+0.34%), DBXT MSCI Singapore IM ETF (unchanged). The most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (unchanged), Ascendas REIT (unchanged), CapitaCom Trust (+0.89%) - In an interview with US online service Careers Info-Security News Greg Shannon, chief scientist at the CERT Division of Carnegie Mellon University's Software Engineering Institute says that to defeat cyber-adversaries, cybersecurity professionals should adopt a contrarian attitude, says. "Having that contrarian point of view allows you to get into the mindset of the adversary," Shannon says in an interview with Information Security Media Group. "How would this technology work if it did something the designer of it didn't think of?" he asks. "Certainly, that's the way the adversary is thinking, coming up with new attacks, new threats. They're looking at an app, a piece of software or some websites, [and they think] 'What can I do here that the designer didn't think of? Is there a way to get information through channels, through tricks that weren't anticipated? Is there some frailty of humans that I can exploit to get information out of them that they wouldn't normally give me?'" – Raiffeisen Bank International warned in an analyst conference call yesterday that profits in its Russian business would be challenged in Q4 versus Q3. The bank’s Chief Financial Officer Martin Gruell said higher risk provisioning and increased operating expenses could cut profits in its single most profitable market. "I would expect the fourth quarter to be a bit lower than the third quarter," he said. He believes the worst of the rouble's devaluation is over, but explained that the impact on the group’s capital from the dip in the ruble, could push RBI's core capital below 10% of risk-weighted assets by the end of this year - The performance of the Dutch residential mortgage-backed securities (RMBS) market remained stable during the three-month period ended September 2014, according to the latest indices published by Moody's Investors Service. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.95% in September 2014 from 0.98% in June 2014. At the same time, the 90+ day delinquencies decreased to 0.72% during the three-month period compared with 0.75% in June 2014. Cumulative defaults continued to increase to 0.54% of the original balance, plus additions (in the case of Master Issuers) and replenishments in September 2014, compared with 0.47% in June 2014, says the ratings agency. Cumulative losses slightly increased to 0.11% in September 2014 from 0.10% in June 2014 – According to a Clearstream client bulletin on November 18th, the US Internal Revenue Service and the US Treasury published an amendment to the current temporary regulations (TD9657) regarding FATCA. The amendment impacts Foreign Financial Institutions (FFIs) who have entered into an agreement with the IRS to become a participating FFI. It amends the determination date and timing for reporting with respect to the 2014 calendar year.

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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