July 15 2015

elb2PLY: Welcome to a special series of Exchange Invest bulletins, with the pith being prepared live at Tech Open Air Berlin. Right now I am in a field with remarkable wifi on a straw bale, soaking up the atmosphere and waiting to hear some new Blockchain thinking on the fintech front as well some of my other startup activities…

Today in Exchange Invest Daily, NYT vents the past demonstrating just how tricky it is to drag the antiquated NYSE into the present in the reactionary end of Wall Street. Ramifications in China / Hong Kong, Greece, India and around the world…oh and the Greeks will today pass the latest installment of what is clearly now the longest suicide note in history – albeit in this case an act which if left unchecked will result in an act of fratricide and then genocide to the entire ‘European project.’ Like all such groups, the early stuff was so much better than the flaccid stadium material after they gained the limelight.

Public Markets

Bursa Malaysia’s Net Profit Up 5.6%

The Star

Net profit rose 5.6% to RM 49.48 mln (USD 13 mln) in Q2 ended June 30, 2015 (Q2, FY15). Revenue increased 3.14% to RM 127.01 mln (USD 33.3 mln) due to a rise in trading revenue, listing and issuer revenue and depository services revenue. In H1 FY15, its revenue was up 3.16% to RM 254.11 mln (USD 67 mln) while the net profit rose 4.9% to RM 96.54 mln (USD 25 mln).

TMX Sells Equicom To NATIONAL Public Relations

TMX

TMX sold the business of its investor relations subsidiary The Equicom Group Inc. (Equicom) to NATIONAL Public Relations Inc. Terms were not disclosed.

Read our Premium Exchange Deals Brief.

PLY: The TMX is moving – interesting to watch Lou Eccleston shake up the entity.

Greece: Hellenic Capital Market Commission Announcement: Market Closure Extended Until 15th July 2015

MondoVisione

ICAP Says Greek Uncertainty Lowering Trading Volumes

Reuters

ICAP – Trading Statement

ICAP

ICAP said the uncertainty over a possible Greek default and the euro zone’s future had reduced risk appetite and trading volume.

“Management remains focused on driving future growth of the business through new technology driven products and services which expand ICAP’s addressable market.”

€10 Trillion Investor Group Weighs In On Failing CCPs (subscription)

Financial News

BlackRock, Schroders, Fidelity and others write to Lord Hill to add their voices to the debate on how to wind down a failed clearing house.

NYSE System Failure Draws Attention To Staff Cuts

Nathaniel Popper – NY Times

When NYSE’s systems went down during the trading day last week, few longtime employees who had helped lead the exchange during past technical problems were on hand.

PLY: The New York Times remains a rather dismal defender of times past – an analogue media outlet in a digital age, defending the analogue ex-staff of an organisation finally approaching digital integration coherently. NYT’s ongoing eagerness to criticise those Atlanta out of towners at ICE perfectly demonstrates how out of touch they are with the world of exchanges. Here by dint of an outmoded Rollodex and a parochial distrust of those out of state three dimensional derivatives folks, an ongoing seam of bitterness creeps through. NYSE is having a genuinely ‘extreme makeover’ having been abjectly mismanaged for years, with a vast surfeit of, frankly, mediocre (at best) placemen staffers. Many were paid extreme salaries (not merely the pro-active value destroyers in the C-suite value). It’s a pity that the dead tree press is increasingly so far out of touch with the exchange industry. At the same time, it only makes me more pleased I created Exchange Invest for your daily reading (free of charge too).

Hong Kong Sees Silver Lining In China Market Turmoil (subscription)

Ben Bland – Financial Times

“China is involuntarily sending a signal that it’s not yet ready to open its financial markets and that’s good for Hong Kong,” said the CFO of one leading Hong Kong-listed company.

ICE Benchmark Administration Publishes Feedback Statement For LBMA Gold Price Consultation

ICE

No Exit For Investors As India Dithers On Stock Exchanges’ IPOs

Santanu Chakraborty – Livemint

PLY: The ongoing festering disaster which is the Indian capital market is not going anywhere with IPOs for the venues. it seems as the blob’s innate socialism crushes freedom and future prosperity. It’s a pity the Modi government have thus far proven so weak in this regard.

MOEX To Terminate Trading In Classica Sector

Maria Nikolova – LeapRate

MOEX will close its Classica sector from August 3, 2015. Securities currently trading in the sector include shares in more than 300 companies active in car manufacturing, energy, utilities, metallurgy and even media.

ISDA Publishes EMIR Classification Letter

MondoVisione

ISDA published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under EMIR.

Private Markets

BSE To Launch Multi-Legged Order Entry In Derivatives From August

NDTV

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX and FTIL up 1%.

Technology

NYSE Says Earlier Technical Issue Resolved

Reuters

Several options exchanges including MIAX, NYSE Amex and NYSE Arca, declared “self-help” against CBOE on Tuesday, routing orders away due to what was later called a technical issue.

FT Explainer: The Blockchain & Financial Markets (subscription)

Philip Stafford  – Financial Times

Thomson Reuters Extends Low-Footprint, High-Performance Direct Feed Service To Derivatives Exchanges

GlobeNewswire

Products

Eurex Eyes August For Inflation Swap Clearing (subscription)

Cian Burke – FOW

GMEX Eyes Sterling, Dollar, Yen Launches (subscription)

Luke Jeffs – FOW

Sebi Raises Equity Derivatives Contract Size

Anirudh Laskar – Livemint

To Rs.5 lakh (USD 7.9k) from the current minimum size of Rs.2 lakh (USD 3.2k).

PLY: Unproductive, socialist, regressive, moronic. Welcome to Incredible India where the blob squashes you, unless you actually need their help when it ignores you. A further castration of risk to deliver no benefit other than a sense of smug regression from the blob itself.

China Widens Foreign Access To Bond Market (subscription)

Josh Noble – Financial Times

China has relaxed rules to allow more foreign involvement in its domestic bond market, a step that some analysts believe could help smooth the renminbi’s path towards reserve currency status.

Read our Premium China Capital Markets Transformation Brief – Main File.

Indexes

FTSE Russell Introduces New US Quality Dividend Index

MondoVisione

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

ICAP AGM

New announcement

CFTC’s Energy & Environmental Markets Advisory Committee to Meet on July 29, 2015

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

Crowdfunding

China Crackdown On Margin Lending Hits P2P Lenders (subscription)

Chuin-Wei Yap – Wall Street Journal

At least three Chinese companies providing peer-to-peer lending services said Sunday and Monday that they will exit the business of providing “middleman services” for loans secured with pledged shares as collateral.

Other stories

FESE European Equity Market Report – June 2015 Figures

MondoVisione

The European Equity Market Report is a piece of analysis that allows for an accurate comparison of trading statistics across European trading venues.

Statement Of CFTC Commissioner J. Christopher Giancarlo On The DMO MAT Process Roundtable (Washington, DC)

MondoVisione

SEC Chair Mary Jo White Opening Remarks At The Compliance Outreach Program For Broker-Dealers

MondoVisione

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