July 20 2016

elb2ICE launches new CDS platform as ESMA advises on funds passport progress with 12 non-EU nations…

Public Markets

IBKR Q2 2016 Results

IBKR

vs Q2 2015: net revenues $369 million, down 4.6%, income before income taxes $213 million (down 11%).

PLY: Somewhat disappointing?

 

LME Extends Ring Trading At Emergency Venue Until Friday

Reuters

LME has extended open outcry trading to its disaster recovery site in Chelmsford, east of London, until Friday after structural problems forced the shutdown of its offices (reported here).

 

Dombrovskis: EU Unlikely To Move Soon To Strip London Of Clearinghouse Business

Harvard Zhang – MarketWatch

PLY: Highlights mention of Atlantic Council speech also discussed yesterday albeit the EU retains a healthy King Canute-esque belief in their control freakery which is broadly lacking in commonsense, or fact.

 

Financial Watchdog Calls For Access To EU Single Market (subscription)

Caroline Binham & Martin Arnold – Financial Times

FCA head Andrew Bailey confirms no ‘great bonfire of regulations’ post-Brexit.

 

IEX Makes Money, But Lack of Rebates Could Slow Growth

Annie Massa – Bloomberg

IEX has been profitable for 13 months as a dark pool. Investors Exchange preparing to begin trading in August.

 

Joint Statement On Improvements In U.S.-EU Regulatory Cooperation

MondoVisione

Private Markets

China Relaxes Rules For Foreign Investors In Free Trade Zones

Reuters

 

IDX To Relax Cross-Trade Rules To Support Tax Amnesty

Anton Hermansyah – Jakarta Post

Indonesia SE (IDX) will give special incentives for tax amnesty participants to cross trade on the stock market using repatriated assets, a move aimed at changing the ownership of shares.

Dividend News

IBKR declared a quarterly cash dividend of $0.10, payable on September 14, 2016, record date September 1, 2016.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 2%, FTIL down 6.5% on weight of issues now facing Jignesh Shah and his enterprise over NSEL.

FTIL & Jignesh Shah Investigations Have Been Numerous

Moneycontrol

The Enforcement Directorate (ED) had put the founder of FTIL behind bars, and the Mumbai police’s economic offences wing (EOW) has now gone ahead and attached all immovable assets of the company in connection with the scam.

FTIL Assets Worth Rs2,000 Crore (USD 298M) Attached A Week After Jignesh Shah Arrest

Jayshree P. Upadhyay – Livemint

The assets seized include the Mumbai headquarters of FTIL.

PLY: Absolutely fair it strikes me. Stop destroying the corporate code and just make those who can be proven culpable pay for their actions – after all how may years is it now since Jignesh said the payments would all be made?

FTIL To Seek Legal Remedies After EOW Attaches Assets

Firstpost

QV Premium: NSEL Scandal Brief – Part 16.

Technology

SZSE Amps Up Trading Technology Systems

Bloomberg

Shenzhen SE (SZSE)  now has an order-matching engine with a response time of 1.1 milliseconds, one-hundredth of the previous system, while order processing capacity was tripled to 300,000 trades a second as well as a new data center equipped with 5,000 server cabinets for co-location.

PLY: Nonetheless as  Corvil CTO Raymond Russell notes, “both Nasdaq and Bats have venues with response times below 100 microseconds, around ten times faster than Shenzhen.”

 

ASX Chooses Metamako

MondoVisione

ASX will be using Metamako’s MetaMux for real-time monitoring of its new trading platform and for timestamping and time synchronisation of its internal network traffic.

 

Certeco & Scila Partner In Move On Trading Surveillance Market

MondoVisione

Products

ICAP Routes €212 Billion Notional Equity Baskets Into Bats Europe’s ETR Service Since The Launch Of Their Cleared Basket Solution

ICAP

ICAP and Bats Europe (Bats) announce today that following a successful launch of ICAP’s cleared equity basket solution in April 2015, over €212 billion of notional trades have been routed through the Bats Exchange Trade Reporting (ETR) service for clearing during the financial year ended 30 June 2016.

 

ICE to Let Investors Bypass Banks in Credit-Swaps Trading

Sridhar Natarajan & Matthew Leising – Bloomberg

ICE last week debuted a new way to buy and sell contracts tied to the borrowings of individual companies, mimicking how stocks and futures are traded. ICE is able to cut out the dealers that created the swaps market by allowing investment firms to transact with each other on the platform with a clearinghouse sitting in the middle of every trade.

 

Liquidnet Unlocks Hidden Corporate Bond Liquidity With Powerful New Trading Tool

MondoVisione

 

Thomson Reuters Adds Futures & Options Execution Application For Commodities Traders In Eikon

MondoVisione

Indexes

Taiwan SE & JPX Expand Cooperation With Listing Of TAIEX Index Futures On The Osaka Exchange

MondoVisione

 

NSE To Launch Two L&I Products At HKEX

Business Standard

NSE said that two Nifty50 based leveraged and inverse (L&I) products will be launched at HKEX.

Career Paths

Bloomberg reports that PIMCO named Emmanuel “Manny” Roman as its next CEO, replacing Douglas Hodge, who presided over a tumultuous time that included the departure of Bill Gross and a plunge in assets at the firm. Roman has been CEO of Man Group, the world’s largest publicly-traded hedge fund manager, since February 2013.

PYMNTS reports that Lending Club has named Patrick Dunne, a veteran of BlackRock, as its new chief capital officer.

Vela Trading Technologies, a global leader in high performance trading and market data technology, announced the appointment of new hires in the team led by Rob Lane, Global Head of Sales & Marketing: Wendy Chan has joined as Global Head of Marketing (she held roles at SunGard, XcitekSolutionsPlus, Interactive Data, and Merrill Lynch), Rupesh Patel (ex-QuantHouse, part of S&P Global Market Intelligence) and Neil Wheatley (worked at  Exegy) join Vela’s sales team in London and Chicago respectively, Michael A. Goettsch as Senior Pre-Sales Engineer (worked at  Exegy) reporting to Dave Carson, Global Head of Pre Sales Engineering, Lauren Trapanotto as an account manager reporting to Keith Cacciola, Global Head of Account Management,  and Kirsty Marsh (worked at SIX Financial Information) in Global Sales Operations.

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

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

Other stories

Exiger Acquires The Poseidon Group – Expands Exiger’s Asia Pacific Due Diligence & Business Intelligence Capabilities

MondoVisione

Exiger, the global regulatory and financial crime, risk and compliance firm,  announced the acquisition of The Poseidon Group, the HK and Singapore-based due diligence and business intelligence firm.

 

ESMA Advises On Extension Of Funds Passport To 12 Non-EU Countries

MondoVisione

PLY: Given these nations, put this in perspective against the passport debate with Britain…

 

ESMA Publishes Updated AIFMD Q&A

MondoVisione

ESMA Publishes Updated UCITS Q&A

MondoVisione

 

Opening Remarks Before The SEC Advisory Committee On Small & Emerging Companies – Chairman Mary Jo White

MondoVisione

 

Bursa Malaysia Seeks Public Feedback On Proposals To Enhance Collective Investment Scheme Framework

MondoVisione

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