Lots of results cranking up from today on…
DB1 crawls over the redefined line for acceptances just before it would had had to change the deadline again to make sure shareholders supported the deal. I am indebted to a parishioner who notes the not very coded message in the new ISIN for the nominated holdco of DB1: SIN GB00BYMYCZ62 (emphasis added for clarity). The “Booby prize” is the award “usually given in recognition of a terrible performance or last-place finish” (Wikipedia). It seems apt the DB1 brandmeisters missed this obvious faux pas – wooden spoons all round it seems. That leaves 196 days until DB1 hits turbulence in the anti trust zone.
Meanwhile in Bigworld, the ructions of Brexit seem to be slightly calming, with European Commission officials allegedly reckoning it’s no longer “Code Red”, more Code “vague tiff with the Kardashians” having been downgraded from “full on Taylor Swift breakup aftermath” since the referendum result was announced.
vs H1 2015: net profit Euro 3.2m (USD 3.52m), down 41%, turnover Euro 14.9m (USD 16.4m), down 19.4%.
PLY: Helex is a great business held back by an awful economy constrained by a failing customs union. Alas. Tricky bit is investment timing as the Greek economy could go falling knife again anytime soon, especially as the Italian bank contagion looks to be really gaining momentum.
Will Hadfield & John Detrixhe – Bloomberg
As of 5pm German time on Tuesday, 60.35% of shares had been counted as tendered.
QV Premium: DB1-LSE Merger Brief.
PLY: Crawling over the line after what ought to have been a frenzied panic, given multiple rule changes to make the mandate fit the goal, as opposed to the more normal aim of making the vote pass the threshold you yourself first set, the DB1 deal splutters on towards its showdown with regulators.
Samuel Agini – Financial News
Yolanda Redrup – AFR
Early stage startups hoping to go public on the ASX have been granted a reprieve from the tougher listing rules to be implemented later this year, with the exchange delaying the start date of the changes to December 19.
The changes, which could see young companies with a market value of under $20 million and less than $5 million in net tangible assets blocked from the ASX, had originally been slated to come into effect on September 1.
But the ASX has been inundated with feedback following a consultation period that ended in late June, forcing it to delay their introduction.
PLY: Hopefully the feedback notes just how anti-capitalist the ASX blob now is and suggests it try operating a service business to help the Australian economy grow.
PLY: Encouraging news for Athens. Now US investors can go bottom fishing so much more efficiently, albeit with the ‘falling knife’ proviso aforethought.
Ahmed al Omran & Margherita Stancati – Wall Street Journal
Rules to allow international investors to own larger stakes in listed companies could take place this year.
Gulf News Journal
PLY: Also good.
NCDEX has revised value at risk (VaR)-based initial margins for select commodities. VaR-based initial margins are part of the exchange’s risk management framework.
The exchange has also decided to have margin period of risk (MPOR) of two days as a measure of underlying liquidity. This means the exchange will cover margins required for two days and that will be based on liquidity.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX and FTIL flat to small up. Jignesh Shah still in jail until at least July 30th.
Dilip Kumar Jha – Business Standard
This, after the Bombay High Court today rejected interim relief to FTIL.
The Bombay High Court on Tuesday refused to intervene in the attachment process of FTIL’s assets including its bank accounts and FTIL Tower, the company’s headquarters. The court asked the company to file a separate petition seeking permission to use its bank account for meeting day-to-day operations. As of now, that is not permitted which has put employees’ salaries at risk.
Dilip Kumar Jha – Business Standard
Amid fears of delay in salary disbursement, employees of FTIL presented a memorandum to the officials of the Economic Offences Wing of Mumbai police on Tuesday seeking continuation of salary disbursement by the company.
Varun Chirumamilla – Bloomberg Quint
QV Premium: NSEL Scandal Brief – Part 16.
Euronext signed a partnership agreement with Tredzone, a technology solution provider specialised in developing software tools for handling complex data with high volumes and guaranteed latency.
PLY: Interesting deal which strikes me as a potential bargain for Euronext gaining a 34% stake for 1.36 million Euros – a very low valuation even for an early stage vendor methinks. CEO and CoFounder of Tredzone is Nicolas Levy, who was once a senior figure at GL Trade and much else besides.
Xie Yu – SCMP
CSRC warned mainland Chinese investors to stay away from new internet platforms and mobile apps geared towards overseas equity trading, citing operating risks in the unauthorised platforms.
Agentic formed in 2015 and is a membership-driven consortium with over 35 companies involved. London second European office after Paris.
BNP Paribas Investment Partners appointed Jean-Charles ‘JC’ Sambor as Deputy Head of Emerging Market Fixed Income. He is based in London and reports to L. Bryan Carter, Head of Emerging Market Fixed Income.
Ghana SE (GSE) has appointed Kweku Bedu-Addo as Chairman, taking over from Dr Sam Mensah whose term ended at the AGM held on July 14, 2016.
PLY: Plaudits to Sam Mensah as he stands down. Sam remains an indefatigable champion for Ghanaian investment.
27.07 – Nasdaq Q2 2016 Results
27.07 – SGX Full-Year Results FY2016
28.07 – BGC Partners Q2 2016 Results
28.07 – CME Q2 2016 Results
28.07 – Euronext Q2 2016 Results
28.07 – ITG Q2 2016 Results
28.07 – Thomson Reuters Q2 2016 Results
29.07 – CBOE Q2 2016 Results
29.07 – WSE H1 2016 Report
03.08 – ICE Q2 Results
All forthcoming exchange / investment related events are now listed in our Events page.
CFTC announced an award of approximately $50,000 to a whistleblower who voluntarily provided key original information that led to a successful CFTC enforcement action.
PLY: Strikes me as rather prescriptive but at least the regulators are trying to move in the right direction.