Lots of stories to scroll today…
Meanwhile In Bigworld, actor Tom Hiddleston apparently isn’t faking his affection for Taylor Swift but has been under stress from the impact of Brexit. If that doesn’t make you happy to concentrate on Exchange Invest Daily, I don’t know what will…
William Turvill – City A.M.
Andrea Thomas – MarketWatch
Germany’s finance minister, Wolfgang Schäuble, argues the location of its headquarters was “not the most important” question hanging over the deal.
QV Premium: DB1-LSE Merger Brief.
PLY: Given how Mr Schauble has had an uncanny knack of nailing his colours to the losing side of the argument for some time, I am not sure DB1 ought to view this as good news. At the same time, the material deal term change surely cannot have been decided just since Monday’s LSE vote if it has already been relayed to German politicians, can it? Presumably we should keep an eye for LSE stationary changing the motto to “My word is my, oh whatevs…”
Francesco Guarascio – Reuters
The EU should set up a mechanism to wind down troubled clearing houses, Valdis Dombrovskis, said on Wednesday, setting out his priorities after replacing British Commissioner Jonathan Hill as financial services portfolio post Brexit vote.
PLY: I am not sure VD really understands what he is saying (at least based on his national political career in Latvia) BUT this says a lot about the EU’s priorities. Now what else is on the agenda? Oh yes, a group which has a fairly uncertain plan for a too big to fail clearinghouse merger with a theory they can collateralise across borders what others cannot…
Nasdaq welcomed a combined 176 new listings – including 68 IPOs – in H1 2016 to its U.S. & Nordic exchanges, maintaining its position as the leading global exchange venue. This includes DONG Energy – the largest IPO of 2016 YTD across global exchanges – and a record number of 13 company listing transfers from NYSE.
PLY: Impressive NASDAQ H1 numbers from across its multiple exchanges.
Mara Lemos Stein – Wall Street Journal
With the new Europe-wide market abuse regulation now in place, the once lean rule book of some exchanges housing securities of U.S. issuers has grown heavy…
Chuck Mikolajczak – Reuters
In a ruling released on Tuesday approving plans to speed up and smooth early morning trading in times of market stress, the SEC said the NYSE could allow stocks to open for trading on particularly volatile days, even in the absence of clear price disclosure that is normally required before trading opens.
On Monday, July 11th, the Johannesburg SE (JSE) will complete its move to T+3 settlement.
Gregory Meyer – Financial Times
The Nymex floor brought wealth for many without pedigree but electronic trading has blocked the path.
PLY: As parishioners may recall, when the GLOBEX centre was opened to encourage electronic trading, I had the pleasure of lecturing CME traders on methods to make the move to electronic trading. The story here just reviews what was a story in 2000 AD for those with foresight and has become a glossy magazine feature for the FT some 2 decades after it was originally discussed.
Shareholders have been pressing for early listing to derive benefit of a good valuation.
Jayshree P. Upadhyay & Anirudh Laskar – Livemint
Interaction expected to help Sebi form opinion on allegations after NSE explains its case; meeting set for 7 July.
Jake Van Der Kamp – SCMP
Shanghai SE (SSE) has yet to get the balance right between industry and investors’ interests.
Anirudh Laskar – Livemint
Sebi is likely to introduce new norms to ensure that the money of investors in around 3,000-odd firms delisted from defunct stock exchanges is not stuck indefinitely.
Former employees of the now defunct Uttar Pradesh SE are planning to protest against the forced voluntary retirement scheme offered to them when the exchange closed last year, as well as demanding their jobs back.
QV Premium: Indian Exchanges Shutdown – Brief.
Russian banks and financial services firms have come together to form the country’s first financial blockchain consortium, a coalition that will seek to explore and implement blockchain solutions in the banking and financial services industries.
Ex-U.S. Secret Service Special Agent Shawn Bridges, who was part of Baltimore’s Silk Road Task Force and stole $820,000 in bitcoins during the investigation that led to Ross Ulbricht’s conviction, eventually pled guilty to money laundering and obstruction of justice. Bridges, was sentenced to nearly five years, 71 months, in prison.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX up 1%, FTIL leaps up 7%.
Lulu Yilun Chen & Yuji Nakamura -Bloomberg
China is home to 90% of bitcoin trades and 70% of mining.
MOEX’s USD/RUB benchmark has been recommended by the Emerging Markets Traders Association (EMTA) as the major settlement (reference) rate for OTC rouble derivatives (NDFs, NDOs) for its OTC FX members. CME will also use MOEX’s USD/RUB benchmark for its rouble-denominated currency futures.
In early tests, ITG’s smart order router (SOR) returned 35% size improvement over the displayed quantity and $0.0015 per share price improvement if routed to dark and lit venues.
Tim Burke – Financial News
ICMA’s latest report on the secondary market for European high-grade paper says banks and investors are having to rethink business models.
The CBOE S&P 500 Enhanced Growth Indexes measure a hypothetical portfolio of S&P 500 Index (SPX) FLexible EXchange (FLEX) options designed to provide targeted annual returns. CBOE began disseminating daily values for the new benchmarks on June 24, 2016.
WSE appointed Adam Milosz as new Chairman Of Supervisory Board.
PLY: Mr. Milosz was appointed to the board in January 2016 for 3 years as part of the defenestration under the latest in the ongoing government manipulations of nominally privatised businesses. It is not readily apparent that Mr Galt had much experience to justify his board seat let alone sufficient experience to be chairman. However he is an expert at corporate restructuring and insolvency: Draw conclusions from that as you will! Milosz replaces Wojciech Nagel who was summarily dismissed last month.
CME appointed Young-Jin Chang as Global Head of Metals Products, reporting to Derek Sammann, Senior MD, Global Head of Commodities & Options Products. Previously, Chang served as Executive Director, Industrial Metals Products for CME.
FOW reports that LCH has parted ways with one of its most experienced clearing experts, Rory Cunningham, who held various senior positions in his 35 years at the firm.
PLY: I am profoundly sorry to hear that Rory is leaving and wish him every future success in retirement.
Liquidnet appointed Rebecca Healey as Head of Market Structure & Strategy reporting to Mark Pumfrey, Head of Liquidnet Europe. Rebecca joins from TABB Group where she was Principal European Capital Markets Research Analyst & Consultant, and Incisus Partners, an independent research consultancy she founded in 2015.
PLY: Good luck to Rebecca whose US equivalent Adam Sussman was also employed directly from Tabb Group, in 2014.
The UK FCA has re-appointed Sue Lewis Chairman of the Financial Services Consumer Panel for a further two and a half years, from 1 July.
EBRD appointed Pierre Heilbronn as VP, Policy & Partnerships. Reporting to the President, Sir Suma Chakrabarti, Mr. Heilbronn will also be a member of the Bank’s Executive Committee. He will take up his post in November 2016.
20.07 – ICDA Cyber Risk London Conference
20.07 – Record date WSE 2015 PLN 2.36 dividend
21.07 – Adjourned WSE Ordinary General Meeting to resume proceedings
New! 19.07 – IBKR Q2 2016 Results – press release
New! 03.08 – TMX Q2 2016 Results – press release
New! 04.08 – Bats Q2 2016 Results – press release
New! 12.08 – BM&FBOVESPA Q2 2016 Results – press release
All forthcoming exchange / investment related events are now listed in our Events page.
Suzi Ring – Bloomberg
A jury in London earlier this week failed to reach a verdict on Stylianos Contogoulas and Ryan Reich after an 11-week trial. The Serious Fraud Office said in a statement that no new trial date had been set.