June 13 2013

elb2

Many thanks for all the feedback of late, on just about every topic touched upon on these pages or at Young Markets last week.

Meanwhile, intriguing to see NASDAQ shares below their book value during the past week – not an encouraging sign from shareholders given the various expansionary activities of the group.

At least the US is one nation getting the idea that extraterritorial influence on financial regulation risks all manner of issues…

Public Markets

House Passes Bill Exempting Foreign Derivatives Trades From US Regulation

Washington Post

PLY: Despite a backlash from the anti-capitalist wing of the Democratic Party, the US edges away from foolish extraterritorial regulation.

After all it was the G20 who created the core OTC to CCP framework which has become Dodd-EMIR-Frank et al…

I am all for OTC being in CCP (provided the CCPs are strong enough) but the idea that America (or any other nation/trade bloc) has a set of rules which everybody else must adhere to is foolish.

NYSE Euronext Has ETF Plan Approved (subscription)

Financial Times

PLY: Free enterprise ought to permit the incentivisation of market makers although I am not convinced the actual move itself is a sensible one…

ASX Mulling Takeover (subscription)

Business Spectator

PLY: Having opted to inject capital into its clearing arms, now speculation is growing that ASX hope to do a deal. True, it’s about 20 years late in coming and the problem is the world has moved on. Australia offers magnificent living standards but at a cost thanks to the commodity bubble. In exchange terms it has been going backwards for a decade.

Perhaps a deal is well placed to take account of near peak prices in agriculture and mining output to give ASX a high multiple for deals. At the same time, given the scintillating lack of vision (even by the low standards of many exchanges) within ASX management for many years, the question is, can they really appreciate the ways to build shareholder value through merger when their own business plan is predicated purely on monopoly provision and a rigid enforcement of that monopoly?

Hellenic Exchanges – 1st Repetitive General Meeting

A Helex share capital reduction was passed…

Brazil Scraps Tax On Currency Derivatives To Stem Real Drop

Businessweek

Brazil’s government eliminated a tax on currency derivatives in a bid to arrest the decline of the real that is at a four-year low.

PLY: Did the tax work or ultimately did the market begin to feel that maybe the Real was overly valued?

Private Markets

Tehran SE Holds AGM

Tehran SE AGM took place 11th June, with a decision to pay IRR 200 (USD 0,016) dividend per share to the stockholders. TSE’s EPS for the financial year was IRR 545 (USD 0,044). A share capital increase was agreed from IRR 300 billion (USD 24,4 mln) to IRR 450 billion (USD 36,6 mln), which will be funded by the retained earnings and voluntary reserves.

Technology

Eurex Migrates To New Trading Architecture

Finextra

Eurex has been operating since Monday, 10 June, entirely on Deutsche Börse Group’s global trading architecture.

Nasdaq OMX Offers Order Routing To Oslo Bors

Bloomberg

Nasdaq OMX Group Inc. (NDAQ), which operates seven Nordic and Baltic exchanges, offered clients smart order routing technology that allowing access the Oslo bourse.

PLY: Oslo, like Norway remains a wondrous European exception. Outside the EU and yet remarkably still able to function as a democratic economy which clearly confuses those in Brussels.

NASDAQ owns everything in the neighbourhood except Oslo…is this the start of a predator partnership?

At the same time, Oslo has a myriad of opportunities at its fingertips to build a unique market but it needs to think beyond Scandinavian borders…

Singapore’s SGX Proposes Circuit Breakers For Stocks

Reuters

SGX is considering introducing circuit breakers to minimise volatility in the stock market comprising a price band of plus or minus 10 percent of the price of an instrument.

Career paths

Nasdaq Names New US Markets Manager

Businessweek

Thomas Wittman will oversee NASDAQ’s three U.S. stock exchanges, adding to his existing duties running domestic options platforms and a futures exchange.

Share Notes

Director Deals – London Stock Exchange Group PLC (LSE)

Stock Market Wire

Xavier Rolet, Chief Executive Officer, bought 152 shares in the company on the 11th June 2013 at a price of 1342.00p. The Director now holds 31,452 shares.

Nasdaq OMX Group (NDAQ) Shares Cross Below Book Value

Forbes

In trading on Wednesday, shares of Nasdaq OMX Group (NASD: NDAQ) crossed below their last reported book value — defined as common shareholder equity per share — of $31.37, changing hands as low as $31.32 per share. Nasdaq OMX Group shares are currently trading down about 2% on the day.

Crowdfunding

Crowdfunding: Where Dollars And Dreams Meet

Business 2 Community

PLY: A simple infographic that helps expound on Crowdfunding for the uninitiated…

Other stories

TMX Group Moving To New Toronto Tower In 2017

Ottawa Citizen

TMX will move into a new, 40-storey tower that’s being built by Oxford Properties Group at 100 Adelaide St. W a block south of the current exchange tower at 130 King St. W.

JSE Launches First Virtual Trading Game

BDlive

In an effort to inspire ordinary South Africans to trade on the exchange, the JSE has launched the first JSE Virtual Trading Game.

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