Sector Update: Financial

By Staff,

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Financial stocks are moderately, with the NYSE Financial Sector Index gaining 0.5% and the S&P Financial 100 Index adding 0.3%.

In company news, CME Group Inc. ( CME ) is down 0.9% at $72.72 a share in afternoon trade, bouncing as low as $72.00 following reports trading on its European bourse will begin Sept. 30 - three weeks later than first planned - according to a memo obtained by the Financial Times.

"We are currently working very closely with regulators in order to achieve both recognition and a successful CME Europe launch," the company said in the memo, which was provided by a spokeswoman to the newspaper saying she could not make further comment.

Chicago-based CME has been working to launch its first full overseas exchange in a direct challenge to to Eurex, part of Deutsche Borse, for clients in Europe and Asia. The new venue also provides the company a platform to take on IntercontinentalExchange ( ICE ) ahead of its $10-billion acquisition of NYSE Euronext ( NYX ) expected to close later this year.

CME in March began clearing interest rate swaps in London in its first major foray into the European markets. ICE is down about 1.1% today at $178.96 while NYX shares are off 1% at $41.77 each.

In other sector news,

(+) MHGC, (+1.9%) Kerrisdale Capital Management announces plans to nominate a dissident board slate to bring about a sale of the company. Another shareholder, Ron Burkle this week also demanded MHGC put itself up for sale. MHGC has had no comment so far.

(+) RVT, (+0.3%) Shareholders approve $100-mln contribution to Royce Global Value Trust Inc., a newly formed closed-end investment company to be spun off from RVT, in exchange for $100 million of Royce Global stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CME , ICE , NYX

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