As requested by various readers, I am rolling out a series trying to help understanding of the Brexit dynamics and possible outcomes. Part One was published yesterday in Exchange Invest Premium: Brexit – Introduction while today I have added Part Two: Brexit 2 EU Dysfunction. It’s written from the perspective of an investor / entrepreneur so blobsters of all forms may find it excruciating but I have never found investing according to the principles of the corporate greasy pole delivered any sensible returns…
Today in the parish, banks seem to be getting the message that the OTC gravy train is coming to an end while Warsaw is flying a kite to sell its Aquis shares.
Last call: it’s the FESE Convention beginning tomorrow evening in Malta, 15/16th June.
As a result of signing by all shareholders of Aquis Exchange, an annex to the Aquis shareholders’ agreement entered into force, GPW agreed to conditionally sell (Call Option) the entire package of Aquis Exchange shares held at the time of exercising the Call Option.
The Call Option may be exercised by Aquis Exchange if there is a:
- Negative decision of GPW concerning a potential restructuring of Aquis Exchange or its capital structure as necessary to implement an IPO.
- Negative decision of GPW concerning a potential IPO by Aquis Exchange.
PLY: GPW flies a kite to try to get somebody to give them a healthy profit on their Aquis stake. GPW want to sell at 37GBP shares they acquired at 13.02GBP when they injected 5 million to garner 30% of the “all you can eat” equity MTF founded by Alasdair Haynes. The option expires Nov 2017 and is valid for the entire tranche of shares only… GPW now holds a slightly diluted 26.33% stake. If the deal closed it would value Aquis at 54 million Pounds (circa 70m USD) which strikes me as high given the relative lack of market share Aquis holds currently. Will somebody pay this? It will be interesting to see as it strikes me there are much better deals to be had elsewhere but then again one can never discount Alasdair’s power to pivot.
In other news, the Polish government last week announced an intention to renationalize some industries and expressly discouraged foreign investors. How the new Communist era of Polish socialism in one country will go is unclear but it seems plausible to suggest recession will finally break out after a 20 year spell of economic growth.
CME is “continuously and actively monitoring” its markets for impacts related to Britain’s vote on whether to leave the EU.
PLY: Fabulous non-story. Ask any corporate entity have they a contingency plan in place for any event and the answer is always a variation on “Yes.” when it comes to the Madness of Crowds factor it is clear the media has already long lost any sensible perspective of reality as the incumbents fret furiously about….actually if you really want to understand logically the whole fetid mess, read the Premium posts: Brexit – Introduction & Brexit 2 EU Dysfunction.
Melanie Burton – Reuters
LME CEO Garry Jones: the bourse’s falling trade volumes could be linked to a fee-hike introduced early last year, but the main reason for the decline was a downturn in the global economy.
Melanie Burton – Reuters
Marex Spectron is expanding its metals business into new regions and products beyond the LME after fee hikes led its customers to look for cheaper avenues for trading.
Lucy McNulty – Financial News
Traders across the City are coming under surveillance like never before.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX up 2%, FTIL up 3.5%.
PLY: This is AMF Quebec, not AMF France btw. Good initiative.
Melanie Burton – Reuters
HKEX is aiming to launch its planned physically-delivered gold futures contract in September. It will be simultaneously denominated and settled in USD and Chinese yuan.
Philip Stafford – Financial Times
Battered by falling trading revenues, big global banks are taking a harder look at reforming their once booming backyard of privately negotiated deals with clients.
PLY: I see the OTC market currently in a sort of manic depressive state. Hence they clutch at the straws of the nebulous agitprop produced by some who ought to know better predicting vast cost savings from proven impossible nirvana offsets et al. Make no mistake, the OTC market is DOA. Even a US Republican clean Sweep in the next elections would not change that as the rest of the world has moved on…
PLY: Another day, another benchmark surpassed from the benchmark in operational management of markets.
FINRA announced that its Board of Governors has concluded the CEO search, and appointed Robert W. Cook as President & CEO, effective H2 of 2016. Mr. Cook will succeed Richard G. Ketchum, who has served as Chairman & CEO since 2009. The Board intends to name a new Chairman in the coming months.
14.06 – Interactive Brokers $0.10 quarterly dividend payment
14.06 – ITG $0.07 quarterly dividend payment
15.06 – Thomson Reuters $0.34 quarterly dividend payment
15-16.06 – FESE Convention 2016 – Malta
16.06 – Record date ICE Q2 $0.85 dividend
17.06 – CBOE $0.23 quarterly cash dividend payment
New! 28.07 – CME Q2 2016 Results
All forthcoming exchange / investment related events are now listed in our Events page.
PLY: Securitisation – bring on more, Europe needs it desperately to ungum the many dysfunctional economies of the bloc.