Brexit is going to continue to fascinate the parish and I know there is demand for more cut through, particularly as the mainstream media (especially in the USA) is, not to put too fine a point on it, rubbish.
Thanks for so much positive feedback on my coverage, including those noting that my pithy insights were worth the cost of an Exchange Invest Premium Subscription alone. Certainly $300 to ward off looking as ignorant as, well, mainstream media, would strike me as invaluable. There has been a consistent message to my clients for years that this risk was enormous and I know it upset many parishioners but you cannot ignore the truth to suit your book.
If you have 10 minutes to spare, I discussed the economic opportunities of Brexit with RT noting The EU Risks Mutually Assured Destruction on Friday amongst various media outings.
To understand how we got to where we are today, these are the Brexit Premium briefs:
Part 1: Brexit – Introduction
Part 2: Brexit 2 EU Dysfunction
Part 3: Spousal Abuse
Part 4: The Vote
Part 5: Brexit 5: Too Close To Call
Part 6: A Vote For Europe’s Future
Part 7: Outcomes
Part 8: An Historic Opportunity
I had hoped to kill the topic off by now but clearly it is going to run and run. I will continue to distill the many issues (and the vast establishment scaremongering – Project Fear lives even in defeat) as the world wakes up to a Monday replete with opportunity.
This is a Great Day of Opportunity for all of Europe.
PLY: We were so busy Friday I even forgot to include this earlier missive of my early AM remarks Friday, made as the ridiculous scaremongering of shellshocked linear blobsters were clogging the airwaves. Make no mistake this is the brightest Monday morning for Britain and Europe in 40 years – I know it’s foggy out right now but once that clears…
Jonathan Gould & Andreas Kroner – Reuters
German regulators contested plans for a merged DB1-LSE to be based in London following Britain’s vote to leave the EU.
PLY: ‘This merger isn’t pining for approval. This merger is no more. It has ceased to be! It has expired and gone to meet its maker!’
QV Premium: DB1-LSE Merger Brief.
QV Premium: Exchange Deals Brief – M&As.
PLY: Only DB1:LSE is impacted as a deal by the historic Brexit. As with all ill-considered, hurried engagements, there has been a paucity of thinking through the issues. Both companies look wretchedly wrong footed by the new world order.
PLY: There is a lot to discuss here and I will continue to do so during the week in Premium.
Ryan Tracy & Viktoria Dendrinou – Wall Street Journal
PLY: I refer you to the answer I gave some moments ago.
QV Premium: EU CMU Brief.
Tim Cave – Financial News
London’s status as the major centre for clearing euro-denominated transactions is likely to come under threat after the UK voted to leave the EU, according to practitioners and market experts.
PLY: Once again more to follow on this, albeit the notion of a cut and dried protectionist EU writ in an age of digital globalism makes me wonder what some parishioners think the 1960’s were all about…
Moyagabo Maake – BDLive
JSE plans to launch a new-order functionality in September to make its anonymous platform for large block trades safer.
Sugata Ghosh – The Economic Times
After a year of frenetic lobbying by a clutch of foreign and local investors, the board of National SE has finally approved the listing of its shares.
QV Premium: Greater Mekong Subregion Exchanges Project.
Laura Saunders – Wall Street Journal
PLY: I think the issue is more how does the government pay for its spendthrift ways as there is no appetite to mend the overspend logically?
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX up 1.5%, FTIL up nearly 3%. Clearly, as the mainstream media is keen to note, Brexit is paralysing global financial markets. Oh hold on a second…
TMX’s network has been added to Borsa İstanbul Data Distribution Network.
Emilia David – Waters Technology
Jenny Knott says being agnostic is necessary to adapt to emerging technologies.
PLY: Uh oh that is a really worrying sign. Once the WEF blob has got on the bandwagon, it’s a bit like any time you see 300 economists write a letter to a newspaper.
4 new contracts broaden CME’s palm offerings: USD Malaysian Crude Palm Oil Calendar futures (CPO), the USD Malaysian Palm Olein Calendar futures (OPF), the USD Malaysian Crude Palm Oil Average Price option (POO), and the Bursa Malaysia Crude Palm Oil-Gasoil Spread futures (POG). Will be available for trading on CME Globex, for submission for clearing through CME ClearPort.
It was also consulting the industry on adjusting the specifications of its existing carbon steel contracts. Research into a stainless steel contract follows the exchange’s launch of a nickel contract in March last year.
Nuntawun Polkuamdee – Bangkok Post
Thailand Futures Exchange (TFEX) is set to roll out e-Gold, the main feature of which is physical settlement, in August, after being pushed back from this month. The product is a substitute for the planned spot gold exchange and to draw local gold dealers to trade the metal at home after several of them traded physical gold on Singapore’s exchange.
Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the CMU, has informed European Commission President Juncker of his decision to resign from his post as European Commissioner.
PLY: Dombrovskis is a canny political operator from Latvia who can hold his own with the political classes machinating about the future/survival (delete as you deem appropriate) of Europe but he never struck me as being market literate per se. Presumably that leaves the EU to consider CMU amongst the many talented Commission staff but at the same time the worry is clearly that French led protectionist anti-finance will come through to eat alive the financial markets given the FTT already in place there and in Italy. That said, the more the EU goes in this direction the more it hastens its own decline.
Haaretz reports that Tel Aviv SE CEO Yossi Beinart has been on sick leave and is expected to step down shortly. In the meantime, Deputy CEO Gal Landau-Yaari will take his place. Beinart took over as CEO more than two and a half years ago.
PLY: I wish Yossi Beinart a full recovery and indeed hope that TASE can end its current period of decline and instability soon too.
Zoe Thomas – BBC
As David and Goliath stories go, Brad Katsuyama’s is a pretty good one.
PLY: Worrying if the BBC are championing Brad. Their recent track record of support is not exactly paved with gold, although at least they got a lot of EU geld for praising that so much the British people voted to leave…
27.06 – CFTC’s Market Risk Advisory Committee
27.06 – CME $0.60 Q2 2016 dividend payment
30.06 – ICE Q2 $0.85 dividend payment
All forthcoming exchange / investment related events are now listed in our Events page.
In connection with a monthly share savings plan for employees of subsidiaries, Oslo Børs VPS Holding has sold a total of 2052 shares. New holding is 13289 shares. Employees paid a share price of NOK 84,96 per share, but were allowed a discount of 20% on purchases up to NOK 625.