Surprise of the day was clearly how after shopping assiduously as buyer or seller with almost everybody on the planet, it appears DB1 like the sound of the LSE sales patter.
Today is another utterly frantic day of advisory work.
I am not commenting here, there is enough for free out there already, my initial thoughts are in Premium (and if you haven’t paid your renewal, don’t be surprised if you cannot access – also please note those seeking to steal content will be levied a standard demand for 100,000 GBP and their names published, don’t say you weren’t warned if you’re one of the cheapskates who doesn’t pay!). An individual subscription to Premium is $300 for one year.
PLY: More in Premium here. If you need a subscription invoice, email & you can pay by card or Paypal. If you copy anybody else’s content, it’s 100K GBP, & a public release of your data. Just so we’re clear, copyright theft is: theft.
It is unclear if ICE, which holds a 12% in Cetip, would favor the new offer.
BM&FBovespa made a binding offer last week of 41 reais, of which 30.75 would be paid in cash and the rest in stock. The offer values Cetip at about 10.86 billion reais ($2.8 billion).
PLY: Interesting – that would give ICE a shareholding in BM&FBovespa alongside CME…
vs 2014: total revenues $73.2 mln (USD 48.5 mln) up 12.2%, EBITDA were unchanged at $24.6 mln (USD 16.3 mln).
PLY: NZX powers on, well done.
Jared Meyer – Forbes
PLY: An excellent must read interview with Brad Katsuyama, co-founder & CEO of IEX.
FTSE Global Markets
Increased use of automated trading and improved swap data reporting are high on the CFTC’s work agenda, said Chairman Timothy Massad:
Philip Stafford – Financial Times
Investment banks may face an annual $27bn exposure if the counterparties to bespoke swaps trades fail to deliver the insurance payments on time, a new study has argued.
Brokers may also have to rethink their view that such failures are “business as usual” in the face of likely sharply rising operational costs, according to a survey by PwC and DTCC-Euroclear Global Collateral.
PLY: A whole new angle on the ways of waterfalls – or not…
Daisy Wu – The Standard
Securities and Futures Commission (SFC) Chief Carlson Tong Ka-shing said a new “third board” will not suit the local bourse until the role of the Growth Enterprise Market (GEM) is made clear. The third board, proposed by HKEx in its three-year plan last month, is for listing of firms in new industries that do not fit the requirements of the main board and GEM.
Jeff Patterson – Finance Magnates
Bats received formal approval from SEC for the passage of the Bats Client Suspension Rule, which helps facilitate more steadfast action on behalf of the group against manipulative market behavior
PLY: Good to see this has been passed.
NZX declared a final dividend for the full year of 3.0 cents per share, fully imputed. The record date will be 16 March 2016, with a payment date of 30 March 2016.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX flat, FTIL down 8%…perhaps some reality biting that the noose might yet be tightening around FTIL in some way or another.
Jayashree P. Upadhyay & Ankit Doshi – Livemint
Stan Higgins – CoinDesk
Christopher Woolard, director of strategy and competition at FCA, said many regulatory and consumer issues need to be discussed as the technology evolves, such as who controls access to it and data security.
PLY: So no pure distribution aka somebody has to be the keeper of the ultimate key. Unsurprising but will shock the purists seeking total distribution (which is not workable under current tenets of regulation).
Offshore renminbi exchange contracts extended beyond the dollar.
For wheat, the exchange said it will publish the level of vomitoxin, a plant fungus, listed on wheat shipping certificates, which are receipts for delivery. The exchange will also specify whether CBOT oats deliveries were graded as “slightly weathered.”
The information will appear in CME’s daily “issues and stops” report on CBOT grain deliveries.
JPX plans a major sales push behind its derivatives products.
FTSE Global Markets
The International Securities Exchange says that as part of its initial rollout process, ISE Mercury has completed a rollout of fifty additional options products. ISE Mercury now lists 62 products. After the initial rollout is completed, ISE Mercury will list more than 600 symbols accounting for approximately 93% of the average daily volume for equity and ETF options. Completion of the rollout is expected by February 29th.
PLY: Sun rises, sun sets, ISE says they will implement, ISE implements. The joys of a great team with excellent (and modest) management.
PLY: Interesting business Calastone, this is a useful additional service.
Nigerian SE (NSE) announced that its National Council has approved the renewal of contract of employment for Mr. Oscar N. Onyema, OON for another term of five years as exchange CEO effective immediately. Mr. Onyema has served as the CEO of the exchange since April 2011 and his initial five years employment contract expires on March 31, 2016.
Professor Małgorzata Zaleska, President of Warsaw SE (GPW), has been elected Chairman of the Supervisory Board of Krajowy Depozyt Papierów Wartościowych (CSD of Poland, KDPW) at the Supervisory Board meeting on 23 February 2016.
The Deputy Chairman of the KDPW Supervisory Board is Mr Aleksander Proksa, Director of the Legal Department at the National Bank of Poland. The joint term of office of the KDPW Supervisory Board is three years. The KDPW Supervisory Board Members are elected and dismissed by the General Meeting. The KDPW shareholders are, in equal parts, the Warsaw SE, the National Bank of Poland, and the State Treasury.
PLY: Government manipulation ensures Polish free markets are an oxymoron. How long before the equity tranche of the private pension pot is stolen to pay for the ridiculously spendthrift policies of the latest government? Poland is a nation at risk. #Tragedy. It will be interesting to see how close to pure government agitprop the Warsaw SE Annual report is on publication tomorrow.
Markit announced that CFTC has appointed Brad Levy, MD & head of Markit’s Processing division, to its Technology Advisory Committee (TAC).
MayStreet, an emerging tech firm specializing in next-gen market-access and analytics software for capital markets firms, hired David Streltsoff, a former director at KCG Holdings (Knight Capital) and Citadel, as head of business development and a member of the firm’s senior management team.
25.02 – WSE Annual Report 2015
25.02 – CFTC’s Energy & Environmental Markets Advisory Committee – agenda.
26.02 – Record date TMX $0.40 dividend
New! – 03.03 – CFTC Public Roundtable Regarding the Residual Interest Deadline
All forthcoming exchange / investment related events are now listed in our Events page.