June 10 2013

elb2A brief emergence from the post event formalities of Young Markets to look at today’s investor news. It isn’t all about Jeff Sprecher although the first section does have a feel… As always, it’s worth making it to the end especially for the WSJ’s tale of exchange tactics for securing new listings…

Public Markets

ICE Ready to Cede NYSE Market Share To End Rebates


PLY: Jeff Sprecher holds no truck with the amalgamated committee men who have held sway over many bourses for far too long. Interestingly of course Sprecher is often seen by other exchanges as allied with the sell side although this welcome move is likely to upset them more than anybody else.

ICE CEO Eyes Potential Euronext Partnerships (subscription)

Wall Street Journal

“There are a lot of other actors in Europe interested in some kind of collaboration with Euronext and there are opportunities for some kind of federation to form up,” said Jeff Sprecher.

PLY: …LIke a federation of private equity buyers and French banks who will take the whole thing off balance sheet from ICE Group entirely…

ICE has agreement to buy Perimeter office building

Atlanta Business Chronicle (blog)

IntercontinentalExchange Inc. has found an office building on the Atlanta Perimeter for its HQ, a 14-story 5660 New Northside Drive office.

CBOE Will Keep Policing Its Own Markets


CBOE whose regulatory programs have been subject to a federal probe, is not giving up the job of policing its own markets, nor is it leaning toward splitting off its regulatory unit.

NASDAQ OMX Closes EUR 600,000,000 Senior Notes Offering

NDAQ today announced that it closed a public offering of €600,000,000 aggregate principal amount of Euro-denominated 3.875% senior notes due 2021 (the “Notes”).

Hellenic Exchanges S.A. Shareholder Notification

Franklin Templeton Institutional LLC has increased its shareholding to 5.03% from 4.87% in HELEX.

PLY: Despite the dire state of the Greek economy, I repeat: I like HELEX, it has considerable investment potential…

Private Markets

MCX-SX’s Debt Segment Live

Economic Times

MCX-SX offers retail and institutional market for the debt segment in line with regulator (Sebi) guidelines from 9 am to 5 pm.

Court throws out Bloomberg challenge to swap margin requirements (subscription)

Financial Times

Bangladeshi, UAE Firms Plan To Float Commodity Exchange

Economic Times

A Bangladeshi firm has joined with a UAE-based company to float the country’s first ever formal commodity exchange trading facility.

The consortium of investors – Bangladesh’s Deshbandhu Group and UAE’s Pride Group – would launch the Bangla Mercantile Commodity Exchange or BMEx.

Ghana – SME Market Will Happen in 2013


Ghana Stock Exchange (GSE) MD, Kofi Yamoah, has said he is certain that the alternative stock market for SMEs will be launched this year since all the modalities for the commencement are in place.

Tradition Launches New Volatility Futures Platform

Tradition, one of the world’s largest IDBs in OTC commodity and financial products, has today announced the launch of Volatis, a new hybrid platform designed to facilitate the negotiation, and subsequent trading of, realised volatility futures with a variance pay-off listed and cleared on CME Group exchanges.

Volatis has been designed to facilitate improved liquidity and access to the volatility market, along with greater pre- and post-trade transparency. Hybrid (voice and electronic) negotiation via the platform enables trading across multiple asset classes, allowing correlation spreads between realised and implied volatility.

PLY: This is a fascinating development: in a brave new post OTC world there are opportunities for a multiplicity of value additive spin-offs for markets and investors and here Tradition demonstrate a desire to survive and thrive while adding value to CME which is not necessarily destined to pick up vast business automatically as Dodd-EMIR-Frank is enacted.


Nasdaq enhancing network monitoring tools

Chicago Daily Herald

NQLX are deploying Corvil Ltd.’s CorvilNet monitoring system to let exchange officials analyze activity at the network, application and trading levels, helping to spot anomalies through the full cycle of a trade.


NYSE Euronext Appoints Jim Tehupuring As Head Of Retail Europe

Jim will be responsible for the retail strategy and offering of services towards retail investors in France, Belgium, Netherlands and Portugal, reporting to Lee Hodgkinson, Head of Sales & Client Coverage EMEA and APAC.

Pierre Bornard Re-Appointed Powernext Chairman

Powernext’s Management Board has appointed Pierre Bornard as Chairman for a fifth consecutive term


Crowdfunding Is The Wake-Up Call The Banks Need


Recent figures indicate that bank lending for small businesses is at a particularly low ebb…

Other stories

All is Fair in Exchanges’ War (subscription)

Wall Street Journal- India

When the two biggest U.S. stock exchanges battle for stock listings, they go at each other glitch for glitch.
David Callisch witnessed the barbs when his company was deciding on its initial public offering last year.

“Both exchanges threw everything and their mother at us to get our business,” says Mr. Callisch, vice president for corporate marketing at Ruckus Wireless Inc., a wireless-equipment maker based in Sunnyvale, Calif. “Each of the exchanges had examples of companies on the other exchange having trading problems.”

PLY: All is fair in love, war, and clearly listings battles. Nobody has found a horses’ head in their beds yet but it may not be far off…

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