July 11 2016

elb2In Bigworld Brexit is brilliant for Britain in sport. Tour de France domination to date and brilliant home victories in the British Grand Prix and even at Wimbledon…

In the parish, more tinkering with the DB1-LSE Merger of Equal Desperation appears to be afoot as Pakistan looks to gain an outside shareholder, GIFT gets a BSE exchange who themselves celebrate with postage stamps while Neptune Networks move forward once more. Have a great week, here’s today’s Exchange Invest Daily:

Public Markets

DB1 Shareholders Are Expected To Approve LSE Merger

Mark Sands – CITY A.M.

DB1 Considers Lowering Tender Threshold to Save LSE Merger (subscription)

Eyk Henning – Wall Street Journal

DB1 is concerned that the tender offer that has been launched for its shares as part of the deal could fail to secure more than 75% of its stock by the Tuesday deadline. So, DB1 is considering lowering the minimum threshold to about 60%. DB1 didn’t disclose what the new, lower threshold could be in its statement.

PLY: One of these stories is presumably correct. Need I add how disappointed I am that having set themselves thresholds, it appears the DB1 organisation is now goalpost moving. That really is a sad sight to see, even for this, the Merger of Equal Desperation.

DB1 May Try To Move HQ Post-Merger (subscription)

Luke Jeffs – FOW

QV Premium: DB1-LSE Merger Brief.

PLY: European mergers in particular are often subject to significant rewrites after the event, the only caveat may be that some hope exchanges would uphold their position as being self-regulating entities which lead by example.


Clearing Houses Should Not Be A Bargaining Tool In Brexit Talks (subscription)

John Dizard – Financial Times

Relocating euro-denominated clearing from London is costly, legally complex and technically risky.

PLY: It is not clear the good Mr D really gets the gist of what he is talking about here. Or to put it another way, the FT remains in denial about the question which was answered firmly on June 23rd, so now they are asking questions from the wrong perspective to showcase their broad swathe of sheer ignorance.


LSE’s globeSettle Remains A Project Without A Launch Date

Paul Walsh – Global Custodian

LSE’s CSD is still without a launch date despite being granted the necessary regulatory approvals. LSE first confirmed plans to introduce globeSettle – a Luxembourg based CSD – in July 2013.

PLY: And will never happen if there is a merger but at least the LSE are not so foolish as to close the project and then be left without their CSD play.


Shenzhen-Hong Kong Stock Link May See Q4 Launch

Duan Ting – China Post

…as the southbound quota for the Shanghai-Hong Kong Stock Connect is running out, an expert forecasts.

QV Premium: HKEx – SZSE Stock Connect.


Deliveries To LME Warehouses Could Lend Support To Shanghai-London Arbitrage (subscription)

Metal Bulletin

Although the copper import market in Shanghai remained quiet this week, new deliveries to London Metal Exchange Asian warehouses could pressure LME prices and help to improve the Shanghai-London arbitrage.


Warsaw SE Amends The ATS Rules As Of 3 July


PLY: Upgrading for MAR.

Private Markets

One Local, Three Foreign Investors Interested In PSX

Kazim Alam – Tribune

One Pakistani and three foreign investors have expressed their interest in acquiring a stake of up to 40% in the Pakistan SE (PSX), including Shanghai SE (SSE) and a consortium of three financial institutions, which includes “one of the leading stock exchanges of Europe”, has also shown interest in purchasing a strategic stake in the PSX. A private equity fund of international repute is also in the race.

PLY: I would have thought BIST is somewhere in this mix as they were mentioned previously to be interested and it would follow their general approach of an Ottoman Empire-esque approach…


BSE To Start International Stock Exchange In GIFT City

Business Standard

The BSE plans to start an international stock exchange in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

PLY: Very good news for GIFT City.

QV Premium: India – GIFT Exchanges Brief.


Arun Jaitley: Formation of BSE Was A Step Towards Industrialization

Indian Express

PLY: Postage stamps unveiled in India for celebrate the 140th anniversary of BSE – can somebody send me a set, please for the archives? Not many stock exchanges get the full stamp treatment!


Cabinet Takes Measures To Boost Amman SE

Jordan Times

The Council of Ministers agreed to take a set of measures to reinvigorate the Amman SE (ASE) to attract investors and stimulate the economy, including restructuring the agency to become a government-owned company.  


Neptune Sponsors Incorporate Neptune Networks To Run The Open Standard Utility With A Board Comprising Of Both Banks & Asset Managers


Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX and FTIL flat to small up.


BSE Plans Trading In Commodity Derivative Segment

The Hindu

BSE plans to launch commodity derivative segment which will allow trading in metals and has approached market regulator Sebi for approval.


Government To Support NSE Introduce Carbon Credits Trading

Standard Media

Nairobi Securities Exchange’s (NSE) plan to introduce carbon credits trading has received a boost after the Government pledged to offer expertise and facilitation.

Career Paths

SEC announced that Sean McKessy, Chief of the SEC’s Office of the Whistleblower, is planning to leave the agency later this month.


David Cameron has put forward Sir Julian King, currently UK Ambassador to France, as the UK candidate for the next European Commission.


HKEX: Appointment Of Listing Committee Members


Financial Calendar

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

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


FCA Launches Call For Input On Crowdfunding Rules



FCA To Probe P2P Lending Sector (subscription)

Financial Times

Other stories

BoE Financial Stability Paper 38: Systemic Risk In Derivatives Markets: A Pilot Study Using CDS Data – Robleh Ali, Nick Vause & Filip Zikes



FINRA Update: OTC Transparency Symbology



Statement Regarding The Delay In Proposing To Shorten The Trade Settlement Cycle, SEC Commissioner Michael S. Piwowar, July 8, 2016



CFTC Financial Data For FCM Update




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