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 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

May 14 2013

elb2In today’s news the pot has clearly been stirred up by Peter Randall becoming the first to break cover with a possible Euronext bid while it is good to see some unofficial internal confirmation of what we have always suggested: namely ICE will seek a twin track approach of IPO or trade sale. Actually if the money is right, I believe ICE would sell Euronext at a car boot sale.

Elsewhere the Supreme Court seems to have finally killed the… Continue reading

May 13 2013

elb2It’s a day with many interesting snippets of investor news leaving a mark across the globe. At the microexchange end of the spectrum, Bob Geldof’s fund investing in Eleni is a fascinating move proving once again that there are lots of dynamic and exciting possibilities at the smaller end of the exchange spectrum. Elsewhere, we have left out the latest in a series of increasingly deranged articles about why merging stock exchanges in the New Europe makes sense when all… Continue reading

May 10 2013

elb2The trick to maintaining your interest is of course to endeavour to not be uber-repetitive but for the news of an MTF platform aimed at the USA does remind us that “bonds” are the new black in many senses. Bubble or no bubble, trading that market in an orderly fashion offers fantastic opportunity for the future.

Meanwhile, the CEE/SEE power market may be a harbinger of a roll-up possibility to add to that burgeoning list of small things which could… Continue reading

May 9 2013

elb2It’s a worrying fact of life that despite having built a massive exchange from nothing, Istanbul SE is now so keen on partnerships with other exchanges which have been perpetually proven to add little or no value and prove not worth the air miles accrued while creating them. Meanwhile, one of those exchanges you have probably never heard of, the CISX based in the UK Channel Islands has just added a top grade director weeks after the arrival of private… Continue reading

May 8 2013

elb2Without hitting the front page headlines, today was a fascinating day for financial markets infrastructure and investors therein, so strap in, there’s a lot to cover in this ‘brief’ blurb:

LSE fire the gun in what could be a platform buying race, the bond, structured product and especially energy and commodity universes have rather a few little gems which could be coveted if exchanges seek to roll them up…watch this space!

Bart Chilton making a regulatory play for Bitcoin is… Continue reading

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