Oct. 25, 2013, 1:07 PM
Oct. 23, 2013, 8:06 AM
- Q3 revenue of $506M is up 23% Y/Y, with much of the gain driven by acquisitions (eSpeed, Thompson Reuters). On an organic basis, revenues grew 4%. Non-transaction-based revenues climbed to 73% of total from 27% a year ago.
- Operating expenses of $304M climbed 32% from last year, again driven by those acquisitions. On an organic basis, they rsoe 7%. The firm tightens up core expense guidance to $1.075B-$1.09B from $1.07B-$1.1B.
- Q3 results, press release.
- NDAQ unchanged premarket.
Oct. 23, 2013, 7:24 AM
Oct. 23, 2013, 7:09 AM
Oct. 23, 2013, 12:05 AM
Oct. 22, 2013, 5:30 PM
Oct. 21, 2013, 2:35 PM
- In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
- Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
Oct. 16, 2013, 1:56 PM
- The NASDAQ OMX Group (NDAQ) is rolling out eight new indexes this week to add to their popular BulletShares traditional bond ladder product line.
- Executive Vice President, John Jacob, stated in a press release that the indexes "are the next step for NASDAQ and Accretive Asset Management in creating new ways to measure fixed income investing."
- Historically, Guggenheim has used the BulletShares Indexes as a starting point for their BulletShares ETFs; and while no plans have been made public yet, it is safe to assume these 8 new indexes will eventually lead to ETFs.
- Currently Trading BulletShares ETFs: BSCD, BSJD, BSCE, BSJE, BSCF, BSJF, BSCG, BSJG, BSCH, BSJH, BSCI, BSJI, BSCJ
Oct. 15, 2013, 5:32 PM
- As rumored, Twitter (TWTR) has chosen to spurn the tech-heavy Nasdaq (NDAQ) in favor of the NYSE (NYX, ICE).
- The NYSE and Nasdaq battled fiercely for the right to host Twitter. Facebook opted for a Nasdaq listing, but LinkedIn went with the NYSE.
- The microblogging leader's IPO might arrive in mid-November.
- NDAQ -1% AH.
Oct. 8, 2013, 3:33 PM
- "I would probably start by getting rid of rules," says IntercontinentalExchange's (ICE -1.7%) Tom Farley, musing about how to improve the U.S. stock market (he declined to say which rules). "There’s been several significant rules that have been layered on in the last 15 years that have resulted in a costly and complex market."
- Farley's comments come less than two months after the Nasdaq (NDAQ -0.9%) was forced to shutdown for several hours due to a software glitch, and just ahead of the closing of ICE's buyout of NYSE Euronext (NYX -1.1%).
- SEC Regulation NMS requires stocks to trade on whatever market has the best price at any given time, resulting in a massive fragmentation of U.S. trading - more than 50 systems. Futures trading has no such segmentation. "The futures markets aren’t perfect, but I was the president of our U.S. futures market for seven years and I never once had anybody complain about liquidity," says Farley. “There are whole conferences dedicated to the issue in equity markets.”
Oct. 3, 2013, 3:45 AM
- SEC Chairperson Mary Jo White yesterday said the agency should re-evaluate the "nature of exchange competition and the self-regulatory model in light of the evolving market structure and trading practices."
- White's comments follow an increase in competition in recent years and after a series of tech glitches on exchanges. The regulatory nature of the operators has helped protect them from lawsuits, such as when traders lost money because of Facebook's botched IPO on Nasdaq (NDAQ).
- Other exchanges include NYSE (NYX), CME (CME) and ICE (ICE).
Sep. 24, 2013, 9:16 AM
Sep. 20, 2013, 4:03 AM
- With Nasdaq's (NDAQ) stock price cheap vs its peers and amid sector consolidation, the bourse operator is reportedly considering splitting itself up or merging with the London Stock Exchange (LDNXF.PK) or the Singapore Exchange (SPXCF.PK).
- The company has also begun planning for the succession of CEO Robert Greifeld, even though he has no plans to leave at the moment and he has the backing of the board.
- The top candidates to replace Greifeld include: LSE chief Xavier Rolet, who would become the head of any combined company if his firm were to buy the U.S. exchange; former Nasdaq CFO Adena Friedman; Magnus Bocker, the CEO of the Singapore Exchange; Craig Donohue, the former head of CME Group, Tom Kloet, the boss of Canada's TMX Group (TMXXF.OB); and ex-Nasdaq executive Chris Concannon. The top internal candidate is Eric Noll, who manages the firm's execution services.
Sep. 17, 2013, 7:42 AM
- Twitter's IPO announcement sets off a horse race between the NYSE (NYX, ICE) and Nasdaq (NDAQ) over who's going to get the listing. "That's going to be one of the most visible transactions when they come out," says NYSE Euronext EVP Scott Cutler. "We will still compete for it. It is not determined yet."
- For NYSE, the deal would help the exchange boost its allure among young tech companies, while for Nasdaq, it offers a chance to get past the Facebook gaffes from last year.
- "We would hope we have a great shot at Twitter," simply says Nasdaq EVP Bruce Aust.
Sep. 15, 2013, 2:49 AM
- Nasdaq's (NDAQ) board reportedly has "full confidence" in CEO Robert Greifeld despite the technical fiasco that was Facebook's (FB) IPO last year and the three-hour trading outage in August.
- Directors support Greifeld's attempts to expand Nasdaq into new businesses such as bond trading and corporate services.
- The technical problems "are a negative, no doubt," says C.T. Fitzpatrick of Nasdaq shareholder Vulcan Value. "But there are some positive things going on that offset the negatives of the technology glitches."
- Nasdaq shares have jumped almost five-fold since Greifeld became CEO in May 2003 vs a 79% rise in the S&P 500.
Sep. 12, 2013, 5:17 PM
- Twitter discloses through its own service it has "confidentially submitted an S-1 to the SEC for a planned IPO."
- The microblogging leader, forecast by eMarketer to pull in 2013 revenue of $580M, has been valued at ~$10B on private markets.
- Sky News reports Twitter will list on the NYSE (NYX) rather than the Nasdaq (NDAQ); Facebook chose the latter. Bloomberg reports Goldman (GS) will act as the lead underwriter.
- GSV Capital (GSVC), which estimated its Twitter stake was worth $37.6M at the end of Q2, is up 8.7% AH.
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