Thu, Jul. 7, 5:06 AM
- Looking to speed up early morning trading in times of market stress, the SEC has approved plans by the NYSE (NYSE:ICE) to eliminate Rule 48 and instead set specific guidelines for when shares could open after a trading halt.
- The exchange had asked for the rules after disorderly trading on Aug. 24, 2015, when there was a record intraday drop in the Dow Jones.
Sat, Jun. 18, 7:40 AM
- The nod from the SEC means the "Flash Boys" will be able to challenge the NYSE (NYSE:ICE), Nasdaq (NASDAQ:NDAQ), and Bats Global (BATS:BATS) as this country's 13th national stock exchange.
- IEX's "speed bump" delays orders by an infinitesimal amount, but it's enough to protect investors from high-frequency trading which can front-run slower orders on the other exchanges. Opponents of IEX like hedge fund manager and electronic market-market Citadel say the delays create stale prices and the opportunity for manipulation.
- The approval by the SEC had been expected after a report earlier this week that agency staff had recommended such.
Tue, Jun. 14, 2:27 PM
- The SEC staff has recommended the agency approve IEX Group's bid to launch a new stock exchange, according to the WSJ. The agency's commissioners will vote on the matter on Friday, and while they aren't required to support the staff's views, it's rare when a formal recommendation is rejected.
- Were the "Flash Boys'" to win approval, it would be the first major new stock exchange in the U.S. since a number of other venues were greenlighted in 2010 - they're now owned by BATS Global (BATS -0.5%).
- IEX's angle, of course, is its "speed bump" which the company says will protect investors from the abuses of high-frequency trading.
- In addition to BATS, IEX is also a challenge to the NYSE (ICE -0.6%) and Nasdaq (NDAQ).
Wed, May 4, 7:54 AM
- Q1 adjusted net income of $441M or $3.68 up 20% from one year ago. $600M of operating cash generated - $500M went to paying down debt, and $100M to dividends.
- Transaction and clearing segment revenues of $574M up 4% Y/Y. Data and listings segment revenues of $580M up 3%.
- Company expects full-year data services revenues to be up 6-7% from 2015. Adjusted operating expenses of $1.97B-$2B. Synergies are expected at $85M-$90M.
- Earnings call at 8:30 ET
- Previously: IntercontinentalExchange beats by $0.03, beats on revenue (May 4)
- ICE flat premarket
- Separately, the company says it has no interest in bidding for the London Stock Exchange (OTCPK:LDNXF).
Wed, May 4, 7:43 AM
Wed, May 4, 7:32 AM
Tue, May 3, 5:30 PM
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Mon, May 2, 10:50 AM
- London Stock Exchange (OTCPK:LDNXF) had been expected to hold a special meeting to approve its merger with Deutsche Boerse (OTCPK:DBOEY) ahead of the U.K.'s June 23 EU referendum.
- Deutsche Boerse, however, still needs to file a full set of merger documents with German regulators, a tricky process which looks like it cannot be completed before that date.
- Not wanting to ruffly any regulatory feathers, LSEG is now mulling delaying the special meeting until the proper documents have been filed, reports Reuters.
- If so, it would give ICE more time to put together a rival bid.
- Supporters of the Deutsche effort say ICE has too high of a debt load to put together a killer bid, especially after paying $5.2B late last year for data firm IDC. There's also the question of how attractive a purchase would be if a Brexit goes through.
Fri, Apr. 8, 11:17 AM
- The Brazilian markets operator has sold its 4% stake in CME Group (CME -2.7%) in order to raise funds for a potential purchase of rival Cetip.
- Source: FT
- The 13.6M share sale netted about $1.3B for Bovespa.
- A combination of Bovespa and Cetip would create a near-$11B company, and entrench Bovespa as the largest exchanges operator in Latin America. It would also be a windfall for IntercontinentalExchange (ICE -0.1%), a 12.5% owner of Cetip.
- Yesterday's sale brings an end to a near decade-long cross-shareholding agreement between Bovespa and CME, and Bovespa CEO Edemir Pinto has resigned from the CME board. CME continues to hold its stake in Bovespa.
- Now read: CME Group: Where Is The Creativity? Dump The Stock
Wed, Mar. 23, 8:42 AM
- Boosting the upstart's challenge to the NYSE (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ), the country's largest bank says regulators should approve IEX's bid to become an exchange.
- IEX clams its market will stand in the way of the predatory strategies used by some high-frequency traders, and the SEC last week proposed allowing IEX to use a "speed bump" to briefly slow orders.
- In its endorsement, JPMorgan joins Goldman Sachs in backing IEX's efforts.
Wed, Mar. 16, 3:09 AM
- The New York Stock Exchange (NYSE:ICE) has completed an overhaul of its regulatory functions, naming Anthony Albanese, the former acting New York state financial industry regulator, as its chief regulatory officer.
- Rapidly evolving electronic trading, spurred by new regulations a decade ago, has created a dizzying array of markets and alternative trading sites, and major exchanges themselves have combined to form huge market conglomerates.
- ICE is now weighing a competing bid to buy the London Stock Exchange, which is in the midst of merger talks with Deutsche Börse.
Tue, Mar. 1, 4:23 PM
- Standard & Poors Securities Evaluations is a provider of fixed-income evaluated pricing, and Credit Market Analysis a provider of independent data for the OTC markets.
- Both businesses are in McGraw Hill Financial's (NYSE:MHFI) S&P Global Market Intelligence Business unit.
- When close, the deal will enable ICE to offer customers new data and valuation services. The company can pay MHFI in either cash or stock.
- All other terms were not disclosed.
- "After a strategic review of our portfolio, we determined that we do not have critical mass in the area of securities pricing," says Mike Chinn, president of S&P Global Market Intelligence.
- Source: Press Release
Tue, Mar. 1, 9:57 AM
- Eric Hunsader confirms he is the recipient of more than $700K from the SEC for work he did that led to a $5M fine in 2012 against the NYSE (NYSE:ICE).
- It's the first whistleblower award by the SEC under the Dodd-Frank laws.
- Hunsader said his firm, Nanex, originally discovered the issue on the day of the flash crash in May 2010. Even today, says Hunsader, the SEC's market analysis tool would be unable to spot the issue were it to happen again.
- On the award: "I would have accepted $1 if you simply acknowledged me at the time."
- Hunsader's chronology
Tue, Mar. 1, 3:52 AM
- Intercontinental Exchange (NYSE:ICE) is considering making a counter-offer for the London Stock Exchange Group (OTCPK:LNSTY), potentially putting it head-to-head with rival bidder Deutsche Boerse (OTCPK:DBOEY).
- "There can be no certainty that any offer will be made, nor as to the terms on which any offer will be made. A further announcement will be made as appropriate," ICE said in a statement. "An offer will be made no later than 5pm on March 29."
- LSE Group +7.8% in London.
- Previously: Bloomberg: ICE preparing counteroffer for London Stock Exchange (Feb. 29 2016)
Mon, Feb. 29, 6:11 PM
- NYSE owner Intercontinental Exchange (ICE -0.6%) is throwing a spanner into plans that the London Stock Exchange (OTCPK:LNSTY -4.5%) has to merge with Deutsche Boerse (OTCPK:DBOEY -3.9%), by exploring its own counteroffer for LSE, Bloomberg reports.
- ICE is reportedly working with advisers including Morgan Stanley to prepare a possible higher offer than the £20B DB-LSE merger of equals.
- The company's unlikely to make a move before a March 22 deadline for Deutsche Boerse to make its formal offer for LSE, a source said.
- It's also prepared for political and corporate resistance. A combined Deutsche Boerse and LSE would better compete with ICE as well as CME Group (CME -1.9%), and give customers a single stop for primary markets in London, Frankfurt and Milan.
- After-hours action: CME flat.
Mon, Feb. 29, 10:25 AM| Mon, Feb. 29, 10:25 AM
Intercontinental Exchange, Inc. operates as an online global electronic marketplace for trading in futures and over-the-counter commodities. The company delivers data, technology and risk management services through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures,... More
Industry: Diversified Investments
Country: United States
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