July 31 2013

elb2 ICE-NYX on target for fall close, results from Warsaw and Reuters, 5th SEF breaks cover while emerging markets are keen to join the ETF bandwagon. Much to digest once again in today’s Exchange Invest…

Public Markets

NYSE Sees ICE Deal Closing In The Fall (subscription)
Wall Street Journal

PLY: On target for expected closure… Elsewhere I see the ‘phoney war’ on post merger corporate infighting has started with the UK’s Sunday Telegraph running a slightly hysterical piece that LIFFE might be moved to Atlanta and thus insiders are panicking etc. Then again if I had spent the past umpteen years working within the rumbling bureaucracy of the NYX empire, I would doubtless be waking in a cold sweat having seen my P45 flash through my dreams once again.

Warsaw Stock Exchange Q2 2013 Results
gpw.pl

Operating profit of PLN 63.7 million (USD 19.96 mln) in H1 2013, a decrease of 4.9% compared to the operating profit of PLN 67.0 million (USD 21 mln) in H1 2012.

The profit decreased despite an increase in the revenue of the Group by PLN 9.9 million (USD 3.1 mln) and a relatively lower increase in expenses. The reason for the profit decrease was the high positive profit on other operations in H1 2012, when the WSE’s noncontrolling interest in PolPX was restated by +PLN 4.5 million (USD 1.41 mln) and the accounting policy was amended with respect to provisioning against receivables. Reversal of impairment allowance for receivables in H1 2013 amounted to PLN 2.7 (USD 0.84 mln).

The net profit of the WSE Group in H1 2013 was PLN 59.0 million (USD 18.49 mln), compared to PLN 60.2 million (USD 18.87 mln) in H1 2012, a decrease of 2.0%.

PLY: The Polish economy has been slowing of late and there is a modicum of panic in certain quarters that there might be a recession for the first time in over two decades… The stock exchange is bearing up well in the circumstances.

Thomson Reuters Q2 2013 Results

Revenues from ongoing businesses grew 2% (before currency) from the prior-year period to $3.1 billion.

Adjusted EBITDA increased 3% from the prior-year period and the corresponding margin was 27.6% versus 27.2% for the second quarter of 2012. Underlying operating profit was up slightly and the corresponding margin was 18.3% versus 18.4% in the prior-year period.

Second-quarter adjusted earnings per share (EPS) were $0.48, unchanged from the prior-year period.

PLY: Again a tricky background in global markets and clearly Eikon has not yet really made a major breakthrough but for an organisation which has tended to surf from panic to crisis in much of its recent history, there are grounds for optimism here.

LCH Nears $1 Trillion In Cleared FX Trades (subscription)
Financial News

LSE subsidiary LCH.Clearnet, is nearing $1 trillion of cleared foreign exchange trades, as market participants begin clearing currency derivatives ahead of impending swaps regulations and benefit from broadened access to its FX clearing service.

CME Group EPS Estimates Improved In Past Month
Forbes

In the month leading up to CME‘s Q2 earnings announcement slated for Thursday, consensus analyst estimate has gone from 85 cents per share to the current projection of earnings of 90 cents per share.

Tullett Boss Flags Potential Volatility
Telegraph.co.uk

Investors are too “sanguine” about threats that could spark fresh bouts of market turbulence, according to City stalwart Terry Smith, the boss of inter-dealer broker Tullett Prebon.

PLY: Always listen to Terry Smith. You may not always like what you hear but it is invariably well-considered analysis.

Time Ripe For Philippine ETFs

Now is the right time to introduce exchange-traded funds (ETFs) in the local bourse amid a backdrop of stabilizing markets and growing interest in the Philippines as an investment haven.

Dividend News

CBOE declared a quarterly dividend of $0.18 per share, a 20% increase from the prior dividend of $0.15, payable on September 20, 2013, to stockholders of record on August 30, 2013, with an ex-dividend date of August 28, 2013. The annual yield on the dividend is 1.4 percent.

Private Markets

TeraExchange Files SEF Application With CFTC
AutomatedTrader

TeraExchange has filed an application to become a Swap Execution Facility with the Commodity Futures Trading Commission on Friday July 26th, 2013 – the 5th to be made public.

TeraExchange will enable market participants to trade across various financial instruments including Interest Rate Swaps, CDS Indices, CDS Options and Single Name, NDFs and other cleared OTC products.

Securities Market Gears Up For Listing Of More SMEs
The Standard Digital News

The Nairobi SSE is gearing up for a floodgate of Small and Medium-sized Enterprises (SMEs). This is as SMEs seek to raise additional capital or seek more value and liquidity for their shareholders.

The bourse’s GEMS registered its first listing six months after the market segment was launched in January this year.

Technology

Nigerian Bourse Targets Q3 For Nasdaq OMX Trading Platform Rollout
WorldStage

The Nigerian SE will begin migration to new NASDAQ platform Q3.

Nigerian Bourse To Add Online Trade Boost By End Of September
Bloomberg

Meanwhile, the Nigerian SE will also deploy a new trading platform, GenX, that will allow investors trade from their mobile phones and personal computers before the end of September.

Products

Two Gold-Backed ETFs Launched In Shanghai
ecns

China launched two gold-backed Exchange-Traded Funds in Shanghai on Monday, a vital role in the opening-up of the country’s gold market.

Global Board Of Trade Launches Silver Spot CFD Contract

Global Board of Trade (GBOT), the first international multi‐asset bourse from Mauritius has announced that the GBOT SILVER SPOT CFD contract has gone live for trading. This precious metal CFD contract, launched three months after GBOT became the 1st exchange in Africa to have successfully introduced exchange traded CFDs, signifies the exchange’s commitment towards product innovation.

PLY: After a long lead in time, the GBOT is trading with various CFD related products and now adds silver. It will be interesting to see how it ultimately develops…

Indexes

Japan Exchange Group: Outline Of New Jointly Developed Index

Japan Exchange Group, and Tokyo Stock Exchange, (“JPX”) along with Nikkei Inc. (“Nikkei”) announce the basic concept of the new index, which is now jointly developed.

PLY: A very basic glimpse as the JPX looks to create a headline index which also does not detract from the existing, successful Nikkei 225 and Topix respectively.

Analyst Notes

Goldman Sachs downgraded NASDAQ OMX from “Neutral” to “Sell”, price target lowered from $30.00 to $28.00.
Compass Point increased their target price on shares of NASDAQ OMX from $30.00 to $33.00 – “Neutral” rating
GFI was upgraded by Zacks from a “Neutral” rating to an “Outperform” rating – $4.60 target price
Credit Suisse raised their price target on shares of Charles Schwab from $17.00 to $19.00 – “Neutral” rating

A full table of current analysis can be found on our Analyst Ratings page which is updated daily.

All Analysts, Banks and Brokers are welcome to contribute to this section.

Crowdfunding

How To Minimize Risk When Crowdfunding On Kickstarter
Mashable

To date, more than $680 million has been raised on Kickstarter, as crowdfunding becomes an increasingly viable option for startups to raise much-needed funds without the help of VCs, angels or banks.

For a young, bootstrapping startup, crowdfunding is often seen as fast money that will help you build out the product or app you and your team have always dreamed about. Whether or not a project ultimately reaches its funding goals, it’s still relatively quick and easy to post your pitch and see what happens.

However, amid all of the hype and excitement surrounding crowdfunding, some of the less glamorous (but extremely important) aspects of running a business often go overlooked — particularly taxes and liability.

Other Stories

Expansion Of ASX Equity Research Scheme
ASX is expanding the ASX Equity Research Scheme for a further 12 months starting today, with funding doubled to $2 million and with the participation of more research providers (17), covering more companies (approximately 1,314).

In FY13, ASX provided $1 million to fund a successful 12-month trial of the Scheme involving 1,244 companies and 12 research providers.

Chairman Stabenow – U.S.Senate Committee On Agriculture, Nutrition And Forestry- Presses CFTC To Review Alleged Manipulation Of Aluminum Market

Senator Debbie Stabenow (D-MI), Chairman of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, yesterday called on CFTC to clarify the role and responsibility of the agency in addressing recent allegations that owners of U.S. warehouses, are intentionally slow-walking the delivery of purchased aluminum to profit from storage fees.

PLY: Politicians invariably love a good sabre rattle and clearly the UK will be concerned at how it is being placed under duress as the home of the exchange. Nobody has yet mentioned “British Petroleum” in an effort to fan the flames of what could become trans-Atlantic point scoring but hopefully common sense will prevail and a better metals market will be the result.

This site is protected by Comment SPAM Wiper.