Monday 3rd August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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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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