THE INTERNATIONAL SECURITIES EXCHANGE (ISE) has grown to 19 equity issues after only one full month of operation. Among these securities are Colgate Palmolive Co., Ford Motor Co., Gillette Co., Coca-Cola and Unisys Corp. On July 10, three additional primary market makers will be activated in order to help the ISE reach its goal of listing the 600 top options by the end of fourth quarter. With the approval of 57 broker/dealers as Electronic Access Members (EAMs) since it began trading on May 26, the ISE currently has 71 members.
FIRST CALL CORPORATION ranked fixed-income trading activity among U.S. brokerage firms in the first quarter of 2000. The results were based on the total dollar value of the bond's face value. The top five overall fixed-income traders were Merrill Lynch, Salomon Smith Barney, Goldman Sachs & Co., Morgan Stanley Dean Witter and Lehman Brothers. While Merrill Lynch was the leading overall fixed-income trader, it was not the lead trader in any category. Municipals, mortgage and asset-backed securities or corporates were considered.
STOCKGROUP.COM HOLDINGS INC. and ASIA EXCHANGE INFORMATION SERVICES PTE LTD. (ASIAXIS) recently launched sgx.asiaxis.com, a financial information Web site that posts news and events relating to the Singapore Exchange (SGX). ASIAXIS's editorial team compiles news and opinions in-house and supplies subscribers with up-dated reference charts as well as market trends.
TRADEPOINT FINANCIAL NETWORKS received the green light from the SEC to allow U.S.-based fund managers and brokers direct access to trading continental European stocks without going through an intermediary. As a result of a "no action" letter issued on June 30, this is the first stock exchange to be able to offer trading in European equities to U.S. buy and sell side members. Tradepoint plans to launch trading in its pan-European blue chip market on Monday, July 10. Tradepoint's U.S. members will be able to trade directly in the constituents of all the major pan-European indices on one exchange with an integrated clearing and settlement platform and one set of trading rules.
DEUTSCHE BORSE will cooperate with Emetra, the London-based metal trading marketplace, to set up a B2B Internet platform to trade non-ferrous metal derivatives, including physical trading as well as futures and options contracts. According to the letter of intent, Deutshe Borse will take a significant equity stake in Emetra's Internet derivatives trading business set up by MG plc, the international metals trading firm. In return, Deutsche Borse will contribute the trading platform as well as its market design know how. The new derivatives market, which is expected to go online by the end of this month, was established in February as a joint venture between MG with International Capital Group Inc. and Safeguard Internatinal Fund, L.P. It will compete with the ring-based London Metals Exchange.