Out in ‘BigWorld,’ Hillary Clinton apparently won six consecutive coin tosses in Iowa the other day – with luck like that no wonder her brief futures trading experience had such stellar results…
At the same time, it does cause pause for concern. Next year the free world may inaugurate a new leader who has been chosen by a random process of chance in the early stages. Moreover, in this socialist age of the Democratic party lurching left, nobody even sees the economic value in building the process commercially. This knife edge conclusion is surely an ideal topic for a big league game show, with lots of tension and razzamatazz before the dimes defy gravity and hit the deck. Hey it could make great tv with a suitably high profile presenter. Er, like Donald Trump for instance…
Meanwhile, back in the market infrastructure parish, FCA prepares a crackdown on the retail leveraged (CFD/forex) field – hooray! – and there’s more, happy scrolling:
After failing to acquire retail forex brokers Plus500 and AvaTrade late last year, online gaming and forex giant Playtech is apparently perusing rival OpenBet.
ICAP notes the statement made by Tullett Prebon and confirms that it has also received a request for additional information and documentary material from US DoJ.
PLY: So far everything routine.
Huw Jones – Reuters
FCA published on Tuesday a “Dear CEO” letter sent to firms selling so-called CFDs such as spread bets and “rolling spot” forex. Such letters from the FCA are often a last chance before enforcement action is taken.
PLY: Last chance saloon, drink up, prepare for a raid…that’s essentially the context behind a “Dear CEO” letter and for much of the murky leverage retail product market, it cannot come too soon, the FCA are right to be cracking down here.
Phil Albinus – Traders Magazine
After regulators dropped hints in 2014 that dark pools were going to be under greater scrutiny, the hammer finally came down. Last summer saw a wave of record fines for duplicitous or outright illegal activity with so many zeroes that one could be excused for thinking that the numbers came from Hollywood movie budgets.
Annie Massa & Dave Michaels – Bloomberg
NYSE wants to eliminate Rule 48, which the NYSE declares on volatile days with the goal of ensuring orderly trading. But it may have backfired on Aug. 24 by leaving traders in the dark about prices.
James Rundle – Financial News
Esma has published long-awaited regulatory technical standards on settlement within markets in the European Union, providing details on who should pick up the tab for a failed trade.
Gavin Jackson & Nicole Bullock – Financial Times
Maria Nikolova – LeapRate
The collaboration seeks to develop MOEX’s ties with the investment community in China and to attract Chinese investors and issuers to the Russian market.
Sebi has decided to review the existing risk management systems, delivery mechanisms and procedures for supervising warehouses by commodity exchanges. The task force, will submit its report in three weeks.
Palak Shah – The Economic Times
Slashing the securities transaction tax (STT) and stamp duty on equity derivatives and extending trading time for currency futures are among the key recommendations given by an expert committee to the finance ministry ahead of the 2016 budget.
The world’s first fundraising for an IPO of a company that “mines” bitcoins has raised 5.9m AUD ($4.2m) — far off its target of 20m AUD ($14m). The Bitcoin Group, based in Melbourne, Australia, announced on Tuesday that it had raised 5,927,168.40 AUD in a bookbuild for its listing on ASX.
PLY: At issue was really the way the BTC mining operations were hot a year or more back and margins have been hugely squeezed. Nowadays mining is quite concentrated and electricity prices are a very key factor.
Bitcoin exchange Kraken revealed it had secured a “multi-million dollar agreement” with SBI Investment. Exact terms weren’t disclosed.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX off 3%, FTIL down 2%.
Anna Irrera – Financial News
Goldman Sachs and IBM have joined the group of large firms backing the blockchain startup led by JP Morgan’s former commodities chief Blythe Masters.
PLY: Adding to the 13 names from last week, which only makes my thesis more pertinent, as expounded in EI Premium.
Anora Mahmudova – MarketWatch
PLY: Profile of Eric Scott Hunsader, and NANEX, interesting reading.
PLY: Good trade for a JSE commodity franchise begun by SAFEX when the post Apartheid government had to abandon the unwieldy, expensive subsidy regime.
Jonathan Saul – Reuters
Cleartrade Exchange is expanding its commodities business, aiming to boost fertiliser and bunker fuel derivatives activity after a lukewarm reception for its dry freight futures, partly due to turmoil in the shipping market.
PLY: Singapore-regulated Cleartrade, 52% owned by DB1’s EEX, is in an interesting position albeit at a tricky point for freight…
With Sebi seeking explanation for suspending futures trade in castor seeds, NCDEX on Monday said a probe by an external audit firm has been initiated into the role of brokers and individual traders.
Sebi has decided to set up a high-level eight-member committee to improve the derivatives market functioning. The Commodities Derivatives Advisory Committee (CDAC), will be responsible for improving transparency and expand the number of players in the market among others.
The Trade reports that LSE has named a new ten-man BoD for its new interest rate futures exchange, CurveGlobal.
The board consists of some Europe’s most senior derivatives bankers, as well as the CEO of the LSE, Nikhil Rathi, according to company filling’s.
BNP Paribas has also become the latest investment bank to purchase a stake in the venture, and joins the likes of Barclays, Bank of America Merrill Lynch, Citi, Goldman Sachs and Societe Generale which have all invested in the new exchange.
Joining the board are Gaspard Bonin, deputy global head of derivatives for BNP Paribas; Ashlin Kohler, director for EMEA rates and credit ecommerce at Citi; Richard Sears, global COO of macro rates and trading for Barclays; and John Deters, chief strategy officer at the CBOE, among others.
Last year, the LSE took on industry veteran Cathryn Lyall as the venture’s new COO. The exchange group is still in the interview process in appointing a new CEO of the venture…
PLY: The lack of Rita-Curve CEO remains a surprising omission, to put it mildly… Incidentally, as I race to the airport, I seem to recall that Curve COO Cathy Lyall is also a NED at Deutsche Bank in London.
03.02 – CBOE Q4 2015 Results
04.02 – ICE Q4 2015 Results
04.02 – ITG Q4 2015 Results
04.02 – SGX 5 cents interim dividend payment date
05.02 – CME Q4 2015 Results
New! 16.02 – ISE Mercury Launch
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TMX Price Objective Lowered By Scotiabank From C$50.00 To C$48.00 – “Sector Perform” Rating
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The P2P lending industry lent more than £2.2 billion in 2015 according to new figures released from the P2P Finance Association (P2PFA).