CBA eyes ABN Amro Jul 23, 2008
Another troubled broker, Tricom, was recently part acquired up by Danish-based Saxo Bank and independent broker has agreed to be bought by listed Bell Financial Ltd.. AAP. (Sydney Morning Herald -- Business)
Book Vishal Info Techs' IPO Jul 21, 2008
This is rather high compared to the price-earnings (P/E) multiple of 7-9 for companies such as Datamatics Technologies and Tricom, which provide digitisation services. The higher valuation of VTIL can be attributed to its stable financial performance and future prospects. (India Times)
ASX beefs up supervisory department Jul 21, 2008
" ASX also said Financial Services Institute of Australasia ex-president Michael Shepherd will join the ASXMS board as a director. The appointment of Mr Cameron is seen as a move by the exchange to boost its credibility among investors after sharemarket volatility earlier in the year exposed gaps in ASX's policing of stock lending. The collapse of stockbrokers Opes Prime and Lift, along with the near-failure of Tricom, underscored the difficulty ASX had in preventing market disruptions arising... (Sydney Morning Herald)
IBM buys Platform Solutions Inc Jul 6, 2008
Tricom acquires US outsourcing firm. Non-voice business process outsourcing company Tricom India on Thursday said it has acquired US-based Pacific Data Centres Inc for $2 ... Tricom has acquired PDC through its US subsidiary Tricom Document Management Inc, the company said in a filing to the Bombay Stock Exchange. (Economic Times)
Chimaera snared in jurisdictional tiff Jul 2, 2008
Chimaera decided on the equity raising in the wake of the turmoil over securities lending, which resulted in a near-death experience for the share broker Tricom Securities and the failure of Opes Prime and Lift Capital ... Under the stock lending model used by Opes Prime, Tricom and Chimaera the legal title to securities lodged as collateral transferred from the clients (lenders) to the broker. (The Australian)
ASIC knew but did nothing Jun 28, 2008
" ON January 29 and January 30 stock lending and Tricom were at the heart of a market stoppage that lasted for two days when Tricom failed to settle a huge trade in shares. When Tricom tried to settle the trades, the stock was not available to settle - it was on loan. Earlier in January Tricom had made a margin call over 20 million Allco shares. That is, Tricom exercised its control over about 6 per cent of the company's shares. This control had never been disclosed to the market. Stock lending;... (Sydney Morning Herald -- Business)
Bill Express in debt crisis Jun 23, 2008
Skip directly to: Search Box, , , Text Version (The Age)
Collateral damage Jun 13, 2008
" McFarlane inherited a bank with multiple problems in 1997, including the damage to its reputation caused by slashing branch numbers in Australia, from 1600 in the early 1990s to fewer than 800 by 2000. But he also had to deal with an institutional banking division that was caught out more badly than its peers during the Asian credit crisis in 1997 and again by bad corporate loan losses on Pasminco and Enron early in the 2000s. McFarlane was both inherently cautious and a calculated moderniser... (Sydney Morning Herald -- Business)
Saxo Bank Launches Tokyo Office to Strengthen APAC Presence Jun 5, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
RBA Wants ASX Share Settlement Reforms May 27, 2008
The Reserve Bank has called for greater transparency and disclosure in stock lending and is working with the ASX to fix problems in the exchange's settlement procedures that were exposed by the failure by margin broker, Tricom to settle in late January ... The RBA's report on the problems caused by Tricom's failure to settle was released yesterday by the bank in Sydney. (LIVENEWS.com.au)
RBA calls for new share settlement plan May 26, 2008
The Reserve Bank of Australia (RBA) has called for changes to how share trades are settled after the current system suffered significant delays on two days in January, when broker Tricom failed to meet a settlement deadline ... The RBA undertook the review in following to the events of January 29 and 30, when private broker Tricom was unable to settle some of its trading obligations on time. (Sydney Morning Herald -- Business)
RBA urges overhaul of share settlement system May 26, 2008
The RBA undertook the review in following to the events of January 29 and 30, when private broker Tricom was unable to settle some of its trading obligations on time. The company at the time denied it had failed to meet the settlement deadline because of funding problems. (Sydney Morning Herald)
ASIC hangs back on ASX report card May 24, 2008
It is understood that part of the delay is due to ASIC, which D'Aloisio chairs, taking into account the recent market shenanigans, including the collapse of Opes Prime and Lift Capital, the ASX's handling of the delayed settlements of Tricom Equities, and the poor disclosure performance of companies with margin lending exposures ... The travesty dates back to Tricom's inability to settle with the ASX on time in late January due to problems with a $1 ... 5 billion securities loan book, along with... (The Australian)
Tricom deal hits hurdle May 21, 2008
Tricom's deal with Danish bank Saxo has hit a snag. Welcome to The Sydney Morning Herald. (Sydney Morning Herald -- Business)
Stockbroker Bell Financial seeking acquisitions May 17, 2008
Mr Bell pulled out of a $70 million deal in March to buy embattled Sydney stock-lending firm Tricom. But yesterday he told shareholders there were "other opportunities for growth". (The Australian)
Market turmoil bites at Bell May 16, 2008
Earlier this year Bell walked away from takeover talks with struggling peer Tricom. Mr Provan said Bell was still in the hunt for further opportunities thrown up by recent market volatility. (Sydney Morning Herald -- Business)
The rise and fall of a porn king May 11, 2008
" An associate at Lasrado's former stockbroking firm, Tricom, told The Sun-Herald: "He was a polite young bloke, very successful, always a pleasure to deal with. He made significant money in the stockmarket but then ran into trouble outside our firm. (Sydney Morning Herald -- Australia)
ASIC rings in the changes May 8, 2008
" The changes will include the merging of two levels of management into one tier and a cut in senior staff from 54 to 41. All positions will be declared open and will be available to internal candidates before the regulator seeks to bring in expertise from other market participants. "For ASIC to move from good to really good or superior, we need clearer priorities and credentials and skills which are as good or better than the professionals who advise the so-called big end of town," Mr D'Aloisio... (Sydney Morning Herald -- Business)
No action on Tricom shenanigans May 7, 2008
THE Australian Securities Exchange is yet to send out a letter, conduct a disciplinary tribunal or complete a report into the shenanigans that went on at Tricom Equities in late January, which culminated in a delay in settlement and subsequent freezing of some clients' accounts. Tricom boss Lance Rosenberg said yesterday that Tricom had not been fined by the ASX over the failure to settle trades ... He said Tricom did not claim full responsibility for the delayed settlement, due to mitigating... (The Australian)
Saxo Bank Moves to Acquire Strategic Holding in Tricom May 5, 2008
In a strategic move, Danish investment bank Saxo Bank A/S ("Saxo"), a global leader in on-line trading, has entered a Memorandum of Understanding with Tricom Holdings Limited ("Tricom"), Babcock and ANZ Group with a view to acquiring a 35 percent holding in the Sydney based broking house ... Tricom's CEO, Lance Rosenberg, and staff would continue in their present roles ... "With Saxo Bank as a partner, we will be better capitalised and a more diversified business backed by Saxo Bank's global... (PR Newswire)
9/11 rebuild goes on, despite grisly finds May 5, 2008
Rebecca Thurlow DANISH online investment and trading bank Saxo Bank said today it plans to acquire a 35 per cent stake in troubled broker Tricom. THE board of Bravura Solutions has agreed to a $246 million takeover offer from local private equity firm Ironbridge Capital. (Yahoo News -- World Trade Center)
Market cool as Bravura OKs Ironbridge May 5, 2008
Under a business strategy similar to failed brokers Tricom and Opes Prime, Lift claimed ownership of the security it provided to clients and reserved the right to transfer it to third parties ... Rebecca Thurlow DANISH online investment and trading bank Saxo Bank said today it plans to acquire a 35 per cent stake in troubled broker Tricom. (The Australian)
White knight for Tricom May 5, 2008
Danish bank to buy 35% stake in Tricom ... A possiblity of resolution in the Tricom case also comes amid signs of strength in the sharemarket. (The Age)
Bad debt to bite into ANZ's earnings Apr 22, 2008
But the bank's loan to local losers Tricom, Opes Prime and Centro have added to the charge. Wilson HTM banking analyst Brett Le Mesurier is one of many market watchers now wondering how much more bad news might be in store in the second half. (Sydney Morning Herald -- Business)
Prime target Apr 20, 2008
The new risk disclosure statement could have proved unsettling to potential new clients of Opes, but after Tricom's troubles it is doubtful many were signing up ... Focused on another failing margin lending outfit, Tricom, ANZ came up with the strategy for Tricom to hand over $70 million worth of client loans and their collateral stocks to an already pressured Opes ... And Tricom staffers knew Opes was headed for disaster long before most of Opes's clients did. (Sydney Morning Herald -- Business)
Rosenberg's Black Tuesday Apr 19, 2008
Ten of those were problem loans outside Tricom's normal credit criteria and they were the ones that were to cause trouble ... " The next day what might be called Black Wednesday for Tricom was when Tricom sold $400 million to $500 million, including a line of stock that was due to be settled in three days. On the day of settlement, stock being returned from the lenders did not arrive in time, which resulted in a delay of settlement, which appears not to be entirely the fault of Tricom. He says... (Sydney Morning Herald -- Business)
Who do you trust? Market saga raises questions over security and ... Apr 19, 2008
" It is possible to characterise this as fallout from Opes Prime, but even before Opes Prime became a household name, regulators were struggling to control short-selling and to set the rules. It was January when Tricom failed to settle its trades on time and the exchange came to a halt, and by March a flurry of ASX position papers were in the market. Tricom's clients had been temporarily signing over ownership of their shares in exchange for margin loans. Tricom would then loan the shares to... (The Age)
Walsh, Dixon entangled in Lift's fall Apr 15, 2008
Lift is the third stock-lending and stockbroking firm in just two months to hit trouble, following Tricom and Opes Prime. Yesterday, the ANZ bank announced it would conduct a review of the controversial practice of securities lending as chief executive Mike Smith conceded Opes Prime should have been recognised as "unbankable" before its collapse. (The Australian)
Global downturn to keep rates, inflation high: Swan Apr 14, 2008
Asked about the collapse of the two companies involved in margin lending on shares, Opes Prime and Lift Capital, and reported problems in Tricom Securities, Mr Swan said he was still waiting for an assessment from the Australian Securities and Investments Commission. "We know how much money people have taken out in margin loans, but until we see the report from ASIC we are not in a position to comment on whether there is anything systemically wrong or whether you just have a bunch of crooks who... (Sydney Morning Herald -- Australia)
Stephen Long analyses the continuing fallout from the Opes Prime ... Apr 12, 2008
The clients got spooked, essentially because people started looking around and saying, 'well, we've had Tricom get into trouble, we've had Opes Prime, who's next and who looks a bit like them. Well, Lift Capital looks a bit like them. (ABC Online)
Central bankers caught napping by the financial crisis Apr 12, 2008
On top of that is its massive exposure to another failed broker, Tricom, which it kept afloat this week by pumping in an extra $10 million in rescue loans. It's cheaper to keep it afloat than risk further damage. (Sydney Morning Herald -- Business)
Second Australian margin lender collapses Apr 11, 2008
Another stock broker, Tricom Equities Ltd, was recapitalised by ANZ and Babcock & Brown Ltd (BNB.AX: , , ) earlier this week. Tricom, which also had margin lending and securities lending business, failed to meet its settlement obligations in January. (Reuters)
Opes Client A's missing millions Apr 11, 2008
"Attention Required Lift Capital Update and Clarification The Dixon Advisory Investment Committee is aware that there may be an article in the press tomorrow likening Lift Capital's lending practices to collapsed margin lender, Opes Prime. There are distinct and significant differences between the model operated by Lift Capital, and those used by Opes Prime and Tricom. Your agreement with Lift Capital is not a stock lending agreement; it is a secured lending agreement. This means that you are... (Sydney Morning Herald -- Business)
ANZ and Babcock toss line to Tricom Apr 9, 2008
AFTER failing to attract a stockbroker or a contract for difference (CFD) operator to bail out Lance Rosenberg's embattled Tricom Equities, Babcock & Brown and ANZ Bank have thrown a lifeline to Tricom to prevent its collapse and keep their money and secrets safe. Babcock & Brown had little choice but to throw Tricom an extra $5 million to prevent another Opes Prime disaster ... Tricom still has a securities loan book of $300 million that it has to refinance. (The Australian)
Another pile-up as bad lending practices exposed Apr 8, 2008
It followed the near collapse in January of Tricom - again a relatively unknown broker - which was another conduit for massive and relatively uncontrolled lending by ANZ.. When the economy cools, banks experience a rise in bad loans. (Sydney Morning Herald -- Business)
ANZ's $1bn bad debts Apr 8, 2008
and because the risk increases, we've got to put more money aside," ANZ head of corporate communications Paul Edwards said. But ANZ group managing director, institutional, Peter Hodgson, will soon complete a review into the risks involved in the securities lending business. Both Opes Prime and Tricom offered securities lending. ANZ chief financial officer Peter Marriott said about half the increased provision for bad debts was related to existing ratings downgrades. The other half would provide... (Sydney Morning Herald -- Business)
Investment bank joins ANZ in Tricom recapitalisation Apr 8, 2008
The investment bank, Babcock and Brown, says it has joined ANZ in a recapitalisation program for stricken stockbroking firm Tricom ... Babcock and Brown says it is looking to protect its existing exposure, and ensure an orderly disposal of the rest of Tricom's securities loan book ... It has an option to acquire up to 25 per cent of Tricom over the next three years, as does ANZ.. (ABC Online)
ABC Learning Centres cuts FY08 earnings forecast Apr 8, 2008
Reporting Season Calendar 2008. ABC Learning Centres Limited (ABS) downgraded its full year earnings per share forecast to between 34c and 36c for FY08, from a previous guidance of 41c. (egoli.com.au)
Cromwell refinances $300m in debt facilities Apr 8, 2008
Reporting Season Calendar 2008. Cromwell Group Limited (CMW) has refinanced or extended debt facilities totalling nearly $300 million for associated entities. (egoli.com.au)
Banks the ringmasters in ruinous financial circus Apr 5, 2008
It is the bank that stood behind Opes Prime and Tricom, two stockbroking firms that until a few months ago appeared to inhabit the financial fringes but in reality were conduits for billions of dollars in loans to fund share purchases. The ANZ, as one of the biggest share custodians in Australia, also appears to have lent stock bought by Opes and Tricom clients to hedge funds ... Opes, Tricom and a few other stockbroking firms using the same model were merely the middlemen in these loan... (Sydney Morning Herald -- Business)
Anatomy of a collapse Apr 4, 2008
" The huge number of companies that Opes Prime was prepared to lend against shows the "subprime" nature of its lending. And it serves as an indictment of ANZ's approach to its lending to Opes, an indictment given some support by the "gardening leave" given to two ANZ executives during the week and unresolved questions about the ANZ-Opes relationship. More than 50 companies made startling disclosures to the Australian Securities Exchange that large chunks of their stock had been seized from Opes... (Sydney Morning Herald -- Business)
Michael West: It just gets worse for Opes clients Apr 4, 2008
The margin lending relationship with ANZ started in late 2003, around the time when the Tricom and Babcock & Brown relationship blossomed. It was lucrative for all parties, including Tricom clients as Babcock put big deal flow through Tricom, and with every float the personal fortunes grew ... ANZ started with a $150 million loan to Tricom. (Sydney Morning Herald -- Business)
Ian Verrender: Why did Tricom get the Green light? Apr 3, 2008
Why did Tricom get the Green light. smh. (Sydney Morning Herald -- Business)
Opes and Tricom: some interesting deals done at the death Apr 2, 2008
As $1 billion worth of Opes stock was frozen by its bankers on Friday a series of large lines of stock were "crossed" through the market at large discounts and are believed to have gone to Tricom. ANZ is the major lender to both Opes and Tricom ... When Tricom got into trouble this year and was forced to lay off its loan book, Opes took part of it ($100 million is the rumoured figure). (Sydney Morning Herald -- Business)
Opes exposes regulators Apr 2, 2008
Tricom was in the press three years ago, care of this reporter, for margin lending over speculative shares. Chemeq to be precise. (Sydney Morning Herald -- Business)
Michael West: Scramble of the despondent and damned Apr 1, 2008
" Besides Opes clients shorting other clients' stocks, sources said Emini also shorted client shares. Under the securities lending arrangements struck with his customers, Emini had the legal right to short client shares. Following yesterday's revelations in this column that Tricom transferred a large portfolio of shares from Opes to itself last Friday after receivers had frozen the $1 billion portfolio, the ASX announced yesterday the transactions had been cancelled. Nearly $40 million of... (Sydney Morning Herald -- Business)
Tricom trades unwound at broker's request Apr 1, 2008
A spokeswoman for Tricom said the special crossings were cancelled because the stock transfer was effected another way. Tricom took action to ensure all clients potentially affected by the Opes issue now have their stock back,'' she said, without elaborating ... Tricom's transactions came several days after trading activities of Opes Prime were suspended, pending investigations by the Australian Securities and Investments Commission (ASIC). (Sydney Morning Herald -- Business)
If an unknown broker can lend $1b, how much more is out there? Apr 1, 2008
If an unknown broker can lend $1b, how much more is out there. Welcome to The Sydney Morning Herald. (Sydney Morning Herald -- Business)
On the Opes money trail Mar 31, 2008
ANZ is the major lender to both Opes and Tricom. When Tricom got into trouble earlier this year and was forced to lay off its loan book, Opes took part of it ... And when Opes got into trouble last week, Tricom looked to salvage what it could from the mess. (Sydney Morning Herald -- Business)
Who's exposed to Opes? Mar 31, 2008
Who's exposed to Opes. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Opes collapse could reveal a sordid tale of short-selling super Mar 30, 2008
The Sydney-based Tricom Equities all but collapsed in late January when it had trouble settling trades. Tricom is still operating, courtesy of one of its biggest clients - the investment bank Babcock & Brown, which curiously is reluctant to call in a $40 million debt. (Sydney Morning Herald -- Business)
Millions lost as broker crashes Mar 28, 2008
We don't have that proven at all at this stage," he said. Before Easter, the Opes Prime directors detected an "irregularity". ANZ agreed to extend its exposure to about $650 million, with another loan of less than $100 million, as long as Deloitte was employed to iron out any problems. But the problems were bigger than expected. Opes Prime principal Laurie Emini was sent packing. By Thursday afternoon, John Lindholm of Ferrier Hodgson had been appointed as voluntary administrator, and Mr... (Sydney Morning Herald -- Business)
Hedge fundies nurse hurt feelings Mar 22, 2008
" The good news was accentuated when the AIMA's Australian chapter dispatched its first newsletter to members last month. Aside from welcoming several new members including the hugely successful Tricom Investment Management, the newsletter kicked off a writing competition. Reflux is yet to find out who won the $10,000 prize for the best 300-500 word "argument for investing in the Australian hedge fund industry". Pathway closed The sector that profits from international students suffered a... (Sydney Morning Herald)
Local stocks cheer rate cut Mar 19, 2008
"There was a bounce all round, but the financials (sector) in particular,'' he said. Mr Foulsham said that confidence in the financial sector, which has been battered by the global credit crunch and the recent downfall of US investment bank Bear Stearns, would still take some time to be restored. The local market was likely to be choppy over the next few months as there was still not enough clarity about the health of US banks. In the banking sector, the big four banks made gains of around six... (Advertiser Adelaide)
Market up, down and back to where it began Mar 18, 2008
26, after the company backed away from a deal with the troubled private broker Tricom, which is continuing buyout talks with other parties. Rubicon Japan Trust fell 13. (Sydney Morning Herald -- Business)
Tricom in new talks after Bell backs out Mar 18, 2008
Shares in Bell Financial Group Ltd surged on Tuesday after it walked away from buy-out talks with troubled broker Tricom. But Tricom is still hoping for a white knight, revealing it has been in discussions with unidentified "other parties" since the exclusivity period with Bell ended on March 7 ... "Those discussions are well advanced," Tricom said in a statement. (Sydney Morning Herald)
Bell lets Tricom agreement lapse Mar 7, 2008
BELL Financial Group said today its conditional deal to buy beleaguered Tricom has lapsed but the companies remain in talks ... Tricom rattled the market in January when it failed to meet off-market trades related to margin loans, prompting the Australian Stock Exchange to put it under supervision ... Bell Financial, which owns the Bell Potter stockbroking firm, said on February 19 that if all conditions on the deal were met, it would provide a capital injection into Tricom and take control of... (The Australian)
Allco principals lose it all Mar 6, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Allco Principals Investments raises white flag of surrender Mar 6, 2008
Skip directly to: Search Box, , , Text Version (Sydney Morning Herald -- Business)
Lessons of the fall Feb 29, 2008
Add Centro Properties Group's former chief executive Andrew Scott - whose brainchild posted a loss of more than a $1 billion yesterday - Rubicon's Gordon Fell and Tricom's Lance Rosenberg and there are all the makings of a replay of history ... And in the aftermath, regulators will be picking over the role of auditors signing off accounts with substantial errors about the types of debts (Allco and Centro), the high levels of undisclosed debt over large directors' shareholdings (Allco, ABC, MFS)... (Sydney Morning Herald -- Business)
House of cards Feb 22, 2008
Allco Principals Trust is hurting because it had 20 million shares in Allco Finance Group sold out from under it by the troubled broker Tricom Equities as a result of margin loans. Spare a thought in this chain for Christopher West, who is head of funds management at Allco, chairman of Allco HIT and a director of the Allco Principals Trust subsidiary Allco Principals Investments. (Sydney Morning Herald -- Business)
Babcock forecasts 15% earnings growth Feb 21, 2008
Mr Green also revealed Babcock had a $30 million to $40 million exposure to failed broker Tricom but was confident it would be resolved with minimal losses. Babcock increased its assets under management by 63 per cent in 2007 to $71. (Sydney Morning Herald -- Business)
Shorts fuse at Babcock & Brown Feb 21, 2008
In the case of controversial stockbroker Tricom for instance, retail clients were inadvertently buying stock which was lent to professional investors to short. Ergo, Allco. (Sydney Morning Herald -- Business)
Small investors suffering Feb 20, 2008
Both were closely associated with Lance Rosenberg, the head of the troubled stockbroker Tricom Equities. Tricom was the broker that extended huge amounts of money to Allco's senior executives and directors, using the shares as security, and then dumped them onto the market when the share price tanked ... According to Green, however, the rumours spreading through the market that Tricom had extended huge loans to Babcock directors and executives are untrue. (Sydney Morning Herald -- Business)
Bell confirms Tricom acquisition Feb 20, 2008
Troubled broking house Tricom is to be acquired by Bell Financial Group. Bell announced to the Australian Securities Exchange today that it had signed a heads of agreement for the acquisition of 100 per cent of Tricom subject to a number of conditions, including satisfactory completion of due diligence prior to March 7 ... Bells announcement said that should all conditions be satisfied, Bell would provide a capital infusion into, and take control of, Tricom. (Money Management)
