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    Deutsche Börse AG published its preliminary results for the fourth quarter and the full year 2015 on Wednesday. The company generated net revenue of €2,367.4 million for the full year, a year-on-year increase of 16 per cent (2014: €2,047.8 million). Deutsche Börse thus posted the highest net revenue figure since the financial crisis, and has overcome the impact of the crisis. At €1,248.8 million, adjusted operating costs were higher than in the previous year (2014: €1,068.8 million), primarily due to consolidation and exchange rate effects, as well as higher remuneration expenses reflecting the positive share price performance. Adjusted earnings before interest and taxes (EBIT) amounted to €1,124.0 million (2014: €987.6 million). Basic earnings per share, adjusted for non-recurring effects, were €4.14, up 14 per cent year-on-year (2014: €3.63).read more...

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    In mid Feb 2016 Egypt’s government, regulators and public sector stakeholders will discuss the role of DFIs and the private sector to fund and build 30GW of electricity generation, transmission and distribution projects that are about to go to tender, and projects which will require additional investments and partnerships to be completed.                              read more...

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    Dubai International Financial Centre (DIFC), the global financial services hub connecting businesses and financial institutions with emerging markets across the Middle East, Africa & South Asia (MEASA), achieved another record year in 2015, it was announced today.read more...

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    Devet Capital Investments was voted the AIF Factor 2016 winner during ABN AMRO Clearing’s  5th Amsterdam Investor Forum held today. The fund successfully pitched their investment strategy and convinced a group of over 250 delegates, comprising of investment managers, institutional investors, Hedge funds allocators, high net worth individuals and a jury panel consisting of four industry experts. It was a very close call and a special mentioning goes to Mint Tower Arbitrage Fund that ended second with only 0.6% less votes to the winner.read more...

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    The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 26-27, 2016.read more...

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    The International Securities Exchange Holdings, Inc. (ISE Holdings) today announced that ISE Mercury™, ISE Holdings’ third options exchange, launched successfully yesterday. ISE Mercury launched with twelve symbols that were selected as the first of four phases of product rollouts. The rollout schedule, which initially includes more than 600 of the most actively-traded options products, is available here. read more...

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    The Securities and Exchange Commission today charged a former Deutsche Bank research analyst with certifying a rating on a stock that was inconsistent with his personal view.read more...

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    Good afternoon. First, let me thank Alison [Watson] for the invitation to speak with you today. The Exchequer Club plays a unique role in Washington by providing an important venue to discuss the major issues facing the financial services industry, and business generally. So it's a pleasure to be here with you today to talk about topics of mutual interest. I suspect that one of those shared interests is capital markets, where businesses and investors intersect.read more...

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    The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will examine the capital formation landscape for small and emerging companies, including data on capital raised in unregistered securities offerings.read more...

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    OCC, the world’s largest equity derivatives clearing organization, announced today that ISE Mercury has become an OCC participant exchange. ISE Mercury, ISE’s newly launched options exchange, began operations on February 16, bringing to 14 the total number of U.S. options markets.read more...

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    The Securities and Exchange Commission today charged biopesticide company Marrone Bio Innovations and a former executive with inflating financial results to meet projections it would double revenues in its first year as a public company.  Marrone Bio agreed to pay a $1.75 million penalty to settle the SEC’s charges.read more...

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    Hector Absi, 47, of Las Vegas, Nevada, was arrested today by FBI agents at his home in Las Vegas.  He is charged in a 16-count indictment, unsealed today, that was returned by a federal grand jury in Sacramento, California, on February 11.  The indictment charges Absi with conspiracy to commit mail fraud, wire fraud and securities fraud; substantive counts of mail, wire and securities fraud; and with other securities-related charges, U.S. Attorney Benjamin B. Wagner for the Eastern District of California announced.read more...

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  • 02/17/16--12:50: CFTC Swaps Report Update
  • CFTC's Weekly Swaps Report has been updated, and is now available.read more...

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    The Securities and Exchange Commission today announced that Daniel S. Kahl has been named Chief Counsel of its Office of Compliance Inspections and Examinations (OCIE).  In this role Mr. Kahl will oversee a staff of 15 lawyers and advise OCIE’s leadership on legal, technical, and policy matters regarding the agency’s National Exam Program.read more...

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    CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that its Board of Directors has declared a quarterly cash dividend of $0.23 per share and increased its share repurchase authorization by $100 million. read more...

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    We introduce a class of interest rate models, called the $\alpha$-CIR model, which gives a natural extension of the standard CIR model by adopting the $\alpha$-stable L{\'e}vy process and preserving the branching property. This model allows to describe in a unified and parsimonious way several recent observations on the sovereign bond market such as the persistency of low interest rate together with the presence of large jumps at local extent. We emphasize on a general integral representation of the model by using random fields, with which we establish the link to the CBI processes and the affine models. Finally we analyze the jump behaviors and in particular the large jumps, and we provide numerical illustrations. read more...

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    We study how co-jumps influence covariance and correlation in currency markets. We propose a new wavelet-based estimator of quadratic covariation that is able to disentangle the continuous part of quadratic covariation from co-jumps. The proposed estimator is able to identify the statistically significant co-jumps that impact covariance structures by using bootstrapped test statistics. Empirical findings reveal the behavior of co-jumps during Asian, European and U.S. trading sessions. Our results show that the impact of co-jumps on correlations increased during the years 2012 - 2015. Hence appropriately estimating co-jumps is becoming a crucial step in understanding dependence in currency markets. read more...

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    In this paper we study mean-variance hedging under the G-expectation framework. Our analysis is carried out by exploiting the G-martingale representation theorem and the related probabilistic tools, in a contin- uous financial market with two assets, where the discounted risky one is modeled as a symmetric G-martingale. By tackling progressively larger classes of contingent claims, we are able to explicitly compute the optimal strategy under general assumptions on the form of the contingent claim. read more...

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    We study comonotonicity of regulatory risk measures in terms of the primitives of the theory of risk measures: acceptance sets and eligible assets. We show that comonotonicity cannot be characterized by the properties of the acceptance set alone and heavily depends on the choice of the eligible asset. In fact, in many important cases, comonotonicity is only compatible with risk-free eligible assets. These findings seem to call for a renewed discussion about the meaning and the role of comonotonicity within the theory of regulatory risk measures. read more...

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    We study the concept of financial bubble in a market model endowed with a set of probability measures, typically mutually singular to each other. In this setting we introduce the notions of robust bubble and robust fundamental value in a consistent way with the existing literature in the case a unique prior exists. The notion of no dominance is also investigated under the uncertainty framework. Finally, we provide concrete examples illustrating our results. read more...

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