Frantic day in Malta. Terrific FESE opening dinner last night watching the crisp blue night sky of Malta dining under the stars with a splendid roster of speakers including the Maltese Finance Minister, Chairman of the Shanghai SE and the boss of ESMA…and that was just the opening soiree!
My panel “Teaming Up Savers With Companies – How to Finance Europe?” is coming up at 1030 CET.
On the EU theme, as requested by readers, the Premium series understanding the dynamics of the Brexit debate in the UK continues:
Part 1: Brexit – Introduction
Part 2: Brexit 2 EU Dysfunction
Part 3: Spousal Abuse
Part 4: The Vote
I am writing 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…
James Burton – Daily Mail
There have been months of clandestine meetings, multi-million-pound fees for advisors and a public relations blitz. Now the bosses behind a German takeover of the LSE are increasingly confident their £21billion deal will go ahead. And the tie-up is triggering a £235 million fee bonanza for the lawyers, bankers and spin doctors.
PLY: Am I alone in pondering how day to day DB1 and LSE project abject parsimony then when a deal (no matter how ill-considered) is on the table, they behave like footballers wives on a shopping spree?
QV Premium: DB1-LSE Merger Brief.
Tim Cave – Financial News
Investors in Europe’s equity and derivatives markets are facing the prospect of higher margin calls from the region’s clearing houses, which are readying themselves for shocks if the UK votes to leave the EU on June 23.
PLY: Volatility increases, margins go up. So presumably do volumes. European focussed derivatives exchanges must be enjoying the ride, a particularly handy boon for ICE’s Sterling contracts for instance.
Ashley Coutinho – Business Standard
Wants exchanges to compensate investors from investor protection fund even if trading members are expelled.
UK trading venue in discussions with shareholders as it puts final touches to fundraising.
PLY: Very interesting, I do hope Aquis has secured its future. The other day the Warsaw Exchange floated a possible option to sell out…
Chamwe Kaira – Namibian
In the 2015 annual report, the NSX funded the project to launch a CSD in the Namibian market, in partnership with the Bank of Namibia.
PLY: Welcome back to Budapest, liberated from the failed Hapsbourse project. Good to see Vienna’s new management team in Malta at FESE too. In Christoph Boschan (CEO) and Petr Koblic (CFO) I am more optimistic than I have been for years that Vienna has a future as a plausible exchange.
Shreya Jai – Business Standard
In order to review the performance of the two power exchanges, the Commission engaged Deloitte Touche Tohmatsu India and KPMG Advisory Services for IEX and PXIL respectively.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX and FTIL down 1%.
The Hindu Business Line
The Bombay High Court on Wednesday adjourned hearing in the NSEL-FTIL merger case to June 23 even as it is yet to take a view on government’s recent plea seeking six weeks time to respond to FTIL’s challenge of final merger order.
John Detrixhe – Bloomberg
MarketAxess is bringing some of the attributes of equity dark pools to the world of corporate bond trading as more technology firms vie for a piece of company debt market.
PLY: For bond blocks it is a good idea if we end up just with systematic internalisation then little progress will have been made…
Katie Linsell – Bloomberg
About 55% of transactions on the firm’s Open Trading bond platform are now between investors, Gareth Coltman, head of European product management at MarketAxess, said at a briefing in London on Tuesday. That’s up from 50% in Q1.
PLY: Might cause some exchanges to pause for thought as they continue to blithely believe in the sell side’s pre-eminence…
NCDEX has introduced compulsory sampling and testing for outbound deliveries, starting with rapeseed and mustard. NCDEX has decided compulsory sampling and testing in respect of all contracts in rapeseed and mustard seed on a pilot basis, until further orders.
HKEX announced that Mr Lee Kwok Keung, Roger, HKEX’s Head of Markets, is appointed to replace Mr Romnesh Lamba as the CEO of The Stock Exchange of Hong Kong (SEHK) and Hong Kong Futures Exchange (HKFE). Mr Lamba, HKEX’s Co-head of Market Development, remains as a director of both SEHK and HKFE.
Bloomberg reports that ITG’s head of U.S. electronic sales, Timothy Reilly, has left the firm.
The FESE General Assembly unanimously agreed the appointment of Mr Lauri Rosendahl and Mr Petr Koblic to the FESE Board for a term of 3 years (until June 2019).
PLY: Particularly good to see Petr Koblic on the FESE board as he is now the leader of the CEE markets’ today, as the Warsaw exchange has gone into reverse closely correlated with government machinations in Poland.
OpenDoor Trading appointed electronic trading pioneer Michael Sanderson, and fixed income veteran, Chris Ferreri, to its Advisory Board. They join a Board that already boasts bond market experts John Brynjolfsson and Kenneth deRegt, formerly of PIMCO and Morgan Stanley respectively.
The New York State Senate confirmed Governor Andrew M. Cuomo’s nomination of Maria T. Vullo as Superintendent of the New York State Department of Financial Services (DFS). Ms. Vullo has served as Acting Superintendent since February when she was nominated by Governor Cuomo to lead DFS.
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.
CME insider Kevin Kometer sold 3,825 shares on Monday, June 13th at $95.50 (bargain $365,287.50). He now owns 46,351 shares.