February 24 2016

elb2Surprise 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.

Happy scrolling:

Public Markets

Potential Merger Of Equals Between DB1 & LSE

DB1

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.

 

Cetip Expected To Accept Sweetened BM&FBovespa Offer

Reuters

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…

 

NZX Preliminary 2015 Full Year Results

NZX

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.

 

Regulators Protect HFT, Ignore Investors

Jared Meyer – Forbes

PLY: An excellent must read interview with Brad Katsuyama, co-founder & CEO of IEX.

 

Massad Says CFTC’s Priorities Are Swap Data Reporting & Automated Trading

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:

Opening Statement Of CFTC Chairman Timothy Massad Before The CFTC Technology Advisory Committee Meeting

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Statement Of CFTC Commissioner Bowen at same

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Opening Statement Of CFTC Commissioner J. Christopher Giancarlo at same

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DTCC-Euroclear GlobalCollateral Ltd Publishes White Paper On The Implications Of Collateral Settlement Fails

MondoVisione

Banks Face $27bn Risk From Failed Derivatives Payments (subscription)

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…

 

HK SFC Chief Shoots Down Proposed Third board

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.

Private Markets

Bats Granted SEC Approval To Combat Manipulative Market Behavior

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.

Dividend News

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.

Sebi To Seek Police Report Before Deciding On Action Against Brokers

Jayashree P. Upadhyay & Ankit Doshi – Livemint

Technology

CFTC Hearing Explores Role of Regulators in Blockchain Future

Stan Higgins – CoinDesk

 

Speech By Christopher Woolard, FCA Director Of Strategy & Competition, Delivered At The FCA’s Event On UK FinTech: Regulating For Innovation 22 Feb.

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UK FCA In No Rush To Regulate Blockchain Technology

Reuters

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).

Products

HKEx Adds New Renminbi Futures (subscription)

Financial Times

Offshore renminbi exchange contracts extended beyond the dollar.

 

CME To Add Grain Quality Data For CBOT Wheat, Oats Deliveries

Reuters

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 Pledges Derivatives Push (subscription)

FOW

JPX plans a major sales push behind its derivatives products.

PLY: Good.

 

ISE Mercury Completes Second Successful Product Rollout

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ISE Mercury Completes New Options Product Rollout

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.

 

Calastone Launches Data Services – A Unique Global Fund Distribution Solution

MondoVisione

PLY: Interesting business Calastone, this is a useful additional service.

Indexes

NSE’s 5 New Broad-Market Nifty Indices To Be Launched On April 1

Financial Express

Study Analyzes Performance of CBOE S&P 500 (SPX) Options-Selling Indexes

CBOE

Career Paths

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.

CalPERS Launches Search For New CEO

MondoVisione

Financial Calendar

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.

Other stories

Securities Commission Malaysia: Global Body Of Capital Market Regulators To Set Up Asia-Pacific Hub In Kuala Lumpur

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