An independent report by auditors Grant Thornton has concluded that client funds at spread betting company MarketSpreads have been segregated properly as per client money rules and are kept separate from company funds. This augurs well for MarketSpreads which was forced to stop trading by the Irish Central Bank last Thursday after auditors refused to express a view on accounts filed for the year 2009, the period covering the time directly before a management buy-out at the company.
Following an independent third-party review of client assets, the Central Bank is amending the direction on Marketspreads to allow for the repayment of client assets, the regulator said in a statement yesterday.
The report essentially means that MarketSpreads will be permitted to disburse the funds to clients to process withdrawals. John McGlade, Joint Acting Chief Executive stated that the company was now awaiting authorisation from the Central Bank to return client funds. He said Clients, who have been hugely supportive, will have any withdrawal requests actioned as soon as the Bank gives its permission. MarketSpreads is profitable, solvent and client funds are 100% intact. The
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– The major U.S. index futures are pointing to a lower opening on Monday, although they have come off their early lows. The political developments in Europe may leave traders wary over the global economic outlook, while they may also react to the Federal Reserve’s consumer credit report and a Fed speech scheduled for the day. That said, recent losses could bring some bargain hunters into the markets.
U.S. stocks moved lower in the week ended May 4th, as insipid economic data sapped risk appetite and generated selling pressure in the markets. The commodity, financial and technology spaces were the worst hit.
Last Monday, the major averages ended moderately lower after domestic consumer spending and manufacturing data disappointed investors. The markets got a reprieve on Tuesday after the Institute for Supply Management’s national manufacturing survey showed a better than expected reading. The averages ended moderately higher.
The positive momentum faded on Wednesday after ADP’s survey showed that the private sector added less jobs than had been anticipated. The Nasdaq Composite closed higher, while the Dow Industrials and the S&P 500 Index ended lower.
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Zotec Partners, an industry leading provider of specialized medical billing and practice management services for the hospital-based specialty market, announces today that it will manage all billing operations for TRA Medical Imaging, out of Tacoma, Wash. After five years of licensing Zotec Partners’ billing technology, TRA made the decision to completely outsource billing to the company’s expert team.
“By outsourcing to Zotec Partners, TRA Medical Imaging’s bottom-line will go up, and the group will maintain access to our state-of-the-art reporting to better manage its business”
“The decision to outsource was reached once it was determined we could not drive out additional costs without negatively impacting patient service and our Key Performance Indicators,” said Dennis Carter, CEO of TRA Medical Imaging. “Zotec Partners’ ability to deliver cost effective technology right where it is needed was a major factor in our decision making process.”
TRA Medical Imaging is a multi-specialty radiologist group composed of 52 physicians who are highly trained and experienced in diagnosing a broad spectrum of complicated medical conditions. Wit
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CMC Markets intends to close its Dublin offices and merge the operation of its Irish business into its London headquarters.
CMC, which is due to announce a profit this year after having suffered two successive annual losses, says the move is largely strategic in nature.
‘Were the second largest player in the Irish market but half the workload is already serviced from the UK,’ noted CEO Doug Richards. CMC added the move will not result in any substantial cost savings. A spokeswoman for CMC confirmed that the company has started a consultation process with staff about the closure, but stressed that the move would have no negative implications on CMCs 300 active Irish clients. CMC Markets originally opened its Dublin office in 2007. Were heading for a record turnover, client trades and a turnaround to profit, said Richards, who said that the flotation of the business was still on the group’s agenda.
CMC is also planning an internal management restructuring and five roles will be affected by the shake-up. Richa
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– Wall Street remains optimistic on Tuesday, as indicated by the U.S. index futures, which point to a higher opening. That said, the mood was a far cry from what prevailed yesterday post-Bernanke’s comments. Among the global markets, Asian stocks, with the exception of Chinese stocks, closed higher, while European stocks are up for the third straight session. Given the fresh multi-year highs hit by the Nasdaq Composite and the S&P 500 Index yesterday, only some meaningfully positive catalysts could help markets preserve the upward momentum.
A consumer confidence reading, a regional manufacturing survey and another public appearance by Federal Reserve Chairman Ben Bernanke are among the key Main Street events that could impact markets. Homebuilder Lennar (LEN) reported better than expected earnings, lending credence to the recovery seen in the housing market.
As of 6:30 am ET, the Dow futures are rising 9 points, the S&P 500 futures are advancing 1.20 points and the Nasdaq 100 futures are adding 3.50 points.
After a nervous run for most of last week, U.S. stocks ended Monday’s session on a firmer note, with Federal Reserve Chairman Ben Bernanke’s comments on the job market and his assurance to keep interest rates low and developments surrounding the eurozone debt crisis increasing risk appetite.
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New federal limits on debit card fees have banks scrambling
for ways to recoup lost revenue this year. Back in October, Bank of America came under a firestorm of criticism for implementing a $5 monthly fee (just for using a debit card) to make up for the losses. While most institutions have backpedaled and abandoned the monthly fees that were initiated on the heels of the new regulations, many banks have revisited the issue and are quietly introducing new or increased banking fees.
Banks have been hard pressed to make up the estimated $12 billion of lost income created by the lower debit card swipe fees. In addition, some states are looking to prohibit monthly fees for debit card use or penalty charges for not using debit cards, which will make it even more difficult for banks to bring in the estimated $15 $20 per month needed from every depositor. With lending at anemic levels and interest rates close to zero, banks say they are struggling to generate the income they need to stay profitable.
Here are estimates of debit card fee losses for the fourth quarter of this year alone:
- Bank of America said it will see a reduction in revenue of $475 million
- JPMorgan Chase warned it would lose $300 million
- Wells Fargo said it would lose $250 million
- PNC Financial Services Corp. will take a
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