December 03 2015

elb2AFME concerned about EU equity markets being underdeveloped. ASX wants to move into what one might term ‘distributed monopoly’ via the Blockchain. EU gets to CCP rules at last…albeit we’re still on a road to the G20 Pittsburgh resolutions being fully effected. NASDAQ wins back listing from NYSE and various other nuggets. Happy scrolling:

Public Markets

Why Europe’s SMEs Need More Equity Capital

Simon Lewis – CEO, AFME

PLY: In the yip, yip and thrice yip category of agreement AFME notes succinct statistics, US equity market capitalisation 159% of GDP compared to 73.3% in Europe, adding “If Europe’s market capitalisation-to-GDP ratio increased to 100% this could provide a capital boost to European companies of at least €3.5trn.”


FXCM Finalizes Sale Of FXCM Securities To AS Expobank

Maria Nikolova – LeapRate

FXCM Securities was FXCM’s brokerage specializing in exchange traded equities, futures, & options, acquired in 2010, when FXCM took over ODL Group. FXCM stressed that (press release) the sale represents a non-material disposition of one of FXCM’s non-core assets. At this point, the purchase price has not been revealed.‎ QV Premium: FXCM Stakes Sales Brief.

PLY: Acquirer AS Expobank is a Latvian bank.


Nasdaq Wins Back TD Ameritrade In Listings War With NYSE

John McCrank – Reuters

TD Ameritrade said on Tuesday it was moving its stock listing back to Nasdaq from NYSE after a little over three and a half-years. The move is a vindication of sorts for Nasdaq, which had lost the TD Ameritrade listing to the NYSE in April 2012.


HKEx – New Rule Targets Backdoor Listings

The Standard

HKEx has introduced a new rule targeting backdoor listing activities. It requires that major asset sales of a firm be approved by at least 75% of its minority shareholders. Also, no more than 10% of independent shareholders can be opposed to the transaction. Earlier, only a mandatory cash offer was necessary. The same rule applies when a firm seeks to privatize some of its assets.


Equity Market Structure: The Buy Side View

Ivy Schmerken – Markets Media

Buy side traders debating the pros and cons of the U.S. equity market structure recently gave high marks to the computerized stock trading landscape, though it didn’t take long for concerns to surface.


SEBI’s Red Card On Abuse Of IPO Funds Is Only The Beginning

Narayanan Madhavan – Hindustan Times

In the strange world of Indian stock markets, publicly listed companies may well be called privately listless companies. This is because public holdings often tend to be not significant enough for shareholder democracy to kick in. And that makes the hapless minority shareholders listless.

Jokes apart, there is cause for concern. That should make us welcome a decision by SEBI to provide an exit option to shareholders of a company if the money the companies raise through public issues is not utilised for the reason stated in the offer documents that go with IPOs or follow-on public offers (FPOs). It has begun a consultation process to frame rules for this.


Goldman Sachs Wants To Create Its Own Version Of Bitcoin

Ian Kar – Quartz

Goldman Sachs has developed its own cryptocurrency for a settlement system for trading stocks, bonds and other assets, according to a recently published patent filing. GS made a patent application last year for a new virtual currency called SETLCoin, which makes it easier and faster to trade securities and settle those trades.


China To Launch New Pilot Zones To Open Up Financial Markets


QV Premium: China Capital Markets Transformation Brief – Main File.


Romania’s FSA Completes RASDAQ Market Restructuring

Romania Insider

Some 311 companies that had been listed on RASDAQ have moved to Bucharest SE’s regulated market or to the ATS, whereas 562 have been delisted.


FIA Releases SEF Tracker Report For October


Private Markets

Modernising Infrastructure : SECP Committed To Meeting International Standards

Daily Times

SEC of Pakistan (SECP) Chairman Zafar Hijazi said that the commission was committed to connect the local market with international capital market through modernisation of infrastructure.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX & FTIL flat.


ASX: Monopolising Blockchain? – A Response

Charles Moore – LinkedIn Pulse

ASX Bullish On Blockchain (subscription)

John Durie – The Australian

PLY: ASX brings its uniquely myopic monopolistic focus to the Blockchain – Clearly they didn’t quite grasp that “distributed” as in “distributed ledger” is somewhat at odds with their ongoing desire to be the controlling source of all securities transactions.

QV Premium: ASX Monopoly – Brief – Part 3.


Oslo Børs: Merkur Market In The Production Environment


Oslo Børs will launch Merkur Market 13 January 2016, but the technical implementation will as previously announced be ready for Monday 7 December.


FIX Trading Community Announces Enhancements To The FIX Protocol To Support MiFID II Legislation On Time Stamps



European Swap Clearing To Start In June 2016


Banks Must Start Clearing IRS In EU From June


Clearing Only A Step On The Path To Derivatives Reform (subscription)

James Rundle – Financial News

Banks must clear off-exchange iIRS in the EU from June next year, marking the first so-called “clearing obligation” to come into force in the EU… A concrete date for clearing interest-rate derivatives in Europe has arrived – and been welcomed – but don’t be fooled: fully implementing the 2009 G20 agreement on over-the-counter market reform is still years away.

PLY: EU gets bang up to date with, er, a couple of years ago in the USA…


Nodal Exchange Announces Launch Of 40 New Power Futures Contracts To Serve Participants In The SPP Market

Business Wire


Wall Street Goes Short On Bond Traders (subscription)

Gregory Zuckerman, Justin Baer & Mike Cherney – Wall Street Journal

No longer masters of the universe, big banks’ bond traders are taking a back seat to counterparts working for hedge funds and mutual funds.


Osaka Exchange: Designation As Tradable Contracts For Taiwanese Investors (JPX-Nikkei Index 400 Futures, TOPIX Options)


Career Paths

Reuters reports that CME’s executive director for metals products, Harriet Hunnable, will leave the company later this month. Hunnable has been with CME since early 2011.

SR Labs hired Christopher Nagy as CFO.

Barclays’ Boss Wants Blythe Masters To Run Investment Bank

Michael Erman & Steve Slater – Reuters

New Barclays CEO Jes Staley approached his former JPMorgan colleague Blythe Masters about running the British bank’s investment bank division. But Masters told Reuters she was fully committed to running her company, Digital Asset Holdings – a startup designed to speed the trading of derivatives by using technology associated with bitcoin.


CFTC Commissioner: The Blockchain Could Cost Wall Street Jobs

Stan Higgins – CoinDesk

On 1st December, CFTC Commissioner J Christopher Giancarlo discussed bitcoin and the blockchain during a wide-ranging guest lecture hosted by the Harvard School of Law that focused, in part, on new financial technologies.


ESMA Vacancy Notice – Data & Statistics Team Leader (Deadline: 03/01/2016)


Financial Calendar

This week

04.12 – Record date CBOE $0.23 dividend

04.12 – TMX $0.40 dividend payment

04.12 – BGC Partners $0.14 quarterly dividend payment

New announcement

07.12 – BIST Extraordinary General Assembly Meeting

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

Share Notes

ICE insider Charles A. Vice sold 1,000 shares on Tuesday, December 1st at $258.51 (bargain $258,510.00). He now owns 42,324 shares.

Other stories

SEC: Grant Thornton Ignored Red Flags In Audits


Grant Thornton admitted wrongdoing and agreed to forfeit approximately $1.5 million in audit fees and interest plus pay a $3 million penalty for foibles in company audits.


Regulation Remains Local, Finance Remains Global: Will This Change? Keynote Speech At ASIFMA Annual Conference 2015, Mr Ashley Alder, CEO, HK’s SFC



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