April 25th 2013

elb2NASDAQ numbers and INEDs for NLX…welcome back to the fray Daniel Hodson! Elsewhere stories abound on all manner of interesting issues inckuding that call for investors by the Islamabad Exchange. ..

Public Markets

Nasdaq earnings fall on charges related to Facebook IPO
Reuters
Nasdaq OMX Group Inc (NDAQ.O) reported a lower first-quarter profit on Wednesday as the transatlantic exchange operator set aside cash to reimburse firms harmed in Facebook Inc’s (FB.O) botched market debut last May.

Net income attributable to Nasdaq totaled $42 million, or 25 cents a share, down from $84 million, or 48 cents a share, a year earlier.

Nasdaq said it set aside $62 million of expenses for its Facebook reimbursement plan. It set aside $10 million to possibly settle a probe by the U.S. Securities and Exchange Commission into the problems surrounding the initial public offering.

Stripping out one-time charges, Nasdaq earned 64 cents a share. That was 2 cents higher than analysts had expected, on average, according to Thomson Reuters I/B/E/S.

Net revenue grew 1 percent to $418 million, as analysts expected.

RPT-CME Group sparked shutdown of CFTC’s academic research program
Reuters

The world’s largest futures exchange has accused the top U.S. derivatives regulator of illegally sharing sensitive market data with outside researchers who then used the information to publish academic papers about high-frequency trading.

A Dec. 14, 2012 letter from CME Group Inc prompted the Commodity Futures Trading Commission (CFTC) to launch an internal probe into its research program for visiting academics, and temporarily shut it down.

The letter, obtained by Reuters through a Freedom of Information Act request, unveiled for the first time who triggered the internal clamp-down, which had itself been reported earlier and remains in place today.

Hong Kong Exchanges to Start OTC Derivative Clearing Next Month

Businessweek

Hong Kong Exchanges & Clearing Ltd, the world’s second-biggest bourse operator by market value, will begin clearing over-the-counter derivatives in May, Chief Executive Charles Li said. “The system is largely completed, ready to go,” Li said today …

HKEx looks at link-up with mainland bourses on commodity sales

South China Morning Post

Hong Kong Exchanges and Clearing is looking at a link-up with the mainland’s commodities exchanges to develop commodities trading in the city, chief executive Charles Li Xiaojia said yesterday. Speaking after the annual general meeting of HKEx, which …

International Securities Exchange Announces New Branding

The International Securities Exchange (ISE) today revealed new corporate branding, including a new logo suite, a redesigned corporate website, and new corporate Twitter and LinkedIn pages.

Islamabad Stock Exchange (ISE) looks for investor for shares sale

The News International

ISLAMABAD: After demutualisation of the stock exchanges, the Islamabad Stock Exchange (ISE) is looking for a strategic investor for the sale of 40 percent shares available with it on behalf of members of the exchange, the deputy general manager of the …

Private Markets

Nigeria Stock Exchange launches Alternative Securities Markets for emerging businesses

Premium Times
The Nigerian Stock Exchange launched the Alternative Securities Markets, ASeM, for emerging businesses in Lagos State on Tuesday.
The NSE said that the newly inaugurated securities market is particularly for emerging companies with high potential for growth in Nigeria. According to the Exchange, the ASeM will be a specialised board on the Nigerian Exchange where small to mid-sized companies can access the capital market under less stringent rules and requirements to raise long term, low cost capital.

Products

ICE to launch D4, D5, D6 RIN futures contracts April 29

Biodiesel Magazine

IntercontinentalExchange (ICE), an operator of global markets and clearinghouse, has announced the introduction of new North American environmental futures contracts for three categories of renewable identification numbers (RINs), including …

Japan Exchange Group & Korea Exchange Sign A Letter Of Intent (LOI)

Today, Japan Exchange Group, Inc. (JPX) and Korea Exchange Inc. (KRX) signed a Letter of Intent (LOI) to aim for listing TOPIX Options on KRX. Moving forward, both parties will make preparations for the listing of Korean won-denominated TOPIX Options on KRX.

TOPIX is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the First Section of Tokyo Stock Exchange, Inc. (TSE), a subsidiary of JPX. TOPIX Futures and Options listed on TSE are actively traded mainly as effective hedging tools against Japanese stock portfolio.

Technology

BOX becomes first exchange to offer NBBO protection for complex order executions
Automated Trader

Boston – The BOX Options Exchange has received SEC approval to launch its Complex Order Book on Friday, May 3, 2013.

“With the addition of the Complex Order Book, BOX will be the first exchange to offer NBBO protection for complex order executions,” said Tony McCormick, CEO of BOX. “BOX has a high customer demand for this type of execution capability as it gives participants the ability to trade complex orders inside BOX’s unique market structure.”

Appointments

NASDAQ OMX NLX appoints Non-Executive Board Directors

GlobeNewswire (press release)

NASDAQ OMX NLX (“NLX”), the new London derivatives market launching a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-denominated listed derivative products, announces the appointment of Daniel Hodson and Alan Gibbins as Non-Executive Board Directors of NLX.

Hodson joins NLX with a wealth of experience from related market roles including CEO of the London International Financial Futures and Options Exchange (Liffe), Non-Executive Director, London Clearing House Plc (LCH) and Non-Executive Director, Rolfe and Nolan Plc.

Other stories

Eleni Battles Famine With Exchanges Born From Cornell Food Fight

Businessweek

When Eleni Gabre-Madhin climbed onto a cafeteria table as a junior at Cornell University almost 30 years ago and begged students to end the tradition of dinnertime food fights, she was mocked.

Seventeen years later, armed with a doctorate in economics from Stanford University, Gabre-Madhin was heard by Ethiopia’s then-prime minister, Meles Zenawi. His government invited her to come back home to help stop the country from alternating between years of food scarcity and overabundance.

UK – supervisor warns derivatives clearers of tough fee policing

4-traders

Chicago-based derivatives exchange CME (>> CME Group Inc) and its Atlanta rival ICE (>> IntercontinentalExchange Inc) have set up clearing operations in London to compete with LCH.Clearnet, in which the London Stock Exchange (>> London Stock …

Exemption from required clearing from Inter-Affiliate Swaps – Finextra

Finextra

The Commodity Futures Trading Commission (CFTC) issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement of the Commodity Exchange Act (CEA) and Commission regulations, subject to …

Hoax Won’t Deter Tweeting

The Wall Street Journal

WASHINGTON—Tuesday’s short-lived hoax on Twitter Inc. won’t deter companies from disseminating market-moving information using social-media sites.

Meanwhile, Wall Street firms are plowing ahead with plans that could give some employees access to these sites at work.

Crowdfunding

Crowdfunding may be more bust than windfall

Businessweek

President Barack Obama and members of Congress have touted a law that makes crowdfunding, a method of soliciting money over the Internet, as a way for startups and other small companies to raise money and create jobs. A year after the law was passed …

How Venture Capital and Crowdfunding Can Coexist

CFO.com Magazine

The one-year anniversary of the Jumpstart Our Business Startups (JOBS) Act just passed, but the Securities and Exchange Commission has yet to write rules governing equity-based crowdfunding. In the meantime, some venture capital (VC) firms worry that …

Conscious Business, Crowdfunding and Social Impact Investing

Huffington Post (blog)

Crowdfunding thought leader Rose Spinelli and Richard Branson Award Winner Shayan Nahrvar, CEO of Raise5.com, were ready to talk about funding in the new capitalism at the Conscious Business Network last week, formal presentations in hand.

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