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.

May 28 2013

elb2 A feast of news yesterday (US/UK readers we published Monday too!) followed by some rather intriguing stories today. Hellenic Exchanges numbers are frankly impressive. The national economy shrank 5.7% in the same period. Just maintaining a profit is quite a feat! – I advise a look under the ‘hood of this bourse, it has potential…

The Philippines SE incidentally updated yesterday’s story to say they expect to hold 65% of the Bond exchange with private investor sales on top of… Continue reading

May 27 2013

elb2 It’s Memorial Day in the US and the UK has another rainstorm, I mean Bank Holiday too. However we’re still working on EI…

I was thinking over the weekend and after reading a chilling Alliance Bernstein research note, have opted to run with the looming Buyside disaster in Europe as lead story – it’s important in every way to financial markets infrastructure.

Meanwhile Sukuk and RMB products on exchange are amongst the highlights of today’s fascinating cornucopia of information. Oh… Continue reading

May 24 2013



Well first up it’s a bumper day of news with investor consequences. Read the “Product” section alone and it’s fairly cataclysmic stuff…

Clearly “the Reign of Terror” phase of the Capital Market Revolution (CMR!) where every exchange is essentially competing with every other one is in absolutely full swing.

Today’s news is rather long but worth reading!

Here are the stories and have a good weekend:

Public Markets

NYSE says to spin off, not sell Euronext

The Economic Times… Continue reading

May 23 2013

elb2 A veritable butcher’s picnic miscellany of stories today, all rather important in their own way. The battle for IPOs is fascinating as it appears to skew NYSE’s way while once again Russia is in the headlines, gradually opening its markets to the world…

Comments by yours truly (PLY) have been added beside several stories…

Public Markets

CME Preliminary Annual Meeting Results

Daily Markets

CME Group Inc. (NASDAQ:CME) today announced the preliminary shareholder voting results from its 2013 annual meeting.
At… Continue reading

May 22 2013

elb2 For those who see exchanges as an investment outside the confines of mega-bourses, some good news with a couple more exchanges on the IPO ramp. Smaller exchanges have a vast future and yes, I would love to eat a whole one.

The CME wants to reduce its board size from the population of a small Swiss mountain village to something which is actually manageable. With 30 plus the usual phalanx of extra executive attendees, how long does a board meeting… Continue reading

May 21 2013

elb2 The least surprising news of today is clearly the overwhelming popularity of the ICE board and management at their AGM – that delivering shareholder value thing clearly rings the bells of shareholders (competitors take note!).

Elsewhere bond mergers and competition in Asia as well as news that banks are still opening desks in Warsaw to service the one great CEE market.

(Note for bankers: you may not recall the concept of opening a desk. It’s the opposite of closing the… Continue reading

May 20 2013

elb2Stake moves and a (hopefully temporary) halt to HKMEX. That said a 100 million dollars rights issue sounds steep when you can frankly build a complete new bourse for a whole lot less in this day and age (albeit regulatory capital often bloats the cost of exchanges). However, we hope to see HKMEX back while elsewhere in the world, some discussion of US regulation from the NYT and a great deal more in today’s bulletin:

Public Markets

Turkey talks for… Continue reading

May 17 2013

elb2 A slightly lower tempo to end the week. Andreas Preuss has his contract renewed by Deutsche Borse and must therefore be in pole position to succeed Reto Francioni. Andreas’ skills will be vital in the battle for Eurozone dominance (presuming the Euro survives) throughout the yield curve. Elsewhere, a legal shuffling at Schwab and a massive crowdfunding to use new technology to buy newsprint titles…

Thank you for the great feedback this week, have a great weekend and first here… Continue reading

May 16 2013

elb2An interesting results discussion with LSE: Essentially they will concentrate on recent acquisitions but at the same time they clearly have an appetite for smaller shareholdings in markets as well as eyeing settlement…(maybe M. Rolet can finally slay the ghosts of the Taurus debacle).

Elsewhere, Polish CCP / settlement house KDPW has signed an MOU with its counterpart in Russia. A good move. Remember KDPW is scheduled for privatisation during the lifetime of the current government. Food for thought as… Continue reading

May 15 2013

elb2 The LSE results are out and doubtless occupying the slide rules of a great many analysts while elsewhere the delay in the ClearTrade announcement has now become clear as INTL FC Stone have swallowed the whole marketplace – a fascinating development and we look forward to hearing from all parties in due course as to how they intend to develop this intriguing prospect.

Pre-trade risk management (PRM) is a welcome addition to NASDAQ OMX Nordic derivatives traders and continues I… Continue reading



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