The offices throb again and Exchange Invest daily is back in its more usual format. Thanks for all the plaudits for the Summer Special edition too.
Today we are catching up with the stories not already highlighted last week…
Meanwhile the second CEE Capital Markets awards are coming up mid-September (see banner to the left). The first CEE summit for CMU 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.
Saikat Chatterjee, Michelle Price & Umesh Desai – Reuters
PLY: Very interesting, Tradeweb “to connect China’s $7.5 trillion bond market with overseas investors.”
PLY: As first reported: May 13 2016.
QV Premium: Exchange Deals Brief – Stake Changes.
Samuel Agini & Tim Cave – Financial News
PLY: Maybe. Albeit so far nobody seems to be leaving London.
PLY: October 2016.
Philip Stafford – Financial Times
QV Premium: Exchange Deals Brief – M&As.
Jenniffer B. Austria – Manila Standard
Philippine SE must have concrete plans on transaction cost reduction and definite corporate structure when the latter submits a new proposal to merge the fixed-income and equities exchanges.
SEC Chairman Terestita Herbosa said in an interview the corporate regulator was open to reviewing another proposal from PSE on the merger of the two exchanges.
PLY: The soap opera merger continues.
QV Premium: PSE – PDEx Merger Brief.
Eduard Gismatullin – Bloomberg
System is similar to models used in Tokyo and Singapore.
Saikat Chatterjee – Reuters
A plan to connect the giant stock markets of Shenzhen and Hong Kong offers global investors tempting access to China’s fast-growing tech sector, but high valuations and a reputation for wild speculation are likely to keep many buyers at bay.
Tom Holland – SCMP
Peter Guy – SCMP
Andrew Sheng (a former Chairman of the HK SFC (1998-2005) – SCMP
Speak a little truth and people lose their minds. No one expected a turf war when the SFC and HKEX jointly launched a three month consultation in June to collect views from the market on amending the listing procedure.
Joe Rennison & Barney Jopson – Financial Times
Massad says new entrants to swaps market will have to play by post-crisis standards.
John McCrank – Reuters
IEX began operations as a public stock exchange on Friday after more than 2-1/2 years as an off-exchange trading platform with a gradual rollout beginning with 2 stocks and an intention to add 8 more by Wednesday.
PLY: It is a delight to see IEX opening a whole new world of exchange opportunity. Again I wish Brad and the IEX team every success.
Norway model seen as less attractive for UK finance sector which wants unique trade deal.
Jonathan Stempel & Gertrude Chavez-Dreyfuss – Reuters
CFTC filed a civil lawsuit against FXCM saying it was under-capitalized in January, 2015, and failed to report its capital shortfall in a timely manner.
PLY: “Dear Sirs, What’s keeping you back? Yours etc. Patrick L Young.”
Sebi has barred exchanges from sponsoring any programmes run by media channels, which directly or indirectly spread sensitive information.
The guideline comes at a time when many programmes are sponsored by the NSE, BSE, MCX, NCDEX in the name of investor awareness.
Metropolitan Stock Exchange of India (MSEI) (earlier known as MCX-SX) will launch its rights issue to raise Rs 97 crore (USD 14.4m), from August 22.
PLY: The Met looks to be on shaky ground…
Ewa Manthey – Bullion Desk
LBMA is expected to announce the preferred single provider of its request for proposal (RfP) at its annual conference in Singapore in October this year.
In February LBMA said that 5 made the cut in the RFP, widely believed to be CME, LME, ICE, Autilla/Cinnober & Markit/ABS.
PLY: I am reminded of Henry Ford’s marvellous line: “If I had asked people what they wanted, they would have said faster horses.”
Dave Michaels & William Mauldin – Wall Street Journal
A Chinese-led group of investors sees their takeover bid for the Chicago SE as a way to reinvent the struggling venue as a bridge between U.S. and Chinese markets, and a Western listings outpost for Chinese firms.
But first, they have to persuade Washington that it isn’t a Beijing plot to undermine American financial markets.
PLY: Interesting stat of the day. While Britain and the USA are respectively each other’s largest FDI investors at 20% or more of the total, China is barely 1% of US FDI.
Tom Polansek – Reuters
The online auction, called the Fed Cattle Exchange, and the review by the U.S. Government Accountability Office (GAO) aim to address concerns that cash and futures prices do not accurately reflect the markets for cattle. The markets have come under scrutiny following a sharp setback in prices in the second half of last year from record levels reached in 2014.
PLY: Not clear to me if the market is failing or rather it is working but failing to deliver the prices farmers want…
Matthew Leising – Bloomberg
PLY: A healthy dose of pragmatism to counter the groupthink of the nirvana committees.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX 1005, up 0.55% since our last regular daily issue on Friday, Aug 12 while FTIL is 78.60, down 0.82% over the same period.
Jayshree P. Upadhyay – Livemint
Accused in NSEL scam are no longer cooperating, as summons are no longer backed by the threat of arrest, thanks to a Punjab and Haryana high court ruling.
PLY: The blob undermines resolution…let alone any semblance of justice.
Dilip Kumar Jha – Business Standard
Chintan Modi would be present himself for the ED investigation on Monday.
James Thomson – AFR
ASX says its successful blockchain prototype has given it the confidence that it can develop a system that could eventually replace the trading platform that underpins the $2 trillion Australian market.
PLY: Gosh it all sounds so public sector. Can we expect the project delivered by the Victorian monopoly provider of Australian infrastructure to cost triple the initial estimates with a side show of protests when the green lobby worries the DL could impact indigenous clearing boll weevils and then finally the whole thing takes three times longer than anticipated to complete?
Watchdog weighs approval for a small number of companies using process behind bitcoin.
PLY: Behind the facade of the regulatory sandbox, perhaps the progressive change mantra is not yet so ingrained in the FCA.
LSEG’s Business Services division in Sri Lanka says it would soon open its new headquarters at the historic Trace Expert City precinct in Colombo, formerly known as Tripoli Market.
PLY: New offices for Sri Lanka based Millennium IT.
Sebi has liberalised hedging limits for genuine players in the commodity derivatives market. Subject to available liquidity, the policy will now permit higher limits, to corporate participants, too.
PLY: Now this bit is rather more seismic…seems likely to deliver more concentration helping the biggest players. Lack of near month hedging provision is still frustrating.
Ram Sahgal – Economic Times
Chairman Rabi Narayan Das confirmed NCDEX has cut short the extension in the tenure of its CEO Samir Shah to a year, barely two months after shareholders approved another 3 years for the CEO after he completes his term this week.
Declan Harty – Bloomberg
The world’s largest exchange operator is going to college.
New! 28.09 – ASX AGM
All forthcoming exchange / investment related events are now listed in our Events page.
More than 3,700 crowd investors, alongside prominent venture capital firm Balderton Capital, have collectively invested over £8 million in growth capital for Crowdcube, the UK’s leading equity crowdfunding platform.