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(June 9, 2008) TSX Group has found someone to replace Richard Nesbitt as the organization’s CEO. Thomas Kloet, senior executive vice-president and COO of Fimat USA and Newedge USA will take over the job starting July 14.

“Tom brings a very impressive track record of success in a number of key areas and we believe he is the right person to drive the future of our new integrated TMX Group,” says Wayne Fox, chair of TSX Group, referring to the merger of the Montreal Exchange and TSX. “He has extensive experience in equities, derivatives, clearing and electronic trading.”

Before working at Fimat and Newedge, Kloet was the CEO of Singapore Exchange Limited. As the first CEO of SGX, he led the successful integration of the Stock Exchange of Singapore and the Singapore International Monetary Exchange into SGX.

“I am thrilled to be assuming the exciting challenge of integrating the newly combined businesses of TSX Group and Montréal Exchange and taking TMX Group forward to an increased presence on the global stage,” says Kloet.

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IIROC officially open for business

(June 9, 2008) It’s been operating in its new form for a couple of weeks now, but Monday marks the official start day of the Investments Industry Regulatory Organization of Canada, a new body that combines the Investment Dealers Association of Canada and Market Regulation Services.

The IIROC will oversee all investment dealers and trading activity on equity and debt marketplaces in the country. It’s responsible for the educational proficiency and financial conduct of its members, which includes investment dealers and their registered representatives.

The new organization will also monitor, in real time and on a post-trade basis, trading activity on the TSX, CNQ, Bloomberg Tradebook Canada Company, Liquidnet Canada, BlockBook, MATCH Now, OMEGA ATS and Chi-X Canada.

“Merging market and member regulation into a national self-regulatory organization is a significant step towards modernizing, simplifying and strengthening Canada’s self-regulatory system,” says Susan Wolburgh Jenah, president and CEO of IIROC. “New products, new trading systems and new technologies must be matched by a more integrated approach to regulation. Bringing knowledgeable people with common goals and specialized expertise together under one roof will enhance investor protection and lead to better, more effective regulation.”

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RBC Dexia launches Fixed Income Analytics

(June 9, 2008) RBC Dexia announced Monday that it has launched Fixed Income Analytics, a new tool that gives asset managers detailed analysis of fixed income.

Fay Coroneos, global head of risk and investment analytics at the company, says fixed income is a complex world, and this new service allows asset managers to “accurately measure the impact of factors such as interest rate movements and changes in credit spread, yield or duration. By uncovering the sources of returns generated, this new service can help determine how closely a manager is adhering to the portfolio’s investment mandate, as well as the risk-return payoff of the portfolio.”

The product breaks down returns on a daily basis, using a yield-curve-based attribution model, and it customizes analysis based on the client’s investment management process and performance overview, among other things.

“This is a powerful new product that provides greater insight into a fixed income manager’s decision-making process,” says Coroneos. “Portfolio performance can be measured against any of the major indices or on a stand-alone basis. Reporting is flexible, with user-defined segmentation, including term, credit, duration, currency or country.”

(06/09/08)