June 12 2013

elb2 It feels like a mini-ANZAC day with several Australian stories in one go while it’s hopefully an autumn go for CME Europe and some interesting points to ponder on ASX”s capital raising, plus career paths and an update on perhaps the world’s biggest clearing house upgrade.

Happy reading:

Public Markets

CME Set For September Launch Of European Derivatives (subscription)

Financial Times

Operationally ready by end June to begin testing, CME Europe wants to go live September 9th, tentatively…

ASX Pitch In Its Best Interests

Sydney Morning Herald

PLY: An interesting review. Clearly clearing & settlement needs to be properly capitalised. However, the article notes the clearing subsidiaries “don’t make enough money in their own right to justify the investment.” Interesting given that clearing is such a cash cow in other exchanges – is ASX struggling to make the 50% profit margins of CME and others? As the article states the “futures clearing house’s return on expanded equity will fall from about 15 per cent to 8 per cent.”

Equally, the sad decline of the ASX from ‘innovative world leader to trying to keep up with the pack national monopolist’ is writ large with the view that ultimately, we seem to have managers who believe their job is not so much to make money, rather to deliver a mega-merger across borders.

The egos of merger seekers will do more damage to this industry than add value…

SEC Puts Exchanges In Sights Charging Regulatory Lapses At CBOE

Bloomberg

First SEC collected $5 million from NYSE Euronext (NYX) then NASDAQ paid up for the Facebook farago and finally CBOE must pay $6 million. That’s just since the SEC started fining exchanges last September.

Just yesterday I mused on how regulators might pay for their expanding services in the current government straitened times…

Indonesia Asks CME Group To Help Expand Commodity Market Trade

Futures Magazine

Indonesia, the world’s largest producer of tin and palm oil and the third-biggest coffee grower, is seeking the help of futures-exchange owner CME Group Inc. to expand domestic trading of commodities via ICDX in Jakarta

Private Markets

European Energy Exchange Approves New Carbon-Market Subsidiary

Businessweek

European Energy Exchange AG will set up a carbon exchange.

Technology

Bovespa To Test Core Trade Clearing System (subscription)

Financial Times

BM&F Bovespa are unifying their 4 clearing facilities with Cinnober technology in a fascinating project which Cinnober CEO Veronica Augustsson discussed at Young Markets last week.

Clearly BM&F need the rationalisation to maintain their momentum and moreover their dominance in a nation where multiple competitors are circling the monopoly…

CNSX Markets Deploys Point Of Presence In Equinix TR1 Data Center

MarketWatch

CNSX Markets has deployed a point of presence (PoP) in Equinix’s TR1 International Business Exchange data center in Toronto, Canada.

Products

ASX To Introduce VIX Futures

Financial Standard

ASE plans to launch a VIX futures contract, perhaps as early as July.

Career Paths

Changes to Board of Directors of London Stock Exchange Group plc

Stephen O’Connor and Stuart Lewis will join Non-Executive Directors with immediate effect.
Janet Cohen, Sergio Ermotti and Gay Huey Evans will step down following the July 18th AGM.

HKEx Hires Asia Commodities VP To Grow Chinese Business (subscription)

American Metal Market

Bonnie Liu, who until recently was the head of China commodities research at Macquarie Group Ltd. is based in Hong Kong and will be in charge of London Metal Exchange marketing and business development for mainland China.

SGX Appoints Nico Torchetti As Head Of Post-Trade Services

Finextra

SGX will appoint Nico Torchetti as the new Head of Post Trade Services effective 1 August 2013, leading the building of the SGX CCP across multiple currencies and asset classes etc.

Ramkhelawan New Trinidad And Tobago SE Chairman

Trinidad & Tobago Express

Independent senator and managing director of Bourse Securities Subhas Ramkhelawan is the new chairman of the Trinidad and Tobago Stock Exchange (TTSE) following several years as Deputy Chairman..

Financial Calendar

Betfair Group will announce its results for the year to the end of April on 27 June.

Crowdfunding

Australia Ponders Easier Share Options, Crowdfunding

Register

Australia’s tech sector will probably miss out on one of its longest-standing Christmas wishes. While communications minister Senator Stephen Conroy has announced a review of the treatment of employee share schemes the current prognosis for the Labour government suggests their potential decimation in forthcoming elections.

PLY: The cloudiness of crowdfunding in many jurisdictions is now being undermined by the fact that the market is just doing it anyway unless or until regulators engage and help provide sensible frameworks…

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