July 28 2016

elb2PLY: The latest hyperactive knicker-twisting trope of the mainstream media was yesterday’s ‘disaster’ of the Michel “most dangerous man in Europe” Barnier appointment as Chief Negotiator to the European luncher-in-chief, er President, Jean-Claude Juncker. As you can see in my latest Premium analysis: Brexit: Michel Barnier – Negotiator for Whom? I suspect the realpolitik is not the same as the headline grabbing nonsense of the dead tree tendencies. ($300 per user / year separates you from the MSM ignorance in the parish. Email for details & corporate discounts).

Record revenues at NASDAQ, think what DB1 could do if they concentrated on their business instead of doing misguided deals(?) while Euronext once again excels – best results yet since they were liberated from the NYSE shackles. Well done all round. Asian results much more average, alas.

Meanwhile in Bigworld, allegations that Donald Trump is protectionist have taken a battering with his explicit encouragement of US-Russian IT trade links during his latest press conference.

Public Markets

DB1 Q2 2016 Results

DB1

vs Q2 2015: consolidated net revenue Euro 600.7m (USD 666m), up 10%, adjusted net profit Euro 218.5m (USD 242m), up 21%.

PLY: Could have been brilliant if they were not stuck in the Merger of Equal Desperation. Antitrust juggernaut ought to be in focus circa 195 days.

 

Nasdaq Q2 2016 Results  

Nasdaq

vs Q2 2015:  net revenues $559 million, up 8%, net income $70m, down 47%.

PLY: Best revenues yet at NASDAQ.

 

Euronext Q2 2016 Results

Euronext

vs Q2 2015: revenue Euro 132.3m (USD 147m), up 1.7%, net profit Euro 49.3m (USD 55m), up 72%.

PLY: Best quarter yet as the euronext resurgence continues… they had a conference call kerfuffle this AM and after a couple of doses of screech on the line, I got on with EI instead, will check the highlights reel when I have time. However that must not cloud the results – very good progress once again.

 

JPX Q1 FY 2016

JPX

vs Q1 FY2015: operating revenue 26.7B (USD 255m), down 3.9%, net income JPY 9.5B (USD 91m), down 11%.

 

SGX Full-Year Results FY2016

SGX

vs 2015: net profit of $349.0 million (USD 256m), unchanged, revenue $818.1 million (USD 601m), up 5%.

 

KCG To Acquire Neonet

KCG

KCG Holdings entered into a definitive agreement to acquire Neonet Securities AB, an independent agency broker and execution specialist based in Stockholm, Sweden from its shareholders, Hay Tor Capital, KAS BANK and Cidron Delfi Intressenter Holding. Financial terms were not disclosed.

QV Premium: Exchange Deals Brief – M&As.

PLY: NeoNet had gone through multiple cycles of struggle without arriving conclusively in conspicuous success nor the demise some had often talked about. This deal makes sense – KCG scales up its client focus post pure HFT play with alacrity and gets some good staff and contacts while NeoNet gets the balance sheet it arguably long required.

 

Comment From John Colley, Professor Of Practice, Warwick Business School: LSE & DB1 Merger – The True Cost Of The Deal

MondoVisione

PLY: Prof Colley continues to emphasise my own views. An earlier version of this announcement incidentally spelt the new British PM’s name as Teresa May. Read the next sentence before you Google: don’t search this spelling at your work terminal, even the title of the pop video this Teresa May starred in rather challenges workplace decency.

QV Premium: DB1-LSE Merger Brief.

 

India – Govt Raises Foreign Shareholding Cap In Stock Exchanges To 15%

Elizabeth Roche, Jayshree P. Upadhyay & Asit Ranjan Mishra – Livemint

The cabinet also moves to cut red tape around PSU defence firms forming joint ventures with private ones.

PLY: Encouraging confirmation and likely to excite more interest in the upcoming IPOs of NSE and BSE.

 

Nasdaq Gauges Market Appetite for Speed Bumps After IEX Approval

Annie Massa – Bloomberg

CEO Robert Greifeld said that the company is asking clients what features or changes they would like to see, while it awaits IEX Group’s arrival as a more serious competitor.

 

IEX Builds Regulatory Framework

John D’Antona – Markets Media

Weeks away from matching its first trades as an exchange, IEX continues to build out its infrastructure.

 

ESMA Updates Its EMIR Q&A

MondoVisione

ESMA has issued an update of its Q&A on practical questions regarding EMIR.

 

HKEX’s Closing Auction Met With Caution

Nikkei

Investors remain guarded about the HKEX’s closing auction reintroduced Monday, despite changes designed to prevent the wild price swings that led to the mechanism’s shutdown over seven years ago.

Dividend News

Nasdaq BoD declared a regular quarterly dividend of $0.32, payable on September 30, 2016, record date September 16, 2016.

 

SGX BoD proposed a FY2016 final dividend of 13.0 cents, bringing total dividend for the year to 28.0 cents, unchanged from a year earlier.

 

HKEX: Forfeiture Of Unclaimed Interim Dividend For 2010

MondoVisione

Pursuant to the Articles of Association of HKEX, the unclaimed interim dividend for 2010 will be forfeited and will revert to HKEX on 8 September 2016.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 2%, FTIL up 1%. Jignesh Shah still in detention.

FTIL: Will Accept Punishment If Proven To Conspired With NSEL

Moneycontrol

“If tomorrow it is proven in the court of law that NSEL is at fault and FTIL was aware of this and FTIL has conspired with NSEL to do this fault, the courts of India will properly give us adequate punishment.” (FTIL’s CEO & MD, Prashant Desai)

Technology

TASE Centralises Functions With ERP

Brian McKenna – Computer Weekly

Tel Aviv SE (TASE) has installed first ever ERP system. CIO Eldad Hershtig explains his strategic choices and implementation path.

 

Technical Update To ESMA Registers Portal 28 July 2016

MondoVisione

Products

SGX: New Nikkei 225 Structured Warrants Listed For Trading

MondoVisione

 

NCDEX Closes Chana Futures

Rajesh Bhayani – Business Standard

Following advice from Sebi, NCDEX has closed all chana futures contracts with immediate effect.

 

Coinbase Enables Bitcoin Buying in Australia

CCN

Indexes

New ‘Smart Beta’ Indices For Pension Funds Debut In Taiwan

MondoVisione

Taiwan Index Plus Corporation (TIP), a wholly-owned subsidiary of the Taiwan SE (TWSE), launched two new ‘smart beta’ indices – the ‘TIP TAIEX+ Dividend Appreciation 100 Index’ (DVA 100 Index) and the ‘TIP TAIEX+ Dividend Appreciation 150 Index’ (DVA 150 Index).

Career Paths

José Viñals, the Financial Counsellor & Director of the Monetary & Capital Markets Department at the IMF, has notified IMF MD Christine Lagarde of his intention to return to Europe for family reasons after more than seven years at the Fund. He will take up the position as Chairman of the Board of Standard Chartered Bank later this fall.

 

President of the EC, Jean-Claude Juncker, appointed Michel Barnier, former VP of the EC and former French Minister, as Chief Negotiator in charge of leading the Commission Taskforce for the Preparation and Conduct of the Negotiations with the UK.

PLY: Again see EI Premium: Brexit: Michel Barnier – Negotiator for Whom? To contrast with media hysteria.

 

FlexTrade Systems appointed Shane Remolina as Director of Sell-Side OMS Technologies for North America.

Financial Calendar

28.07 – BGC Partners Q2 2016 Results

28.07 – CME 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.

Share Notes

JPX: Decision On Matters Regarding Acquisition Of Own Shares

MondoVisione

Other stories

FCA Internal Audit Report Published

MondoVisione

 

Monetary Authority Of Singapore Issues New Guidelines On Outsourcing Risk Management; Introduces Guidance On Cloud Services

MondoVisione

 

CFTC Proposes to Amend the Conditions for Exemption from Registration for Certain Foreign Persons

CFTC

 

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