Friday 1st August 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.

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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