April 22nd 2013

Public Markets

 

elb2George Osborne, the UK Finance Minister last seen crying at Baroness Thatcher’s funeral, remains on the offensive against the EU’s crazy Financial Transaction Tax proposal. Launching a legal action Friday may help to create the momentum to water down or remove the ridiculous duty. If he would just remove his own stamp duty then it would be an added bonus.

 

Elsewhere in the news, competition heats up in multiple products in today’s news and welcome to the Universal Commodity Exchange of India which has enjoyed its debut trades!

 

Meanwhile, the sudden excitement of CVC bidding for Betfair may have already hit a major roadblock as the word from on high is very much a brutal no! Elsewhere alas there is radio silence from Intrade several days after its self-imposed deadline for a refunding package.

 

Here is today’s judicious selection of headlines, as always we look forward to hearing your feedback:

 

Nasdaq set for Europe energy trades push

Financial Times

Nasdaq OMX is preparing a push into Europe’s commodities and energy markets, which will put it head to head with Deutsche Börse and Intercontinental­Exchange in the region’s emerging market for trading power.

In the coming months the transatlantic exchanges operator will extend trading of electricity derivatives into Germany, and plans to introduce gas and coal forward contracts in the UK, Germany and the Nordic region.

 

Deutsche Boerse decleares its interest in Turkey’s Istanbul exchange

Balkans.com Business News

Germany’s Deutsche Boerse has decleared its interest in Istanbul’s renewed bourse, which is looking for international partnerships with technlogy providers, market makers and investment funds.

The newly reorganized Borsa Istanbul is looking for strategic partners in three different categories to elevate its reputation amid attention from the German bourse, which has expressed interest in the Turkish bourse’s partnership plans.

 

Oslo takes on Nasdaq OMX for Nordic bond listings

Financial News

Oslo Børs will open another front in its battle against Nasdaq OMX Nordic by using its acquisition of alternative trading venue Burgundy to expand its Nordic bond offering.

The Norwegian exchange’s revamped fixed-income market will go live in June, offering Nordic companies an alternative option to Nasdaq OMX Nordic for raising capital via corporate bond issues.

“We have seen strong growth in the Nordic fixed income market over recent years, with fixed-income issues becoming an ever more important source of financing for Nordic companies,” said Bente A. Landsnes, president and chief executive of Oslo Børs. “In parallel with this, fixed-income instruments have become an attractive investment alternative for many investors.”

Russia’s Main Exchange Plans To Develop Gold Bullion Market -CEO

Fox Business

Russia’s main exchange operator aims to harness the country’s resource riches as the company bids for a position among the global exchange elite, according to its chief executive.

Moscow Exchange plans to develop markets in gold and grains and will utilize its ownership in smaller local exchanges as the company seeks to become a regional trading power, according to CEO Alexander Afanasiev.

 

BM&FBovespa Says It’s Done With Big Fee Cuts

Bloomberg

BM&FBovespa SA (BVMF3), the operator of Latin America’s biggest securities exchange, plans to hold fees steady after cutting levies on equities trading by 82 percent since 2011, Chief Financial Officer Eduardo Guardia said.

The Sao Paulo-based exchange this month lowered by 28.5 percent fees charged on equities trading, the second reduction in two years, after a study commissioned by Brazil’s securities regulator said increasing competition in the industry would likely reduce trading costs. BM&FBovespa now charges trading fees for equities that average 0.005 percent, down from 0.0285 percent in 2011.

 

Chicago Board of Trade seat prices rise on bets Fed’s QE3 may end

Reuters

CHICAGO/SAN FRANCISCO, April 19 (Reuters) – Trading firms are snapping up memberships at the Chicago Board of Trade as signs that Federal Reserve policymakers may pare back their massive monetary stimulus boost Treasury futures trading.

CBOT seats that give the right to trade Treasury futures at the cheapest rates have jumped 30 percent in price since the beginning of the year, with one fetching $100,000 on Thursday in the private seat market that CME Group runs for members of each of its five futures exchanges, including CBOT.

 


Private Markets

Gambling firm Betfair rejects CVC-led takeover bid

Reuters

Online gambling company Betfair (BETF.L) on Monday said it had rejected a $1.4 billion takeover offer from private equity firm CVC Capital Partners CVC.UL and other investors.

Betfair said it had received a preliminary proposal on Friday from CVC, Richard Koch, Antony Ball and partners offering 880 pence per share in cash or an unlisted securities alternative made up of shares and loan notes in a new entity.

 

Universal Commodity Exchange goes live

Livemint

Mumbai: Universal Commodity Exchange (UCX) on Friday became the country’s sixthcommodity exchange to launch futures trading. UCX is a joint initiative by institutions such as IDBI Bank, Indian Farmers Fertiliser Cooperative (IFFCO), National Bank for …

 

Cantor Fitzgerald Introduces US Based Binary Options Trading

DailyForex.com (blog)

Data available on the website presents CantorExchange as a strong competitor to Chicago-basedderivatives exchange, NADEX (North American Derivatives Exchange), offering similar type binary options with a minimum account size of $100, a firm …

 

Products

DGCX sees a fine option in rupee futures

gulfnews.com

Dubai: Dubai Gold and Commodities Exchange (DGCX) has launched a Indian Rupees Futures Contract of a much smaller size that would now allow retail participants to access the futures market and hedge their risks. Called the Mini Indian Rupees Futures …

 

Other stories

 

Osborne in legal challenge to European Commission over financial transaction tax

The Independent

Chancellor George Osborne said an application had been lodged at the European Court of Justice to challenge the decision allowing 11 members of the European Union to press ahead with the plans.

The UK has no intention of signing up, but is concerned that the FTT could be imposed on British firms trading with businesses based in countries which adopt the tax.

Mr Osborne said: “Yesterday the UK launched a legal challenge to the European Commission’s proposal for a financial transaction tax which a number of EU member states wish to take forward through enhanced EU cooperation.

 

Crowdfunding

 

Crowdfunding’s Latest Invasion: Real Estate

Forbes

Crowdfunding is rapidly changing the real-estate investment market, offering developers new ways to finance projects, small investors a way in, and the socially conscious an avenue to support their local communities—and their local farms. Here is a …

 

Does crowdfunding have more sizzle than steak? – Part 2

ITBusiness.ca (blog)

In yesterday’s blog post, Peter Kemball examined crowdfunding from a historical perspective and considered the implications for entrepreneurs. Today, he examines the impact on founders and society at large. Assessment of the impact of crowdfunding …

 

Crowdfunding Could Make It a Little Easier to Start a New Business

Business Finance Magazine

Funding a new business is never easy. However, a few recent developments may – just may – make it a bit easier down the road. For starters, the use of crowdfunding – that is, financing a project or company with small amounts of money from large groups …

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