NASDAQ results along with IG and Binckbank, all worth perusing. All the way to the end there are some great nuggets today, especially a delightful biblical example of the warehousing crisis. Good writing and excellent insights…
Nasdaq OMX Q2 fell 5%, weighed down by heavy spending on acquisitions made in an attempt to offset weaker trading volumes.
Q2 Net income came to $88 million, or 52 cents per share, down from $93 million, or 53 cents per share, in Q2 2012.
Adjusted for $25 million in expenses related to acquisitions, Nasdaq OMX said it earned 62 cents per share. Revenue rose 6 percent, to $451 million from $427 million.
PLY: Worth having a look at UK spread better IG and TOM shareholder BinckBank as each are predominantly retail franchises in UK and Holland respectively…
At an Extraordinary Shareholders Meeting held on 27 June, the Buenos Aires Stock Exchange approved the creation of a new bourse, Bolsas y Mercados Argentinos SA, or B&MA. The B&MA will be incorporated as a stand alone company according to Boiurse President Mario Bagnardi. According to Mr. Bagnardi other exchanges may join B&MA later this year.
BSE, the country’s oldest bourse, has decided to refund 90% of the amount it raised as membership deposit from stockbrokers, bowing to pressure from many of its old members. The move, which will benefit about 200 brokers, will cost the exchange Rs 150-180 crore.
ISE and Secured Growth Quantitative Research (SGQR), a financial research company, plan to develop a series of indices that combine the performance of popular exchange-traded funds (ETFs) with a proprietary, so-called ‘SecuredGrowth’, process to enhance the return.
The SGQR SPY SecuredGrowth Index, the first index established through the partnership, adds a systematic yield from a unique methodology that includes a portfolio of investment-grade domestic corporate bonds and US government-issued Treasury and Agency notes overlaid upon the SPDR S&P 500 ETF (SPY).
CBOE Chairman William J. Brodsky has been named chairman of Navy Pier Inc., the non-profit corporation that oversees the city landmark.
PLY: We wish Bill every success chairing this agency which runs Chicago’s largest tourist attraction. Doubtless he will bring his usual rigour and structure to the agency.
ISA chairman Shmuel Hauser has written to the TASE board saying Sam Bronfeld should not be on the CEO search committee.
Israel Securities Authority (ISA) chairman Shmuel Hauser is determined to replace the senior management of the Tel Aviv Stock Exchange (TASE). After the resignation of CEO Ester Levanon last week, and the resignations of Yossi Treister, a senior vice president and manager of the Administration & Finance Department Manager, and of executive vice president and CIO Yoni Shemesh this week, Hauser is attempting to oust chairman Saul (Sam) Bronfeld as well.
GFI Group (GFIG) Set to Announce Earnings today
The Massachusetts Securities Division has formed a new unit called “I-CROWD” to monitor crowdfunding websites, Massachusetts Secretary of State William F. Galvin said Wednesday.
Galvin’s office supervises the Securities Division. I-CROWD will be made up information-technology staff members and Securities Division attorneys.
PLY: Good move by Mass.
Two California entrepreneurs have launched a new website that use crowdfunding to raise money for Hispanic enterprises.
The duo recently launched a new platform, Crowdismo, with the goal of financing projects from Hollywood films to startup companies. Crowdfunding allows people from the online community to interact with project creators while helping to raise money for their projects through pledges.
American Metal Market
Proposed changes to LME warehousing rules have already led warehouses to back away from attracting material into locations with queues to access metal.
PLY: A simply brilliant blog post by Izabella Kaminska using a delightful biblical analogy to discuss the warehouse problem. Naturally, as fast as they can whisper LIBOR, the world’s interest rate traders scoff that financial markets could ever appear so transparently skewed against the public interest…