Thursday 31st July 2014
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.
North America

Investment manager confidence in US economic growth has reached a five-year high in Northern Trust’s quarterly survey, but expectations for inflation were up as well. The survey also found concern about geopolitical risk, with seven out of 10 respondents saying the Russia-Ukraine conflict could have a negative impact on equity markets.The survey, taken between June 4th- June13th, also found investment managers divided on the impact of high-frequency trading on equity market participants, and on the outlook for higher-yielding investments that have attracted cash flows and higher valuations in the extended low interest rate environment

Monday, 07 July 2014

JDX appoints New York CEO

Independent consulting company JDX, specialising in operations remediationhas appointed Devika Darbari as the New York CEO of JDX Inc. Devika was previously a director at data vendor MarkitSERV New York, where Darbari built and developed several business lines  including standardised identifiers for OTC derivatives confirmations, and new derivatives indices. Devika also worked on Markit’s industry benchmarking and metrics

“During this time of expansion for JDX, there is no better person to lead our New York office. Devika is a proven leader and her business vision and experience within the financial industry is exactly what JDX needs as the
company enters its next chapter of expansion," says Jonathan Davies, chief executive and founder of JDX Consulting Ltd. 


According to US Secretary of Labor Thomas E Perez, "Strong economic growth continued in the month of June, with a total of 288,000 new jobs. It is the fifth consecutive month with job growth of at least 200,000, and this is the most total jobs added in the first half of a year since 1999. Businesses created 262,000 more jobs in June, bringing us to a total of 9.7 million new private-sector jobs over the last 52 months (the longest such streak on record). The unemployment rate dropped to 6.1% (down significantly from 7.5% a year ago).


Intercontinental Exchange (ICE), the network of exchanges and clearing houses, says that the group has tcompleted the transition of Liffe US futures and options contracts to the ICE futures exchanges, trading platform and clearing infrastructure.


Some 79 IPOs listed on NASDAQ in the second quarter this year, bringing the total half year count to 99 - the strongest first half for the NASDAQ OMX Group since 2000. Does it presage better days for the new listings market per se?


The Obama administration’s decision to approve two U.S. companies’ exports of ultralight oil, or condensate, is significant but not surprising says Bill Loveless, Platts editorial director of US energy policy.


OVERNIGHT NEWS: New York Attorney General Eric T Schneiderman has served Barclays Plc with a securities fraud lawsuit alleging the firm dramatically increased the market share of its dark pool by misleading clients and investors and illegally operating the pool in favour of its high-frequency traders.


The Securities and Exchange Commission today adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants.  The new rules will be key to finalising the full set of proposals.  The new rules and guidance explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant.  The rules also address the scope of the SEC’s cross-border anti-fraud authority. 

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