This Week

• Deutsche Börse hit by US charge

  German exchange operator Deutsche Börse late yesterday reported a fourth quarter loss of €61.2m ($45m) in part because of previously announced charges at its US options business, the International Securities Exchange.

• NYSE-Börse: the deal terms

  The boards of Deutsche Börse and NYSE Euronext have agreed to a merger, less than a week after confirming they were in advanced talks over a deal. Here are the key points of the deal.

• Carlyle Group hires Nasdaq finance chief

  The woman who helped orchestrate the merger of Nasdaq and Nordic exchange operator OMX, is leaving the transatlantic group just as it faces the prospect of increased competition in its industry following a week of frenzied merger activity.

• Canada's Clement says will review proposed TMX/LSE merger

  Canadian Industry Minister Tony Clement said yesterday he will review the proposed merger of London Stock Exchange and TMX Group under federal legislation, and he has to be satisfied that it's of "net benefit" to Canada to approve the deal.

• Bats plans Brazilian exchange

  Bats Global Markets, the US-based exchange which is in talks to buy rival Chi-X Europe, is continuing its hyper-ambitious plans to become a major global exchange player with its first foray into a high-growth developing market.

• Bats Global to keep separate Chi-X book

  Exchange operator Bats Global Markets, which is in exclusive talks to buy pan-European trading platform Chi-X Europe, will keep the Chi-X Europe trading book in a market model that will help prevent the exchange losing market share during the integration process, according to people familiar with the matter.

• No Millennium bug (yet) for love-struck LSE

  Don't speak too soon, but the London Stock Exchange's much-anticipated migration of the main Sets market onto its new MillenniumIT platform on Valentines Day appears, at first sight…to be going well.

• Corn prices grow to record high

  Lower corn supply and higher demand for the crop from China and ethanol producers will push prices to record highs, according to new research.

• Citi hires derivative electronic execution head

  Citigroup has appointed Antonio Miras to the newly created post of global head of electronic execution for listed derivatives, City AM reported. Miras previously worked at JP Morgan where he was most recently global head of e-trading for prime services.

• Profits plummet at Tibra Trading

  Profits in the London division of Australian electronic trading group Tibra Trading plummeted by almost two-thirds last year, in the latest sign that the slump in trading volumes is taking its toll on brokers and specialist trading firms.

Last Week

• US exchange chiefs stay calm amid merger frenzy

  Senior executives at some of the biggest exchanges in the US have given their initial reactions to the two mergers in their industry announced this week, and have played down the potential impact they will have on competition.

• HK exchange may seek Nasdaq merger

  Hong Kong Exchanges and Clearing may be seeking a partner in Nasdaq or CBOE, following in the wake of two mergers in the industry, Thomson Reuters reported. On Wednesday the London Stock Exchange merged with the Toronto Stock Exchange and NYSE merged with Deutsche Bourse.

• Bats and Chi-X Europe extent negotiations

  Bats Global Markets and Chi-X Europe today announced the two companies have extended exclusive negotiations regarding the potential sale of Chi-X Europe to Bats Global Markets. The companies announced in late December that they had entered into exclusive talks, after a protracted period of negotiation. According to a person familiar with the matter, the deal is highly likely to go through. Bats and Chi-X Europe said that there will be no further public statements at this time.

• Niederauer seen as management spark

  Duncan Niederauer, who it has been suggested will be chief executive of the proposed new exchange giant combining Deutsche Börse and NYSE Euronext, should help invigorate a management culture among top executives at the German exchange that is considered too conservative, observers said yesterday.

• Milestone Dodd-Frank compliant CDS trade completed

  The first credit-default swap trade that is believed to be compliant with new swap trading rules being proposed by US regulators as a result of the Dodd-Frank financial overhaul law was completed yesterday.

• Citi adds to Africa presence

  Citigroup's Global Transaction Services has hired Ashey Aziz joins as head of business development for issuer services for Africa and Oladunni Olajide has joined as a transaction manager. Aziz joins from BNY Mellon and will be based in Johannesburg. Olajide previously worked for HSBC and Standard Bank and will be based in Nigeria.

• Sophis bolsters Nordic region presence

  Risk manager Sophis has named Christian Backe as its new sales director for the Nordics. He will be responsible for new business development and client relationships in the region. Before joining Sophis, Backe held a variety of senior roles in organisations within the financial services sector, including Morgan Stanley Wealth Management and Jackson Consulting.

• Citi taps JP Morgan for derivatives execution head

  Citigroup has hired Antonio Reyes Miras as global head of electronic execution for listed derivatives. Miras previously spent 12 years at JP Morgan, where he was global head of e-trading for the bank’s prime services division.

• NYSE and Börse up ante in exchange M&A; gambits

  NYSE Euronext and Deutsche Börse are in advanced discussions over a merger following years of failed talks which fell apart over big differences in market capitalisations.

• Meet the LSE's new-look top team

  The London Stock Exchange set pulses racing this morning with news of its agreed tie-up with Canada’s TMX Group. Financial News takes a look at the combined group’s new-look leadership team, which will introduce some not-so-familiar faces to its top ranks.

• NYSE Euronext revenues reach tipping point

  NYSE Euronext's derivatives and technology units were responsible for over half of the group's revenues for the first time last year, in a sign of the diminishing importance of cash equities, whose contribution fell below 50% for the first time.

• SEC is urged to review policy in wake of Nasdaq hack

  A Democratic member of a Senate banking committee, in the wake of the Nasdaq hacking revelations, called on regulators to examine policies regarding security breaches at exchanges

• A warm US welcome for European borrowers

  The US has, traditionally, offered a warm welcome to refugees to its shores. Indeed, according to Emma Lazarus – the poet whose words adorn the base of the Statue of Liberty – the “Mother of Exiles” exhorts the “ancient lands” with their “storied pomp” to send over “your tired, your poor, your huddled masses yearning to breathe free”.

• UK slams European Commission over new plans for Mifid

  The UK Treasury and the Financial Services Authority have slammed the European Commission's Mifid consultation process, describing it as "inappropriately curtailed" and "not conducive to sound policy-making" in an extraordinary slapdown that highlights growing tensions between UK policymakers and the European Commission.