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M&A Blog #20 – valuation (Dividend Discount Model - DDM)

Francine Way

For this valuation post, I wanted to talk about a valuation method that is making its way out of academia and into the real world, a method that is gaining popularity in the world of portfolio management. Market Price as multiple of Book Value of Equity at year-end = Market Price at year-end / Book Value of Equity.

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MarketAxess extends BlackRock partnership to enhance credit markets connectivity

The TRADE

“We look forward to bringing the latest of our automation protocols, Adaptive Auto-X, as well as our market leading RFQ solutions, Open Trading, and Live Markets central limit order book directly to Aladdin clients through this partnership.”

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Retail boost is driving volumes off-exchange, Liquidnet finds

The TRADE

Despite retail flows not necessarily adding much in terms of available liquidity, Liquidnet noted that book depth, lower correlations and reduced volatility had improved for traders and portfolio managers. And this has subsequently seen volumes move off-exchange. billion of single stocks, including ETFs, with a total of $4.4

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Appital adds pre-trade price discovery capability to boost natural buy-side liquidity

The TRADE

Buy-side book-building platform Appital has moved to expand its pre-trade price discovery capabilities to allow for greater natural liquidity amongst its buy-side clients. Traders and portfolio managers can also access exposure to liquidity events in relevant equities meeting their minimum ADC or pricing thresholds.

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Fabien Oreve: Fixing Europe’s future markets

The TRADE

Are central limit order books still fit for purpose? Central limit order books (CLOBs) across primary exchanges remain a significant part of the trading ecosystem for European equities. The evolution towards agility and flexibility has clearly been supported by the new generation of order and execution management systems (OEMS).

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LiquidityBook acquires Messer to boost multi-asset capabilities

The TRADE

As part of the acquisition, Bryan Messer has been appointed general manager of Asia Pacific, managing director of portfolio management solutions and artificial intelligence at LiquidityBook, with his staff also joining. In addition, the accounting and reconciliation engines of Messer Financial Software will be integrated.

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The desk of the future: ‘AI conductors’ vs the traditional trader?

The TRADE

These guys are valuable because of the market they’ve been covering, they know the ins and outs and know how to play the book,” said Armon-Jones. He added: “Traders need to be able to have a view. A lot of people have made it and part of w hat we do is we look is look at data […] there are a lot of successful voice traders out there.