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Marchés 2012
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Danyves
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MessagePosté le: Mer 19 Déc - 21:52 (2012)    Sujet du message: Marchés 2012 Répondre en citant

UBS and LIBORHow the rates were rigged

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MessagePosté le: Mer 19 Déc - 21:52 (2012)    Sujet du message: Publicité

PublicitéSupprimer les publicités ?
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Danyves
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MessagePosté le: Mer 19 Déc - 22:07 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Stocks extend fall after GOP budget plan rejected 
U.S. stocks fall from two-month highs after White House says it won't support Republicans' fiscal-cliff proposal and as House Speaker Boehner pressures President Obama to accept the plan. 
• What is and is not part of John Boehner's 'Plan B'? | Full coverage of the fiscal cliff »
• Grover Norquist blesses Plan B (Political Watch) | 'Puzzling' that GOP hasn't taken cliff deal: Obama


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Danyves
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MessagePosté le: Jeu 20 Déc - 19:42 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Schaeffer's Daily Option Blog
 Print

 
 

Most Active Options Update: Intel, Research in Motion, and AIGINTC, RIMM, and AIG are seeing notable options activity todayby Beth Gaston 12/19/2012 12:01 PM


 
http://www.schaeffersresearch.com/marketcenters/optionscenter/content/most+active+options+update+intel+research+in+motion+and+aig/default.aspx?ID=114132


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Danyves
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MessagePosté le: Jeu 20 Déc - 19:44 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Le Cac 40 au plus haut de l’année ! Pareil pour BNP




C’est la journée des performances : nouveau plus haut annuel pour le Cac 40 en clôture, pic d’un an et demi en séance, l’euro sur ses niveaux d’il y a huit mois, les taux à dix ans italiens au plus bas depuis la fin 2010. Les marchés sont optimistes sur le Fiscal Cliff et saluent le retour en grâce de la dette grecque auprès de la BCE. A la clôture, le Cac 40 progresse de 0,44% à 3.664,59 points. BNP est également à son plus haut de l’année.  


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Danyves
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MessagePosté le: Jeu 20 Déc - 20:20 (2012)    Sujet du message: Marchés 2012 Répondre en citant


iTV Could Double Apple’s Earnings Next Year: JacksonBreakout
For Apple shareholders waiting for their beloved stock to recover, there's good news and bad news.


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MessagePosté le: Jeu 20 Déc - 23:14 (2012)    Sujet du message: Marchés 2012 Répondre en citant

DEALBOOKUpstart Rival to Buy N.Y.S.E. in Deal Worth $8.2 BillionBy MICHAEL J. DE LA MERCED46 minutes ago
The owner of the New York Stock Exchange on Thursday agreed to a deal that would give control of the longstanding symbol of American capitalism to the IntercontinentalExchange. 


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MessagePosté le: Jeu 20 Déc - 23:59 (2012)    Sujet du message: Marchés 2012 Répondre en citant


STOCK EXCHANGES
NYSE sale and death of stocks 
Commentary: At base, ICE's deal for parent of the New York Stock Exchange is about acquiring a brand.
• Why NYSE-ICE deal is likely to be approved 
• Ten biggest questions raised by ICE-NYSE deal




By Financial News

NEW YORK (MarketWatch) — IntercontinentalExchange has announced it has agreed to acquire the iconic U.S. bourse NYSE Euronext, in a deal that would create one of the largest global exchange groups.
The Atlanta-based ICE ICE +1.40%  , which is best known as a commodities marketplace, announced a cash-and-stock-deal before the U.S. market open today which valued NYSE Euronext NYX +34.10%   at $33.12 a share, or $8.2 billion.
In a statement, ICE said the merger would create “a premier global exchange” covering markets across “agricultural and energy commodities, credit derivatives, equities and equity derivatives, foreign exchange and interest rates.” The deal is expected to close in the second half 2013, subject to regulatory approvals in Europe and the US and approval by shareholders of both companies.
The deal mirrors ICE’s joint $11.3 billion counterbid with Nasdaq OMX (NDAQ) last year to purchase NYSE Euronext, in an attempt to scupper NYSE’s deal with German operator Deutsche Boerse (DB1.XE) . ICE would have acquired its rival’s derivatives assets as part of the deal, including Liffe, while Nasdaq would have taken on NYSE Euronext’s equities business. However, the deal was scrapped on competition grounds following discussions with the antitrust division of the U.S. Department of Justice.
Here we ask 10 key questions raised by the merger.
1. Why is ICE buying NYSE Euronext?
It’s the derivatives, stupid. ICE chairman and chief executive Jeff Sprecher has long coveted a major European financial futures business to complement ICE’s highly profitable energy franchise, ICE Futures Europe. Liffe, NYSE’s London-based futures franchise, dominates trading in commodities and short-dated European interest rates. Peter Lenardos, an analyst with RBC Capital Markets, said a combined entirety would also be able to compete more effectively with futures behemoth CME Group in both trading and clearing of OTC products. ICE said today that it is “committed to maintaining the position of NYSE Liffe in London as a leading international market operator for derivatives products.”
2. What is in it for NYSE?
The advantages for NYSE from a derivatives and clearing point of view are potentially huge: ICE has a ready-made derivatives clearinghouse in London, with support from major dealers and clearing brokers - many of whom are shareholders in ICE. The combined entity would dominate European energy, commodity and short-dated fixed income trading, as well as OTC credit clearing. Distribution of its fledgling NYSE Liffe U.S. business, including its growing fixed income franchise, would increase markedly with ICE’s backing.
3. Where does clearing fit into the deal?
Clearing has become central to both exchange’s strategies amid new U.S. and European regulations which will force standardized over-the-counter derivatives through clearing houses. ICE Clear Europe is a well-established European listed futures clearing franchise which is also dominant in the OTC credit default swap market with plans to expand into foreign exchange and OTC energy. NYSE, meanwhile, is building a new London-based clearing offering for listed and OTC derivatives in a bid to capitalise upon opportunities created by the new rules.
The deal with ICE is a nice post-trade fit which will see NYSE drop the project - which is due to cost around $85 million - and migrate its clearing into ICE Clear Europe. This arrangement would likely be attractive to NYSE’s clients, many of whom are already members of ICE Clear and are already invested in its default fund.
4. What is the future of NYSE’s equities and listings businesses?
ICE said today that it is committed to preserving the NYSE Euronext brand and that it plans to maintain dual headquarters in Atlanta and New York, which suggests the Big Board and US equities trading are safe.
Europe, however, is another matter. The exchanges said that they would explore spinning off NYSE’s Euronext markets of Paris, Amsterdam, Brussels and Lisbon into a separate listed entity, “if market conditions and European policy makers support the offering.” This suggests the future of the European equities business remains uncertain and other players may yet enter into the mix.
Nasdaq OMX has long-struggled to develop a pan-European franchise, which would make the Euronext markets an attractive complement to its Nordic and Baltic equities offering. The other major contender for the European equities business would be Deutsche Boerse, whose own franchise is focused almost exclusively on German stocks. The German exchange group has aspirations to expand its existing cash equities offering and grab some of the retail market. Snapping up the Euronext markets would achieve this nicely.


Page 1Page 25. And what about the future of NYSE’s IT and technology business?
Technology was conspicuously absent from today’s announcement.
NYSE’s IT and technology franchise is the smallest of the group’s three divisions, but one which it has had grand ambitions for. Earlier this year, NYSE chief executive Duncan Niederauer said the exchange aimed to more than double the revenues it generates from technology sales, to reach $1 billion by 2015, and had targeted double-digit revenue growth this year. However, the division has failed to deliver this year and those targets have already been revised down, according to analysts. In the first nine months of this year, NYSE’s revenues from IT were down 3% to $353 million, according to its financial reports.
It is unclear how the division would fit within the ICE group, since Sprecher has built up the exchange based a strong suite of proprietary technology products, including internet-based platforms.
6. Would the deal get regulatory approval?
The companies said today the deal is expected to close in the second half, subject to regulatory approvals. Since ICE has no existing interest in US cash trading and the combined group’s futures market operations would have a combined market share of 10%, the Department of Justice approval would be very unlikely to oppose the deal.
The scrutiny this time round will become much more from European competition authorities, principally DG Markt and the UK’s Office of Fair Trading. Critics may argue that the deal could have serious implications for start-ups looking to compete in derivatives trading or clearing, but the European derivatives businesses of ICE and Liffe do not compete. Lenardos said: “We do not foresee anti-trust risk as there is no significant business overlap.”
7. Is ICE paying the right price?
The transaction is currently valued at $33.12 per NYSE Euronext share, or a total of approximately $8.2 billion, based on the closing price of ICE’s stock on December yesterday. At an implied value of 13-times earnings - and a 37.7% premium to NYSE’s closing price yesterday - the deal looks expensive, according to RBC’s Lenardos before the deal was announced. “$10 billion is a steep price for ICE to gain meaningful access to European derivatives,” he wrote. But Alex Kramm, an analyst at UBS, also commenting before the deal was announced, said it still had the potential to be “strongly accretive” for ICE’s earnings, in particular from derivatives trading and clearing revenues. The companies said today run-rate expense synergies of $450 million are expected to be achieved in the second full year post-closing.
8. What is the likelihood of counterbids?
As displayed during the wave of mega exchange mergers last year, a big deal often prompts an aggressive wave of counter-bids by rivals keen not to miss the party. In addition to the joint ICE-Nasdaq bid for NYSE Euronext, the London Stock Exchange was ultimately thwarted in its bid to buy Canadian counterpart TMX Group by a group of local institutions called the Maple Group. In the instance of this deal, the only major U.S. and European exchanges with the firepower to put in rival bids are likely to be CME Group and Deutsche Boerse. However, the German giant’s bid to acquire NYSE Euronext has already faltered once before, based on competition concerns in the European listed derivatives market. Meanwhile, according to Richard Perrott, “CME is focusing on organic growth, and probably would not be interested in NYSE Euronext’s non-derivatives businesses. It is difficult to see anyone else looking to outbid ICE.”
9. What does it mean for the rest of the market?
The bourses’ claim that a combined entity will create an “unparalleled” operator of global exchanges and, crucially, clearinghouses is not a hollow boast.
Regulations coming into force over the next two years will put tens of trillions worth of derivatives through clearinghouses. Those who can clear OTC derivatives alongside listed products are expected to be the biggest winners. That puts ICE squarely on a collision course with US behemoth CME Group, which controls 90% of the US futures market, and is already a major OTC clearer. The new group will be much better able to compete with the CME Group, according to analysts.
In Europe, ICE already competes with Deutsche Boerse’s Eurex Clearing in credit derivatives clearing. The possible future addition of an OTC rates clearing business in time to complement Liffe’s rate futures franchise could bring it into competition with both Eurex Clearing and LCH.Clearnet. Offering Liffe a ready-made clearing house could also rejuvenate its franchise and give it greater control over product development, at a time when up-start rivals are looking to build products that compete with its core rate futures.
The CME declined to comment on the implications of the deal.
10. What happens to the executives?
Sprecher’s power base will remain absolute as chairman and chief executive of the combined group. Niederauer will be president of the group, and chief executive of the NYSE division. 


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MessagePosté le: Ven 21 Déc - 00:38 (2012)    Sujet du message: Marchés 2012 Répondre en citant

C'est un peu désespérant  et tout le monde applaudit ? 


ICE has a ready-made derivatives clearinghouse in London, with support from major dealers and clearing brokers - many of whom are shareholders in ICE. The combined entity would dominate European energy, commodity and short-dated fixed income trading, as well as OTC credit clearing. Distribution of its fledgling NYSE Liffe U.S. business, including its growing fixed income franchise, would increase markedly with ICE’s backing.


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MessagePosté le: Ven 21 Déc - 00:46 (2012)    Sujet du message: Marchés 2012 Répondre en citant


From COMPANIES 10:38pmRIM struggles before BlackBerry 10 launchRevenues decline as subscriber base shrinks
From MARKETS 9:30pm


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MessagePosté le: Ven 21 Déc - 01:03 (2012)    Sujet du message: Marchés 2012 Répondre en citant

 Gillian Tett Time to stop addiction to momentum trading 


High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/c6bb0de2-4ac3-11e2-9650-00144feab49a.html#ixzz2FdVTltDy

Hedge funds need to go back to investing basics 
In recent decades, Harold Ehrlich has enthused about America’s hedge fund world. No wonder: not only is he an adviser to JPMorgan’s fund of hedge funds, but he used to run Bernstein-Macauley, the asset management group.
But these days Mr Ehrlich is disenchanted. So much so that he has circulated a memo to clients admitting that, “sad to say, the vast majority of all hedge funds worldwide have well underperformed virtually every major stock or bond index for some four years”.

MoreON THIS STORYMARKETS INSIGHT
“What explains such a fall from grace of even many long-time masters of the financial universe?” he asks. “Have such highly skilled super savvy ‘best of the best’ gone from being ‘smart’ to ‘dumb’? What went wrong?”
What, indeed? Mr Ehrlich is not the only person to be asking this question; other financiers are quietly muttering it too. But what makes his outcry particularly interesting is that Mr Ehrlich believes he has an answer: an addiction to momentum trading.
Back in the old days, he says, most hedge funds eschewed the idea of using strategies based on market timing, or even macroeconomics.
“Previously, most managers paid scant attention to business cycles, overall GDP trends or the potential effects of political forces . . . they focused mainly on management prowess, product superiority, marketing clout,” his memo explains.
“But after the disaster of 2008”, momentum trading and “amateur economics” came to rule. “Managers paid increasing attention to the ‘big picture’. Risk on, risk off – adjusting exposure – [has] become an almost daily practice.” In other words, portfolio churning based on market timing has replaced any focus on fundamentals.
Many hedge fund managers might retort they have had little choice: in a climate of low volatility and interest rates, they have to hunt returns wherever they can, and politics is buffeting the markets now in unpredictable ways. But if that argument is correct, that in itself may point to a bigger problem that goes beyond the hedge funds.
Take a look, for example, at some ideas recently floated by Paul Woolley and Dimitri Vayanos, two London-based finance professors, in a paper* presented to a conference in New York. They believe the current obsession with momentum trading is just one sign of a wider structural flaw – and intellectual conceit – that is marring the financial world.
In particular, western investors, like regulators, have hitherto operated with the idea that markets are driven by free market forces; the dominant rhetoric was that investors allocate their money according to rational decisions about risk and reward.
But that is a sham. “Like regulators, funds have been following procedures based on the discredited theory of perfect markets,” the two professors write. But most households only “invest” by giving their money to institutions, rather than allocating it themselves; and they choose those investment groups not on any rational assessment of current or future trends (since they lack real data), but on crude measures of past performance.
As a result, institutional managers face pressure to herd into strategies that attempt to copy the previous “winners”, because that is how they can win clients. Hence the tendency of markets to produce asset bubbles; and the pressure to chase momentum.
So is there any solution? Mr Ehrlich thinks the problem could be solved if only disgruntled investors in hedge funds would pick up the phone and demand that hedge funds go back to investing basics. “Call your [hedge fund] managers and remind them that net cash returns, not just alpha, are required for you and your institution to stay the course,” he counsels his clients.
Profs Woolley and Vayanos are even more specific. They want investors to take 10 steps, including adopting a long-term investment approach based on dividend flows; insisting that annual turnover of portfolios is capped at 30 per cent; replacing benchmarks based on market capitalisation with more stable measures; and paying performance fees only on the basis of long-term results.
They also urge policy makers to support long-term investing in their tax codes and regulatory regimes, and to demand that public funds blaze a trail in setting a new investment style.
As advice goes, it sounds sensible, if not long overdue. But don’t bet on rapid change. After all, what makes Mr Ehrlich’s note so striking is precisely that it is relatively rare; most financial advisers (and investors) still prefer to grumble quietly, rather than speak out.
Until they make their voices heard, pressure for change will remain muted.
* Taming the Finance Monster; Central Banking Journal, December 2012. Paul Woolley and Dimitri Vayanos
gillian.tett@ft.com


 


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Danyves
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MessagePosté le: Ven 21 Déc - 01:13 (2012)    Sujet du message: Marchés 2012 Répondre en citant

AFTER HOURS
RIM flips late, now lower 
Handset maker, consumed with BlackBerry 10, beats analysts' expectations; shares rise late.
• 'Continued pressure' with BlackBerry 10 launch


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MessagePosté le: Ven 21 Déc - 02:15 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Dow Ends Near Intraday Peak; Budget Drama Fails to Stall the Bulls
By Beth Gaston
The Dow Jones Industrial Average (DJI) still managed to gain ground today, even with budget talks at a temporary standstill. While there were several economic data points hitting the newswires, "overall, it was another slow day ahead of the upcoming holidays," quipped Schaeffer's Senior Equity Analyst Joe Bell. 

Continue reading for more on today's market, including:

plus...
  • A big change on Wall Street, a pre-earnings option strategy in Research in Motion (NASDAQ:RIMM), and a young trader shares some wise words in our Tweet of the day.



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MessagePosté le: Ven 21 Déc - 19:31 (2012)    Sujet du message: Marchés 2012 Répondre en citant

TECH
Apple investors: 
Should you panic? 
Reuters 

When a big stock falls, the key to remaining calm is understanding why, Brett Arends writes.
• Would you pay to send message on Facebook? 
• Poletti: 10 tech blunders to avoid in 2013 
• RIM fuels jitters over spending (First Take)
 


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MessagePosté le: Ven 21 Déc - 19:49 (2012)    Sujet du message: Marchés 2012 Répondre en citant

FINANCE-MARCHÉS 
Nouveau "krach éclair" à Wall Street
21/12 | 12:34 | Nessim Ait-Kacimi 
 
Hier soir, l'indice Standard & Poor's 500 a été une fois de plus victime d'un flash crash, ou krach à la vitesse de l'éclair, causé par les inquiétudes relatives à la falaise budgétaire. Avant de se reprendre. 


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MessagePosté le: Ven 21 Déc - 22:50 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Reuters 

TECH
Is Facebook turning into Match.com? 
Social network's latest strategy follows the playbook of an unlikely innovator: dating websites.
• Apple investors: Should you panic? 
• Google developing 'X Phone': WSJ 
• Instagram reverts to original policy (The Tell)


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