July 07 2015

elb2A farewell to the floor at CME Group while Greece’s stock market remains closed awaiting a miracle, or, more likely, a juicy fee from recalibrating all the defaulted debt. NYSE leads in IPO proceeds as GXG announces closure of their SME platform. China seeking means to slow the stock collapse while GMEX IRS futures are set for EUREX launch.

 

Various interesting product notes today amongst a broad portfolio of market announcements, happy scrolling:

Public Markets

Greek Stock Market Suspended For Two More Days Amid Bank Closure

Namitha Jagadeesh & John Detrixhe – Bloomberg

NYSE Remains Global Leader In Capital Raising In H1 2015; Leader in Tech IPOs, REITs & ETP Listings

ICE

NYSE raised $94 billion in total proceeds from 264 transactions globally with $12 billion in total proceeds from U.S. IPOs, including technology listings with $2.6 billion raised from 10 tech IPOs, representing 66% of all capital raised from U.S. tech IPOs.

CME Closes Futures Pits Without Extended U.S. Review

Reuters

New York, Chicago Traders Forced To Quit Pits Move Next Door

Naureen Malik, Joe Deaux & Lydia Mulvany – Bloomberg

CME ended open-outcry trading in most of its futures markets as planned on Monday as CFTC chose not to extend a review of the closures.

China-Listed Firms Rush To File Trading Halts As Markets Slump

Reuters

Over 700 firms listed in Shanghai and Shenzhen – equivalent to around a quarter of the firms on the two exchanges – have issued requests to suspend trading or extend trading halts since a June 12 peak.

China Brokerages Shift Around $20 Billion To Stabilization Fund

Reuters

Chinese brokerages which pledged to set up a fund worth at least 120 billion yuan ($19.3 billion) to stabilize the stock market had already shifted money into accounts to be used in the scheme on Monday morning.

Half-Year Statement Of The Liquidity Contract Between Euronext NV & Exane BNP Paribas

Euronext

Private Markets

GXG Markets A/S – Closure Of The Marketplace Effective 18 August 2015

GXG Markets

GXG Markets A/S announces its decision to voluntarily relinquish its Danish Market Operator licenses.

The Danish Supervisory Authority has accepted the surrender of the licenses. As a result, GXG Markets’ operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.

PLY: A real pity that GXG could not make a go of their market. Given that encouraging SME funding structures are a core part of CMU, the demise of this platform ought to serve as a clear message that the political-regulatory nexus still need to do a lot more to bridge the gap between exchanges proper and crowdfunding.

China Futures Exchange Unveils Moves To Curb Excessive Trading

Reuters

China Financial Futures Exchange will limit daily trading (1200 contract daily limit per position)  in the Chinese small cap company CSI 500 index futures, and also strengthen supervision over the use of index futures in hedging to calm the volatile market.

Trading In The Dark – Plato Partnership

Jeremy Kahn – Bloomberg

Previous discussions re. Plato here, here and here.

PLY: Perhaps the most interesting part of this profile is how the 500lb gorillas of the equity block trade business, ITG and Liquidnet are not mentioned at al…

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX and FTIL both up circa 1% as legal discussions rumble on…

HC Questions Govt’s Charge Of NSEL As Deposit Taking Company

Dilip Kumar Jha – Business Standard

The high court on Monday asked the government counsel in the NSEL controversy the basis of the charge that it was a deposit taker given that the money deposited by buyers of commodities on its platform had been immediately transferred to the account of sellers, with NSEL’s interest being a transaction charge of 0.001%.

NSEL Seeks Legal Options Against FMC

Business Standard

NSEL is planning to legal action against the commodities derivatives markets regulator FMC for its alleged biased role in the payment crisis at NSEL.

QV our Premium NSEL Scandal Brief – Part 16.

Technology

Bats Suffers A 30-Minute Trading Outage on EDGX

Sam Mamudi – Bloomberg

Technical difficulties forced Bats to halt trading on EDGX for more than 30 minutes on Monday morning, from 9:41 a.m. til 10:20 a.m., NY time, because of “an issue related to platform modifications rolled out today.”

The Blockchain Could Make Existing Securities Industry Players Redundant, Says BNP Paribas Analyst

Giulio Prisco – Bitcoin Magazine

Products

GMEX IRS Futures Launch For Trading In August At Eurex

MondoVisione

CBOE Futures Exchange To List VIX ‘Weeklys’ Futures July 23

PRNewswire

Euronext Extends Fee Holiday On Dairy Futures

The Economic Times

Extended to Sept. 30 from an initial period that ran to June 30.

Sebi Has Power To Regulate GDRs, Says Supreme Court

Shreeja Sen – Livemint

Indexes

KRX To Launch New Stock Index Next Week

Yonhap

KRX will launch a new industrial index of 30 blue-chip firms next week in a bid to better reflect the country’s economic growth. KTOP 30 index is benchmarked from the U.S.-based DJIA, with 30 major companies,  is due to start publication July 13.

TWSE Launches Corporate Governance 100 Index

China Post

Career Paths

LCH.Clearnet appointed John Vinci as Head of its Repo Clearing Business, North America. John will join LCH.Clearnet on 13 July and will be responsible for establishing LCH.Clearnet’s RepoClear service in the US. John will report jointly in to David Weisbrod, CEO, LCH.Clearnet LLC and Bruce Kellaway, Global Head of Fixed Income, LCH.Clearnet Group.

Tel Aviv SE appointed Mr. Igal Bareket as CMO.

Reuters reports that the Japanese government appointed Nobuchika Mori as commissioner of the Financial Services Agency.

Financial Calendar

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

Share Notes

Øyvind Skar, SVP Information Services Oslo Børs VPS Holding ASA, has 6 July 2015 bought 4000 shares in Oslo Børs VPS Holding ASA at the price of NOK 89.50 per share. After the transaction, Skar holds 5,163 shares in the company.

PLY: Again plaudits to Oslo Bors whose staff are the most active acquirers of exchange stock in their global peer group.

Other stories

Traders’ Hormones ‘Increase Financial Risk-Taking’

Karthick Arvinth – IB Times

A snapshot of Australian Investors: The Australian Share Ownership Study

ASX

 

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