May. 1, 2014, 12:00 PM
- Now a unit of IntercontinentalExchange (ICE +0.4%), the New York Stock Exchange is fined $4.5M and ordered to hire an independent consultant (preferably a former SEC staffer!) over "repeated failures" to operate in accordance with exchange rules. Among the alleged violations: Using an error account maintained at Archipelago Securities in spite of not having rules permitting such.
Apr. 20, 2014, 3:07 AM
- The city of Providence in Rhode Island has sued Bank of America (BAC), Virtu (VIRT), the New York Stock Exchange (NYX, ICE) and numerous other exchanges, brokerages and traders over high-frequency trading (HFT).
- Providence argues that the defendants have siphoned off billions of dollars by rigging the securities markets, as Michael Lewis has claimed in his new book, "Flash Boys."
- Providence is seeking unspecified damages from 42 defendants on behalf of all public investors that traded stocks in the last five years.
Apr. 16, 2014, 8:04 AM
- Looking to "modernize" the recently-acquired NYSE, IntercontinentalExchange (ICE) has purchased Algo Technologies, reports Bloomberg. Algo claims to have the world's fastest matching engine (i.e., lowest latency), which would make nice selling points when trying to convince companies to list on the Big Board.
- Algo's AlgoM2 technology reportedly takes 16 microseconds to process and complete buy and sell requests. The London Stock Exchange takes about 124 microseconds, the Nasdaq about 250.
- To no one's surprise, Algo was founded by a group previously involved with high-frequency trading.
Apr. 11, 2014, 9:44 AM
- CME Group has canvassed traders about challenging IntercontinentalExchange's (ICE) grip on the niche $15B cocoa market by opening its own contract on the commodity, reports Reuters.
- Talks are still at an early stage, but CME has invited about 20 companies to a soft commodity briefing in London later this month where the exchange is expected to present an overview of the proposed contract, according to a source.
- The actions are the latest sign of CME's ambitions get more of the action in Europe's agricultural markets. The company last year hired two soft commodity experts away from the London futures exchange (later purchased by ICE through its NYSE acquisition).
Apr. 10, 2014, 1:09 PM
- According to CNBC, the mutual fund giant is working with other investment firms to launch a new low-cost (and presumably HFT-free) stock trading alternative, with Chairman Ned Joshson said to be closely involved.
- Among those looking on: KCG Holdings (KCG -2.6%), CBOE Holdings (CBOE -1.6%), IntercontinentalExchange (ICE -1.3%), Nasdaq OMX (NDAQ +1%), Schwab (SCHW -3.9%), E*Trade (ETFC -3.5%), TD Ameritrade (AMTD -1.6%).
- Previously: "RBC nice" paying off
Apr. 2, 2014, 10:22 AM
- Nasdaq OMX (NDAQ +1.7%) and IntercontinentalExchange (ICE +1.4%) take back ground lost yesterday amid the media blitz for Michael Lewis' assault on high-frequency trading.
- Was Lewis front-run? Barron's Steven Sears notes heavy put action in NDAQ ahead of Sunday's 60 Minutes interview with the author.
Mar. 18, 2014, 1:03 PM
- The listing - in which Alibaba is expected to raise up to $15B - is the largest ever for a Chinese company, and the NYSE (ICE -0.9%) is in the lead to win it, according to the Journal's sources. It would be another setback for the Nasdaq (NDAQ -3.6%) which has struggled to hold onto its reputation as the spot for tech issues following the bungling of the Facebook IPO in 2012.
- The financial impact of the listing by itself is insignificant, says Richard Repetto, but bragging rights and momentum for future tech IPOs, and boosted trading revenue over time is.
- In other news, NY AG Eric Schneiderman has reportedly launched a probe into whether stock exchanges give improper advantages to high-frequency traders. His staff has discussed concerns with execs at both Nasdaq and ICE and requested more information. Goldman reiterates its Sell rating on Nasdaq, seeing 17% downside amid this issue.
Mar. 6, 2014, 7:26 AM
- "Progress around the NYX integration, Euronext IPO, and core business trends appears to be on track," says analyst Daniel Fannon, reiterating a Buy rating and $265 price target on IntercontinentalExchange (ICE) after catching up with management earlier this week. "There remains several levers to earnings acceleration in 2015 including better than expected cost synergies, capital re-deployment decisions and improving growth in the core business."
- He boosts his FY14 EPS estimate to $11.75 from $11 while trimming 2015 to $14.15 from $14.30.
Feb. 11, 2014, 7:37 AM| Comment!
Feb. 11, 2014, 7:34 AM| Comment!
Feb. 11, 2014, 12:05 AM
Feb. 10, 2014, 5:30 PM
Jan. 31, 2014, 12:30 PM
- After confirming rumors in August by filing with the SEC, BATS Global and Direct Edge announced earlier today that the merger has been approved.
- The combined exchange will be the 2nd largest market operator - behind the NYSE (NYX, ICE), and ahead of the Nasdaq (NDAQ).
- In a press release, Joe Ratterman, CEO of BATS stated: "With the final regulatory approval received, we are focusing on closing the merger during the current quarter and beginning the integration of our two highly complementary companies."
Jan. 17, 2014, 9:21 AM
- Effective February 1, IntercontinentalExchange (ICE) will take over as the new administrator for the tainted interbank borrowing rate from the British Bankers' Association.
- "IBA (ICE Benchmark Administration) has built a robust oversight and governance framework that includes an independent board with a majority of Independent Non-Executive Directors," says the company.
- ICE names Andre Villeneuve as Chairman of IBA. He was previously Chairman of the City of Londons International Regulatory Strategy Group.
- Press release
Jan. 15, 2014, 3:09 PM
- IntercontinentalExchange (ICE -3.3%) slumps following new EU rules designed to increase competition among derivative exchanges. They include provisions which could make it easier for an investor to open a trade at one exchange and close it at another.
- “We understand investors are concerned about the vertical silo, but a lot more needs to be clarified,” says Sandler's Rich Repetto, noting ICE has maybe 5 years to react to the rules.
- Wells Fargo defends as well, saying the lack of available details makes it difficult to judge how damaging they may be to ICE.
- It's a buying opportunity, says Raymond James.
- Competitor CME Group (CME +0.9%) - which does far less business in Europe - is cruising through the news.
Jan. 8, 2014, 7:52 AM
ICE vs. ETF Alternatives
Intercontinental Exchange Inc operates regulated global marketplaces for trading and clearing an array of securities and derivatives contracts across major asset classes, including interest rates, equities, equity derivatives, credit derivatives, bonds.
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