July 14 2015


The Greek solution looks like a lot of duct tape leveraging, as I commented in a column yesterday. In the exchange parish, TMX shake-up looks to be well underway as Kevin Cowan departs and clearly Lou Eccleston is reshaping his team. Good article on equity CCP by Diana Chan and also a must read is the Boschan/Riess piece on risk assessment (at the end of today’s bulletin). FMC show strength in stopping NSEL brokers on other markets.

Public Markets

TMX Equities Head Cowan Exits Exchange

Eric Lam – Bloomberg

Kevan Cowan has left his job as head of equities at TMX, marking the fourth key executive to depart Canada’s largest stock exchange in the past 18 months.

Tom Kloet, the previous CEO, announced his retirement in March 2014, and was replaced by Eccleston in November (appointment reported here). The departure of Brenda Hoffman, group head of information technology, was announced in June 2015. A replacement for Hoffman, who will leave TMX effective July 31, has not been announced. Sharon Pel announced her retirement in August as group head of legal. Cheryl Graden was named her replacement in March.

Brokers Urge Action On Flood Of Shanghai & Shenzhen Share-Trading Suspensions (subscription)

Enoch Yiu – SCMP

Hong Kong brokers have urged mainland regulators and stock exchanges to stop hundreds of mainland firms suspending their shares from trading in order to avoid precipitous price falls.

PLY: China has unfortunately not had a great fortnight. The stock market crash was bad enough but the rift between economic reality and realpolitik is so vast, the People’s Republic is almost making the EU look credibly capitalist. Between 35-50% of all A-share stocks have been suspended in recent days as stocks seek to avoid economic gravity. NB Note that despite recent plunges the Shanghai Composite is still up the better part of 100% year on year…

Europe’s Changing Clearing Landscape – EuroCCP

Automated Trader

PLY: Good article by Diana Chan, well worth reading…looking back it is hard to believe the industry broadly laughed out loud when I suggested equity CCP in “Capital Market Revolution!”

Thomson Reuters SEF Completes Certification Testing With LCH.Clearnet’s ForexClear


Thomson Reuters SEF has completed certification testing for FX non-deliverable forwards (NDF) clearing by LCH.Clearnet’s ForexClear service.

ESMA Updates List Of Authorised CCP & Public Register – Eurex Clearing AG Extends Services


ESMA has published an update of its list of CCPs which are authorised under EMIR and its Public Register for the Clearing Obligation.

MOEX Acknowledged As Best In IR


PLY: Exchange Invest generally ignores publisher awards as they are just largest cheque sender acknowledgements in many circumstances. However given so much focus is on IR, I am pleased for MOEX to see their efforts acknowledged. On the global stage, there are two standout IRs according to our investor clients. Leading the pack by the sort of margins Porsche enjoyed at Le Mans during the early 1980’s is Kelly Loeffler at ICE. The other truly excellent IR with a consistently positive rating is Ed Ditmire at NASDAQ.

Release Of Joint Staff Report On October 15, 2014


Staff from the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, SEC, and CFTC issued a joint report analyzing the significant volatility in the U.S. Treasury market on October 15, 2014. Using non-public data from the U.S. Treasury cash and futures markets, the joint report provides detailed analysis of the market conditions and record trading volumes that day, including an unusually rapid round trip in prices and deterioration in liquidity during a narrow window.

Here’s What We Learned From The Official Report On The ‘Flash Crash’ In U.S. Treasuries

Tracy Alloway – Bloomberg

PLY: Too much to answer in one pithy line but the old philosophical question “what is beauty?” remains akin to “what is liquidity?” aka Nobody can quite define it but they certainly know it when they see it.

Bursa Malaysia Announces Enhancements To The ACE Market Listing Requirements


Private Markets

BATS Drops Out Of Plato Platform Race

John Bakie – The Trade

BATS Chi-X Europe has pulled out of industry-developed dark pool project Plato Partnership to pursue its internal initiatives.

Previous discussions re. Plato here, here, here and here.

BATS Plans Block-Trading Service To Prepare For Dark-Pool Rules

John Detrixhe – Bloomberg

Bats Chi-X Europe will unveil a block-trading initiative within months as markets prepare for EU rules that will restrict dark-pool trading.

PLY: Another competitor emerges to the space which used to be almost exclusively the terrain of Liquidnet and ITG for years – it will be fascinating to see how BATS fares in their European venture, especially given the excellent volumes being reported by LSE’s Turquoise under Robert Barnes’ expert stewardship.

Myanmar Delays Launching Stock Exchange

Global Post

Myanmar has delayed launching of the country’s first ever stock exchange to mid November or early December this year, due to the country’s upcoming general election set for Nov. 8.

Read our Premium ASEAN Exchanges Project Brief.

Bitcoin Exchange CCEDK Launches Bitcoin Debit Card

Nikhil Gupta – newsbtc

Danish bitcoin exchange CCEDK has launched its much awaited bitcoin debit card NanoCard in association with cryptocurrency and mining trading platform Bit-x, software developers Cryptonomex and smart contracts platform BitShares.

NanoCard brings instant bitcoin-to-fiat spending to users, thus reducing their volatility risk.

New Paper From The SWIFT Institute Examines The Instability Of Large Bitcoin Mining Pools – SWIFT Institute Research Shows That Smaller Bitcoin Mining Pools May Lead To A More Stable Ecosystem For The Digital Currency


PLY: Steam-powered analogue monolith throws stones at the future because it is a victim of its own success. In other news, Kafka Repo trading at new highs…

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 1%, FTIL flat as FMC makes sound progress – banning NSEL brokers:

FMC To Bar Brokers Named In NSEL Scam From Bourses

Suresh P Iyengar – The Hindu Business Line

PLY: A good move – pour encourager les autres. Well done FMC for demonstrating some spine and tactical nous in endeavouring to resolve what has festered far too long.


MCX Launched Futures Contract ‘Gold Global’

Sutanuka Ghosal – The Economic Times

Thomson Reuters Appointed By Hong Kong Treasury Markets Association As Calculating Agent For RMB Bond Indicative Quotes – TMA RMB Bond Indicative Quotes Launch Today


TMA RMB Bond Indicative Quotes have launched.


KBW & Nasdaq Launch Global Bank Index

Automated Trader

KBW Nasdaq Global Bank Index is the first index designed to track the performance of global systematically important banks, marking the first joint index launched since the companies announced their partnership in April.

Career Paths

TMX announced that Kevan Cowan, President TSX Markets and Group Head of Equities, has left the organization to pursue other opportunities.

Kx Systems, a leader in high-performance database and time-series analytics, appointed Mark Sykes as Global Market Strategist.

Financial Calendar

July 15

Record date GPW 2014 PLN 2.40 dividend

Interactive Brokers Q2 Financial Results

CFTC Division of Market Oversight (Division) public roundtable to discuss the Commodity Exchange Act’s trade execution requirement and the process of making MAT determinations.

SEC Advisory Committee on Small and Emerging Companies – public meeting by telephone conference

July 16


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

Analyst Notes

Barclays Reiterated Their “Overweight” Rating On LSE

A full table of current analysis can be found on our Analyst Ratings page which is updated daily.

All Analysts, Banks and Brokers are welcome to contribute to this section.


Ablrate The World’s First Aviation P2P Lending Platform Launches Ground-Breaking Secondary Market – Ablrate’s Secondary Market To Tap Into The Projected $40 Billion Online Lending Industry


PLY: Very interesting.

Other stories

Hellenic Capital Market Commission Announcement: Short Selling Extension


Investor Protection Does Not Always Benefit Investors – Rainer Riess, Director General, FESE & Dr Christoph Boschan, Member Of The Management Board, Boerse Stuttgart AG


PLY: Brilliant article and a must read by two sound thinkers in our space. They echo comments from crowdfunding’s GodFather David Weild at the FESE Convention…it is essential the industry gets its head around this vital concept as we are in deep danger of seeing our pensioners impoverished because their long-term plans were so safe they could not generate long-term returns. This is perhaps the most fundamental issue with global regulation in today’s ludicrously paternalistic interventionist society – particularly the simply misguided  mentality of many within the European Union where of course the ability to judge risk is measured as a political construct before being assessed on an accurate, economic, basis. On and FTT is the dumbest of dumb regressive ideas contrary to fundamental principles of financial liberty too. Well done Rainer and Christoph.

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