Sunday 26th April 2015
NEWS TICKER: FRIDAY, APRIL 24th 2015:Luc Luyet, CIIA – Senior Market Analyst AT Swissquote says that yesterday, “the SNB surprised the market by announcing that the number of sight deposit account holders that are exempt from negative interest has been reduced. This decision doesn’t change much the domestic banks’ situation as the “20 times the minimum reserve requirement” rule is still running. On the other side, the institutions associated with the Confederation, such as the pension fund of the Confederation or the pension fund of the SNB, are no longer exempt of negative interest. Consequently, only the account holders of the national social security system are still fully exempt.” - High yield debt issuance remains buoyant. Issuance volume for the week ending April 17, 2015, slowed down a bit from the previous week, but remained strong. Junk bond, or high-yield debt, issuers continued to issue bonds as yields remained favourable. High-yield debt is tracked by the SPDR Barclays Capital High Yield Bond ETF and the iShares iBoxx $ High Yield Corporate Bond Fund. According to data from S&P Capital IQ/LCD, dollar-denominated bonds amounting to $10.75bn were issued across 16 transactions in the week ending April 17th. The issuance volume fell by 3.2% from the week ending April 10. Pricing was evenly spread across the week. The number of transactions fell from 18 to 16 week-over-week. Last week brought the total US dollar issuance of high-yield debt to $115.8bn in 2015 YTD, up some 15% from the same period in 2014, the bulk of which is refinancing of older debt - Moody's says EMEA auto ABS performance remained stable during the three-month period ending February 2015. The sector's average performance trend was positive in terms of delinquency ratios and cumulative losses. The 60+ day delinquencies decreased to 0.66% in February 2015 from 0.77% in February 2014, while cumulative defaults decreased to 1.06% from 1.20% over the same period. This decrease was due mainly to the good performance of the German and Dutch markets. The prepayment rate increased slightly to 13.49% in February 2015 from 13.30% a year earlier. As of February 2015, the pool balance of all outstanding rated auto ABS transactions was €27.55bn - According to Sino specialists Red Pulse, China’s State Council is considering allowing daily repatriation for QFII. Currently, RQFII enjoys T+1 repatriation while QFII is restricted to T+5. QFII is the largest channel for foreign investment into China with quota of USD150bn, however, only half of the quota is in use, like at least partly due to the five-day repatriation stipulation - Malaysia’s state pension fund will offer a Shari’a-compliant investment option for its members by 2017, Prime Minister Datuk Seri Najib Razak said today. Najib says it will create the largest Shari’a fund of its kind in the world. Malaysia has one of the world’s largest Islamic finance sectors and the authorities are keen to develop it further. They envision the industry accounting for 40% of the country’s total banking assets by 2020 compared with latest figures of around 23% released last year. The $160bn (MYR577.4bn) Employees Provident Fund (EPF) already invests about a third of its portfolio in stocks and bonds that comply with Islamic principles, which ban interest payments and pure monetary speculation. The fund reportedly hired consultants last year to study the feasibility of a state-backed pension fund focusing entirely on Shari’a-compliant investments. Additionally, local press reports says that Malaysia’s sovereign wealth fund Khazanah Nasional has received regulatory approval to issue a MYR1billion (around $275m) socially responsible Islamic bond - The NASDAQ OMX Group, Inc has declared a regular quarterly dividend of $0.25 per share on the company's outstanding common stock, an increase of 67% from the prior $0.15 per share quarterly dividend. The dividend is payable on June 26TH 2015, to shareowners of record at the close of business on June 12TH 2015 - Lazard Ltd today reported operating revenue1 of $581m for the quarter ended March 31st. Adjusted net income was $103m, or $0.77 (diluted) per share for the quarter. These results exclude a pre-tax charge of $63m relating to a debt refinancing2. Q1 2015 net income on a U.S. GAAP basis, including the pre-tax charge, was $56m, or $0.42 (diluted) per share. "Our Financial Advisory and Asset Management businesses continue their strong performance," says Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "In the first quarter, we refinanced and repaid a portion of Lazard's long-term debt, significantly reducing our interest costs," adds Matthieu Bucaille, chief financial officer of Lazard. "Consistent with our capital management objectives, we have increased the quarterly dividend by 17%, the fifth increase in as many years." -

Chi-X will migrate to BATS Technology at end of April

Friday, 20 April 2012
Chi-X will migrate to BATS Technology at end of April We provide some of the details necessary for traders with the planned migration of Chi-X onto the BATS Technology platform at the end of April. http://www.ftseglobalmarkets.com/

We provide some of the details necessary for traders with the planned migration of Chi-X onto the BATS Technology platform at the end of April.


BATS Chi-X Europe confirms that the Chi-X Europe migration will occur on Monday, 30th April 2012.

Pricing



All pricing for order book and onward routing executions will remain unchanged after the technology migration. The current Spanish market pricing promotion on Chi-X Europe will continue on the CXE order book of BATS Chi-X Europe until 30th June 2012.

The consolidated pricing schedule is available for download at the following link http://batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing.pdf

Order Routing

All order routing facilities available on Chi-X Europe (CXE) and BATS Europe (BXE) will continue after the technology migration. In addition, lit venue order routing with the Parallel D and 2D strategies, which are currently available to BXE participants only, will also be available for customers connecting to CXE FIX or BOE order entry ports.  Participants that wish to utilise onward routing facilities but have not already completed a BATS Trading Limited order routing addendum will need to ensure an order routing addendum is in place. The order routing addendum is available for download from the following link: http://www.batstrading.co.uk/resources/participant_resources/BATS_CXE-Client_Order_Routing_Addendum.pdf

Billing

For existing participants of BXE, billing options and the billing process remain unchanged.  For existing participants of CXE please note that the billing options and billing process will align with BXE from 30th April 2012. Guidance on billing options is available for download at the following link: http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Billing.pdf

Go-Live Weekend Schedule (Thursday 26th – Monday 30th April 2012):

Note all times below are UK

  • Thursday, 26th April at 16.00: Change Freeze – No new Production port requests will be processed after this time, until Monday 30th April, available for Tuesday 1st May.
  • Thursday, 26th April at 17.50: The old Chi-X Europe Certification (UAT) environment will be shut down.
  • Friday, 27th April at 17.50:  The old Chi-X Europe Production environment will be shut down.
  • Saturday, 28th April 2012 08.00 - 12.00: FIX and BOE application ports on the new Chi-X Europe (CXE) environment will be available for participants to conduct session logon and heartbeat tests. 
  • Saturday, 28th April 2012 at 13.00:  Chi-X Europe Go-Live Communication #1.  If all migration work has been successfully completed, then this will be the final weekend communication.
  • Saturday, 28th April 2012 at 18.00:  Chi-X Europe Go-Live Communication #2.  In the unlikely event that there are migration difficulties, then a further notice will be issued to communicate either go or no-go for Monday, 30th April.
  • Monday, 30th April 2012 at 06.30: Participants will be able to logon and establish application level connectivity to all CXE ports in the new environment.
  • Tuesday, 1st May 2012 at 17:00: The old Chi-X Europe FTP server will be shut down.

Note that all TCP ports will be available for telnet network connectivity tests throughout the weekend and multicast feeds will heartbeat, this is the standard BATS Chi-X Europe configuration outside of trading hours.

In the event of any issues over the weekend, Participants will be kept informed via the normal email distribution channels as well as via the BATS Chi-X Europe Alerts webpage: http://www.batstrading.co.uk/alerts/.

Go-Live Schedule Monday, 30th April 2012:

 Time Activity
04:00 Reference Data Files Available
06:30 Connectivity available to all CXE BOE, FIX, PITCH and DROP, GRP & SPIN ports
06:30 NOC & TradeDesk available for any connectivity issues
08:00 Start of Trading – Market Open

Rollback Approach:

In the event of any unexpected issues, the following contingency plans will be invoked Action
Irresolvable problems over Go-Live weekend. Trading to continue on old technology platform on Monday.  Expect this to be communicated by 18.00 on Saturday if so.
Post go-live site failure on Monday (or later). Invoke Secondary Datacentre (LD3)
Post go-live software or other system problems on Monday. Resolve if possible, if not, resume trading next day on the old technology platform.

Contacts

Connectivity:                                                     NOCEurope@batstrading.com">NOCEurope@batstrading.com  +44.207.012.8905

Application or Trading Queries:                TradeDeskEurope@batstrading.com">TradeDeskEurope@batstrading.com  +44.207.012.8901

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