April 5 2013

Public Markets

UPDATE 4-Corzine slammed in Freeh report on MF Global collapse

* “Failure” of Corzine, others contributed to $2.1 bln in losses
* Freeh has prepared lawsuit vs MF Global former executives
* Corzine puts blame on those outside MF Global
* Attorney for trading clients: report fails to go far enough

By Tom Hals

April 4 (Reuters) – The “negligent conduct” of Jon Corzine and other officers of the MF Global Holdings Ltd brokerage contributed to the firm’s dramatic collapse in 2011, according to a report by the bankruptcy trustee.
The report by former FBI director Louis Freeh said the failure of MF Global’s officers contributed to losses of as much as $2.1 billion and adds to the growing number of reports and investigations pointing to their liability.
Freeh has prepared a lawsuit against former executives for breaches of fiduciary duty, but had not filed it pending the outcome of talks with a mediator appointed in a separate securities class action, according to the report.

MF Global bankruptcy exit plan primed for court hearing

NEW YORK (Reuters) – MF Global Holdings (MFGLQ.PK) on Friday will seek court approval of a plan to liquidate its assets and repay creditors, signaling the final stages of its large and politically-charged bankruptcy.
The collapsed brokerage would repay the bulk of lender JPMorgan Chase & Co’s (JPM.N) claim, and would pay unsecured creditors as much as 34 cents on the dollar under a plan slated to go before Judge Martin Glenn in the U.S. Bankruptcy Court in Manhattan.
MF Global, led by former New Jersey Gov. Jon Corzine, filed for Chapter 11 in October 2011 after investors were spooked by its $6.3 billion exposure to European sovereign debt. It became a political firestorm when regulators discovered billions of dollars were missing from the accounts of MF’s commodity trader customers.

The NASDAQ Stock Market Tops US Exchanges in IPOs and Transfers in Q1 2013

Stockhouse

NEW YORK, April 4, 2013 (GLOBE NEWSWIRE) — The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that in the first quarter it welcomed 33 new listings, including 18 initial public offerings (IPO), more than any other U.S. exchange. Combined …

Private Markets

“Borsa Istanbul” registered as sole exchange entity of Turkey

Anadolu Ajansı

Turkey’s Deputy Prime Minister Ali Babacan said the main agreement for “Borsa Istanbul” was registered on April 3, disincorporating Istanbul Stock Exchange (ISE) and Istanbul Gold Exchange(IAB). In a written statement Babacan stated that the New …

GFI Group Files With Regulator to Create Derivatives Exchange

Businessweek

GFI Group Inc. (GFIG), the broker that matches trades between Wall Street dealers, has asked the Commodity Futures Trading Commission for approval to create a derivatives exchange.
The company, which arranges transactions in fixed-income, equity and commodity markets, has a pending application for its GFI Futures Exchange LLC with the CFTC that was received March 19, according to the regulator’s website. While GFI Group lists information on trading levels allowed for interest-rate swaps, it doesn’t specify which contracts it may offer in its rulebook.

The Nigerian Stock Exchange Ready For Alternative

Leadership Newspapers

The Nigerian Stock Exchange has announced that it will be launching an Alternative Securities Market (ASeM) this month, for emerging companies with high potential for growth in Nigeria. ASeM will be a specialised board on the Nigerian bourse where …

Calcutta Stock Exchange suspends trading on C-star after SEBI directive

The Economic Times

KOLKATA: Calcutta Stock Exchange (CSE) has suspended trading on C-Star, the fully computerised on-line trading system, from today following a SEBI direction.

CSE in a notice today said SEBI in a direction dated April 3 asked it not to continue with the clearing and settlement activities of trades executed on C-Star through its clearing house beyond April 5, 2013 till the bourse establishes a clearing corporation in compliance with the provisions of SECC Regulations or ties up with another clearing corporation.

Products

SGX to Introduce Iron Ore Futures as Investors Wager on China

Businessweek

SGX joins CME Group Inc. and Intercontinental Exchange Inc. in offering ore futures. SGX may be seeking to meet an expected increase in demand from U.S.-based traders, said Kerry Deal, head of iron ore and bulk derivatives at Jefferies Hong Kong Ltd.

Appointments

Former WSE CEO finds a new job

Warsaw Business Journal

Ludwik Sobolewski, the former chief executive of the Warsaw Stock Exchange, was nominated supervisory board member in one of the companies owned by well-known investor Zygmunt Solorz-Żak. Power generation firm ZE PAK announced new appointments in a statement on Monday.

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