Equity: Market round-up
ECM syndicate merry-go-round BNP Paribas has hired Florence Sztuder from SG to replace Tom Kennedy, who left the bank in April, as head of equity syndicate.
Meanwhile, Ghislain de Brondeau was promoted to head of European equity syndicate at SG to replace Jean-Francois Tine, who left the bank to join rival Lazard-Ixis at the end of April.
Seen and heard
"On an earnings basis, we should have got 70% and the NYSE 30%."
Gerry Putnam, CEO of Archipelago, speaking at the Baruch College Nasdaq conference on May 3, on NYSE seat holders' complaints that Archipelago's 30% holding of the proposed merged company was too generous.
The month in numbers
-10.50%: The year-to-date performance of the Bloomberg IPO Index, a market-cap weighted index for all US IPOs above $50 million. US IPOs, despite being sold at a discount, have proved a worse bet than the S&P500, which year-to-date is down just 1.87%.
$544 million: The amount in US dollars that the US securities industry is expected to spend over the next four years on IT projects to ensure compliance with the SEC's Reg NMS, according to consultants at the Aite Group.