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Legal

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LCH.Clearnet blocks SIS x-clear

LCH.Clearnet blocks SIS x-clear

Swiss central counterparty SIS x-clear has been forced to delay the launch of its UK equity clearing service after LCH.Clearnet refused to allow it free access to the London Stock Exchange's equity business as required under the EC's voluntary code of conduct.

18 February 2008

Bats edges closer to exchange status

Bats edges closer to exchange status

Bats Trading, the all-electronic alternative to Nasdaq and Nyse, is moving closer to acquiring exchange status after clearing a key regulatory hurdle with the US Securities and Exchange Commission (SEC).

15 February 2008

Hypercom moves to buy Thales card payment unit as Ingenico steps aside

Hypercom moves to buy Thales card payment unit as Ingenico steps aside

Arizona-based e-payments firm Hypercom says it has executed a deal to acquire a card payments unit from Thales. At the same time Hypercom's own suitor - France's Ingenico - has abandoned a bid to buy its business.

14 February 2008

Ingenico bids for Hypercom

Ingenico bids for Hypercom

French eftpos outfit Ingenico has made an unsolicited all-cash bid to acquire rival US e-payments firm Hypercom for around $332 million, but the deal is contingent on the Arizona-based vendor dropping a proposal to acquire a card payments business from Thales.

11 February 2008

Instinet to launch Chi-X ATS in Australia

Instinet to launch Chi-X ATS in Australia

Interagency broker Instinet is gearing up to launch its Chi-X alternative trading system in Australia which will compete with services provided by the Australian Stock Exchange (ASX).

08 February 2008

DoJ calls for split of futures exchanges and clearing houses

DoJ calls for split of futures exchanges and clearing houses

The US Department of Justice (DoJ) is calling for the separation of clearing and settlement services from futures exchanges after finding the current structure - where market operators such as CME Group own and control their own clearing operations - inhibits competition.

06 February 2008

Government report alleges risk and security failures at SocGen

Government report alleges risk and security failures at SocGen

A probe into the EUR5bn Société Générale rogue trading scandal by the French government has revealed that the bank was warned last year that its security systems and internal controls were lacking.

04 February 2008

Payzone calls EGM to oust Nagle and Williamson

Payzone calls EGM to oust Nagle and Williamson

Troubled Irish e-payments firm Payzone says at the request of 60% of its shareholders, it is calling an extraordinary general meeting (EGM) to approve the removal of CEO John Nagle and CFO John Williamson from the company.

04 February 2008

EU to prosecute MiFID laggards

EU to prosecute MiFID laggards

The European Commission (EC) says it is referring Spain, Poland and the Czech Republic to the European Court of Justice for failing to transpose the Markets in Financial Instruments Directive (MiFID) in national law.

01 February 2008

Sepa goes live

Sepa goes live

The first stage implementation of the single euro payments area (Sepa) - which aims to make cross-border payments as cheap as domestic transactions - has gone live with the official launch of the Sepa payment instrument for credit transfers.

28 January 2008

Turquoise recruits Detica and Progress to build market surveillance system

Turquoise recruits Detica and Progress to build market surveillance system

Turquoise, the bank-backed equities trading platform that is being set up to compete with the domestic stock exchanges in Europe, is teaming with Nasdaq-listed Progress Software and London-based consultancy Detica to offer a real-time trading surveillance system.

28 January 2008

Ex-Citi bankers charged under Singapore's Computer Misuse Act

Ex-Citi bankers charged under Singapore's Computer Misuse Act

Seven former Citibank staff are facing over 1000 charges under Singapore's Computer Misuse Act and bank secrecy laws over client details allegedly stolen from the US bank and passed on to rival firm UBS.

25 January 2008

Watchdog to probe insurance comparison sites

Watchdog to probe insurance comparison sites

The UK's Financial Services Authority (FSA) is set to review the regulation of insurance comparison sites amid concerns that current rules do not adequately protect customers.

22 January 2008

GE Money reports customer data loss

GE Money reports customer data loss

Card issuer GE Money has reported that a computer tape containing confidential information belonging to over 650,000 credit card holders has been lost.

21 January 2008

Re-trial for ATM 'thief' given life sentence

Re-trial for ATM 'thief' given life sentence

A Chinese court will re-hear the case of a man who was handed a life sentence for taking funds from a faulty cash machine which deducted just Yn1 from his account for every Yn1000 withdrawn from the ATM.

18 January 2008

Payzone execs secure injunction against ousting

Payzone execs secure injunction against ousting

Irish e-payments firm Payzone has suspended trading in its shares a day after its CEO John Nagle and CFO John Williamson successfully fought off efforts to oust them.

17 January 2008

Maestro loses UK domain name fight

Maestro loses UK domain name fight

MasterCard's debit card subsidiary Maestro has lost its legal battle with a UK Internet domain name dealer over the ownership of the maestro.co.uk Web address.

15 January 2008

TT dismisses eSpeed patent claims

TT dismisses eSpeed patent claims

Chicago-based Trading Technologies (TT) has dismissed as "not accurate" claims made by Cantor Fitzgerald unit eSpeed last week that a senior district judge overturned a jury's decision to award it damages for patent infringement.

15 January 2008

Commission approves AIB/First Data joint venture

Commission approves AIB/First Data joint venture

The European Commission has given the go-ahead for the creation of a payment cards joint venture between Allied Irish Banks and First Data.

11 January 2008

Customer bank records found on motorway

Customer bank records found on motorway

A box of files belonging to UK insurance group Prudential and including the banking details of 200 customers has been found on a motorway slip-road after it apparently fell out of a courier's van, according to press reports.

11 January 2008