In the parish, the ICDA CyberRisk conference in London, July 20th is an interesting upcoming event, secure a place at GBP 295 with the Exchange Invest code YOUNG295.
Meanwhile, you can now access my Brexit files in Premium through this contents directory: Brexit – Main File.
The Exchange Invest team wishes all our American readers a very happy Independence Day Monday.
Eyk Henning – Wall Street Journal
Michael Bow- Evening Standard
Angela Cullen & Nicholas Comfort – Bloomberg
Shareholders controlling well over 75% of LSE shares are said to be in favor of deal.
…“They will need to be creative when it comes to the issue of the location of the holding company,” said Carola von Schmettow, Chairman of the Exchange Council of Eurex (and Germany head of HSBC Holdings), which is advising DB1 on the LSE takeover. “It would be worse to put the whole merger on ice.”
PLY: The most intelligently creative approach would be to ignore the Sisyphean approach currently being proposed.
QV Premium: DB1-LSE Merger Brief.
Nasdaq entered into an agreement to acquire International Securities Exchange (ISE) on March 9, 2016.
QV Premium: Exchange Deals Brief – M&As.
PLY: I know many analysts are neutral to negative on this acquisition but I think the ISE acquisition can add value to NASDAQ. Also this is a fitting moment to pay tribute to Gary Katz, who intends to stand down. I wish Gary every happiness in the future. It has always been a pleasure to interact with him on every occasion and I thank him for proving me wrong with the original installation of OM technology proving so scalable at the original launch of ISE. The peerless ISE team all deserve plaudits for their excellent execution in line with the original ISE vision of Gary and David Krell.
Tim Cave & Nick Kostov – Wall Street Journal
Bats Europe is ‘highly likely’ to establish a eurozone entity as a result of the Brexit vote.
Dave Michaels – Wall Street Journal
Thomas Farley again denounces IEX strategy, but IEX says incumbent exchanges pioneered practices.
Matthew Wisner – FOX Business
NYSE President Tom Farley weighed in on the market impact of Brexit and the impact of volatility on the IPO market and investors.
Max Colchester, Sam Schechner & William Wilkes – Wall Street Journal
Paris, Frankfurt and Dublin are looking to lure financial firms away from the British capital.
PLY: A big hype zone this week. My understanding from a quick wander around various London dealing rooms this week has suggested that it’s always somebody just over the other side of the room who is moving to Paris/Amsterdam/Dublin/Frankfurt/wherever but never the person you are speaking to.
Bats refinanced the outstanding $656 million of term loans and $100 million revolving credit facility with $650 million of new seven-year term loans and a new $100 million three-year revolving credit facility.
Cash return of 0.22 euros ($0.2431) per share involves decreasing the nominal value of shares.
Helen McArdle – Herald Scotland
Scotex will be based in Edinburgh but trading will be done via an electronic exchange. The venture is understood to be the brainchild of a team of former Nasdaq traders and it will be set up in collaboration with Scots investors.
PLY: Not clear who is behind this but I wish it every success.
Jayshree P. Upadhyay, Ankit Doshi & Ami Shah – Livemint
BSE cleared the final hurdle for going public after securing shareholders’ approval for an IPO via an offer for sale (OFS).
BSE’s oldest shareholders are reluctant to pare their holding and participate in the offer for sale.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX flat, FTIL up 2%.
Mike Fox – LeapRate
Finance Magnates reports that Dalian Commodity Exchange (DCE) appointed Wang Fenghai as the exchange’s new CEO, and named Xu Qiang as EVP. Mr. Fenghai – who previously served as vice general manager at DCE – was appointed by the party committee of the CSRC to his new role and replaces Feng Bo.
Jamaica Observer reports that MD of Barita Investments, Ian McNaughton, was named Chairman of Jamaica SE (JSE), while CEO of Mayberry Investments, Gary Peart, was elected as his Deputy.
FOW reports that China Europe International Exchange (CEINEX) (jv by DB1 & Shanghai SE) hired this year 20 staff in Frankfurt in preparation for the launch of the offshore renminbi market’s first derivatives product later this year.
GBST, provider of software for administration and transaction processing, appointed of David Simpson to the position of head of EMEA.
New! – 27.07 – Nasdaq Q2 2016 Results – press release
New! – 27.07 – SGX Full-Year Results For Financial Year 2016 (FY2016) – press release
New! – 28.07 – BGC Partners Q2 2016 Results
All forthcoming exchange / investment related events are now listed in our Events page.
ICE CEO, Jeffrey C Sprecher, sold 24,606 shares of ICE on June 29 2016, at $251.95 (bargain $6.2 million).
John Gittelsohn – Bloomberg
Janus Capital Group Inc. has taken a minority stake in LongTail Alpha (founded by ex-Pimco Vineer Bhansali), a firm that focuses on investing in volatile market moves. Terms weren’t disclosed.