Feb. 5, 2014, 7:17 AM
Feb. 5, 2014, 7:03 AM| Comment!
Feb. 5, 2014, 12:05 AM
Feb. 4, 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. 14, 2014, 3:58 PM
- “We have this index engine and people don’t realize that anything MSCI (MSCI +1.3%) can do or S&P (MHFI +1.2%) can do, we can do right now," says Nasdaq (NDAQ +1.5%) CEO Robert Greifeld, foreshadowing maybe the next big thing in indexing ... mergers. "Growing the index business is at the top of our list for 2014, both organically or through acquisitions."
- Both Greifeld and S&P Dow Jones chief Alex Matturri have recently hinted they're interested in bidding on index businesses, with the operation run by Russell Investments for Barclays maybe being a prime target.
Jan. 8, 2014, 7:52 AM
Dec. 31, 2013, 8:37 AM
- As part of a technology-sharing and advisory services deal, Nasdaq OMX (NDAQ) will take a 5% equity stake in Borsa Istanbul, with the option to boost that number to 7%.
- The agreement is the culmination of talks between the two parties begun last summer - at which time Nasdaq said it would assist with Borsa Istanbul coming public in early 2016.
- Press release
Dec. 27, 2013, 5:01 PM
- Nasdaq OMX (NDAQ) will pay up to $41.6M in compensation to firms that suffered losses on account of the mishandling of Facebook's May 2012 IPO. Firms qualified to receive a payout had until Dec. 23 to agree not to sue the Nasdaq, and thereby become eligible for compensation.
- Market makers have estimated their IPO-related losses, which stem from order confirmation mishaps, collectively amounted to ~$500M.
Dec. 19, 2013, 5:13 AM
- District Judge Robert Sweet has ruled that Facebook (FB), CEO Mark Zuckerberg, COO Sheryl Sandberg and dozens of banks should face investor lawsuits that accuse the social-media site of concealing revenue warnings from its IPO registration statement prior to its listing in May 2012. It was information that Facebook gave to its underwriters' analysts.
- "The company's purported risk warnings misleadingly represented that this revenue cut was merely possible when, in fact, it had already materialized," Sweet wrote.
- The banks involved include Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM).
- Sweet has also ruled that Nasdaq (NDAQ) should face lawsuits over the technical problems that plagued the IPO.
Dec. 12, 2013, 7:31 AM
- Ciena (CIEN) tumbles 11.5% premarket after a big miss on FQ4 results - reporting adjusted EPS of $0.16 per share vs. expectations of $0.24.
- Adjusted gross margin of 40.8% compares to 43.6% the previous quarter. Adjusted operating margin of 4.7% falls from 8.2% the previous quarter. Operating expenses rose to $210.5M from $190.4M.
- FQ1 revenue guidance of $515M-$545M is inline with Street expectations.
- The company will swap its Nasdaq (NDAQ) listing for one on the NYSE (ICE). The stock symbol will remain the same.
- FQ4 results, press release
- CC at 8:30 ET
Nov. 27, 2013, 10:20 AM
- In a win for the NYSE (ICE +0.9%), Hilton Worldwide (HLT) will list its multi-billion dollar IPO on the Big Board. It's the 2nd high-profile win over the Nasdaq (NDAQ) in two months for the NYSE (Twitter in October).
- SEC Form S-1
- Hilton is expected to be valued at $30B-$32B, according to sources, a level which would more than double owner Blackstone's (BX +1.3%) $6B investment made in 2007. That's easier than it sounds - at one point amid the financial crisis and recession, Blackstone was down 70% on its money.
- Hilton in 2012 generated revenue of $9.28B, up 5.6% Y/Y, and operating income of $1.1B.
Nov. 25, 2013, 3:28 PM
- With leaks everywhere, Nasdaq OMX (NDAQ -0.4%) is unable to wait until the close of trade and confirms its head of transaction services is exiting the company. He's not, however, headed to the P-E world; instead he'll become the next president of institutional brokerage service ComvergEx Group.
- Press release
Nov. 25, 2013, 1:01 PM
- Mentioned in the past as a CEO Bob Greifeld's successor at Nasdaq OMX (NDAQ -0.3%), head of transaction services Eric Noll is exiting the company to take a job in private equity, reports Charlie Gasparino. His sources say the departure is not a result of the exchange's technical glitches.
- The official announcement is expected after the close.
Nov. 18, 2013, 4:35 PM
- Nasdaq OMX (NDAQ) is among three exchanges - Deutshce Boerse (DBOEY) and the London Stock Exchange (LDNXF) being the others - considering a bid for Euronext, the European exchanges set to be spun off by InterContinentalExchange (ICE) following its purchase of NYSE Euronext, reports the WSJ.
- The report quickly adds none of the thee are believed to have yet hired bankers to assist and the current plan is for Euronext to be spun off in a Paris IPO in 2014.
Nov. 17, 2013, 2:26 AM
- Nasdaq (NDAQ) and the NYSE (NYX) are reportedly nearing an agreement to back up each others' data streams in a move that would help overcome common points of failure.
- The exchanges are also discussing other ideas that could stabilize their infrastructure, such as passing the operational control of their securities information processors (SIP), which include price quotes, to a third party.
- The report follows a number of technical problems on financial bourses, such as an outage of the Nasdaq in August.
- "The exchanges need to help one another," says analyst E. Paul Rowady. "They have similar headline risk from the ongoing glitchapalooza."
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