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Portsmouth, England, United Kingdom


Member since September 22, 2012


    NYSE Euronext (NYX), the biggest U.S. exchange operator, will pay $5 million to resolve regulatory claims that the New York Stock Exchange violated rules by giving certain customers a head start on trading information. The NYSE sent data through two proprietary feeds to paying customers before relaying the information to the so-called consolidated feed, which distributes trade and quote data to the public, the Securities and Exchange Commission said in an administrative order filed Sept. 14. Investigators are conducting similar reviews of other exchanges, according to two people with knowledge of the probes, which aren’t public. The SEC penalty, the first of its kind against an exchange, comes as lawmakers and regulators question whether retail investors are being harmed in an increasingly fragmented marketplace of high-speed, computer-driven trading. NYSE’s practice was discovered in the SEC’s investigation of the so- called flash crash of May 2010, in which $862 billion was erased from equity prices in 20 minutes before recovering. The practice violated Regulation NMS, which obliges exchanges to give the public fair access to market information, the SEC said. The NYSE violated SEC rules “over an extended period of time” starting in 2008 by failing to monitor the speed of its proprietary feeds compared to the consolidated feed, the agency said in its order. The violations stemmed from technology issues in NYSE’s Open Book...


    Sept 10 – Fitch Ratings has affirmed its ratings for M.D.C. Holdings, Inc. (NYSE: MDC), including the company’s Issuer Default rating (IDR) at ‘BBB-’. The Rating Outlook is Stable. A complete list of rating actions follows this release. MDC’s ratings are based on the company’s execution of its business model in the current moderately recovering housing environment, cautious land policies and solid liquidity. During the past cycle the company noticeably improved its capital structure, pursued conservative capitalization policies, and positioned itself to withstand the recently concluded sharp, long-lasting housing correction. Significant insider ownership of 26% aligns management’s interests with the long-term financial health of MDC. MDC underperformed relative to other low investment-grade industrial companies in recent years in an admittedly very harsh housing environment and trailed its homebuilding peers for much of 2011 in certain metrics. However, the company has come up with an effective strategy to close its relative performance gap and move to profitability. Its financial and operating execution during the past three quarters indicates clear progress in meeting its expense containment and profitability objectives. Builder and investor enthusiasm have for the most part surged so far in 2012, but housing metrics have not entirely kept pace. Year-ove...