No Pokemon spotted in or around this newsletter so far…
Crowdcube eyes secondary market, MarketInvoice raises $9.5 from Polish PE fund, Japanese day trader catnip index futures launched and there’s more, happy scrolling:
vs Q2 2015: net revenues 1.8 bln, up 17%, net income $452 million, up 28%.
Details of the transaction were not disclosed, and completion of the transaction is subject to legal and regulatory approvals and certain closing conditions. Sunrise Brokers generated consolidated revenues of approximately $90 million in the financial year ending December 31, 2015.
QV Premium: Exchange Deals Brief – M&As.
PLY: Interesting acquisition of a longstanding broker pioneer in OTC markets.
Andy Home – Reuters
LME finds itself operating in “business continuity” mode with open-outcry ring trading migrating east of London to the disaster recovery site in Chelmsford because of “a structural issue” within the Exchange’s new home in Finsbury Square. The building remains out of bounds until at least Wednesday, July 20 as “the landlord, building manager, structural engineer and other relevant parties (work) to establish the extent of the issue, its implications and resolution.”
PLY: Good to see LME making the switch to its backup effortlessly as a result of structural problems not of their doing.
James Burton – Daily Mail
Martin Abbott is leading the breakaway bid. ‘We’ve come to the point where there is no point sitting around,’ he said.
PLY: The LSE ought to bear in mind that if it actually does get sold to DB1, then wrapped into an Am’dam HQ which very obviously does an anschluss repo to Frankfurt and then ends up a Germanic pastiche of London (sort of Deutsche-Austin Powers-style)…London’s flow will fragment as every current actor and many more carve up what will become a London Stock Exchange but not the London Stock Exchange. Thus the metals shift is surely just, er, sabre rattling from, ironically the CEO which HKEx enriched with their original purchase.
Andrea Tan – Bloomberg
As mentioned yesterday, SGX will house regulatory functions in a unit with its own board, following calls to separate the role.
SFC sent about 70 questions that aim to ensure the required procedures for trading, order facilitation and monitoring in dark pools are being followed.
Securities regulators in Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan announced the approval of recognition orders for three derivatives trade repositories: CME, DTCC Data Repository (U.S.) and ICE Trade Vault. Securities regulators in Newfoundland and Labrador, Nunavut, Northwest Territories, Prince Edward Island and Yukon expect to approve comparable recognition orders for some or all of these trade repositories before trade reporting requirements begin in their jurisdictions.
Jayshree P. Upadhyay – Livemint
Sid Kalla- CoinDesk
CME’s executive director and digitization lead has called the increasing number of planned bitcoin ETFs a sign that the market for blockchain-based digital assets is maturing.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX and FTIL flat to small off as the courts seem to be regaining their mojo for arrests – keep it up…
Jayshree P. Upadhyay – Livemint
The court has directed the ED to file its reply on Jignesh Shah’s plea on July 26.
PLY: We have seen a fairly endless cycle of shark jumping where it has frequently looked as if the culpable might be punished and reparations undertaken. No point being too optimistic this time but a Jignesh in jail is always a hopeful sign that at last something might be done…
JPX has gone live with their new next-generation NASDAQ derivatives trading system for the JPX subsidiary, Osaka Exchange. This is a milestone in the relationship between Nasdaq and JPX, who have been working together since 2011.
Re. market disruption on Thursday, 14 July 2016.
This Saturday 23 July 2016 the public test of the MOEX migration to the new backup data center DataSpace1, including the disaster recovery test, will be held.
Enoch Yiu – SCMP
HKEX has been trying to move into the currency market, a wise move in light of the internationalisation of renminbi – but a challenging one all the same.
Max Bowie – Waters Technology
Whether dealing with utility startups or commercial offerings, should you throw your weight behind making something a “standard,” or back alternatives in the spirit of healthy competition?
KBW & Nasdaq announced the launch of the KBW Nasdaq Financial Technology Index, a preeminent index designed to precisely track the performance of those companies that leverage technology to deliver financial products and services.
PLY: Interesting index and very tradeable I am sure. However this isn’t the cool zeitgeist of the cutting edge and not in any way a bleeding edge guide. However the term “companies that leverage technology to deliver financial products and services” is an accurate assessment.
Leo Lewis & Lucy Colback – Financial Times
From Tuesday investors will be able to buy a Mothers futures contract for the first time.
PLY: From the Bugle’s own story: “the Tokyo Stock Exchange Mothers, a volatile, scandal-hit and wildly unbalanced 224-member index which features a developer of robotic exoskeletons, a motorised bed-maker and an importer of rare Amazonian berries.”
In short this is day trader catnip.
Jim Iorio has joined ICAP’s EBS BrokerTec as Global Head of Sales and will sit on EBS BrokerTec’s Executive Management Committee. He will report to Gil Mandelzis, CEO of EBS BrokerTec.
TMX appointed Jay Rajarathinam as Chief Information Officer, effective immediately. He reports to Jean Desgagné, President & CEO, Global Enterprise Services.
PLY: Interesting and high profile hire by Jean Desgagne, a rare instance of an ICE manager (he was originally in NYSE Euronext) leaving for another company.
HK’s SFC welcomes the re-appointment by the Financial Secretary of Ms Teresa Ko and Dr William Wong as NEDs for a term of two years with effect from 1 August 2016.
Ms Ko and Dr Wong were first appointed as NEDs of the SFC on 1 August 2012 and 1 August 2014, respectively.
Reuters reports that JSE confirmed the resignation of Dr Leila Fourie as an executive director of board. JSE has no current plans to appoint an executive director in place of Dr Fourie.
Markets Media reports that IEX hired Elaine Wah to oversee the venue’s in-house market surveillance effort. Wah is a recent Ph.D. graduate in Computer Science & Engineering from the University of Michigan.
Michael F. Hutt, Adjunct Professor, Electrical and Computer Engineering at the New York Institute of Technology, joins Speakerbus.
FINRA Board of Governors elected John J. “Jack” Brennan, Vanguard Group Chairman Emeritus & Senior Advisor, as FINRA Chairman effective Aug. 15, 2016.
19.07 – IBKR Q2 2016 Results
19.07 – SEC – Advisory Committee On Small & Emerging Companies
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
All forthcoming exchange / investment related events are now listed in our Events page.
The funding was led by Polish private equity group MCI Capital which has also invested in Azimo, an online money transfer startup. Other investors included existing backer Northzone.
PLY: Very interesting, MCI is itself a fascinating story of how Polish entrepreneurs flourished before the government descended into demagogic control freakery. MarketInvoice is a top class business which clearly links the real economy with financial markets which has now raised $29.75 million in 4 rounds.
William Turvill – CITY A.M.
Crowdcube plans to create an environment in which shareholders of private UK companies can sell their stakes, if demand exists.
PLY: Crowdcube is also considering allowing exits from its own shareholder base as its putative fundraising has vast sums pledged already.
PLY: A new TransAtlantic dialogue is on and it promises more than its sometimes shambolic predecessor. Interesting, constructive and conciliatory remarks from Dombrovskis whose career as a national politician cobbling together coalitions stands him in better stead to deal with Brexit than the frankly rather unhinged obsessives in various Presidential roles. Excerpt from a useful constructive text:
“What will my approach be? Above all, continuity. Lord Hill has done excellent work over the past two years to deepen the capital markets, to strengthen Europe’s Banking Union and to review existing regulation to check and make sure that it is as growth friendly as possible. He has built momentum and support across the piece. This is work we will build on. And where we can, we will quicken the pace of work.
Following the UK’s decision to leave the EU, ensuring financial stability is our first priority. We need to work towards an outcome that gives European industry and our international partners as much clarity as possible. It’s in our collective interest to maintain an environment that is friendly to investment and growth.
We want the UK to remain a close partner.”
PLY: A useful move to try to help shore up the somewhat dysfunctional state blob of Illinois. Under Jim Oliff’s Chairmanship the CME Foundation is doing good work for the future generation which is a heartening note to end today’s Exchange Invest Daily.