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| NZ Herald - BANKING ON THE FEEL-GOOD FACTOR | | Aug 15 2008 | |
AXE YET TO DROP
Two years after it went public with its bold plan, NZX's bid to grab a chunk of the ASX's business is still tied up in red tape.
AXE ECN, a joint venture between the NZX and leading investment banks Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Securities, Merrill Lynch and Credit Suisse was scheduled to begin operating early last year.
The original idea was that it would target crossing of large off-market trades, but it now plans to offer a sharply priced full-service trading platform.
Since NZX announced its AXE ECN plans a couple of other players, Liquidnet and Chi-X, have thrown their hats in the ring and are also awaiting the green light from the Australian Government.
AXE ECN does appear to have a lot going for it.
Between them, its investment bank owners account for about 45 per cent of ASX's current turnover, a decent chunk of which could find its way on to AXE.
AXE ECN boss Greg Yanco yesterday told Stock Takes he and his team understood a final Government decision by Australia's federal Cabinet was expected before Parliament sat next on August 26.
"It's like imminent, but taking a lot longer than we expected."
Then again, Stock Takes also heard "rumblings" that Australia's Cabinet currently has a very full agenda and may not have time to consider the issue.
BANKING ON THE FEEL-GOOD FACTOR
Don't think that private equity and sharemarket operators are all about cold hard cash, they can also be about warm fuzzies.
Another of NZX's new developing businesses, emissions trading platform TZ1 yesterday fired up the feel-good factor, announcing it had been appointed a global registry for the Malua Wildlife Habitat Conservation Bank, a private equity venture that aims to conserve an area of rainforest in Malua, Malaysia.
The biobank, as it is calling itself, is raising money for its conservation efforts and will generate biodiversity conservation certificates, each of which will represent 100sq m of rainforest restoration and protection.
It would use a multimillion dollar investment from the Eco Products Fund to restore and protect 34,000ha of formerly logged forest. The eco fund is a private equity fund jointly managed by New Forests Inc of Washington, DC and Equator Environmental of New York.
It has committed up to US$10 million ($14.4 million) to the Malua Forest Reserve - and the orang-utans that live there - during the next six years, and will also endow a trust fund for conservation management for a further 44 years.
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