Alibaba Group Holding Ltd. opened for trading on the New York Stock Exchange (NYSE) under the ticker symbol "BABA" after its initial public offering (IPO) on the floor of the NYSE. Barclays is the Designated Market Maker for the company's stock, which opened at $92.70.
The next major shock to the global financial system will come as a result of a cyber-attack, according to Greg Medcraft, chairman of regulator the International Organization of Securities Commissions (IOSCO). Medcraft told the FT on Sunday that the financial markets were at risk because of the “uneven” response to online threats around the world. “The issue of cyber resilience is a bit of a sleeper issue, and one that we have to be proactive [about] in terms of making sure the risk management approach is robust,” he said in an interview with the paper. “Cybercrime has a huge potential impact on markets.”
Medcraft claimed that the best approach would be to build on the work being done in the US, which is apparently developing risk management standards which firms in the industry could better use to spot and block cyber-attacks. The SEC has already stated it plans to assess the ability to deflect threats of 50+ broker-dealers and investment advisors. The IOSCO published a report last July with the World Federation of Exchanges which warned that the number of high profile and critical “hits” is increasing.
BM&FBOVESPA begins operating the BM&FBOVESPA Clearinghouse, a new post-trade infrastructure which in a single platform will include exchange-traded and OTC derivatives; equities and corporate bonds; spot FX; and federal government bonds. Previously all of these markets used separate clearinghouses. As well as unifying the four existing clearinghouses, there is the major development of introducing of one of the world’s most modern and secure risk management systems: Closeout Risk Evaluation (CORE) (Details below). The BM&FBOVESPA Clearinghouse will bring greater robustness and competitiveness to Brazil’s financial and capital markets, representing a milestone in their evolution and history.