December 04 2015

elb2News 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…

Public Markets

CEO Of WSE Resigns

Reuters

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.

 

Cetip Says $2.7 Billion Merger Offer From BM&FBovespa Not Fair

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.

QV EI Premium: BMF&Bovespa Monopoly – Brief and Exchange Deals Brief.

HKEx Races Past NYSE To Return As Top IPO Market For First Time In Four Years (subscription)

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.

 

HKEx CEO: Time For Investors To Stop Knocking China Market (subscription)

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.

 

CME Beats U.S. Lawsuit Over Access For Speed Traders

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.

 

SEC Charges Traders With Spoofing & Mismarking Options (subscription)

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.

 

Warsaw SE Reduces Trading Fees

MondoVisione

 

Mifid II’s Delegated Acts: What To Watch For In 2016 (subscription)

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.

 

Canadian Securities Regulators Publish New Requirements For Clearing Agencies

MondoVisione

Canadian Securities Regulators Adopt Cooperative Oversight Model For Clearing Agencies And Trade Repositories

MondoVisione

Private Markets

trueEX Spins Off Post-Trade Business, Creates Venue-Agnostic Service

MondoVisione

trueEx Targets Buy-Side With Post-Trade Spin-Off (subscription)

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.

 

Pakistan Stock Exchange Integration To Begin Jan 1

Pakistan Today

QV Premium: Pakistan Exchanges Merger Brief.

 

Mumbai-based Cargo Exchange Raising $2m From Group Of Investors

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.

Technology

Deutsche Bank Reveals Blockchain Bond Breakthrough (subscription)

Anna Irrera – Financial News

Deutsche Bank is moving ahead with experiments looking at how bitcoin’s underlying technology can be used in banking.

Products

MTS Live Low-Latency Data Supports Growth Of Fixed Income Trade Automation

LSE

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.

 

BME Market Data Launches New Real Time Corporate Actions & Material Information Service

MondoVisione

Indexes

Colombo Stock Exchange Adopts GICS

The Nation

Colombo SE (CSE) adopted the Global Industry Classification Standard (GICS) to classify its listed companies along with S&P/CSE co-branded sector indices.

Career Paths

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 Seeks Candidates For Its Stakeholder Representative Group

MondoVisione

ESMA is seeking candidates to represent the interests of financial markets stakeholders of all types as members of its Securities Markets Stakeholders Group (SMSG).

Financial Calendar

Today

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

ICE Q4 2015 Results – Thursday, February 4, 2016 (press release)

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

Analyst Notes

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.

Crowdfunding

Australia – Govt Blows Its Chance With Equity Crowdfunding Laws

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.

Other stories

EC: Speech By Commissioner Jonathan Hill At The Euromoney CMU Forum – Building A CMU

MondoVisione

QV Premium: EU CMU Brief.

 

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