Sunday 1st March 2015
NEWS TICKER: FEBRUARY 27TH 2015: The number of global weakest links increased to 154 (as of Feb. 17, 2015), with 15 additions and nine removals, according to Standard & Poor's Global Weakest Links And Default Rates: Greece's Uncertain Future Weighs On Increased Corporate Default Risk, published today on RatingsDirect. "This month, we added five Greece-based entities to the weakest links list; four 'CCC+' rated Greece-based banks and one 'B-' rated utility sector company were placed on CreditWatch with negative implications, as the European Central Bank (ECB) decided to lift the waiver on the eligibility of Greek government bonds in euro-system operations," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "The CreditWatch placements reflect increased default risk looming over some Greek institutions and broader economic pressure, because Greece recently secured a four-month extension on its bailout."

Jahn and Bevan to join Lokhov at BCS

Friday, 04 May 2012
Jahn and Bevan to join Lokhov at BCS The highly competitive world of Russian broking became even more-so with a number of defections this week from the London and New York offices of Otkritie Capital. Otkritie confirmed yesterday that Nils Jahn, head of global electronic trading; Tim Bevan, a director for global electronic trading and Luis Saenz, chief executive for New York had all left the bank. Jahn, Bevan and Saenz are to join their former colleague Roman Lokhov who was previously head of global markets and investment banking at Otkritie Capital and joined Broker Credit Services (BCS) earlier this year. http://www.ftseglobalmarkets.com/

The highly competitive world of Russian broking became even more-so with a number of defections this week from the London and New York offices of Otkritie Capital. Otkritie confirmed yesterday that Nils Jahn, head of global electronic trading; Tim Bevan, a director for global electronic trading and Luis Saenz, chief executive for New York had all left the bank. Jahn, Bevan and Saenz are to join their former colleague Roman Lokhov who was previously head of global markets and investment banking at Otkritie Capital and joined Broker Credit Services (BCS) earlier this year.

BCS are primarily known as a retail broker in Russia where the local market is dominated by small investors, but are making a big push to become an institutional brokerage. Last year they hired Stas Stanislav as head of of prime brokerage and electronic trading and Mike Smith as head of international sales from Russian brokerage Renaissance Capital. Speaking at Tradetech Emerging Markets Surikov was keen to marry the increasing institutional liquidity flooding into the Russian market with their large retail flow.

Currently much of the liquidity for Russian stocks flows to the international order board (IOB) at the London Stock Exchange where overseas companies can list depostitary receipts (DRs). Whilst numerous DRs are currently represented more than 95% of current volume is now accounted for by Russian Stocks. MICEX-RTS, the Russian exchange which merged in December 2011 is hoping to attract some of this liquidity not least by making changes to its unpopular T+0 settlement requirements and the creation of a CCP both of which it claims will be functioning by mid-November 2012. Increasingly high frequency traders have been taking advantage of arbitrage opportunities between the two venues creating significant opportunities for those brokers who can offer access to both markets. MICEX recently announced that about 25% of equity trading volume on their exchange was now accounted for by high frequency traders. Otkritie are currently ranked number one for both the IOB and LSE.

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