My question is: How well will the credit markets react to QE's end? Dealers have reduced their inventories to an all time low to lower their risk exposure, but who has picked it up?
Also, should there be additional credit market stress tests to test the current market structure's ability to operate effectively during a switch over from QE to "normal" monetary policies?
Issuing companies as well as private equity and venture capital firms can now use AX Trading's new DirectAX auction to sell block of stocks to institutional investors.
(Stamford, CT: January 14, 2013) AX Trading announced the launch of “DirectAX,” a unique offering that allows investment banks working on behalf of issuing companies and Private Equity/Venture Capital firms to leverage The AX auction to sell blocks of stock directly to leading institutional investors.
Using DirectAX, leading global investment banks and boutique investment banks are now able to securely and efficiently sell registered shares on behalf of their corporate, PE and VC clients directly to institutional investors via The AX auction. AX also intends to add the ability to conduct corporate buybacks via the AX auction as well.
This partnership with leading investment banks makes The AX Trading Network available to issuing companies that have an outstanding shelf offering and to private equity and venture capital firms that own registered, unrestricted shares of public companies.
The AX auction process helps ensure that the selling sponsor receives the best price for their shares and presents a level playing field for all institutional clients who purchase shares in the auction.
“The AX Trading Network is all about connecting equity market participants in a secure environment,” said AX Trading CEO Kevin Callahan. “DirectAX extends our network to the corporate community, allowing companies to efficiently raise capital from leading institutional investors and allowing PE/VC firms to monetize their public holdings.”
Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), a San Francisco-based, boutique investment bank and brokerage firm has partnered with The AX to take DirectAX to its clients. Over the last ten years, Merriman has closed over $9 billion in financing transactions for small and micro cap companies.
“In today’s increasingly complex and illiquid marketplace, companies and sponsors are looking for simple solutions that allow them to efficiently raise capital for their firms or their limited partners,” said Jon Merriman, CEO of Merriman Capital. “We look forward to leveraging this new liquidity solution for our clients.”
Under the DirectAX approach, the selling shareholder can sell shares directly to institutional buyers via an investment banking sponsor. The AX auction process fosters competition among buyers and could help the issuing company or PE/VC firm to receive the best price for their shares.
Also, via the DirectAX approach, the selling shareholder can play a proactive role in working with their investment bank to determine the institutional investors that are invited to participate in The AX auction, ensuring that its shares end up in the hands of selected, long-term investors.
Under the DirectAX approach, shares are sold directly to institutional investors via a block trade. The selling entity can set the minimum size of the block trade and also the lowest possible price they would accept for their sale. By transferring shares directly from the selling entity to long-term holders, the DirectAX approach can help lead to lower market impact and improved execution for corporate clients.
For more information contact:
Mulry Consulting LLC
New York, January 14, 2013 – GFI Group Inc. (NYSE:GFIG) announced today that the FENICS FX options multi-bank trading platform “FENICS TraderSM“ will now be operated by regulated subsidiaries of GFI Group Inc. and renamed GFI Direct.
This repositioning of the Request for Quote “RFQ” platform for FX options responds to the requirements of the new regulatory environment introduced by the Dodd–Frank Wall Street Reform and Consumer Protection Act and the regulations issued by the CFTC.
Paul Millward, Head of FX E-Commerce at GFI Group said: “We are delighted to be taking responsibility for building on the success of FENICS Trader under the GFI Direct brand. Our GFI Direct customers will continue to receive the high level of service that they currently receive from FENICSSM. In addition, we will develop the GFI Direct product as a key part of GFI's FX ecommerce strategy”.
Richard Brunt, Managing Director of FENICS, explained the changes: “We are making these changes in response to US regulations enacted as part of the Dodd Frank Act. This transition will not inconvenience our clients or our liquidity providers with no change to their existing workflow”, Brunt continued: “GFI Direct will be available as a trading venue via the FENICS ProfessionalSM desktop, with auto population of order requests to GFI Direct and STP of post trade details for risk management and downstream processing”.
FENICS Trader was launched in February 2011.FENICS Trader is a single point of access to multi-bank liquidity for foreign exchange options. It facilitates independent FX options price discovery, offering a “many-to-many” venue for bilateral trading and execution.
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