January 05 2016

elb2

Today’s Exchange Invest marks the countdown from the end of the year thrusting headlong into 2016. Yesterday was had the previous week: catch the review here. Tomorrow’s issue will bring us up to date with all this week’s events so far.

Premium Price Rise: If you are already subscribed to EI Premium, the $120 rate stays good for you for 3 more years. Those who aren’t beware: the rate goes up to $300 from January 14th (just about when I expect to be really getting into my stride with some hyperpith…). Group rates available with bulk discounts. Big firm? $25000 for as many users as you want under one domain. N.B. I have my eye on a couple of errant subs who just cannot resist buying a single subscription and illegally sharing the information with dozens of others. Sorry chaps, that is theft: Any such infractions during 2016 will be met with a standard $100,000 copyright breach and full publicity just so we can be clear who isn’t up to scratch on CSR. I hope it doesn’t come to that, naturally but please treat this as a final warning. Meanwhile, don’t miss the chance to subscribe for the last time at $120 for a year – email me and we can sort out invoicing etc.

Anyway,  over New Year, the FT caught up with my pre-Christmas ‘could be a good year for deals’ musings & SEBI added insult to injury with silly prescriptive rules for listing exchanges. Regulating IEX has become a fascinating morality tale of incumbents who think they can maintain the status quo through minutiae while missing the investment sans culottes of Main Street making menacing moves towards those on Wall Street who need to see more of life than lower Manhattan’s financial district. Will the house of Saud survive long enough to IPO Tadawul? With Chinese P2P lending quadrupling in 2015, will the government crackdown to push flow back to the banks? Oh and there’s more, lots of it, including the green light for the Zagreb SE buying Ljubljana from Vienna, happy scrolling:

Public Markets

Exchange Dealmaking To Focus On New Markets (subscription)

Philip Stafford – Financial Times

Investors are anticipating a new round of deal making among some of the world’s biggest stock exchanges in 2016 as they look to boost their revenue streams by accessing new markets and products.

PLY: FT catches up with my own theme albeit without much substance in terms of what the deals may be – we’ll start running through a few likely targets in EI Premium soon.

 

LME Plans To Investigate Large Warehouse Rent Rises

Pratima Desai – Reuters

LME said it would investigate planned large rises in warehouse rents for 2016-2017 to see if it should cap charges.

 

Market Integration Brings New Hope

Bangkok Post

Asean’s 10 members are eyeing the economic benefits of the long-awaited regional cooperation. QV Premium: ASEAN Exchanges Project Brief.

Private Markets

ZSE Gets Approval For Takeover Of LJSE (subscription)

STA

Zagreb SE (ZSE) has been given regulatory approval from the Slovenian national securities market watchdog to complete the acquisition of its Ljubljana SE (LJSE). QV Premium: CEESEG Stakes Sales Brief.

PLY: I wish Ivana Gazic and her Zagreb team every success making this integration work.

 

Saudi Arabia’s Stock Exchange Plans IPO in 2018 (subscription)

Ahmed Al Omran – Wall Street Journal

Saudi SE (Tadawul) Is Targeting 2018 As The Year For Its IPO

MondoVisione

Tadawul, Saudi Arabia’s stock exchange, which opened to foreign investors last year, is planning an IPO in 2018, making it the second exchange in the region to sell its shares after the Dubai Financial Market (DFM).

PLY: The biggest risk for Saudi SE is surely how the House of Saud can survive given its deep dependence on oil pricing. It is tricky to see the status quo surviving but then again I recall vividly that the market in Saudi survival was priced in mere weeks after September 11th, 2001 and the rulers have remained in situ… Tadawul represents an interesting market with considerable opportunity.

 

IFCI Divests 0.17% More In National SE For $4.5m

Deal Street Asia

QV Premium: India – NSE Sales Brief.

 

Sebi Spells Out Compliance Norms For Investors Of Listed Exchanges

Anirudh Laskar – Livemint

 

Upstart Stock Exchange IEX Fuels Frustrations About Financial Industry (subscription)

Omar El Akkad – The Globe and Mail

The most heated debate under way on Wall Street is focused on IEX, a new private stock exchange that, in the span of just a couple of years, has gone from obscurity to widespread recognition.

 

Sebi To Seek Reports On I-T Raids From NCDEX, Traders

Business Standard

 

The Final Days Of The Bitcoin Foundation?

Olga Kharif – Bloomberg

With support dwindling, funds almost depleted, and ex-board members under criminal investigation, bitcoin’s pioneering advocacy group is a symbol for the digital currency’s growing pains.

PLY: A sad end but the Foundation which at first seemed to be at the epicentre of cryptocurrency ended up itself a single cog in a distributed ledger of interests.

Special Section: FTI, NSEL, India at the Crossroads

NSEL Scam: Mumbai Top Cop Says Probe Actively On

The Economic Times

The culprits of NSEL scam will definitely be brought to book as the probe is being “actively” pursued, Police Commissioner Ahmed Javed said.

QV Premium: NSEL Scandal Brief – Part 16.

Products

CME Changes Spread Fees On FX, E-mini & E-micro FX Products

Avi Mizrahi – Finance Magnates

 

NSE CEO Wants To Channel Global Savings To ETF Market

Nikkei

Every question shot at National SE MD & CEO Chitra Ramkrishna leads invariably to one reply — ETFs — a financial instrument that she reckons has the power to draw individual, risk-averse savers to the capital markets.

 

Indonesia To Start Trading Bond Futures In Q1 2016, Tighten Rules On Foreign Venture Capital

The Straits Times

Indonesia SE will launch trading in futures contracts for sovereign rupiah-denominated bond.

 

BSE Launches Portal For Registrars, Share Transfer Agents To File Disclosure

Livemint

Financial Calendar

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

Crowdfunding

China’s Online P2P Lending Almost Quadrupled In 2015

Xinhua

Other stories

FIA Releases SEF Tracker Report For November

MondoVisione

 

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