The Bermuda Stock Exchange (BSX) advises that the Exchange will be closed on Monday, 20 June, 2016, in observance of the Bermuda National Heroes Day Public Holiday. The BSX will re-open on Tuesday, 21 June, 2016.
Bermuda Stock Exchange Will Be Closed For Bermuda National Heroes Day Holiday
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US market portrait 2016 week 25
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Nasdaq Dubai Welcomes Listing Of A 400 Million USD Bond By Industrial And Commercial Bank Of China
Nasdaq Dubai welcomed the listing today of a 400 million US dollar conventional bond by the Industrial and Commercial Bank of China (ICBC). It was the second bond to be listed by ICBC on the Middle East’s international exchange, following a 500 million US dollar listing in May 2015.
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An Announcement From Saudi Arabia's Capital Market Authority Regarding The Decision Issued By The Committee For The Resolution Of Securities Disputes (CRSD) To Convict Violators Of The Capital Market Law And Its Implementing Regulations
Further to the Capital Market Authority’s announcement on its website on 18/01/1436H corresponding to 11/11/2014 regarding the issuance of a CMA Board resolution to file a lawsuit before The Committee for the Resolution of Securities Disputes (CRSD) against the board members of Mohammad Al Mojil Group Company during its IPO stage and against some of the company’s executives and certified public accountants during the period from 2008 until 2011 as they have violated the Capital Market Law and its Implementing Regulations. CMA wishes to clarify to the public that on 10/09/1437H corresponding to 15/06/2016 A decision was issued by the Committee for the Resolution of Securities Disputes (The Resolution) to convict a number of the defendants for violating paragraph (A) of Article (49) of the Capital Market Law and Article (7) of the Market Conduct Regulations for conducting practices that formed manipulation and fraud and created a misleading and incorrect impression regarding the value of Mohammad Al Mojil Group Company security, which convicted them in the violations committed in the IPO's stage.
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The Saudi Stock Exchange Announces The Publication Of The Weekly Stock Market Ownership And Trading Activity Report (By Nationality And Investor Type)
The total value of shares traded for the week ending 16 June 2016 amounted to SAR 18.67 billion, decreasing by 14.26% over the previous week; while total stock market capitalization reached SAR 1,514.66 billion at the end of this period, decreasing by 0.35% over the previous week.
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Explicit solutions for continuous time mean-variance portfolio selection with nonlinear wealth equations. (arXiv:1606.05488v1 [q-fin.MF])
This paper concerns the continuous time mean-variance portfolio selection problem with a special nonlinear wealth equation. This nonlinear wealth equation has a nonsmooth coefficient and the dual method developed in [6] does not work. We invoke the HJB equation of this problem and give an explicit viscosity solution of the HJB equation. Furthermore, via this explicit viscosity solution, we obtain explicitly the efficient portfolio strategy and efficient frontier for this problem. Finally, we show that our nonlinear wealth equation can cover three important cases.
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ASIC Releases Report Highlighting Significant Failures In The Retail OTC Derivatives Industry
ASIC today released a report detailing the findings of a recent surveillance program and identifying some serious and widespread compliance failures in the retail over-the-counter (OTC) derivatives industry.
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Better Corporate Governance Key To Attracting Investors To Taiwanâs Semiconductor, Biotechnology And Auto Companies, Says Taiwan Stock Exchange - More Than 400 Institutional Investors And 27 Companies Took Part In âEmerging Asian Industriesâ Forum
The adoption of best practice information disclosure will be essential for attracting more investment to the promising semiconductor, biotechnology and automotive companies listed on the Taiwan Stock Exchange Corporation (TWSE).
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Eurex Clearing Enhances The Marketplace For Securities Lending Central Clearing
The securities lending business turns gradually into a centrally cleared segment. “The impact of regulation and the increasing cost of capital, combined with the drive for operational efficiency, support central clearing for the securities lending marketplace”, said Erik Müller, who will take over responsibility for Eurex Clearing on 1 July.
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Dubai Financial Services Authority Hosts Annual Supervision Outreach Session
The Dubai Financial Services Authority (DFSA) held its Annual Supervision Outreach Session last month to discuss key regulatory priorities and issues. The event brought together various speakers from the DFSA, the Compliance Officers Network Group (CONG), the Dubai International Financial Centre (DIFC) Authority and the DIFC Insurance Association. Over 200 participants attended the event, representing a sizeable percentage of the 418 Authorised Firms operating in the DIFC.
The event was opened by Mr Ian Johnston, Chief Executive of the DFSA, who provided an overview of the DFSA’s strategic themes, regulatory priorities and some of the current challenges faced by financial institutions and regulators.
The DFSA noted that one of its new priorities includes better understanding of the risks and opportunities posed by FinTech, in respect of which the DFSA aims to develop an appropriate regulatory response that balances the need to protect investors, without stifling innovation.
The event also provided an opportunity for the DFSA to provide an update on its current and future policy agenda; trends in recent enforcement actions; and current risks and issues in the wealth management, broking, banking and insurance sectors.
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CEGH To Join PEGAS Platform
Parisian-based Powernext SA and the Austrian Central European Gas Hub AG (CEGH) have signed an agreement to jointly develop the Austrian as well as the Central and Eastern European (CEE) gas markets. In the context of this cooperation, the Austrian CEGH Gas Exchange spot and futures contracts will be offered via the pan-European PEGAS platform and operated under the Powernext rulebook. The cooperation is subject to competition and regulatory approvals. CEGH and Powernext expect closing in Q3 2016.
As the basis for this cooperation, Powernext and CEGH establish a joint company in Vienna with a 51% Powernext shareholding and a 49% CEGH shareholding. Its managing director will be Gottfried Steiner , who is also the CEO of CEGH AG. This joint company will ensure local service for the Austrian market while customers will benefit as well from access to the pan-European PEGAS offering. Moreover, it will also support the further development of new PEGAS CEGH products in the CEE region. The cooperation will not affect the operation of the Virtual Trading Point (VTP) in Austria, which will remain the exclusive responsibility of CEGH AG.
In the framework of the cooperation, all spot and futures products for the Austrian gas market currently available on the CEGH platform as well as the Austrian balancing market from the existing CEGH Gas Exchange will be opened on PEGAS by the end of 2016. Balancing rules remain valid under French license as part of the PEGAS offering. The current CEGH Gas Exchange members will need to be admitted to Powernext through a simplified membership process.
Gottfried Steiner , CEO of Central European Gas Hub AG, comments: “We are very happy to launch the new exchange cooperation with Powernext: This step will further increase liquidity in the Austrian markets. Our customers will benefit from an enhanced product offering and access to spread products between existing PEGAS markets and the CEGH-VTP location.”
Egbert Laege , CEO of Powernext, adds: “The new cooperation enables customers of both CEGH and Powernext to benefit from the synergies of trading contracts for the major European gas markets on one common platform. It is a further step towards making PEGAS the most comprehensive gas trading platform in Europe.”
European Commodity Clearing AG (ECC) will continue to provide clearing and settlement of all PEGAS CEGH contracts in the future. The new Austrian products on PEGAS complement the current offering for the Belgian, Dutch, French, German, Italian and UK market areas.
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HKEX To Work To Revise Its Stock Option Position Limit Model
Hong Kong Exchanges and Clearing Limited (HKEX) announced today (Monday) that it will work to revise its stock option position limit (SOPL) model.
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Dubai Financial Market: Comprising The Rights Issues Of Ajman Bank, Dubai Parks & Resorts And Dubai Islamic Bank:- Rights Issues Achieve Momentous Success On DFM With AED 527 Million Of Trading - His Excellency Essa Kazim: âRights Issuesâ Trading Has Provided Investors With A New And Flexible Financial Instrument To Benefit From Capital Increases Of Listed Companiesâ
Dubai Financial Market (DFM) has recorded AED 527 million of trading in Rights Issues of three listed companies since the beginning of 2016. The Rights Issues are for Ajman Bank, Dubai Parks & Resorts and Dubai Islamic Bank. The robust activity clearly indicates the significance of this new instrument that has enabled shareholders who do not wish to subscribe to the new shares to sell all or part of their Rights to other investors who do wish to subscribe.
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European Investment Bank And Funding Circle Announce Groundbreaking £100 Million Investment Into UK Small Businesses - First Marketplace Lending SME Investment In The UK By The European Investment Bank
The European Investment Bank today agreed a £100 million investment in loans to UK small businesses originated through Funding Circle, the world’s leading marketplace for business loans. This investment, alongside £25 million from the Funding Circle SME Income Fund, will enable over £200 million of new loans over 7 years, and provides a further injection of much-needed funding into the UK small business sector.
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WSE Open To Cooperation With Chinese Investors
The Warsaw Stock Exchange and Haitong Bank have signed a cooperation agreement. In order to support both parties development, the agreement provides for mutual exchange of information about the prevailing situations on the capital markets in which both institutions operate. The WSE also signed a similar agreement with CSAHK – Chinese Securities Association in Hong Kong.
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Euronext: Cerinnov Accelerates Growth On Alternext - â¬9.2 Million Raised; Market Capitalisation â¬28.7 Million
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today welcomed Cerinnov, a specialist in robotic engineering and industrial equipment, for its first day of trading on Alternext Paris.
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McObject Accelerates eXtremeDB Financial Editionâs Database Clustering Performance With Mellanox VMA
McObject®, developer of the eXtremeDB® Financial Edition database management system (DBMS), and Mellanox, a leading supplier of end-to-end Ethernet and InfiniBand interconnect solutions and services, announced benchmark test results documenting a more than tripling of throughput when using eXtremeDB Financial Edition’s clustering capability, resulting from the integration of Mellanox’s VMA Messaging Accelerator Software as part of the interconnect between cluster nodes.
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FESE Announces The Winner Of The Josseph De La Vega Prize 2016
The Federation of European Securities Exchanges (FESE) is delighted to announce that this year's winners of the De la Vega Prize 2016 areMarlene D. Haas and Marius A. Zoican for their paper "Discrete or continuous trading? HFT competition and liquidity on batch auction markets". Marlene D. Haas is affiliated with Vienna Graduate School of Finance and University of Vienna and Marius A. Zoican is affiliated with Université Paris-Dauphine, PSL Research University, DRM Finance.
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Are State and Time Dependent Models Really Different? -- by Fernando E. Alvarez, Francesco Lippi, Juan Passadore
Yes, but only for large monetary shocks. In particular, we show that in a broad class of models where shocks have continuous paths, the propagation of a monetary impulse is independent of the nature of the sticky price friction when shocks are small. The propagation of large shocks instead depends on the nature of the friction: the impulse response of inflation to monetary shocks is independent of the shock size in time-dependent models, while it is non-linear in state-dependent models. We use data on exchange rate devaluations and inflation for a panel of countries over 1974-2014 to test for the presence of state dependent decision rules. We present some evidence of a non-linear effect of exchange rate changes on prices in a sample of flexible-exchange rate countries with low inflation. We discuss the dimensions in which this finding is robust and the ones in which it is not.
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Do Credit Card Companies Screen for Behavioral Biases? -- by Hong Ru, Antoinette Schoar
We look at the supply side of the credit card market to analyze the pricing and marketing strategies of credit card offers. First, we show that card issuers target less-educated customers with more steeply back-loaded fees (e.g., lower introductory APRs but higher late and over-limit fees) compared offers made to educated customers. Second, issuers use rewards programs to screen for unobservable borrower types. Conditional on the same borrower type, cards with rewards, such as low introductory APR programs, also have more steeply backloaded fees. In contrast, cards with mileage programs, which are offered mainly to the most-educated consumers, rely much less on back-loaded fees. Finally, using shocks to the credit risk of customers via increases in state-level unemployment insurance, we show that card issuers rely more heavily on back-loaded and hidden fees when customers are less exposed to negative cash flow shocks. These findings are in line with the recent behavioral contract theory literature.
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