April 17th 2013

Public Markets

Singapore Exchange Q3 net profit surges as trading volume jumps

Reuters

Singapore Exchange Ltd (SGX) reported its largest quarterly profit since the 2008 financial crisis on Tuesday as a surge in trading volumes pushed its earnings up 26 percent.
Net profit was S$97.7 million ($79.0 million) in the January to March quarter, well above the S$77.8 million earned a year earlier. That beat the S$95 million average forecast of six analysts surveyed by Reuters and was its highest since the quarter ending March 2008.
SGX said the daily average traded value of securities on the exchange rose to S$1.7 billion in the third quarter of its financial year, up from S$1.46 billion a year earlier and well above the S$1.2 billion posted for the October-December period.

Algorithmic trading comes to Warsaw

Financial Times (blog)

A quiet day on the Warsaw Stock Exchange on Tuesday as it shut its doors to digest the results of its first day of a new trading system supplied by the NYSE. The Universal Trading Platform (UTP) dramatically ramps up the WSE’s ability to trade shares …

US Exchanges Call for New Dark Pool Curbs

Fox Business

NYSE Euronext (NYX), Nasdaq OMX Group Inc. (NDAQ) and BATS Global Markets urged the Securities and Exchange Commission to adopt a rule that would force such private market operators to provide more competitive prices on trades than are available …

Private Markets

Bloomberg LP Sues U.S. CFTC Over Swap Collateral Rules

Businessweeek

Bloomberg LP sued the top U.S. derivatives regulator over rules setting higher collateral standards for swaps than comparable futures, arguing the requirements are arbitrary.
The Commodity Futures Trading Commission, which by law is required to evaluate the costs and benefits of proposed regulations “offered only a fleeting, bare-bones discussion of economic effects that contained no financial or quantitative estimates,” Bloomberg LP, the parent company of Bloomberg News, said in a complaint filed today in federal court in Washington.

Ghana bourse launches SME alternative market in May 2013

Ghana Business News

Barring any unforeseen circumstances, the Ghana Stock Exchange (GSE) will in May launch a new market platform for Small and medium enterprises with high growth potentials. Dubbed the Ghana Alternative Market (GAX), it would accommodate companies …

India – Licences of 8 stock exchanges to expire this year

Economic Times

MUMBAI: Licences of as many as eight bourses in the country will come up for renewal this year, while two of them -Ludhiana Stock Exchange and Gauhati Stock Exchange – will see the validity of their current licences ending this month itself.

The licence of Ludhiana exchange expires on April 27, followed by Gauhati exchange’s on April 30 as per the information available with market regulator Sebi.

In June, the licences of UP Stock Exchange and Bhubaneswar Stock Exchange would come up for renewal.

Other bourses whose licences are up for renewal this year include OTC Exchange of India (August 22), Pune Stock Exchange (September 1), MCX SX Exchange (September 15) and Inter- Connected Stock Exchange of India (November 17).

Interactive Brokers first-quarter profit falls 40%

MarketWatch

Interactive Brokers Group Inc.’s (NASDAQ:IBKR) first-quarter earnings fell 40% as the electronic broker and market maker reported that currency fluctuations led to a segment loss in its market-making division and continued low volatility also weighed …

Bitcoin Investors Hang On for the Ride

The Wallstreet Journal

It has been a volatile month for Bitcoin, the virtual currency that is based on a mathematic algorithm and can be used to buy everything from maple syrup to pornography.
A furious run-up in the value of Bitcoin earlier this month has been followed by an abrupt price drop that has rattled investors. The price of one Bitcoin unit continued its dive on Tuesday, falling 39% at one point to $50 before recovering somewhat to around $70.
The unpredictable trading has given fresh fuel to skeptics, who question the viability of a volatile currency that isn’t backed by a central bank.

Products

Johannesburg Stock Exchange expands Quanto Futures range to include nine new commodities

ITInews

Market participants will be able to obtain exposure to nine new foreign-referenced soft and hard commodities thanks to the JSE’s expansion of its Quanto Futures range.

Products to be introduced under license from the CME Group are heating oil, gasoline, natural gas, palladium, sugar, cotton, cocoa, coffee and corn.

With the exception of corn, this is the first time South African investors can gain exposure to these commodities in Rands without using their foreign allowance allocations.

NASDAQ OMX Commodities Launches European Price Area Contracts, Extends Nordic CfD Product Suite And Introduces Pre-Trade Risk Management Tools

NASDAQ OMX Commodities is pleased to announce the launch of new instruments and functionality in Genium INET. Genium INET will be upgraded to version 0230 during the weekend 8-9 June, 2013. Thereafter, subject to successful testing and regulatory approval, the enhancements listed below will be activated for members according to a detailed time plan which will be published in due course.

Launch of European price area contracts

Subject to successful testing and regulatory approval, NASDAQ OMX Commodities will launch a suite of monthly, quarterly and yearly Contracts for Difference (CfD) contracts. Both Forwards and Futures will be listed. The CfD will enable traders from Continental European power markets to hedge the basis risk between the German system price and neighbouring price areas by trading the relevant CfD. Contracts will initially be listed for the Czech, Dutch, French and Belgian price areas. For each area, there will be 3 monthly, 3 quarterly and 2 yearly contracts available. The product calendar will be updated to reflect the launch of these products in due course.

Technology

Austrian CCP taps LSE tech for new clearing system..

Finextra

In collaboration with London Stock Exchange Group (LSEG) his team was responsible for the migration to the multi-market capable solution. Future Investors will Expect Cutting-Edge Technology for Market Access “The improved workflow offered by the new …

Crowdfunding

New crowdfunding platform Dreamstarter aims for socially-minded start-ups

StartupSmart

Entrepreneurs with a social mission are the target of a new crowdfunding platform called Dreamstarter, created by a partnership between ING Direct andStartSomeGood.

StartSomeGood, launched last year by Tom Dawkins, is a crowdfunding platform for social innovation. Dawkins has described it as “Kickstarter but for social change”.

And it seems the platform is living up to its name, launching a new initiative called Dreamstarter in partnership with financial services firm ING Direct in a bid to boost Australia’s social enterprise sector.

Community Crowdfunding Models That Can Be Done Right Now

Huffington Post

While crowdfunding has already proven itself to be very effective and without material fraud in the UK and Australia, the rest of the world is stuck awaiting regulatory intervention. In the U.S., it will still be some time before the crowdfunding …

How Crowdfunding Made Social Justice Cool

Huffington Post

Crowdfunding has shifted the dynamic of giving by injecting a new energy and sense of empowerment into the vein of fundraising. When you click the donate button, your contribution becomes more than the 20 or 200 bucks proffered. You’re really giving …

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