| CFFEX approves 13 new members
The China Financial Futures Exchange (CFFEX) announced the fourth group of members on Monday. Including the 13 new members, the total number of CFFEX member brokers is now 52, accounting for about one third of all of China's futures brokers. Analysts believe continuous expansion of the membership indicates accelerated preparations for the launch of the country's first financial futures products based on the CSI 300 index. Two of the 13 new members - Donghai and Everbright - have been granted full clearing rights . Six of them are trading and clearing brokers: Topwin, Henan Wanda, Haitong, Shanghai Tonglian, Shanghai Zhonggu, and China Merchants. Five are trading members: Chuangyuan, Hengyin, SC, Zhujiang and Zhejiang Tiandi. As of yesterday, of the total 52 CFFEX members, seven are full clearing brokers, 27 are trading and clearing brokers, and 18 are trading members.
Refco ex-VP pleads guilty
A former senior executive at Refco Inc. became the first company official to plead guilty to defrauding investors in the failed trading giant on Wednesday, one day after a Mayer Brown lawyer was indicted on criminal charges.
Santo Maggio, former executive vice president, admitted in a New York federal court that he "participated with others to hide the true financial health of Refco." He worked at Refco from the late 1990s to October 2005, when the futures and commodities broker collapsed after disclosing that an entity partially owned by former Chief Executive Phillip Bennett owed the company about $430 million.
The debt stemmed from client losses that had piled up since the mid-1990s, according to federal prosecutors. Mayer Brown partner Joseph Collins, who represented Refco for more than a decade, helped hide the debt for several years, prosecutors charge in his indictment.
US futures decline on Amazon, Merrill
US stock futures fell today as Merrill Lynch reported its first quarterly net loss in nearly six years and as earnings by Amazon disappointed some investors. The world's largest brokerage reported write-downs of $7.9 billion from leveraged loans from corporate takeovers and bad bets on mortgage securities. It had a net loss of $2.3 billion. Merrill's shares fell 1.1 per cent to $66.40 before the open. "I don't think the Merrill's number going to do too much even, though it's a significantly larger write-off," Owen Fitzpatrick, head of US Equity Group at Deutsche Bank Private Wealth Management, in New York, said."This is a sector that has been reporting some pretty poor numbers, so this isn't too big of a surprise." S&P 500 futures were down 8.10 points and below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Weekly Wrap-up: A Check-List For Early 08
It's been a bit of a bumpy ride in the stock market in 2007. Nevertheless our patience appears to have been rewarded as the Dynamic Trading System has garnered a 39% NET YEAR-TO-DATE PORTFOLIO GAIN for The Agile Trader's auto-traded futures account. If you would like a free one-month trial to our futures service, which allows you to auto-trade our service through our auto-trade broker, just CLICK HERE, then click the red "subscribe" button, and use the coupon code provided for your FREE TRIAL. This week we're having a look at the issues that are likely to affect how the market performs in the first quarter of next year. As is the case with any big unwind of an important and overleveraged market, there is a reflexive aspect to the mortgage-finance bubble the popping of which now threatens to push the US economy into a recession.
TradeStation Group (TRAD) Reports In-Line Q4 Earnings; Guides Q1 EPS ...
TradeStation Group Inc. (Nasdaq: TRAD) reports Q4 EPS of $0.21, in-line with the analyst estimate of $0.21. Revenues for the quarter were $40.2 million, versus the consensus of $40.92 million. The Company expects to report Q1 EPS of $0.16-$0.19, versus the consensus of $0.20. Revenues are expected to be $39-$42 million, versus $37.12 million. TradeStation sees FY08 EPS of $0.69-$0.86, versus $0.84 and revenues in the range of $158-$177 million. compared to the Street consensus of $167.18 million. TradeStation Group, Inc., through its subsidiaries, operates as an online brokerage firm covering equities, equity options, futures, and forex transactions. Related Categories Earnings Guidance Stocks Mentioned .
Sensex slips in early trade
At 10:05 am, the Bombay Stock Exchange's Sensex was down 216 points or 1.19 per cent at 17,859.92
Bharti Airtel (down 2.53%), BHEL (2.48%), ICICI Bank (2.2%), HDFC (2.08%) and NTPC (1.91%) were the biggest index losers. Bajaj Auto (up 1.61%), Satyam Computer (1.61%), Infosys Technologies (1.17%), Wipro (1.02%) and Tata Consultancy Services (0.47%) were the major gainers. The National Stock Exchange's Nifty was down 61 points or 1.15 per cent at 5220.25.
“We had a gap up opening Tuesday, but lost around 1 per cent from the day's high. The discount in the Nifty February futures also widened to 20 points from 4 points. We will see profit booking coming at these levels, but Nifty might find support at 5150 levels," UTI Securities said in a note.
The brokerage recommends buying HCL Tech, Mphasis, Sasken, and Tech Mahindra expecting them to outperform the market in the near term.
TradeKing CEO to Offer Perspective on the Growing Opportunity in ...
BOCA RATON, Fla., Nov. 19 /PRNewswire/ -- TradeKing (www.tradeking.com), a nationally licensed online broker dealer, today announced that its Chairman and CEO Donato Montanaro will be a featured speaker on "The Retail Business" panel during the 23rd Annual Futures and Options Expo taking place November 27-29 in Chicago. Montanaro and the panel participants will discuss the growth of options trading among individual investors and the various approaches brokerage firms are taking to offering options to the retail trader, comparing traditional business models with those of new entrants. He will be joined on his panel by brokerage executives from TD Ameritrade, Merrill Lynch, Optionshouse and OptionsXpress. For more information, visit: http://www.futuresindustry.org/expo-2007.asp.
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