April 23rd 2013

elb2It may not appear a titan, but the Grand Duchy of Luxembourg has joined the side of the free markets in supporting Britain’s legal action against the FTT. It’s a tricky area  EU politics, essentially Britain has to fight incredibly hard to make its points and then eventually other nations which are also affected by regressive measures will join their side. Hopefully there will be more public support soon from Sweden while I expect Ireland may remain relatively mute until the end of their EU Presidency during the summer.

NASDAQ OMX completing the TOM deal may not be hugely material right now but the platform provides useful optionality to increase their derivatives footprint in Europe.

Meanwhile, no sooner had I remarked that Intrade was very silent than up pops news they have a white knight discussion going on. Of course as an original founder of the business it would be lovely to see it saved, although it will probably result in my final dilution, as it were!

 

Today’s selected headlines:

 

Public Markets

NASDAQ OMX completes acquisition of 25% stake in Dutch derivatives trading venue TOM

Wall Street Journal

With this transaction completed, our partnership with TOM is further strengthened as we look to accelerate our expansion in the European equity derivatives market.” About NASDAQ OMX The inventor and transformer of the electronic exchange, The NASDAQ …

CME Group Mistakenly Revealed Swap Trades to Market Participants

Businessweek

CME Group Inc. (CME), the world’s largest futures exchange, mistakenly disclosed energy and agricultural swap trade details to market participants, the company said. The leak was caused by a malfunction in the Chicago-based exchange operator’s swap …

 

Private Markets

 

Intrade Says It’s Talking With Investor on Deal to Boost Payback

Bloomberg

April 22 (Bloomberg) — Intrade, an online betting website that halted trading last month amid a probe into suspected financial irregularities, said it’s in talks with at least one firm that may invest in or partner with the company. Any deal would …

 

Zambia – The Bond and Derivatives Exchange Zambia Plc (BaDEx) to commence trading in second quarter

Zambia Daily Mail

THE Bond and Derivatives Exchange Zambia Plc (BaDEx) says it expects to start trading in derivatives between May and June this year.

BaDEx, which provides an efficient platform for trading bonds, derivatives, equity, commodities and a wide range of financial securities, was launched last year.

Company managing director Allan Thomson said currently the Securities and Exchange Commission (SEC) has approved rules and given direction for commencement of trading activities.

 

Products

 

SGX sees big prospects in Asian FX futures business

Reuters

SINGAPORE: Having just announced its best quarterly financial performance in five years and a second quarter of record volumes in its derivatives business, the Singapore Exchange (SGX) hopes geographic advantages will help make a success of its new menu of Asian currency futures later this year.

The exchange will be offering futures in the Indian rupee, Singapore dollar, Australian dollarand the Aussie-Japanese yen cross in the third quarter of 2013.

 

Indexes

 

Bombay Stock Exchange (BSE)  to offer various forms of Sensex

Business Standard

Investors might soon get to bet on various versions of the Bombay Stock Exchange’s(BSE) benchmark index, the Sensex, and its other key gauges soon. BSE, which recently tied up with S&P Dow Jones, the world’s largest index provider, has planned to

 

Appointments

BATS Chi-X Europe Names David Howson Chief Operating Officer

RFPConnect.com

BATS Chi-X Europe announced the appointment of David Howson as chief operating officer, overseeing BATS Chi-X Europe’s software engineering, infrastructure and operational teams. He will join BATS Chi-X Europe in  June, reporting to CEO Mark Hemsley. With more than 14 years’ experience in financial markets in Europe and North America, Mr. Howson has designed and deployed several innovative market data and trading systems.

He joins BATS Chi-X Europe in London from his role as chief technology officer at Equiduct Systems Ltd., where he was one of the founders responsible for establishing Equiduct in 2006 as a pan-European Regulated Market with a focus on the retail market. Mr. Howson spearheaded the design and implementation of the company’s technology platform and market structure and was responsible for technology strategy, market structure and post-trade services.

 

Technology

Clearstream and StanChart collaborate to develop collateral management

Banking Business Review

Deutsche Börse’s post-trade arm Clearstream and Standard Chartered Bank in the UK have entered into an agreement to develop a collateral management technology for their shared clients. Both firms have agreed to allow their customers to use the …

 

Other Stories

 

TMX Atrium provides access to Warsaw Stock Exchange

RFPConnect.com

TMX AtriumÔ announced connectivity to the Warsaw Stock Exchange. With its cash equity, derivatives, fixed income and commodities markets as well as leading position in Central and Eastern Europe, the Warsaw Stock Exchange is the latest venue to join …

 

ECB’s Noyer ups pressure on London as Europe’s finance hub

4-traders

The reforms, in which clearing plays a central role, has prompted new entrants into the clearing business such as ICE (>> IntercontinentalExchange Inc), CME (>> CME Group Inc) and others which want to clear European trades from London, the bloc’s …

 

Crowdfunding

 

Crowdfunding: the new capital raiser

ABC Online

Applying for a loan can be a daunting and unrewarding task, but modern technology is providing an alternative. Crowdfunding allows those seeking money to post details of their project online and, hopefully, donations come flowing in. Film producer …

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