AFME 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:
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.”
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.
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 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.
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.
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.
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.
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.
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.
Charles Moore – LinkedIn Pulse
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 will launch Merkur Market 13 January 2016, but the technical implementation will as previously announced be ready for Monday 7 December.
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…
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.
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.
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.
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.
04.12 – Record date CBOE $0.23 dividend
04.12 – TMX $0.40 dividend payment
04.12 – BGC Partners $0.14 quarterly dividend payment
All forthcoming exchange / investment related events are now listed in our Events page.
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.
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.