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News/Dealing rooms
Merrill Lynch CEO John Thain says he expects to see thousands of job cuts in IT, finance, and administration as the company looks for $7 billion in savings from its merger with Bank of America.
20 October 2008
UK trading systems vendor Fidessa has warned of declining visibility in its financial forecasting stemming from increased consolidation in the investment banking sector and "further pressure on expenditure at a number of our customers".
Chi-X, the multilateral trading facility that is seeking to break the hegemony of incumbent European exchanges, moved into profitability for the first time in September, just 17 months after launch.
16 October 2008
Anglo French group LCH.Clearnet is looking into ways of providing clearing services for the lucrative foreign exchange markets, according to a Financial Times report.
North American hedge funds and asset managers will spend $253 million on low-latency options infrastructures in 2008 and this is set to rise to $305 million in 2011, a compound annual growth rate (CAGR) of six per cent, according to Tabb Group.
Transatlantic exchange Nasdaq OMX is acquiring a 22% equity stake in European Multilateral Clearing Facility (EMCF), the Fortis Bank subsidiary that was taken over by the Dutch government.
Market operator Nasdaq OMX is gearing up to launch a clearing and settlement system for US cash equities that will compete directly with industry-owned Depository Trust and Clearing Corporation (DTCC).
14 October 2008
AIM-listed StatPro Group, a supplier of analytical services to the asset management community, has raised £2 million in a share placing to boost its working capital and says it will accelerate its restructuring programme in a bid to reign in costs.
Derivatives exchange Eurex has unveiled its proposal for establishing a central clearing system for the over-the-counter (OTC) credit markets which it says has "received support from European authorities".
13 October 2008
European securities industry leaders will gather at The Brewery in London this week for a 'state of the nation' debate about the future of trading in European markets.
The Chicago-based Clearing Corporation (CCorp) has recruited IntercontinentalExchange (ICE) to join its initiative to create a central clearing counterparty for the credit default swaps (CDS) market.
10 October 2008
CME Group and Thomson Reuters are closing FXMarketSpace, the centrally-cleared foreign exchange marketplace established last year, after the venture failed to attract the liquidity levels expected.
Merrill Lynch is installing IBM's iDataPlex 'cloud' servers to help reduce energy costs and power consumption at its data centre.
Transatlantic exchange Nyse Euronext has selected EuroCCP to provide clearing and settlement services for its new European multilateral trading facility (MTF) when it launches in November, but it will open up the platform to competing clearing houses next year.
08 October 2008
The Chicago Mercantile Exchange is teaming up with Citadel to launch a credit default swaps trading platform and central counterparty facility. News of the move comes as the Federal Reserve meets with industry leaders to push for new risk mitigation techniques in the over-the-counter markets.
07 October 2008
Multi-lateral trading facility Chi-X Europe says its trading participants can now provide their clients with a "sponsored access" direct connection to its matching engine after the Financial Services Authority (FSA) approved the move.
Ownership of EMCF, the Fortis Bank subsidiary that provides clearing services to Instinet Chi-X and Nasdaq OMX, has been passed to the Dutch government as part of a EUR16.8 billion rescue package.
06 October 2008
New York financial analytics firm RiskMetrics Group has bought UK-based Applied4 Technology - a specialist provider of performance attribution software and services - for an undisclosed sum.
Japanese securities firm Nomura says it will acquire the Indian back office and technology operations of bankrupt Lehman Brothers. Financial terms of the agreement were not disclosed.
Swiss bank UBS is axing around 2000 investment banking jobs as part of an overhaul designed to "recalibrate" the business and weather the crisis in the financial markets.
03 October 2008
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