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Mon, Jan. 19, 2:22 AM
- As Japan’s exchange operators look to attract more foreign investors and integrate existing exchanges, Japan Exchange Group (OTC:JPXGY) has signed a deal with Nasdaq (NASDAQ:NDAQ) for a new trading platform that will begin operations this year.
- The platform will provide real-time market surveillance and pre-trade risk-management technology for the group’s derivatives bourse, the Osaka Exchange.
Mon, Jan. 12, 2:38 AM
- Nasdaq OMX (NASDAQ:NDAQ) has approached several big banks with a proposal to take over their dark pools, and plans to seek regulatory permission to do so, WSJ reports.
- Despite coming under increased scrutiny, dark pools have seen a jump in trading volume as brokers seek to avoid high fees on traditional exchanges.
- Nasdaq CEO Robert Greifeld says the new initiative is in response to the needs of the company’s customers and not a strategic change.
- Three largest dark pool operators in the U.S.: UBS (NYSE:OUBS), Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB).
Mon, Jan. 5, 8:15 AM
- Dorsey, Wright & Associates is a market leader in data analytics, passive indexing and smart beta strategies, says Nasdaq (NASDAQ:NDAQ). The deal is expected to close in Q1. The purchase price is $225M.
- The combined group will bring together DWA's 17 ETFs and Nasdaq's 69 licenses smart-beta ETFs focused mostly on dividend and income strategies, and Nasdaq Global Indexes will have nearly $45B in assets benchmarked to its family of Smart Beta indexes, and more than $105B to all Nasdaq indexes.
- Source: Press Release
Mon, Jan. 5, 2:50 AM
- Pushing further into indexing and the growing market for exchange traded funds, Nasdaq (NASDAQ:NDAQ) has purchased U.S. index provider and analytics group Dorsey Wright for $225M.
- As exchange profits from traditional stock trading remain under pressure, funds have been moving from active investment management to more passive strategies, such as ETFs.
- As a result, exchanges have been boosting ties to index providers as licensing of data offers new sources of growth.
Dec. 8, 2014, 7:58 AM
Nov. 11, 2014, 4:47 PM
- "The exchanges (apparently ICE's NYSE and NDAQ) who have a hand in this and seek to benefit from the onerous version of a trade-at basically put the screws to us," says Michael Masone, legal counsel for equities at Citigroup (NYSE:C), speaking at a SIFMA-sponsored conference.
- At issue is a SEC pilot program meant to boost trading in smaller-cap names. One of the provisions - the so-called "trade-at" rule - is a stealth attempt at hurting brokerages which run private trading systems (dark pools), said both JPMorgan (NYSE:JPM) and Citi at the conference.
- The one-year program - if approved (the SEC began seeking public comment this month) - would begin next year and widen the minimum tick at which bids and asks are quoted on exchanges to more than a penny. The plan would create four groups of companies with market caps of less than $5B. One segment would require quotes in increments of a nickel or more, and another will require both quotes and trades to be in five-cent steps. In a third group, trading will be discouraged in dark pools. A fourth group would trade normally.
- Opposition has been pretty fierce - even within the SEC - but the agency for now has decided to move forward anyway.
Oct. 24, 2014, 8:09 AM
Oct. 24, 2014, 8:08 AM
- Non-GAAP diluted EPS of $0.72 up 9% from a year ago.
- Non-transaction based revenue totaled 74% of overall Q3 revenue
- 0.7M shares, or $27M of stock repurchased during Q3 at average price of $41.39. The board has authorized additional $500M of stock repurchase bringing total authorized repurchase to $560M
- Market Services revenue (39% of total) of $194M down from $200M a year ago.
- Derivatives revenue (13% of total) of $66M slipped from $71M.
- Cash equities revenue (10% of total) of $52M up from $46M.
- Fixed Income revenue of $13M down from $18M in 3Q13
- Access and Broker Services revenue (13% of total) of $63M down from $65M.
- Information Services revenue (23% of total) of $114M down from $117M.
- Market Data revenue (19% of total) of $92M down from $99M.
- Technology Solutions revenue (26% of total) of $130M down from $132M.
- Operating expense guidance lowered to $1.21B-$1.21B from $1.22B-$1.25B.
- Conference call at 8 ET
- NDAQ No trades PM
- Previously: NASDAQ beats by $0.02, misses on revenue
Oct. 24, 2014, 7:06 AM
Oct. 23, 2014, 5:30 PM
Oct. 23, 2014, 4:33 AM
- U.S. options market operators have agreed in recent months on the need for new automatic trading halts when stock options prices suddenly surge or plunge, similar to the "Limit Up/Limit Down" rules, fully implemented this past May.
- Sources tell Reuters that the first part of the plan, which creates a uniform set of rules on how to deal with erroneous trades, is soon to be filed with regulators.
- Related Stocks: NDAQ, ICE
Oct. 2, 2014, 10:24 AM
- "We are constructive on Nasdaq OMX's (NDAQ +0.3%) progress over many years in creating a lower-risk, high-recurring revenue business model with solid execution, especially in cost management," says analyst Brian Bedell, upgrading to a Buy with price target lifted to $49 from $46. "We see the story as increasingly gaining traction among investors and improving NDAQ's P/E from subdued levels."
- Also boosted to a Buy is IntercontinentalExchange (ICE +1.5%), with price target lifted to $219 from $202.
- CME Group (CME +1.5%), however, is Bedell's top pick in the exchange sector, and he lifts the price target to $95.
- Previously: Brisk September business at CME
Jul. 28, 2014, 3:06 PM
- "The maker fee is an incentive ... for people to provide liquidity into the market," says Nasdaq OMX (NASDAQ:NDAQ) CEO Robert Greifeld, speaking on the sidelines of a congressional-sponsored roundtable about equity market reforms. "To be rewarded for that in some way I think is fair and legitimate."
- However, he says, the $0.30 fee "was not designed by God," and notes it's been at that level for 10 years.
- The so-called "maker-taker" model is receiving heightened scrutiny following the Michael Lewis book which questioned the practice of paying brokers an an incentive to boost liquidity, and the major exchanges are competing with market-makers like KCG Holdings for order flow, perhaps enticing brokers to send orders to where they get paid the most, instead of where their customers get the best execution.
- ICE CEO Jeffrey Sprecher also advocated lower fees, but goes further in suggesting a ban on maker-taker pricing altogether.
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