December 16 2015

elb2PLY: Heir apparent Adena gets another role at NASDAQ en route to a smooth handover in 2017 when Bob retires?

A touch of Christmas feel around, even for those like me lucky to be in sunny climes today but there are some useful insights to be garnered from a swift scroll…

Public Markets

Adena Friedman To Be Nasdaq Operating Chief (subscription)

Bradley Hope – Wall Street Journal

The promotion puts her one step closer to succeeding CEO Robert Greifeld, who has been CEO since 2003 and is expected to leave when his contract expires in 2017.

 

Betfair Shareholders Urged To Back Merger With Paddy Power

Barry O’Halloran – Irish Times

Shareholder activist Pensions & Investment Research Consultants is recommending that Betfair’s equity holders vote in favour of the deal at an EGM next Monday. The pair plan to create one of the world’s biggest gambling groups, with revenues of between €1.5 billion and €2 billion a year and a stock market value of about €8 billion, by merging early next year.

QV Premium: Exchange Deals Brief.

PLY: With a market cap of about €8 billion albeit not entirely from exchange services, nonetheless the Betfair-Paddy Power combine would be a top ten market by market cap…

 

FXCM Shares Soar 52% After Leucadia Loan Restructuring Hint

LeapRate

Leucadia Rallies As CEO Vows Return To Trading Profitability

Katia Porzecanski – Bloomberg

There might indeed be life after Leucadia.

QV Premium: FX – CHF Crisis – Brief  and FXCM Stakes Sales Brief.

 

Hong Kong’s SFC Reprimands & Fines Three JPMorgan Entities A Sum Of $30 Million For Regulatory Breaches

MondoVisione

Hong Kong Watchdog Fines JPMorgan For Dark Pool, Control Failures

Michelle Price – Reuters

Hong Kong’s securities watchdog said on Tuesday it had fined JPMorgan HK$30 million ($3.87 million) for a range of control failures, including breaches in its dark pool business.

 

NYSE Leads In Global Capital Raising For Fifth Consecutive Year, With 2015 Proceeds Of $136 Billion; NYSE Top Exchange In Tech IPOs

ICE

NYSE raised $136.0 billion from 397 transactions in 2015, more than any other exchange in the world, including 8 of the largest 10 IPOs in the U.S., and resulted in NYSE’s fourth consecutive year as the leader in technology IPOs. In the last three years, the NYSE has listed 18 of the 20 largest IPOs.

 

Despite Introduction Of MiFID II’s Dark Trading Double Volume Cap, Ability To Trade In The Dark Remains

MondoVisione

 

EU Stands Ground On FICC Research Payments (subscription)

Tim Cave – Financial News

The European Commission looks set to stand its ground on plans to force asset managers to fully separate payments for trading and research across fixed income as well as equity products, a move that will put the future of bond markets in a “difficult place”, according to practitioners.

 

UK FCA Consults On Aspects Of MiFID II Implementation

MondoVisione

 

ESMA Updates Its Q&A Document On Prospectus Related Issues

MondoVisione

Private Markets

India – IEX Awaits CERC Nod For Cross-Border Trading

NITI CENTRAL

Once allowed (it) will initially enable short-term buying and selling of power with Nepal, Bangladesh and Bhutan.

 

Nadex Closes Canadian Accounts But Explores Options To Return

Avi Mizrahi – Finance Magnates

North American Derivatives Exchange (Nadex) has confirmed to Finance Magnates that it is no longer accepting Canadian residents as members. NADEX have been in communication with the Ontario Securities Commission regarding members residing in Canada and were exploring the opportunity to establish a formal presence throughout Canada but will close existing Canadian accounts and not accept new ones in the meanwhile.

 

European Power Exchange To Extend Its Services To Other European Regions – EPEX SPOT Designated As NEMO On Its Markets

MondoVisione

 

KRX Has Signed An MOU With Taiwan SE For Cooperation

MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 2.5%, FTIL retraces nearly 2% after a couple of days of spectacular gains.

Technology

Nasdaq Adds Real-Time CTA Data (subscription)

Waters Technology

Nasdaq has begun disseminating consolidated real-time trade volume data from the Consolidated Tape Association on its Nasdaq Last Sale Plus product, which provides last sale and trade volume data for securities trading on or reporting to the Nasdaq Stock Market, the FINRA/Nasdaq Trade Reporting Facility, Nasdaq BX and Nasdaq PSX markets.

 

Azerbaijan Starts Testing Of New Trading System On Securities

ABC

State Securities Committee of Azerbaijan continues to consult with partners from the Korean exchange within the framework of the improvement of the trading system.

 

McKinsey: Custodians’ Fee Structure At Risk From Blockchain (subscription)

Anna Irrera – Financial News

PLY: McKinsey state the obvious, presumably they also think it is obvious that they can provide a client solution to this disintermediating squeeze.

Indexes

MOEX: Revised MICEX 10 Index To Come Into Force

MondoVisione

Career Paths

Nasdaq’s Co-President Adena Friedman will be named COO, another step towards her presumed elevation as CEO when Bob Greifeld is expected to retire after his contract expiry in 2017.

Financial Calendar

16.12 – Record date ICE $0.75 dividend

16.12 – CFTC – Open Commission Meeting (press release)

18.12 – CBOE $0.23 quarterly cash dividend payment

New!  03.02.2016 – CBOE Q4 2015 Results (press release)

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

Other stories

SGX Launches Independent Research Paper On Digital Sector

MondoVisione

 

UK’s FCA Fines Threadneedle Asset Management Limited £6m

MondoVisione

 

FESE European Equity Market Report – November 2015 Figures

MondoVisione

The European Equity Market Report is a piece of analysis that allows for an accurate comparison of trading statistics across European trading venues.

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