Exchange Invest

The Daily Newsletter of Market Infrastructure


Exchange Invest is a free daily email/web newsletter
about the core events pertaining to investment
in financial markets infrastructure such as:

  • exchanges
  • IT vendors
  • brokers
  • MTFs
  • clearing houses
  • etc.

July 28 2016

elb2PLY: The latest hyperactive knicker-twisting trope of the mainstream media was yesterday’s ‘disaster’ of the Michel “most dangerous man in Europe” Barnier appointment as Chief Negotiator to the European luncher-in-chief, er President, Jean-Claude Juncker. As you can see in my latest Premium analysis: Brexit: Michel Barnier – Negotiator for Whom? I suspect the realpolitik is not the same as the headline grabbing nonsense of the dead tree tendencies. ($300 per user / year separates you from the MSM ignorance in… Continue reading

July 27 2016

elb2Lots of results cranking up from today on…

DB1 crawls over the redefined line for acceptances just before it would had had to change the deadline again to make sure shareholders supported the deal. I am indebted to a parishioner who notes the not very coded message in the new ISIN for the nominated holdco of DB1: SIN GB00BYMYCZ62 (emphasis added for clarity). The “Booby prize” is the award “usually given in recognition of a terrible performance… Continue reading

July 26 2016

ei 800

Lovers of Round Numbers will note this is Exchange Invest issue 800 today. Thank you to all our sponsors and corporate subscribers who help sustain this, the only daily brief for exchanges and marketplaces. More support will always be welcome!

In video, I appear fleetingly around the 2 minute mark in this TV Malta report discussing the excellent new tax incentives to encourage startup investment on the islands wearing my “Mission ToRun Business” startup hat, which were launched last… Continue reading

July 25 2016

elb2Essex will apparently now sustain more trained LME traders during working hours than anytime since the tin market collapsed fuelling a generation of local minicab drivers. No fault of LME’s, they rented offices advertised as, ahem, “A precision-made contemporary office building.” Egg is clearly on the faces of Pembroke real estate, the owners of the building which suggests the worst of southern Mediterranean build quality is now reaching even the City of London. At least the building website has a… Continue reading

July 22 2016

elb2NYSE raised the most money for IPOs, NASDAQ collected the most IPO mandates, DB1 struggles to collect voting shares while Curve Global is shuffling staff in a fashion which suggests it expects to launch – whether this is as part of DB1 or the still independent LSE remains to be seen…

Public Markets

KCG Q2 2016 Results


vs Q2 2015: consolidated revenues of $319.9m, up 22%, pre-tax income of $54.6m (compared to a loss of 57.1m), includes a gain… Continue reading

July 21 2016

elb2It was a pleasure to attend the 25th anniversary of the Malta Stock Exchange last evening. On a splendidly balmy evening the Prime Minister and Finance Minister were guests of honour amongst a myriad of financiers celebrating. My thanks to Chairman Joe Portelli for his invitation, it was great to see many faces from Malta SE old and new.

Public Markets

DB1 Still Short Of Support For LSE Deal (subscription)

Financial Times

DB1 Secures 55% Shareholder Backing for LSE… Continue reading

July 20 2016

elb2ICE launches new CDS platform as ESMA advises on funds passport progress with 12 non-EU nations…

Public Markets

IBKR Q2 2016 Results


vs Q2 2015: net revenues $369 million, down 4.6%, income before income taxes $213 million (down 11%).

PLY: Somewhat disappointing?


LME Extends Ring Trading At Emergency Venue Until Friday


LME has extended open outcry trading to its disaster recovery site in Chelmsford, east of London, until Friday after structural problems forced the shutdown of its… Continue reading

July 19 2016


No Pokemon spotted in or around this newsletter so far…

Crowdcube eyes secondary market, MarketInvoice raises $9.5 from Polish PE fund, Japanese day trader catnip index futures launched and there’s more, happy scrolling:

Public Markets

Charles Schwab Q2 2016 Results

Charles Schwab

vs Q2 2015: net revenues 1.8 bln, up 17%, net income $452 million, up 28%.


BGC Partners Announces Agreement to Acquire Sunrise Brokers, a Leading Financial Brokerage for Equity Derivatives

BGC Partners

Details of the transaction were… Continue reading

July 18 2016


For those that missed the weekend, Pokemon Go seems to be quite the thing this summer albeit, things in Turkey got a bit out of hand. Plus ca change, Britain dominates the Tour de France and the snowflakes are still struggling to cope with the realpolitik of Brexit. Happy Holidays.

We hit 205 days to the DB1-LSE antitrust danger zone with news the works council of DB1 is applying the sort of astute deal assessment which would, in more normal… Continue reading

July 15 2016

elb2Clearly news from Bigworld of the latest terrorist attack in Nice fills the headlines. Every nation ought to be free for citizens to celebrate their national day. Our sympathies lie with all those affected by this ghastly, malevolent act.

Today there is a New Premium post  Brexit Mythbusters 2: Scottish Independence

Public Markets

DB1 Investors Poised to Back LSE Deal by End of Week

John Detrixhe – Bloomberg

PLY: If you keep changing the rules, eventually you ought to… Continue reading

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