Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)
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Mit dem Novation-Protocol hat sich dieses Problem entspannt. „Inzwischen haben fast alle Marktteilnehmer das Protokoll unterschrieben“, sagte Schüler dem Handelsblatt. Der OTC-Markt für Kreditderivate weist den Nachteil auf, dass hier kein Clearinghaus wie an den organisierten Terminbörsen existiert. Auch nach der Einführung des Novation-Protocols existiert am Markt kein vollautomatisches Clearingsystem; denn noch immer werden alle Transaktionen am Ende des Tages manuell erfasst, per E-Mail an die betroffenen Parteien versandt und dort entsprechend verbucht.
Ungeachtet dieser noch bestehenden Schwächen hat die ISDA kürzlich in einem Brief an ihre Mitgliedsfirmen die großen Fortschritte im Dokumentationsprozess bestätigt. „Das ist ein riesiger Schritt nach vorn zur Lösung des Problems“, sagt auch Michael Bodson von Morgan Stanley. Inzwischen seien mehr als 80 Prozent der liegen gebliebenen Abrechnungen abgearbeitet worden, erklärt die ISDA mit Hinweis auf aktuelle Angaben der Federal Reserve Bank of New York.
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» Ab 17 Uhr: Dax-Ausblick
Analysten wagen eine kurzfristige Prognose:
Welche Themen und Termine in der kommenden Woche
für Bewegung an den Märkten sorgen
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In diesem Kontext sind die hohen Investitionen zu erwähnen, die führende Händler von Kreditderivaten in den vergangenen Monaten in Informationstechnik (IT) vorgenommen haben. Nach Angaben der amerikanischen Researchfirma Markit and Reoch Consulting haben die Banken ihre entsprechenden IT-Investitionen um 32 Prozent gegenüber dem Vorjahr aufgestockt.
Ungeachtet des Staus bei der Geschäftsabwicklung hat sich das Volumen am Weltmarkt für Kreditderivate in den vergangenen Monaten auf hohem Niveau behauptet. Da zahlreiche Marktteilnehmer offensichtlich an eine Umkehr des Kreditzyklus glauben, konzentriert sich das Geschäft in jüngster Zeit weniger auf die Absicherung von Bonitätsrisiken einzelner Kreditnehmer und Anleihegläubiger, sondern auf die Nutzung der entsprechenden Indizes für derivative Produkte. „Die Marktteilnehmer nutzen immer stärker das gebotene Instrumentarium an Kreditderivate-Indizes“, sagen die Fachleute der Ratingagentur Fitch. Am populärsten seien die „iBoxx“-Indizes.
Derzeit beobachten Marktteilnehmer mit Interesse die verschiedenen Aktivitäten der Gesellschaften, die sich am Kreditmarkt Finanzmittel beschaffen. „Wegen der positiven Ertragslage haben die Unternehmen in den vergangenen Monaten ihre Verschuldung stark reduziert oder sogar abgebaut“, sagt Schüler. Daher war am Markt für Kreditderivate eine hohe Volatilität zu beobachten. Denn dort, wo sich die Kreditqualität von Unternehmen verbessert, ist eine Absicherung von Bonitätsrisiken weniger stark gefragt.
Das Unternehmen hat jetzt 350 Angestellt.
Der Marktplatz generiert in 2006 Umsätze von über 5 Milliarden Dollar.
Damit ist ein Markt von 300 Milliarden erst angekratzt.
Das Wachstum liegt bei ca. 50%.
Die Erlöse dürften in 2006 bie ca. 60 Millionen liegen.
Durch den Zusammenschluss der beiden Marktführer verschwindet fast jeder Margendruck, denn neben dem Marktführer is nur noch die Wand.
Ein Multiple von 10 ist hier noch eine sehr vorsichtige Bewertung. Bei einem Umsatz von 60 Millionen liegen wir dann beim Wert bei 600 Millionen Dollar. Somit wären die 27% von Internet Capital 162 Millionen Dollar wert.
ICG Announces Formation of Premier On-Demand Meetings Management Company Through Combination of Partner Company, StarCite, and OnVantage
Wednesday August 9, 8:30 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Aug. 9, 2006--Internet Capital Group, Inc. (Nasdaq:ICGE - News) today announced that its partner company, StarCite, Inc., and OnVantage, Inc. have entered into an agreement to merge. This merger of equals will result in the largest on-demand meetings management company in the global marketplace for meetings and events. ICG expects to own approximately 27 percent of the combined company. Additionally, ICG will designate three of the combined company's seven board seats. The transaction is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approval.
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The merged company will operate under the StarCite name and be based in Philadelphia. Mike Boult, the current CEO of StarCite, will be the CEO of the combined company. The merger creates a clear leader in the on-demand meetings management space. Together these companies offer a global solution that drives savings and control for clients by automating the complex workflow process inherent in meetings management.
"This merger brings together two parallel on-demand platforms providing a best practices approach to meetings management," said Doug Alexander, Managing Director of Internet Capital Group. "StarCite and OnVantage have been separately focused on driving change in the corporate meetings and events industry, and now, together, have the opportunity to accelerate market adoption by several years in a vast and largely untapped market. At the ICG level, we view this as an exciting opportunity and important stepping stone to building and realizing significant value for our stockholders through an on-demand business that fits directly in the bull's eye of our model."
For 2006, on a pro forma basis the combined company expects to process over 2.5 million attendee registrations on behalf of corporations, an annual increase of 50% over 2005. Pro forma revenues for the combined company are growing at an annual run rate of over 40%, excluding any necessary adjustments for purchase accounting.
"As the largest on-demand meetings management company, the new StarCite is distinctly positioned to address the sizeable market opportunity for managing corporate meeting spend," said Michael Boult, president and CEO of StarCite. "Driven by our combined vision and resources, we look forward to proliferating innovative solutions throughout the global corporate meetings and events industry."
About Internet Capital Group
Internet Capital Group (www.internetcapital.com) owns and builds Internet software companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering on-demand software and service applications to customers worldwide.
About StarCite
StarCite, Inc. is a provider of On Demand Global Meeting Solutions(TM). StarCite optimizes global investments in corporate meetings and events delivering visibility, savings and control. StarCite provides process efficiency, enabling technology and proven adoption management support to drive significant cost reduction to buyers and enhanced revenues to suppliers. StarCite is based in Philadelphia, PA. Investors in StarCite include Internet Capital Group (NASDAQ:ICGE - News), Maritz Travel Company, Seaport Capital, and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.starcite.com.
About OnVantage
OnVantage(TM), Inc., headquartered in Santa Clara, Calif., is a technology provider for the $300 billion global market for the professional meetings and events industry. OnVantage offers flexible solutions to help corporations save time and money by automating the planning and procurement of large and small meetings with unprecedented cost control and spend visibility. OnVantage also makes it easy for meeting suppliers to grow their groups and meetings business by offering increased visibility with Fortune 1000 meeting planners as well as helping them efficiently manage and track the RFP process. A global corporation, OnVantage has sales and customer service operations in the US, UK, Germany and Hong Kong.
OnVantage and OnVantage Marketplace for Meetings are trademarks of OnVantage, Inc. All other names, brands, or products may be trademarks or registered trademarks of their respective owners.
14-Aug-06 10:36 am
After the merger of Credittrade and Creditex Internet Capital is a less than 20%-owner of the greatet special interdealer-broker of the world in the market of credit-derivatives, who is strong booming. Volume in 2006 will be 17 trillions (17,000,000,000,000) and the part of the merger will be 2 trillions (2,000,000,000,000). I believe, that's a lot of butter on the bread of the owner of shares of Internet Capital.
Social theory - and credit derivatives
Apr 17, 2006 Last week, I heard a lecture by Hartmut Rosa, a social theorist who teaches, among other places, at the New School in New York.
He thinks the defining feature of modernity - particularly what he calls late modernity (i.e. now) is acceleration. Not only is the world changing, but the pace of change is speeding up. And the fast pace of change creates demand for innovations that help us manage a faster world, which in turn end up only speeding the world up more (Crackberries?). Or something like that.
The explosive growth of credit derivatives (see Table 1 of this chapter in the IMF's Global Financial Stability Report; hat tip, the New Economist) certainly fits with his thesis. I remember a time (and I am not that old) when credit derivatives were rather exotic. Now they seem to be the bread and butter of credit markets. At least in certain parts of the financial world.
Merger forms Credit Derivatives Giant
The Independent – July 26, 2006
The story discusses the merger of Creditex and CreditTrade, indicating that the market has grown dramatically over the past several years. It quotes CreditTrade CEO Paul Ellis saying that the merger will result in a company of complementary strengths. The story also cites market participants who are positive about the transaction and the benefits of the combined entity.
Merger forms credit derivatives giant
By Gary Parkinson, City Editor
Published: 26 July 2006
Two credit derivatives brokerages, CreditTrade and Creditex, have unveiled plans for a merger aimed at bolstering their positions in a burgeoning market.
The combined entity, to be named Creditex Group, is expected to broker credit contracts with a face value of $2,000bn (£1,100bn) this year in a market said by the International Swaps and Derivatives Association to total $17,000bn.
Article Length: 243 words (approx.)
http://www.cpoagenda.com/inc/articles/summer_06/Features_learning.asp
Und ICGCommerce ist der Marktführer mit 26% der gewonnenen Kontrakte vor IBM mit 24%, Accenture mit 16% und Ariba mit 15%.
Im letzten Quartal hat Internet Capital seine Beteilung an ICGCommerce von schon hohen 76% auf noch höhere 79% ausgeweitet.
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And worldwide from Germany to USA on many message-boards his paid bashers must falsificate names of posters, who post the good fundamentals and the excellent news ot the 21 companies of Internet Capital, and falsificate the headline of postings.
And the BIG SHORT must buy writers of online-newspapers, who must lie and lie and lie and ......for money.
But BIG SHORT has no chance, the shortsquezze in steps in going on.
Unter Internet Capital hält 27% an diesem Wuchtbrummen-Merger.
"This is the meetings-industry equivalent of Microsoft and Apple announcing that they're merging," said Corbin Ball, president of Bellingham, Wash.-based consulting firm Corbin Ball Associates.
The StarCite brand now fully dominates the meetings technology industry, Ball said, and none of the smaller meeting technology providers reasonably could be seen as competitors. Still, Boult said, there is plenty of room for growth and competition.
"It's pretty early days in the industry," he said. "Despite the size of the business we have, we're sort of 3 percent down and 97 percent to go. We think there's an awful long way to develop this new company."
Hot Money Pours into China
August 10, 2006 (Computerworld Hong Kong) There are no signs of any slowdown in investment by foreign firms into China as tech companies continue to ramp up presence with expansion plans and new support operations.
EMC Corp. announced just last month that it will invest $500 million in China over the next five years. Meanwhile, a U.S.-based provider of outsourcing services from China, Freeborders Inc. in San Francisco, dramatically increased the size of its Shenzhen facility to four times its original size.
This investment from Hopkinton, Mass.-based EMC will initially create the company's first China-based research and development facility, in Shanghai. It is expected to open this month.
The new center is part of EMC's global research and development investment, which is expected to be more than $1.2 billion in 2006. In China, EMC has established a comprehensive China Solutions Center network, deepened its relationships with key Chinese customers, created partnerships with software and systems integrators, opened training centers to certify networked storage specialists and made significant contributions to the academic community in China.
"We at EMC are deeply committed to China for the long term. We plan to more than double our current investment in China so that we can more fully tap into the country's tremendous pool of talented engineers," said Joe Tucci, EMC's chairman, president and CEO.
Insatiable development hunger
EMC's Shanghai-based development center will provide support and ongoing development across the company's broad portfolio of market-leading software applications, and will play a role in accelerating the localization of EMC products for China and other Asian markets. The center is expected to employ approximately 100 developers by year-end and grow to 500 by the end of 2008. It is part of EMC's network of state-of-the-art development facilities in the U.S., Belgium, France, India and Israel.
Last year, EMC's overall software revenues ranked the company seventh among the world's largest enterprise software providers. EMC is the world's top provider of storage and content management software, according to IDC.
The research firm also ranks EMC as the top storage software vendor in China, capturing 39% of the country's storage software revenue in 2005. EMC entered the Chinese market in 1996 and today operates offices in Beijing, Shanghai, Guangzhou and Chengdu.
Outsourcing storms onwards
Freeborders will quadruple the size of its Shenzhen facility to accommodate 2,000 workers in response to increased demand for outsourced software projects from retail, manufacturing and financial services institutions.
This follows the completed expansion of the company's Shenzhen facility in January 2006, which grew the office site to 52,000 square feet. The move underscores Freeborders' commitment to the burgeoning Chinese IT outsourcing industry.
The new, world-class development facility will continue to provide global organizations with a full range of application outsourcing, business process, consulting and systems integration services. It will include the latest communications infrastructure to ensure tight collaboration with onshore project managers in both Europe and the U.S.
The facility will maintain the rigorous data security protocols set by Freeborders, while enhancing the capabilities of its staff. Physical safeguards, such as enclosed programming areas are integrated into the new site. In addition, confidential data and projects are secured through isolated networks, unauthorized file access audit trails and a clear set of internal policies and procedures.
Growth quickens further
According to recent research by Analysys International in Beijing, China's software outsourcing services market reached $323 million in the first quarter of 2006, up almost 44% compared with the first quarter of 2005. IDC has forecast that China is expected to account for 24% of IT spending in Asia-Pacific by 2010, making it the largest IT services market in the region.
"Freeborders is dedicated to expanding its resources in China as the region's IT outsourcing market continues to gain traction," said John Cestar, CEO of Freeborders.
In 2005, Freeborders experienced significant growth which fueled an increase in capacity of its Shenzhen technology center by 100%t to over 700 engineers. Freeborders also became one of the first firms in China to be certified at CMMI Level 5, the highest quality rating offered by the Software Engineering Institute at Carnegie Mellon University. Freeborders is one of 70 CMMI Level 5-certified companies in the world.
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August 2006
Short
Interest Percent
Change Average Daily
Share Volume Days to
Cover
ICGE Internet Capital Group, Inc. - Common Stock 3,372,948 5.54 182,543 18.48
Between 8% and 9% of the share are shorted from the 39,4 million outstanding shares. But the free float isn't 39,4 million, because 63,3% was hold from institutionals and about 9% from insiders like management/board.
In the last quarter insitutional holdings increased from 58% to 63% and shortselling more than doubled from 4% to a number between 8% und 9%. The analyse is very simple: Institutionals bought in the last quarter 5% of the outstanding shares form the BIG SHORT. But BIG SHORT must cover, but no instiutional will sell him shares by the low prices, because they could read a bilance an know something about Freeborders, ICGCommerce, Creditex, Starcite, Metastorm, Blackboard and other.
The reason of the increase of ownership from only a number between 2% and 3% in 2004 to 63 in 2006 are investment of the best US-investors.
Greatest owner of Internet Capital is one of the best US-investors:
Owner Name Select a name below for more information. Date Shares Held
GENDELL JEFFREY L 6/30/2006 3,262,780
Gendell Jefferey hold between 8 and 9% of the outstanding shares of Internet Capital. And now read, what someone said about the investor: "The most important “screen” I use is this: Does a great investor already own the stock I’m thinking of buying? If not, I’ll pass. I don’t think I’m the smartest guy on Wall Street, so if no one else I respect thinks the stock is undervalued, then I won’t try to be a hero and go it alone. The great investors I follow include Warren Buffett, Marty Whitman of Third Avenue Value, Jeffrey Gendell of Tontine Partners and Larry Robbins of Glenview Capital, among many others.”
What I Need to See Before Buying a Stock
By Andrew Feinberg
January 09, 2006
The older I get, the more carefully I refine my stock selection process. This is one aspect of life in which you really can get better with age.
3:35 PM
Quick performance note: I’m off to one of my best starts ever. I’ve beaten the market every day this year and am now up one and a quarter percentage points (125 basis points) on the S&P 500 as of this moment. So far so good.
A reader asked me to describe my research process and discuss how long it generally takes. I’ll give it a shot, with an emphasis on what I think I do differently from other investors.
The most important “screen” I use is this: Does a great investor already own the stock I’m thinking of buying? If not, I’ll pass. I don’t think I’m the smartest guy on Wall Street, so if no one else I respect thinks the stock is undervalued, then I won’t try to be a hero and go it alone. The great investors I follow include Warren Buffett, Marty Whitman of Third Avenue Value, Jeffrey Gendell of Tontine Partners and Larry Robbins of Glenview Capital, among many others. And I’m not just interested in people who beat the market. They have to beat it by more than three percentage points a year for a significant period. Two days a ago the Wall Street Journal profiled a manager who had beaten the market by about one and a half percentage points a year. That’s far better than average -- and his kids can be justifiably proud of their daddy -- but it’s not nearly enough to get me interested. I didn’t care what he had to say, and I barely even skimmed the article. He’s just not good enough.
Adresssen:
Holdings Summary
ICGE
Internet Capital Group, Inc. NASDAQ-GM
Institutional Holdings Description | Hide Summary
Company Details
Total Shares Out Standing (millions): 39
Market Capitalization ($ millions): $352
Institutional Ownership: 63%
Price (as of 8/31/2006) 9
Ownership Analysis # Of Holders Shares
Total Shares Held: 103 24,621,340
New Positions: 11 601,779
Increased Positions: 42 5,158,319
Decreased Positions: 43 3,390,954
Holders With Activity: 85 8,549,273
Sold Out Positions: 16 1,682,270
Click on the column header links to resort ascending () or descending ().
Owner Name
Select a name below for more information. Date Shares Held Change
(Shares) % Change
(Shares) Value
($1000)
GENDELL JEFFREY L 6/30/2006 3,262,780 15,470 0.48% $29,365
MELLON FINANCIAL COR... 6/30/2006 2,448,037 126,971 5.47% $22,032
DIMENSIONAL FUND ADV... 6/30/2006 2,166,477 1,218,230 128.47% $19,498
CAPITAL RESEARCH & M... 6/30/2006 1,890,775 1,190,775 170.11% $17,017
SCHNEIDER CAPITAL MA... 6/30/2006 1,669,092 944,800 130.44% $15,022
Mellon Financial owns between 6% and 7% of the outstanding 39,4 million shares;
MELLON FINANCIAL COR... 6/30/2006 2,448,037
OverviewCorporate Profile
Founded in 1869 as T. Mellon and Sons' Bank, Mellon Financial Corporation today is a global financial services company headquartered in Pittsburgh, Pennsylvania. With approximately $5.1 trillion in assets under management, administration or custody, including $870 billion under management, Mellon provides a broad range of financial products and services including:
For institutions and corporations:
Investment management, trust and custody, foreign exchange, securities lending, performance analytics, fund administration, stock transfer, proxy solicitation, treasury management and banking services.
For individuals:
Mutual funds and wealth management. Mellon's mutual fund businesses include The Dreyfus Corporation and Newton Investment Management.
Mellon Financial Corporation's well defined strategy of providing a wide breadth of financial solutions to our customers — what they need, when they need them, and how they want them delivered — is the core to our success in the marketplace, the root of shareholder value, and our foundation for growth.
Invest with the best - Nr. 3 of owners has 102 billion unter mangement: Dimensional Fund
Greatest owner of Internet Capital is one of the best US-investors:
Owner Name Select a name below for more information. Date Shares Held
GENDELL JEFFREY L 6/30/2006 3,262,780
Gendell Jefferey hold between 8 and 9% of the outstanding shares of Internet Capital. Something about Gendell Jeffrey from an investor: "The most important “screen” I use is this: Does a great investor already own the stock I’m thinking of buying? If not, I’ll pass. I don’t think I’m the smartest guy on Wall Street, so if no one else I respect thinks the stock is undervalued, then I won’t try to be a hero and go it alone. The great investors I follow include Warren Buffett, Marty Whitman of Third Avenue Value, Jeffrey Gendell of Tontine Partners and Larry Robbins of Glenview Capital, among many others.”
Number 2 of the owner is the one of the best financial corporations of the world: Mellon Financial.
Mellon Financial owns between 6% and 7% of the outstanding 39,4 million shares;
MELLON FINANCIAL COR... 6/30/2006 2,448,037
OverviewCorporate Profile
Founded in 1869 as T. Mellon and Sons' Bank, Mellon Financial Corporation today is a global financial services company headquartered in Pittsburgh, Pennsylvania. With approximately $5.1 trillion in assets under management, administration or custody, including $870 billion under management, Mellon provides a broad range of financial products and services including.
The Nr. 3 the Dimensional Fund has more than doubled (128,47%) his ownership in the last quarter and hold between 5% and 6% of the outstanding 39,4 million shares.
Owner Name Select a name below for more information. Date Shares Held Change(Shares) % Change(Shares) Value($1000)
DIMENSIONAL FUND ADV... 6/30/2006 2,166,477 1,218,230 128.47% $19,715
Working years ahead of the industry, Dimensional forged a new way to invest. The firm inaugurated its strategies in 1981 with early research into the stronger performance of small cap stocks. Later, a comprehensive analysis of stock prices worldwide deepened the strategy repertoire and set a new standard for portfolio design. This evolution reflects an abiding belief in financial science and the efficacy of capital markets.
Broad Range of Strategies around the World
$102 Billion under Management
At Dimensional, we see markets as an ally, not an adversary. Rather than trying to take advantage of the ways markets are mistaken, we take advantage of the ways markets are right—the ways they compensate investors. The firm designs portfolios to help our investors capture what the market offers in all its dimensions.
Dimensional is owned primarily by employees and directors, and manages assets exclusively for institutional investors and the clients of registered financial advisors. From offices in Santa Monica, London, and Sydney, our professional staff supervises portfolios twenty-four hours a day.
Internet Capital wird zu von mir geschätzten 17% an diesem Merger beteiligt sein. In der Mitteilung über die Beteiligungsquote hieß es "unter 20%", was in etwas auf diesen Wert hindeutet.
25.07.2006 - 13:40 Uhr
London und New York (ots/PRNewswire) -
Creditex Inc. und CreditTrade, Inc. gaben heute den
Zusammenschluss der beiden Unternehmen bekannt und bilden somit eine
globale Macht im Kreditderivatemarkt mit dem Namen Creditex Group
Inc.
Creditex Group Inc. wird in den meisten strategischen und am
schnellsten wachsenden Sektoren des CDS-Marktes führende
Marktpositionen inne halten: europäische und nordamerikanische
Index-Fonds, europäische und nordamerikanische strukturierte Produkte
-- mit starken Positionen in allen Single-Name-Sektoren und neuen
Märkten weltweit. Creditex Group, Inc. unterhält Niederlassungen in
New York, New Jersey, London und Singapur und ist darauf vorbereitet,
2006 einen Kapitalbeträg von über 2 Billionen US-Dollar an
Single-Name-, Emerging-Markets-, Index- und
Index-Tranche-Kreditderivaten abzuwickeln.
Dieser Zusammenschluss wird Creditex Group Inc. strategisch in die
Lage versetzen, den schnell wachsenden Kreditderivatemarkt zu nutzen,
der gegenüber den vergangenen Jahren mit einer Geschwindigkeit von
über 100 % jährlich angewachsen ist und im Jahr 2005 17 Billionen
US-Dollar an ausstehendem Kapitalbetrag überstieg. Der Abschluss wird
innerhalb der nächsten 30 bis 60 Tage nach Einholung der
entsprechenden behördlichen Genehmigungen erwartet. Creditex Group
Inc. wird über 225 Mitarbeiter auf drei Kontinenten beschäftigen, die
für den besten Abwicklungs- und Bearbeitungsservice sorgen werden.
"Die Kombination der sich ergänzenden Stärken der beiden Firmen
positioniert die Creditex Group in die Vorreiterstellung für
Innovation sowie Voice- und elektronischen Abwicklungsservice", sagte
Sunil Hirani, CEO von Creditex Group Inc.
"Die Zusammenführung unserer führenden Marktpositionen in Europa
und den USA sowohl im Index- als auch im Strukturkreditbereich wird
es uns ermöglichen, unseren Kunden einen besseren und umfassenderen
Service zu bieten," sagte Paul Ellis, CEO von CreditTrade, Inc.
Eine Vollversion der Pressemitteilung ist verfügbar unter
www.creditex.com.
Unternehmensprofil Creditex
Creditex (www.creditex.com) ist der weltweite Marktführer und
Erneuerer bei der Abwicklung und Bearbeitung von Kreditderivaten und
die erste eTrading-Plattform für Kreditderivate. Die Plattform wird
von über 1000 Kreditderivate-Händlern bei führenden
Finanzinstitutionen eingesetzt. Sie hat einen Kapitalbetrag von knapp
1 Billion US-Dollar an Credit-Default-Swap-Transaktionen elektronisch
abgewickelt.
Unternehmensprofil CreditTrade
CreditTrade (www.credittrade.com) ist ein führender Voice-Broker
innerhalb der gobalen Kreditmärkte und spezialisiert sich auf
Credit-Default-Swaps, Index-Fonts und strukturierte Produkte.
CreditTrade bietet branchenführende Transaktions-, Daten- und
Trading-Plattform-Services für Finanzinstitutionen weltweit.
CreditTrade ist ein Partnerunternehmen von ICG (Nasdaq: ICGE).
Website: http://www.creditex.com
http://www.credittrade.com
Pressekontakt:
Annette Bronkesh von Bronkesh Associates, +1-973-778-8648, für
Creditex Inc.
"The Creditex/Credit Trade merger is a sign that the credit-derivatives industry is maturing. The new Creditex Group could in turn be an attractive acquisition target for a company such as marketplace-technology provider and former Motley Fool Hidden Gems pick eSpeed (Nasdaq: ESPD). Another potential suitor could be Chicago Mercantile Exchange Holdings (NYSE: CME), which is extending its reach beyond traditional exchange-traded products."
Wenn das so wäre, stellt sich logischerweise die Frage, was der Marktführer Creditex im im Falle einer Übernahme, z.B. durch die oben angeführten eSpeed oder die Chicago Mercantile Exchange, kosten würde.
Another Marketplace Merger
By Alex Dumortier, CFA
July 27, 2006
Maybe the consolidation trend affecting stock exchanges is providing some inspiration among electronic marketplaces for over-the-counter financial products. On Tuesday, credit-derivatives inter-dealer brokers Creditex and CreditTrade announced that they will merge to form Creditex Group.
Creditex and CreditTrade both act as intermediaries between credit-derivatives dealers. There are also a number of electronic platforms that facilitate dealer-to-end user trading, including Thomson's (NYSE: TOC) TradeWeb and bond ECN MarketAxess (Nasdaq: MKTX). These compete with single-dealer proprietary platforms run by BNP Paribas and Barclays Capital, a unit of Barclays (NYSE: BCS).
Credit derivatives might seem to be an obscure part of the financial markets, but the category has more than doubled in size in each of the past two years, to reach $17 trillion in outstanding notional value in 2005. Although the mechanics of some of these products are complex, they are essentially a form of insurance for bondholders.
Let's imagine you're a fund manager who owns the bonds of fictional auto-parts supplier Steering Wheels Inc., and you wish to protect yourself against the risk that the company will go bankrupt in the next five years. To do that, you could enter into a credit default swap (one type of credit derivative) with JPMorgan Chase (NYSE: JPM). As the protection buyer, you would pay an annual premium to the bank (the "protection seller"), and in return, the bank agrees to make a lump-sum payment to you in the event of bankruptcy during the five-year life, or "tenor," of the swap.
The Creditex/Credit Trade merger is a sign that the credit-derivatives industry is maturing. The new Creditex Group could in turn be an attractive acquisition target for a company such as marketplace-technology provider and former Motley Fool Hidden Gems pick eSpeed (Nasdaq: ESPD). Another potential suitor could be Chicago Mercantile Exchange Holdings (NYSE: CME), which is extending its reach beyond traditional exchange-traded products. On July 5, the CME announced its acquisition of Swapstream, an electronic trading platform for euro- and Swiss franc-denominated interest-rate swaps.
Related Foolishness:
CME Does Well, Thinks Big
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Why? Very simple the netcash/securities of 170 million and the worth of ICGCommerce alone have a worth of 360 million - the market cap of today.
The revenues of ICGCommerce in 2006 will be between 45 and 50 Million. By an 5-times-revenue the worth of ICGCommerce, which had a net income since the first quarter, is about 237 million. The worth of the 79% of Internet Capital is near 190 million.
Step 1: net cash/securites + ICGCommerce = 360 million, the other 17 private held companies are free of charge.
Freeborders Eyes IPO
Reuters reports that China service provider Freeborders is considering going public in the "near future." "
"There's a market opportunity for a company (in China software outsourcing) to be a $1 billion company, and we think Freeborders can be that company," the article quotes co-CEO Ramsey Walker saying.
I believe, a market cap of one billion is very optimistic from Mr. Walker. In my calculations, I had posted on this board, the ipo-market-cap of Freeborders is 450 millions and the the 33% of Internet Cap. have a worth of 150 million.
My estimate based on revenues of between 35 and 40 million in 2006 and a 12-times revenue, not to high, wenn you compare with competitors like Infosys and the more than double growth-rate of Freeborders. Mr. Walker has a higher estimate of revenue in 2006 and a higher than 12-times revenues. But I believe, too, Mr. Walker could be right with revenues, if he quadrable the employers in china, Freeborders reported.
Step 2: Net Cash/Securities (170 million) and ICGCommerce (184 million) and Freeborders (150 million) = 504 million and additional are 16 private held companies free of charge: Starcite, Creditex, Metastrom, Marketron, Whitefence, Vcommerce, Investorforce, Emptoris, Computerjobs, Ecreditcom and others.
My estimate based on revenues of between 55 and 60 million after the merger of Starcite and Onavantage in 2006 and a 9-times revenue. The result is a worth of Starcite of 518 million and the decreased percentage on the double great merger of 27% = 140 million
Step 3: Net Cash/Securities (170 million) and ICGCommerce (184 million) and Freeborders (150 million) and Starcite = 644 million and additional are 15 private held companies free of charge: Creditex, Metastorm, Marketron, Whitefence, Vcommerce, Investorforce, Emptoris, Computerjobs, Ecreditcom and others.
My estimate based on revenues of between 120 and 150 million after the merger of Creditex and Credittrade in 2006 and a 5-time-revenues. The result is a worth of Creditex of 675 million and the decreased percentage on the double great merger of 17% (estimate base on on a the formulation "under 20%") = 115 million.
Step 4: Net Cash/Securities (170 million) and ICGCommerce (184 million) and Freeborders (150 million) and Starcite (140 million) and Creditex 115) million = 759 million and additional are 14 private held companies free of charge: Metastorm, Marketron, Whitefence, Vcommerce, Investorforce, Emptoris, Computerjobs, Ecreditcom and others.
1 Nutzer wurde vom Verfasser von der Diskussion ausgeschlossen: tradeconto