Electronic bond auction founders; US West unit chooses Merrill Lynch over firm with new system

Article Abstract:

The US West Financial Corp decides to issue corporate bonds through Merrill Lynch and Company Inc after plans to issue the bonds electronically fall through with Capitalink. Capitalink has innovative ideas for breaking with tradition in how companies issue stock: the provide a service where companies sell directly and electronically to investors, and avoid the securities firm that acts as a middleman. The closest Capitalink has come to handling a new bond issue is the US West Financial $100 million issue; talks broke down when US West Financial was unwilling to pay a rate of 1.05 to 1.1 percentage points higher than the three-year US Treasury notes. US West agrees to a 1.04 percentage above three-year US Treasury note rate with Merrill Lynch.

Security brokers and dealers, Financial services industry, Financial services, Services, Securities, Merrill Lynch & Company Inc., Stock, Public Offerings, U S West Financial Corp., CapitalLink Securities Corp.

---

A.T.&T. credit card rate is cut

Article Abstract:

AT and T Universal Card Services is moving up its plans to cut its credit card rate from 17.4 percent to 16.4 percent from Jan 1, 1992, to Nov 18, 1991. The lower rate will only apply to AT and T card holders who signed up within a year of the card's debut in Mar 1990. With the new rate reduction, AT and T Universal Card Services will have cut rates by 2.5 percent in 1991. About 11 million customers user the AT and T card, making it the nation's fourth most popular. AT and T Universal Card Services Pres Paul Kahn expects the company to realize a profit in 1992 in spite of the rate cuts. The rate cut is part of a quarterly readjustment in accordance with the prime rate. AT and T sets its interest rates at 8.9 percent above the prime rate.

Telephone communications, exc. radio, Personal credit institutions, Prices and rates, Credit cards, Credit and debit card industry, Credit card industry, Price cutting, Charge Account, AT&T Universal Card Services Corp.

---

Chicago must modernize or perish

Article Abstract:

The Chicago futures exchanges must adopt computerized trading if they wish to survive on the international market. Chicago's present system of open outcry trading not only allows for abuses, but it cannot compete efficiently with the international 24-hour futures market made possible by the automation of the trading process. Futures and options exchanges which did not exist ten years ago are now active in a number of countries, and the majority of them have adopted computerized trading. Electronic trading systems are not affected by time zone differences nor are they subject to the violations that have recently infected trading at the Chicago exchanges.

International aspects, Stock-exchange, Stock exchanges, Technology application, Automation, Futures, Foreign Competition, Program Trading (Securities)

Similar abstracts:

• Abstracts: An empire above ground. The true believers: why bombers choose to die for a cause
• Abstracts: Bay Street bonanza: million-dollar bonus cheques are no longer a rarity. Why a network?
• Abstracts: Eaton's Stephen takes on another problem child. Ford Ont. plant not getting new pickup. The real lobster problem
• Abstracts: Who killed Gail Miller? A rapist denies guilt at the Milgaard review. 'Go in peace,' and then six shots
• Abstracts: Digital to use bonding technology. Tracking the path of the perfect pitch with 3-D graphics

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.