August 10 2016

elb2Today’s highlight is GMEX selling technology to Tullett Prebon for forex options – interesting and good news all round (with the possible exception of those who are Tullett Prebon brokers I suppose).

Meanwhile I am still bouncing along with the excitement of the World Gold Council LME tie up announced yesterday and those new kids on the block BATS-BIDS whose LIS is discussed in Premium: BATS BIDS: New Kids on The Block In Europe.

The CEE CMU Capital Markets awards are coming up mid-September (see banner to the left). The first summit for CMU in CEE takes place on the same day, chaired by me – can you afford not to be there? Rates are very attractive: from €295 for the summit, to €595 for the Gala & Summit together. Email me or follow this link HERE to sign up.

Meanwhile in bigworld, the Olympics continue – more drugs than Glastonbury with less music. Sports fans tell me today’s 200 metres women’s yak hurdling looks to be a highlight although some may prefer the Mongolian tarpaulin fishing which comes up after the lawn bowls.

Public Markets

HKEX H1 2016 Results


vs H1 2015: revenue and other income HKD 5.63 bln (USD 725m), down 18%, EBITDA HKD 3.94 bln (USD 507m), down 25%, profit HKD 2.98 bln (USD 384m), down 27%.

PLY: HKEx suffers a poor first half as China slows down.


Politicians Need To Protect London As Exchange Deal Hangs In Balance

Nick Goodway – Evening Standard

You might be forgiven for thinking that DB1’s takeover of — sorry, merger with — LSE  is all over bar the shouting…But don’t be fooled. It is far from done and dusted. And now is the time for the shouting to start.

PLY: 169 days in, 182 days to go until we anticipate touchdown in the antitrust zone.  Protecting London is one thing but actually protecting the parish from a vast monopolist blob is much more vital still.

QV Premium: DB1-LSE Merger Brief.


LME Ring Trade To Remain At Back-Up Site Through End-August



HK – Investor Interest Must Come First In Battle Between Regulators (subscription)

SCMP Editorial

Less than halfway through a three-month consultation, joint proposals by the two market regulators to reform public company listings have sparked a turf war in which interested parties have stirred the pot. The latest to do so include Robert Owen, founding Chairman of SFC, and former commerce minister Frederick Ma Si-hang, now Chairman of the MTR Corporation, who favour boosting the influence of the SFC to enhance investor protection.

Private Markets

Regulators, Banks Probe PDEx Pricing Errors


The errors occurred from June 3 to July 18, 2016, potentially affecting short term securities, placements and loans during this period which were priced based on the published rates of PDS Group’s Philippine Dealing and Exchange (PDEx) (subject of a failed merger with Philippine SE – QV Premium: PSE – PDEx Merger Brief).


NCDEX To Connect 50,000 Farmers To Markets This Year

Business Standard

National Commodity and Derivatives Exchange (NCDEX) today said it is planning to connect 50,000 farmers to reliable markets this year, for which it has created a special committee.

PLY: Impressive numbers on a scale which only India can generally muster. Then again how many Indian farmers are there? Estimates vary from 96 million to as many as 450 million Indians…


SECP Approves Regulations For Clearing Houses’ Licensing

Daily Times

In line with its efforts to strengthen the capital market and as part of subsidiary legislation under the Securities Act, 2015, the Securities and Exchange Commission of Pakistan (SECP) has approved the Clearing Houses (Licensing and Operations) Regulations, 2016.


The Demon Barber Of Bitcoin

Frances Coppola – Forbes

So the deed is done. The Bitfinex exchange has reopened in read-only mode. BTCUSD positions have been closed out at 604.1, and a haircut of 36.067% has been applied to all customer balances. Bitfinex’s relaunch statement says that expropriated funds have been replaced with Bitfinex “tokens”.

PLY: Given the speed of resolution, Bitfinex ought to consider a pivot into crisis resolution – at this rate they could have NSEL and the Eurozone sovereign debt crisis cured by the end of the long weekend ahead.

Dividend News

HKEX Board declared an interim dividend of $2.21.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX down 2.5%, FTIL down 1%.

ED Rejects Motilal Oswal Plea In NSEL Case; Issues Fresh Summons

Shrimi Choudhary – Business Standard

Motilal Oswal had requested the probe agency to allow him to be represented by one of his company’s directors.


Tullett Prebon To Launch Innovative Electronic Trading Platform

Tullett Prebon

GMEX Group will develop a best-in-class hybrid voice and electronic trading platform for FX Options for Tullett Prebon, integrating GMEX’s request for quote (RFQ) technology with Tullett Prebon’s existing central limit order book (CLOB) capability.

PLY: Good deal for GMEX and its development partner Forum Trading Solutions, ought to be a welcome cashflow fillip too.


Millennium Exchange Release 9.1 Oslo Børs – New Timeline


PLY: Millennium suffers a slight slippage.


Russian Issuers Hold First Shareholders Meetings Using New Technology


National Settlement Depository (NSD), Russia’s CSD, held first corporate actions using a new technology in accordance with legislative amendments put into effect 1 July 2016 that established a new procedure for corporate actions processing on the Russian market.


ITG Launches Brazil & Mexico Close Algorithms


The Brazil Close and Mexico Close algorithms incorporate order imbalance information and adapt to changing intra-day market conditions to help capture the substantial liquidity available late in the trading session and in the closing prints of these key markets. In Brazil the closing auction frequently represents 9-10% of total daily trading volume, while in Mexico the closing print is often 6-7%.


Tel Aviv SE Will Soon Launch US Dollar Weekly Derivatives


Career Paths

After Carrie Dolan’s resignation, LendingClub said Bradley Coleman was named interim CFO.

Financial Calendar

12.08 – BM&FBOVESPA Q2 2016 Results

17.08 – NZX Q2 2016 Results

All forthcoming exchange / investment related events are now listed in our Events page.


LendingClub Exploring Adding Additional Sources, Structures Of Capital To Increase Resiliency, Diversity


Other stories

CFTC Proposes to Amend the Timing for Filing CCO Annual Reports by Certain Registrants



FINRA Offers Tips For Retail Investors On Order Types



Financial Services Board (South Africa) & Abu Dhabi Global Market Form New Partnership



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