WSE To Merge With CEESEG Within Months
Warsaw Business Journal
Talks between the Warsaw SE and the CEE Stock Exchange Group (CEESEG) are in progress and may be finalized within months, according to WSE CEO Adam Maciejewski.
The possible merger of Central Europe’s capital markets is a base scenario in the strategy that the WSE is now working on, Mr Maciejewski said. He added that if the deal does not go through, the WSE will focus on organic growth a cooperation with other business partners.
PLY: There is a huge opportunity here for market development. For competitors, that is. If caution is thrown to the wind and the world’s worst merger takes place then clearly while the Austrian empire impedes integration as is its wont, the floodgates will be open to competition. A ghastly prospect for shareholder value at GPW (I am directly a very modest one!) while the co-operation options will always be tricky to justify given the almost total record of failure to deliver profits through exchange co-operation.
NYSE Euronext and ICE may finally complete their merger in October, if the last of a long series of approvals finally comes through.
First is the “college of regulators,” in the five countries where Euronext operates (Portugal, France, the UK, Netherlands, and Belgium). They are the body that oversees the exchanges that make up Euronext.
They meet on a monthly basis. They cannot formally vote the merger down, only object or not, to the merger. The anticipation is that they will provide a “non-objection” to the deal.
The final sign-offs come from the national regulators (the people who the college of regulators report to) in each of the five countries, which in most cases are the Finance Ministers.
PLY: Regulators drag their feet for fear of making a decision. Welcome to the modern, dynamic European Union. Soon Jeff can get on with bulldozing, integrating and rebuilding to make a business from the assets he is buying. Meanwhile, the fact that the deal is awaiting a group of regulators from the Euronext bloc to send a ringing “non-objection” says everything you need to know about what is wrong with the execution of Europe’s misguided pan-national superstructure.
Is Nasdaq & NYSE Neglect Breaking The Humble Stock Ticker?
An Old SIP In A Modern Market (subscription)
PLY: We’re all suffering SIP fatigue at the ticker if not the coffee machine. BusinessWeek offer a useful overview in their classic style while for those seeking a more specific input, there is a highly pertinent guest commentary from Traders Magazine by Christopher Nagy discussing the need to fix SIP…
Swaps Rules Worry Industry (subscription)
The Wall Street Journal
Banks, brokers and investors are warning of potential turmoil in a major part of the derivatives market on Oct. 2, when new U.S. rules kick in governing swap trading.
PLY: In the end, chaos reigned. Hmmm, surely wasn’t the book supposed to start the other way around? Managing change is always difficult. For linear processors like banks and financial enterprises it is invariably very challenging. Then again the regulators have really made a rod for their back here, pushing through change in a manner which appears hasty. The bankers have launched a pre-emptive blamestorm lest anything does go wrong. It’s difficult not to sympathise with them in this area as the ultimate haste at this milepost belies the importance of the road map for the long term. It remains to be seen if CFTC have been courageous in pushing the deadline, or simply foolhardy. Then again if there is a chance to sully the reputation of Gary Gensler expect the banks to be ruthless… The CFTC has taken a remarkable risk when a modest delay would have seemed sensible as this unseemly rush is surely foolish at a time when previous SEC regulatory fiat has been seen to fundamentally damage the reputation of electronic stock markets…
An unlikely coalition including the LSE, bank lobby AFME and fund managers BlackRock and Fidelity, wrote a letter to the EU’s key legislative bodies yesterday raising concerns over revisions to the EU’s 2007 MiFiD, dubbed Mifid II.
Mifid II’s scope is vast, and aims to create a regulated trading environment for OTC derivatives, boost competition among clearinghouses and limit hft and dark pool trading. It has entered its final legislative process, called the trilogue, in which the European Commission, the European Parliament and the Council of the European Union thrash out their differing stances to create a single text – although it is not expected to be adopted before 2015.
This included support for open clearing access in derivatives markets – which would give firms a choice of where to clear their transactions, irrespective of trading venue – common standards on post-trade data, and regimes to help SMEs raise finance.
The letter also addressed proposed rules on share-trading venues called dark pools. These venues, which do not display the prices for stocks, were devised to allow investors to trade large orders without showing their hand to the market.
Mifid II aims to increase oversight of dark pools by placing strict limits on dark pool trading. It proposes a cap which would mean that of the total volume of trades in the EU, only 8% can be traded through dark pools and of the total volume of trades on any venue, only 4% can be traded through a dark pool. It remains unclear whether these caps would be imposed on a daily or monthly basis but if breached, regulators are proposing a six-month suspension for dark pool trading in the instrument and venue guilty of the breach.
PLY: Not overly surprising news (first mentioned yesterday) given that most of these parties have been lobbying together for some months. It is curious to see how LSE started this process bereft of a clearing house and has ended up owning one to make itself a vertical silo too. The clearing choice battle is in many ways intriguing and clearly a means for the banks to try to regain power at the expense of organised markets. The dark pool battle remains deeply worrying as restricting Institutional Liquidity Pools will ultimately impoverish everybody’s pensions…
NZX Interim Report
Read full report here.
PLY: An upbeat outlook one again from NZX.
Nasdaq OMX Group Inc said Nasdaq and Nasdaq PSX had declared “self-help” against the BATS stock exchange on Thursday, pointing to a communication issue between the exchanges.
Self-help means an exchange is dealing with internal problems processing trades and needs to send trades through other venues.
PLY: More on the BATS outage caused by a vendor problem below…
CME Readies For Europe, Sefs And The Rest Of The World (subscription)
Futures and Options Intelligence
CME CEO Phupinder Gill has highlighted the exchange’s focus on expanding its global presence, as the group prepares for the launch of its European platform this week.
PLY: CME Europe is due to launch Monday, regulators permitting. We wish CME every success and applaud their dogged determination to add a new European venue from London.
Singapore’s IPO market became the second largest in the world in Q3 2013, a report from global accountancy firm Ernst & Young has found.
Singapore ranks second, after the U.S., by capital raised, with proceeds expected to reach $1.7 billion in the quarter, up 39 percent from Q2 2013,” said Ernst & Young.
PLY: With Alibaba, Twitter and the privatisation of the UK Royal Mail lining up, Q4 looks set to be a bumper for issuance…
SEC Head Warns Of More Trading Industry Actions (subscription)
Crain’s Chicago Business
SEC Chairman Mary Jo White pledged an aggressive campaign to make markets safe and fair for all investors.
Alibaba Versus HKEx Plays Out In Tsai-Li Blogs
Alibaba & HKEx executives have taken to blog posts to state their case after China’s largest e-commerce company ended talks for an initial public offering in the city.
Alibaba’s Executive Vice Chairman Joseph Tsai said the bourse has failed to “adapt to future trends and changes” while HKEx CEO Charles Li, told a recent dream that underlined to him the need to put the public interest first (see EI yesterday).
“We are deeply aware of the disruption that is brought about by the Internet across all industries, and the capital markets are not exempt from this disruption,” Tsai said. “The question Hong Kong must address is whether it is ready to look forward as the rest of the world passes it by.”
Tsai said the company never proposed a dual-class structure, and that the partnership arrangement is meant to protect the company’s long-term interests.
PLY: An interesting debate as I mentioned yesterday. While the internet is wondrously disruptive, it does still exist within certain civilised vestiges and we have not yet abandoned joint stock companies. True, indeed, exchange rules have often and still can remain (qv NYSE options) lagging in the wake of the electronic revolution. However, the idea of enshrining totalitarian management structures is not one that HKEx have found to work for many years and hence they demurred on changing their rules. That is their privilege and I am still minded to support their stand.
Lauded by many for its principled stance in rejecting Alibaba Group’s plans to list shares, the HKEx has left the city’s financial community fuming at a lost opportunity, and reignited calls for market reforms.
The Chinese e-commerce giant founded by billionaire Jack Ma failed to convince Hong Kong regulators to waive rules over the group’s unique partnership structure – specifically that 28 partners, mainly founders and senior executives, would keep control over a majority of the board, even though they own only around 10 percent of the company.
PLY: Sorry permit me to pause for breath here. First up Hong Kong’s bankers/brokers were the same ones fighting to maintain fixed brokerage commissions until just a few years back. The kettle pot black index scored big on that issue of inflexibility. Moreover, I have never countenanced the idea that 10% of shareholders ought to control any company. Nor does HKEx / Hong Kong’s regulators. They are right. The bankers are doing the short-termist closed minded thing which made them at once rich, then bankrupt, out west.
NASDAQ OMX subsidiary, the Latvian Central Securities Depository (LCSD) signed the T2S Framework Agreement with the European Central Bank on September 26, 2013.
PLY: Congratulations to the Latvian CSD team led by Indars Aščuks.
Exchange Glitches Pile Up As BATS Halts Trading
Bats Uses Chicago Backup After Network Issue Shuts BYX Venue
Lenexa, Kansas-based stock exchange BATS Global Markets yesterday announced that trading had halted on one of its two electronic trading platforms, the BATS BYX Exchange, which accounts for about 2 percent of all US stock trading.
Bats Global Markets Inc.’s BYX Exchange reopened using a Chicago backup site after a computer malfunction forced the equity market to shut for three hours – apparently caused by a programming bug in a vendor’s network software caused the disruption that closed BYX at 9:44 a.m. NY time.
BATS Prepares To Take On Big Bell Ringers (subscription)
The Wall Street Journal
One of the signature events of American capitalism, the opening-bell ceremony at the U.S.’s biggest stock exchanges, has long been held on Wall Street—or, more recently, in the glittering canyons of Times Square.
But it is possible that the U.S.’s biggest stock-market, as measured by volume, will soon ring in the trading day from a two-story office building beside a freeway in suburban Kansas City.
PLY: How will BATS ultimately make its mark against the country clubs already dominant in listing? They will need a branding genius like Bruce Goldberg who created the ISE’s, plus a lot of traction, Commuting your order via a platform where execution makes New York “minute” look long-term is one thing. Placing your valuable company on a platform where the local golf club members will say “BATS-who, couldn’t you afford New York?” is a whole different game.
In many ways the Kansas city element is only a sideshow, deftly placing the BATS brand as bringing Wall Street to Main Street from the heart of the nation could actually play well. After all the NYSE will soon be a branch office for a successful multinational headquartered in Atlanta.
IEX Completes Finra Registration, Eyes Oct. 25 Launch Date
IEX, a buyside-owned dark pool targeting the sell-side, has completed its Finra BD form registration process and eyeing a launch date of October 25.
Long frustrated by the sell-side and its order-handling practices, the buyside is set to open up its own alternative trading system—and asking brokers to do business there.
PLY: I like the idea, the panache and to date the apparent execution ability of IEX. They have a fascinating if challenging niche which can deliver an intriguing return. Note too how much they have raised almost 26 million USD, compared to Say Aquis in Europe (which many regarded as being a frothy value – unfairly I would contend – for a start-up exchange).
Bangladesh Exchange Demutualisation Scheme Approved
Bangladesh SEC (BSEC) on Thursday approved a number of documents to facilitate demutualisation of the country’s two stock exchanges, including a 13-member board each.
PLY: Good luck to the Bangladeshi bourses, we look forward to more news for investors in due course.
Kenya – CMA Proposes New Rules To Protect Investors, Raise Fees
The Capital Markets Authority (CMA) has recommended that investors be exempted from contributing towards the operations of the Investor Compensation Fund (ICF).
At the same time the market regulator has proposed that market fees for the Central Depository and Settlement Corporation (CDSC) be increased owing to its national role and the increased risks from the ongoing dematerialization and consolidation initiatives.
The latest are part of the authority’s recommendations for the new structure for various fees and commissions charged on the Nairobi Securities Exchange (NSE).
Stockbrokers and investment bankers will be required to contribute towards the Investor compensation Fund at the rate of 0.15 per cent of the value of the transaction.
PLY: Compensation funds vary enormously the world over. In the US exchanges have often had them in futures while they have been a much rarer animal in Europe for instance.
Poor Funding, Bane Of Commodity Exchange In Nigeria
MD/CEO, Abuja Securities and Commodity Exchange (ASCE), Mr Yusuf Abdurrahim, discusses issues concerning commodity exchange in Nigeria and says the sector needs adequate government attention.
Special Section: FTI, NSEL, India at the Crossroads
MCX is off 1%, FTIL up 1.5%, the government seems determined to cut down most of the forests of India for reports before it makes a decision, today’s updates, including a cracking LiveMint editorial:
The combined holding of FTIL and its unit MCX in the Dubai Gold and Commodities Exchange (DGCX) has dropped to around 31% from 44%, after they chose not to subscribe to a rights issue.
A spokesperson for the FTIL group, originally a co-promoter of the bourse, said the Emirates Securities and Commodities Authority’s 10-day deadline from the date to subscribe to the issue was too short for it to obtain approvals from the Reserve Bank of India (RBI) and other regulators.
The FTIL group and Dubai Multi Commodities Centre (DMCC)—owned by the Dubai government—were promoters of the bourse, and held an equal share in the joint venture when it started operations in 2005. FTIL and MCX held 40% and 10%, respectively, in DGCX when it began operations.
In fiscal 2007, FTIL sold a 1% stake, while MCX offloaded a 5% stake in two tranches between 2007 and 2009, following which they held 39% and 5%, respectively, in DGCX.
The FTIL group currently holds two of five board seats at the exchange, and the group’s promoter,Jignesh Shah, is the vice-chairman of DGCX, while Joseph Massey is a director.
PLY: Confirming something we had known for a while – the rights issue was not taken up by FTIL. However many shares it is, I believe the stake is clearly for sale…
The Reserve Bank Thursday said the foreign institutional investors (FIIs) investment in Multi Commodity Exchange has reached the trigger limit under portfolio investment scheme and purchase of further equity shares of company will require its approval.
PLY: Just when you think there is a deal, you have to recall that the licence Raj keeps India ostensibly closed to most foreign investors. Another farcical layer of protectionism that precludes the nation progressing as it can.
MCA Widens NSEL Probe; Seeks Details Of Related Entities
The Economic Times
Violation Of Companies Act By Financial Tech Being Probed: Sachin Pilot
The Hindu Business Line
PLY: More and broader investigations all round – actually likelihood of action: unknown.
Damning Reports In Hand, Government To Probe Financial Technologies Group
The Economic Times
The government is set to launch an inquiry against the FTI based on the findings of multiple agencies and regulators investigating NSEL, which is in the grip of a settlements crisis.
The probe, to be conducted by the Ministry of Corporate Affairs, is based on a report by the finance ministry that has been shared with the ministry and regulators.
It will focus on the misrepresentation of facts, related party transactions, cash flows within and outside group firms, financial statements and any violation of the Companies Act.
PLY: Given the nature of the reports, it does gast one’s flabber how bureaucrats can produce such masterly inaction. One can only picture the scene in some wood panelled civil service office: “Why I do say this exchange thingie has involved all manner of chaps in really dodgy stuff. Gosh! Time for action – we need a much bigger report!”
‘NSEL Unregulated Entity, Violated Norms From Day 1’
The Economic Times
Multiple Agencies Taking Action, Says Chidambaram
Action against NSEL, which is battling a Rs 5,600 crore (USD 900 mln) payments crisis, is being taken by the FMC, MCA and the CBI based on the Mayaram committee report, finance minister P. Chidambaram said on Thursday.
The ED has said that for it to register a case against FTIL promoted-NSEL, some criminality has to be registered. Hence, at this point in time, it has not even investigated into any claims of money laundering or investigated if the company has violated the Prevention of Money-Laundering Act (PMLA).
PLY: One arm of bureaucracy holds back from even producing a report – masterly budgetary control while I do sympathise that evidence of pure criminality as opposed to corporate wrongdoing may currently be a tad sparse.
Deloitte’s Decision To Withdraw Financial Technologies Audit Report Rare: Experts
The Financial Express
Accounting experts have termed the withdrawal of an examined audit report of Financial Technologies India Ltd (FTIL) by its auditors, Deloitte Haskins and Sells, as an exceptionally rare event.
On Second Thoughts
The Hindu Business Line
The decision by FTIL’s auditor to withdraw its audit opinion on the company’s financial statements for 2012-13 a good four months after they signed off on them raises serious questions relating to investor interest and the precedent it sets for the auditing profession.
The auditor, Deloitte Haskins & Sells, may now have its reasons for believing that FTIL’s financial statements are not to be “relied upon”. But what about the investors and other stakeholders who dealt with the company over the last few months on the basis that the audited accounts were true and fair?
PLY: Given that previous crises are already dragging on for well over a decade in Indian courts, Deloitte’s recent action will likely enhance the miasma of legal action which will soon take hold whether Jignesh Sha cautions against it or not…
Geojit BNP Paribas Brokerage Says NBFC Arm Has Rs 133-Crore (USD 21.48 mln) Exposure
The Financial Express
Geojit BNP Paribas Financial Services on Wednesday said that its NBFC arm has an exposure of Rs 133.22 crore to the NSEL settlement crisis.
The company, in an exchange filing, said that Geojit Credit, a non-deposit taking NBFC in which it has a 65% stake, bears this exposure by way of non-collateralized loans to clients against assignments of their commodity trade receivables from the beleaguered NSEL, which is facing a Rs 5,500-crore payment crisis.
Geojit Comtrade, a separate entity from the Geojit group, is one of the brokers with substantial exposure to the NSEL outstanding.
The ongoing liquidity crisis at NSEL has reignited the debate on the conflict of interest between the commercial and regulatory roles of an exchange. It also seems to have led policymakers to revisit the issue of exchange regulations to find ways to minimize, if not eliminate, such a conflict.
PLY: Today’s NSEL must read: An excellent Opinion piece that surmises precisely where Jalan identified the issue and then produced the most ghastly of solutions. Enshrining monopoly in exchanges will simply leave us back with the stasis which prevailed before NSE helped kick off the Capital Market Revolution! 2 decades ago. Exchanges are for profit, dynamic, competitive entities and must be allowed to flourish as such.
LMAX Exchange Partners With ActForex
LMAX Exchange, the first FCA regulated MTF for FX trading, will partner with ActForex, the leading provider of independent retail trading platforms integrating LMAX into ActForex’s advanced retail trading platform, ActTrader.
Through the ActTrader platform, LMAX Exchange delivers exchange quality execution in over 60 FX pairs with an average matching speed of 4ms and no ‘last look’ as standard – ensuring FX execution with optimal precision.
PLY: A good move from LMAX although we are still only scratching the surface of building forex trading platforms.
TMX Atrium, provider of smarter infrastructure solutions for the financial community, has completed an upgraded connectivity path from Frankfurt to Amsterdam.
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the launch of a new service for the pricing of collateralized debt obligations (CDOs) as part of Thomson Reuters Pricing Service (TRPS), a global solution that provides evaluated prices to support portfolio, fund and single security valuations.
Hedgebay Trading Corporation, a pioneer of the secondary hedge fund market, has launched a first of its kind electronic settlement service for the hedge fund secondary market.
Hedgebay’s newly launched Electronic Settlement Service is expected to initially reduce overall trading time by up to an estimated 20%. Currently, secondary market participants rely on a manual trading and settlement process. Typically, a transaction takes at least 90 days to close.
Nasdaq OMX, the exchange operator whose biggest U.S. competitor is getting purchased by a derivatives market, is trying to draw individual investors into currency futures with a series of new offerings.
PLY: Long-time Philly man Dan Carrigan, the Philadelphia-based president of Nasdaq OMX Futures Exchange is almost going back to the future with 20,000 USD forex futures in the bourse which of course was famous for its exchange traded forex options during the 1980’s and 1990’s. A first step into forex, although for me the cash market still looks more interesting than futures which remain a tiny part of the pie pro rata…
Moscow Exchange’s Derivatives Market is to launch futures on five new foreign stocks on 3 October, namely BMW, Daimler, Deutsche Bank, Siemens and VW.
Tainted Pepper Casts Shadow On Futures Exchanges
The Hindu Business Line
Trading in pepper futures has been paralysed after commodity exchanges launched new contracts specifying that the spice’s stocks should not have any presence of mineral oil.
According to a FMC official, trading on Indian Pepper and Spices Trading Association (IPSTA) and the NMCE has virtually halted in view of the new specification.
NCDEX has discontinued offering pepper contracts, following a controversy over quality of pepper stocks in its six warehouses. Open interest for Dec on NMCE is zero, for November, it is seven tonnes, for October, 22 tonnes. On IPSTA, the open position is zero for all contracts between October and March.
Apparently no one is willing to trade since it will be difficult to meet the new specification of no presence of mineral oil in pepper. Traces of mineral oil find their way into pepper when it is oil washed to remove the skin.
The National Energy Regulatory Authority (ANRE) granted licences to the Romanian Commodity Exchange (BRM) and OPCOM – the electricity centralised market operator – for conducting the first trades with natural gas, starting with the end of September, ANRE President Niculae Havrilet told a specialised conference.
‘In the case of natural gas there is a more complicated situation, because we aim to even the domestic production gas price with the price of the imported gas. The first gas transactions on the Romanian Commodity Exchange and on OPCOM could be conducted before the end of September. We approved all procedures for them,’ Havrilet said.
According to an ANRE President order, the Romanian Commodity Exchange will collect 1,000 lei for each gas sale or purchase offer, in the form of an administration rate of the natural gas centralised market. Moreover, each participant on the market must pay an entry fee applied upon the registration of the participants on the centralised market, accounting for 450 lei per year.
In July, ANRE granted licences both to BRM and to OPCOM, to be able to become gas exchange markets.
PLY: Good luck to BRM which has a huge opportunity with natural gas…
Banks will become the heaviest segment of Brazil’s benchmark stock index when the first revamp in the gauge’s 45-year history takes effect next year, marking the rise in importance of service companies in Latin America’s largest economy.
The decision by operator BM&FBovespa SA to rejig the index underscores investor pressure for a market gauge that better reflects Brazil’s modern economy where sectors like oil and gas hold less sway than they did when the Ibovespa was set up in 1968.
The STOXX ASEAN-Five Select Dividend 50 Index. The new index selects the 50 highest dividend paying companies from five member states of the Association of Southeast Asian Nations (ASEAN): the first dividend index for the ASEAN region. The STOXX ASEAN-Five Select Dividend 50 Index is specifically designed to underlie exchange-traded funds and other investable products.
NASDAQ OMX $0.13 Q2 dividend payment
Record date Hellenic Exchanges for EUR 0.03 special dividend (share capital return)
HKEx Definitive share certificates in respect of the scrip dividend and dividend warrants despatched to Shareholders
AGM MCX India
BM&F BOVESPA R$280.7 mln Q2 dividend payment
CME Europe Ltd. Launch – Trade Date
NYSE Euronext $0.30 Q2 dividend payment
All forthcoming exchange / investment related events are now listed in our Events page.
NYSE Euronext “Neutral” rating reiterated by Zacks – $44.00 price objective
NYSE Margin Debt Is Rising Once Again
NYSE end-of-month data for margin debt on the NYXdata website, goes back to 1959. Let’s examine the numbers and study the relationship between margin debt and the market, using the S&P 500 as the surrogate for the latter.
What’s The Best Small Cap Electronic Brokerage Stock? IBKR, MKTX & IGEX
If you have found yourself trading more as the markets become more volatile or struggling to come to terms with low interest rates, small caps like Interactive Brokers, MarketAxess, Indo Global Exchanges Pte Ltd which are in the electronic brokerage or trading platform business would be well worth taking a closer look at. Here is what you need to know about all three
A full table of current analysis can be found on our Analyst Ratings page which is updated daily.
All Analysts, Banks and Brokers are welcome to contribute to this section.
Australians love crowdfunding. We’re among the most enthusiastic in the world and the most generous per capita, argues Rick Chen, CEO of Australian-based crowdfunding platform Pozible. While US backers typically pledge US$25 for projects on Kickstarter, says Chen, on Pozible Australians’ most popular donation is AU$50.
That generosity is about to be tested with the arrival of Kickstarter – which dominates in the US, UK and Canada taking on Pozible, which since its launch in May 2010 has raised $13m for more than 4,000 creative arts projects. While Australia has other platforms including iPledg, Indiegogo and the local version of social entrepreneur site StartSomeGood, Pozible is king.
Intellectual Property Exchange International, Inc. (IPXI), the world’s first financial exchange for licensing and trading intellectual property (IP) rights, announced that it kicked off its inaugural Annual Members Meeting in Chicago last night with a keynote address from David Kappos, former Under Secretary of Commerce to the United States and Director of the U.S. Patent and Trademark Office (USPTO).
PLY: IPXI was represented at Young Markets this year. Interesting business.
US Rules ‘Endanger’ Derivatives Reform (subscription)
Market participants worry about CFTC reach.
SGX has announced new listing rules aimed at promoting greater transparency in general meetings and supporting listed companies and trusts in enhancing their levels of shareholder engagement.
NYSE Euronext Lisbon (Portuguese Stock Exchange) and the Associação Têxtil e Vestuário de Portugal (ATP, the Portuguese Association of Textiles and Clothing) are signing a cooperation agreement with the aim of encouraging and supporting the listing of new companies on the Stock Exchange.
PLY: Lisbon continues to try to encourage more listings through partnerships with trade groups.
SEC charged Paul Konigsberg, the longtime accountant for many of Bernard Madoff’s oldest and wealthiest clients for his role in the creation of false books and records used in the massive Ponzi scheme.