ADVFN - Advanced Financial Network.
HOME» NASDAQ » N » NDAQ Stock Price » NDAQ Stock News

Nasdaq Stock Market Share News

 The Nasdaq Omx Grp. (mm) Stock Price
NDAQ Stock Price
 The Nasdaq Omx Grp. (mm) Stock Chart
NDAQ Stock Chart
 The Nasdaq Omx Grp. (mm) Stock News
NDAQ Stock News
 The Nasdaq Omx Grp. (mm) Company Information
NDAQ Company Information
 The Nasdaq Omx Grp. (mm) Stock Trades
NDAQ Stock Trades

Treasury Delays Decision On New Line Of Floating Rate Notes

By Howard Packowitz Of DOW JONES NEWSWIRES CHICAGO -(Dow Jones)- The U.S. Treasury Department on Wednesday said it deferred a decision on whether to issue a new line of debt securities that may impact an emerging three-way contest among exchange operators in the huge interest-rate futures market. Agency officials said more time is required to study the impact of selling floating-rate Treasury notes alongside its traditional offerings of fixed-rate securities, surprising many bond traders and analysts who had expected the plans to be finalized. The Treasury is examining a move into floating-rate issuance to provide the government with more flexibility in paying off its massive debt, perhaps at a lower cost. The deferral also puts on hold a decision on how the Treasury might track fluctuating rates, a move being closely followed by exchange operators as two rivals challenge the dominant share in rate futures held by Chicago-based CME Group Inc. (CME). A move into floating-rate issuance would be most beneficial to NYSE Euronext (NYX), whose U.S. futures unit is launching a new range of rate futures. The head of the NYSE Liffe US unit said last week that the contracts would gain faster acceptance if the Treasury selects the General Collateral Finance, or GCF, repo index as the floating-rate benchmark. "We think it's going to be a success either way, no matter what Treasury decides," said NYSE Liffe US Chief Executive Tom Callahan said in an interview. An NYSE spokesman declined to comment Wednesday. NYSE still plans to launch the new product in July, the latest attempt to challenge CME Group Inc. (CME), which dominates rate futures trading. Bank and broker-backed ELX Futures LP also lists rate futures contracts. The GCF repo index calculates the average interest rate paid each day for "general collateral" repurchase agreements that help banks finance trading for Treasury bonds. Callahan said the GCF index is a "far more precise" hedging tool compared to the London Interbank Offered Rate and the U.S. federal-funds rate, Callahan said. Libor is the benchmark for Eurodollar futures listed at CME, NYSE Liffe US and the broker-backed exchange run by ELX Futures LP. For more than a year, international regulators and law enforcement officials have investigated allegations that some traders and bank employees have manipulated interbank rates. The British Bankers Association, which oversees Libor settings, is conducting its own investigation. Many traders have in recent years abandoned markets tied to the overnight effective fed-funds rate because the Federal Reserve has kept the rate near zero for a prolonged period. -By Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
11/04/201410:47:50Who Will Buy KCG's Hotspot? -- Barron's
10/29/201413:16:53U.S. Stock Futures Pause as Fed Decision Looms
10/28/201417:24:57U.S. Stocks Rally; Dow Ends Above 17000
10/28/201416:14:08U.S. Stocks Rally
10/28/201414:49:21U.S. Stocks Trade Higher
10/24/201409:33:45U.S. Hot Stocks: Hot Stocks to Watch
10/22/201409:20:52U.S. Stock Futures Hover Near Even
10/21/201417:44:04U.S. Stocks Surge; Nasdaq Up 2.4%
10/20/201417:05:15U.S. Stocks Gain, but IBM Weighs on Dow
10/20/201412:55:14U.S. Stocks Mixed as IBM Drags Dow Down
10/01/201409:20:02U.S. Stock Futures Slip
09/25/201411:49:54U.S. Stocks Fall Sharply
09/22/201412:47:37U.S. Stocks Weighed Down by China
09/22/201411:34:31U.S. Stocks Remain Lower
09/05/201406:06:08China Stocks Link Offers Market-Tech Firms Opportunity
09/03/201412:35:55Tech Declines Cut Into U.S. Stock Market Gains
07/14/201418:41:07Correction to U.S. Stocks Story
07/14/201418:40:35U.S. Stocks End Up on Citigroup Earnings
07/03/201409:14:08Stock Futures Fall on Jobs Report
06/16/201409:22:37Stock Futures Lower on Iraq Concerns

Nasdaq Stock Market and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad