News of Bob Caisley’s move to Nasdaq (from SGX) hits the public domain. Excellent move for all parties concerned as Europe bids a fond farewell to Peter Jessup as he returns to the antipodes.
For those who prefer their analysis up front, my crisp forward projection many months back, that Pawel Tamborski’s time as Warsaw SE CEO would soon conclude, is, IMHO, as good a demonstration as any of the value of Exchange Invest! To maintain the newsletter, more commercial interaction would help. So please consider sharing a bit of budget with the world’s exchange community and show your brand is a leader in the field…
Warsaw SE (WSE) CEO, Pawel Tamborski, will resign from his position as of Dec. 31, the bourse said in a statement on Thursday. Tamborski became CEO in July 2014. WSE is controlled by the Polish government, with the treasury ministry holding 51.76% of its shares.
PLY: As I have long predicted: Given the nature of his appointment straight from junior office to the C-suite of GPW, Pawel was unlikely to survive long under the new Polish government (which has already passed legislation discouraging payouts to any semi-state sector managers they choose to dismiss, incidentally). There is no doubt Pawel Tamborski had the skills to do the job but he was hamstrung under his brief tenure by the collapse into kleptocratic dysfunction of the PO government he once served. I wish him well.
Julia Leite – Bloomberg
Cetip said the 10.2 billion reais ($2.7 billion) offer made by BM&FBovespa (39 Reals – $10.3 per share) undervalues its business.
Enoch Yiu – SCMP
With listings from 71 firms raising more than US$30 billion so far this year, city is well on its way to reclaiming the crown it last held in 2011.
In the first 11 months of the year, Hong Kong had a 15.7% market share of IPO funds worldwide, with 71 companies listing in the city raising a total of US$31.2 billion. That is already more than the full-year figure of US$29.7 billion raised last year.
Alec Macfarlane – Financial News
HKEx CEO, Charles Li, has called for western investors to stop criticising and start educating themselves on the idiosyncrasies of China’s A Share market.
Tom Polansek – Reuters
A U.S. judge on Thursday dismissed a lawsuit accusing CME of favoring HFT by selling them access to market data ahead of other investors.
Three CME customers – William Braman, Mark Mendelson and John Simms – filed the lawsuit last year.
Nicole Bullock & Gregory Meyer – Financial Times
SEC unveiled charges against twin brothers Behruz Afshar and Shahryar Afshar & their friend / former broker Richard Kenny.
The SEC complaint alleged that the three men mismarked orders to obtain lower fees and faster execution benefits that are ordinarily reserved for non-professional investors.
Tim Cave – Financial News
Details of some of the more divisive elements of Europe’s new markets rulebook are expected to be unveiled in January 2016, not before the end of the year as originally expected, according to the European Commission.
Peter Madigan – Risk
TrueEx is spinning off its post-trade processing services into a separate company. The new company – called TruePTS – will work with buy-side firms to simplify and automate the process of clearing & reporting derivatives trades executed on Sefs.
QV Premium: Pakistan Exchanges Merger Brief.
Bhawna Gupta – Deal Street Asia
Cargo Exchange India, a Mumbai-based logistics services provider, is in final talks to raise $2 million from a group of investors.
Founded in April 2015 by Hiten Shah, alongside ex-MCX employees Srihari Iccharpu and Jagdeeshan, Cargo Exchange acts as a bridge between truck owners, cargo-owners and intermediaries to exchange information, make deals.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX -1%, FTIL flat.
Anna Irrera – Financial News
Deutsche Bank is moving ahead with experiments looking at how bitcoin’s underlying technology can be used in banking.
MTS is supporting growth in the use of automated trading strategies in the European fixed income markets with its ultra low-latency market data offering, MTS Live.
Colombo SE (CSE) adopted the Global Industry Classification Standard (GICS) to classify its listed companies along with S&P/CSE co-branded sector indices.
Warsaw SE (WSE) CEO, Pawel Tamborski, will resign from his position as of Dec. 31.
Bloomberg reports that Nasdaq has hired SGX Chief Information Officer Bob Caisley to help oversee its market-technology development. Caisley will start at Nasdaq in February as SVP of market-technology systems and will be based in Stockholm. He will report to Nasdaq CIO Brad Peterson. Caisley has also worked at ASX.
PLY: Clearly Peter Jessup will be missed in Stockholm but the arrival of Bob Caisley straight from SGX in a contiguous role is a huge boon for NASDAQ‘s tech team.
ESMA is seeking candidates to represent the interests of financial markets stakeholders of all types as members of its Securities Markets Stakeholders Group (SMSG).
04.12 – Record date CBOE $0.23 dividend
04.12 – TMX $0.40 dividend payment
04.12 – BGC Partners $0.14 quarterly dividend payment
ICE Q4 2015 Results – Thursday, February 4, 2016 (press release)
All forthcoming exchange / investment related events are now listed in our Events page.
LSE “Buy” Rating Reaffirmed By AlphaValue – Price Target Given GBX 3178.
S&P‘s has once again affirmed an AA- credit rating for SIX Group Ltd. The securities services providers SIX SIS Ltd and SIX x-clear Ltd again each received an AA rating. The rating of SIX Payment Services (Austria) GmbH improved from A- to AA-. S&P has now placed the outlook on “negative”.
A full table of current analysis can be found on our Analyst Ratings page which is updated daily.
Tim Heasley – AFR
The federal government waited until the last parliamentary sitting day of 2015 to introduce legislation allowing regular Aussies to invest in startups through equity crowdfunding. We have waited two years for these laws but it’s clear that, in all that time, the government has not listened to the market. The legislation introduced to parliament today would restrict this type of funding to public (but unlisted) companies with less than $5 million in assets. Such startups would only be able to raise $5 million per year.
PLY: Victory for the somnolent blob and a setback for Australian capitalism already under the yoke of a reactionary capital market infrastructure monopoly.
QV Premium: EU CMU Brief.