June 06 2013

elb2 Greetings from the second day of Young Markets where the discussion on the future of markets remains vigorous and fascinating.

Meanwhile, Euronext has suffered a breakdown just as it is likely to be hived off by new owner ICE…

Public Markets

NYSE Euronext ‘Aggravates’ Traders With Delayed Open

CNBC.com

PLY: Many may argue that this will affect the value of Euronext when it is being sold but that probably only applies to an IPO which still seems the less likely option to eventuate. The likely private equity or other buyers of the whole group are unlikely to materially be upset by some IT problems given the manifest issues already apparent in Euronext.

Poland, Austria Exchange Tie-Up Nearing Solution

CNBC.com

PLY: Big slow things are not the future of anything in the digital world. There is a slow motion train wreck brewing in this most horribly misguided of mergers.

Irish Stock Exchange Pre-Tax Profits Grow A Third From 2012, Up To €6.3 million

Irish Independent

PLY: Excellent numbers against a very challenging economic environment and congratulations to Deirdre Somers and her team.

SEC Approves NYSE Proposal to Temporarily Restore Stock-Volatility Curbs (subscription)

Wall Street Journal

Regulators approved the New York Stock Exchange’s proposal to temporarily restore proprietary stock-volatility curbs after a series of violent drops in high-profile stocks.

Lisbon Bourse Must Cut Commissions For SME Access – Issuers

Reuters

The Lisbon stock exchange should cut the listing commissions it charges small and medium-sized companies by at least a tenth to encourage them to go public in their search for financing, the association representing firms said.

As part of its plan to help drag the Portuguese economy out of its worst recession since the 1970s, the government last month pledged to introduce a package of incentives for smaller firms to tap into capital markets.

HKEx Change In Senior Executive

Hong Kong Exchanges and Clearing Limited (“HKEx”) announces that Mr Martin Abbott (“Mr Abbott”) has tendered his resignation from the HKEx group in order to pursue other opportunities. Mr Abbott is currently the Co-head of Global Markets of HKEx as well as the Chief Executive of The London Metal Exchange (“LME”), an indirect wholly owned subsidiary of HKEx. Mr Abbott will remain in his current positions and will continue to be actively engaged in the business until the end of this year.

PLY: First big change at LME under new owners HKEx…

LME to Start Clearing in 2014 After 25 Years With LCH.Clearnet

Bloomberg

The London Metal Exchange, the world’s largest metals marketplace, will move to its own clearing platform on Sept. 22, 2014, after 25 years with LCH.Clearnet Group Ltd., Europe’s biggest clearinghouse.

The LME and LCH.Clearnet agreed on a plan to make the switch, the two companies said in a joint statement today. The LME is building its own clearinghouse to boost revenue and introduce new products.

Private Markets

SSX The New Stock Exchange For Start-Ups To Open For Trading On 10 June

Siliconrepublic.com

On 10 June the Startup Stock Exchange (SSX) will open for trading aimed at providing a simple and comprehensive process for raising funds. The SSX will operate via the Dutch Caribbean Securities Exchange (DCSX) in Curaçao and will open with at least two IPOs.

The SSX was founded by Ian Haet and Brian Niessen, who both have backgrounds in creating and managing technology companies. The SSX has received private funding from US and European investors, including Greg Kidd, a first round angel investor in both Twitter and Square.

On 10 June the SSX will open at exactly 8am EST and investors will be able to create a trading account.

PLY: Amongst other new model platforms, we were delighted to have a presentation from Ian Haet the CEO and a Co-Founder of SSE this morning at Young Markets. We wish the exchange every success.

New Patent Exchange Sees First Market Action By Philips

International Business Time

Intellectual Property Exchange International saw its first major activity on Wednesday, as Royal Philips Electronics (NYSE:PHG) marketed a portfolio of more than 600 patents to investors.

Philips’ portfolio, which the New York Times reports is worth about $35 million, will offer temporary rights to Philips’ organic light-emitting diode (OLED) technology.

PLY: And coming up in about an hour will be a Young Markets presentation by the IPXI… If you are reading this then clearly you are missing the future of markets today in Poland!

Exchange Operator Direct Edge To Open Chicago Data Center Sept. 3

Chicago Tribune

Direct Edge, the nation’s third-largest exchange operator, is preparing to open disaster recovery facilities in Chicago on Sept. 3, the latest in a long-running, industrywide effort to get backup centers further away from trading centers on the East Coast.

PLY: ISE CEO Gary Katz touched upon the data centre issue yesterday at Young Markets…

Aquis Exchange Takes Equinix Data Center Space

Bloomberg

Aquis Exchange Ltd. leased space in the Equinix Inc. (EQIX) data center as the pan-European trading venue founded by former Chi-X Europe Ltd. Chief Executive Officer Alasdair Haynes prepares to open.

Aquis will locate its main data center at Equinix’s Slough campus, west of London, Equinix said in a statement today. The venue offers access to more than 30 European markets and 80 exchanges and trading systems, according to Equinix.

Technology

Equinix Builds Fifth Data Center in Zurich

Converge Network Digest

The new data center provides customers with immediate connectivity to 90 network service providers, plus SIX Swiss Exchange, the Swiss stock exchange, and Switzerland’s two largest internet exchanges—Equinix Internet Exchange and Swiss IX.

Products

Zambia Joins Africa’s Growing Currency Traders – Launches FX Futures

Forex Magnates

Zambia’s Bond and Derivatives Exchange (BADEX) will officially launch currency futures as the African continent is fast becoming an alternative market as investors in the stagnated US and European markets look to shift their investments elsewhere.

Indexes

New Indices to Launch In July

ecns

The Shanghai Stock Exchange (SSE) and China Securities Index Co (CSI) will launch a series of new equity indices on July 2 designed to serve as benchmarks for investors targeting high-yield stocks with strong dividend growth potential, according to information posted Wednesday on their websites.

Two of the benchmarks, the SSE Dividend Potential Index and the CSI Dividend Potential Index, will be composed of the top 50 shares offering the most sustainable and consistent dividend payouts trading on the SSE and the broader A-share market respectively, the two institutions announced.

Financial Calendar

Today’s Events

CME Group Inc. (CME) Ex-Dividend Date Scheduled for June 06, 2013

NASDAQ

CME Group Inc. ( CME ) will begin trading ex-dividend on June 06, 2013. A cash dividend payment of $0.45 per share is scheduled to be paid on June 25, 2013.

Crowdfunding

Crowd Funding – Risks You Need To Know About (subscription)

Mondaq News Alerts

You may have read in the press about an increasingly popular method of raising funds for start-ups known as ‘crowd funding’. It is particularly popular fundraising technique for those in the IT industry, especially software designers and developers, and is generally conducted via a web-based platform (Pozible, iPledg and Project Powerup are a few Australian examples).

The usual method is for the start-up to post a description of their product, work or idea on the web and to invite ‘supporters’ to donate cash, often in consideration of a promise to deliver some kind of ‘gift’ to the supporter (such as sample products) in due course.

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