April 30th 2013

elb2The CBOE outage ramifications continue while we have had a wave of results this morning. Nothing particularly exciting in there but clearly lots to analyse which may occupy much of your day. Meanwhile various other nuggets such as NASDAQ headed back into ETFs et al while Equiduct has a new mutualised shareholder structure….happy reading:

Public Markets

NYSE Euronext Announces First Quarter 2013 Financial

NYSE Euronext (NYX) today reported net income of $126 million, or $0.52 per diluted share, for the first quarter of 2013, compared to net income of $87 million, or $0.34 per diluted share, for the first quarter of 2012. Results for the first quarter of 2013 and 2012 include $8 million and $31 million, respectively, of pre-tax merger expenses and exit costs.
Deutsche Börse AG Publishes Results For Q1/2013

Deutsche Börse AG published its figures for the first quarter of 2013 on Monday.

A slightly improved business environment meant that net revenue, at €484.3 million, was above that of the third and fourth quarter of 2012 (Q3/2012: €471.0 million, Q4/2012: €447.7 million), but down slightly on the prior-year quarter (Q1/2012: €506.9 million).

This was mainly due to historically low interest rates and reduced equity market volatility.

Adjusted for special items mainly in connection with the efficiency measures announced in February, the Group’s operating costs amounted to €229.5 million (Q1/2012: €225.7 million).

Overall, the Group recorded adjusted earnings per share of €0.92 (Q1/2012: €1.01).

Japan Exchange Boosts Dividend Outlook as Profit Misses Estimate

Businessweek

Net income for the year through March 31 was 10.9 billion yen ($111 million), missing the 11.2 billion yen estimate of seven analysts surveyed by Bloomberg while beating the exchange’s forecast of 9.5 billion yen profit in announced in January. The exchange forecast an 19 percent increase in profit to 13 billion yen for the current fiscal year ending March 31, 2014. The bourse also raised its dividend outlook to 95 yen this year, up from 80 yen the previous year.

Spain’s BME says Q1 net profit fell 7.1 pct

Reuters

Spanish stock market operator BME said on Tuesday its first quarter net profit dropped 7.1 percent to 33 million euros ($43 million), largely due to a short-selling ban in place until Jan. 31 and the prolonged recession.

CEO Brodsky says software bug delayed CBOE trading

Chicago Tribune

A memo from the CEO of the Chicago Board Options Exchange to clients Monday pointed to an unresolved software bug as the cause of last Thursday’s outage at the exchange.

CBOE Says ‘Fully Confident’ Software Bug Resolved

Fox Business

The Chicago Board Options Exchange is “fully confident” that it has addressed the software bug that shut down trading on the largest U.S. stock-options market for half of Thursday’s session, according to a notice sent to traders late Monday.

Nasdaq OMX to Launch Marketplace Designed for Exchange Traded Products

MarketWatch

The NASDAQ OMX Group, Inc, the world’s largest exchange company, today announced that it will re-launch NASDAQ OMX PSX (PSX) in an effort to create the leading marketplace for Exchange Traded Products (ETPs). The price-time exchange will offer unique market making programs and features designed to provide robust liquidity to institutional and retail investors. PSX will re-launch in May 2013 pending approval by the Securities and Exchange Commission.

Revamped CBOT trading day splits morning burst in two

Reuters

Traders at the Chicago Board of Trade have been reluctant to adopt the exchange’s new starting time, reducing the depth of the market early in the session and roiling plans to boost liquidity as the opening burst has been split in two.

Private Markets

Pan-European trading venue Equiduct finds new investors

Reuters

Pan-European trading platform Equiduct has found new strategic investors and revamped itsbusiness structure, cutting costs, raising prices, and moving to a mutualized model where it is owned and controlled by its main customers.

Equiduct said on Monday that France-based companies BNP Paribas Securities Services (BNPP.PA) and Viel Group, as well as Belgium-based KBC (KBC.BR) and London-based market maker Winterflood, have joined Knight Capital Group (KCG.N) and Borse Berlin in the new ownership structure.

Liquidnet Offers Thai Stock Trading, Opens 10th Asian Market

Businessweek

Liquidnet Holdings Inc., the operator of anonymous trading platforms for funds and asset managers, has started offering trading in Thai securities.

Thailand is the 42nd market globally and the 10th market in Asia Pacific, Liquidnet, which began trading U.S. stocks in 2001, said in a statement released today. The Stock Exchange of Thailand SET Index has returned 14 percent this year through yesterday, compared with a 2.6 percent drop in the MSCI Emerging Markets Index over the same period.

China’s Zhejiang Commodity Exchange mulls e-trading of iron ore

Platts

Zhejiang Zhoushan Bulk Commodity Exchange, a government-controlled exchange in Zhoushan city in east China’s Zhejiang province, is eyeing joining the growing number of Chinese commodities exchanges hosting an e-trading platform for iron ore, …

Products

MCX-SX to launch index derivatives from May 15

mydigitalfc.com

Three months after commencing equity derivative trading in single stock futures and options, MCX Stock Exchange (MCX-SX) on Monday announced start of index futures and options trading on its flagship index SX40 from May 15.

Technology

Alpha trading platform moves to TMX Quantum™

Sacramento Bee

TMX Group’s key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal Exchange, Canadian Derivatives Clearing …

Quincy Data delivers CME Group to Carteret at Lowest Known Latency – 4.16 milliseconds – and announces multiple service enhancements

Sacramento Bee

Quincy Data, LLC a recognized leader in low latency market data, is pleased to announce its offering of CME futures data inside the Carteret data center at latencies believed to be faster than ever before. The Quincy Extreme Data service (QED) today delivers select CME Group data in 4.16 milliseconds rack to rack.

Other stories

Time for a Reboot For Tech on Street

Wall Street Journal

This score just in: Faulty Technology 2, Capital Markets 0.

In the space of a week, investors were treated to two worrying spectacles. First, on Tuesday, a fake tweet about an explosion at the White House from a hacked Twitter account sent stocks on a wild five-minute ride. And then, two days later, Chicago Board Options Exchange, one of the world’s largest bourses, was unable to open for nearly two and half hours because of software problems.

ASX Extends OTC Derivatives Clearing Solution To Include Client Clearing For Australian

ASX today announces that it plans to extend its new OTC Derivatives Clearing Service to deliver a client clearing solution. This aims to provide important new risk management controls to Australian investors and asset managers, giving them the choice to protect their individual positions and collateral in the event of a significant default. This extension of ASX’s OTC Derivatives Clearing Service is scheduled for delivery by the end of 2013, subject to regulatory approval and customer readiness.

Crowdfunding

The state of the crowdfunding industry: stronger than ever

VentureBeat

Crowdfunding has once again become a hot topic in the financial world, given the recent one-year anniversary of the JOBS Act on April 5. The JOBS Act legalized equity- and debt-based crowdfunding in the U.S. However the SEC has missed congressionally mandated deadlines to complete the rulemaking process to the detriment of capital-seeking entrepreneurs.

‘Crowdfunding’ trend poised to make mark on US investing landscape

Washington Post

Gathering small sums of money from a large number of people online — known as “crowdfunding” — is poised to take off in the investing world, with backing from Washington policymakers who see it as a chance to involve the masses in an arena dominated by big Wall Street firms and the super-wealthy….

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