June 3 2013

elb2 Lots of news, led by the LIFFE transition to ICE Clear Europe looming at the start of next month. Elsewhere there is a bit of Gulf speculation on upgrades or maybe merger while there is a lot about debt and SMEs with more details on KONEX and the remarkable launch of Qianhai SE in China.

Without further ado, here are the stories:

Public Markets

Liffe Sets July 1 Clearing Transition to ICE Clear Europe

PLY: ICE-NYX is not inevitable once this clearing moves but then again there is no certainty the sun will rise tomorrow…

EU Seeks Feedback on ICE-NYSE Commodities Trading Impact


European Commission sought feedback on the impact for derivatives on cocoa, coffee, sugar and rapeseed and U.S. equity-index futures, in feedback due by May 24.

DFM stock rises 14% on merger speculation

The National

Dubai Financial Market Company shares continue to climb on speculation about an emerging markets upgrade and a potential merger with the Abu Dhabi Securities Exchange.

PLY: The cost saving would be clear in an ADSX/DFM merger but at the same time does either market really dynamically service a developing capital markets structure?

Look out, Nasdaq: NYSE Proclaims Itself New King of Tech IPOs


PLY: That frightful Facebook moment cannot have helped and this year NYX is edging NASDAQ but is it a blip or a long-term trend? I’m not yet convinced it’s the latter…

Private Markets

Korea to Launch Third Stock Exchange

Wall Street Journal (blog)

PLY: More detail on KONEX, announced Friday.

China launches its biggest OTC board in bid to aid SME financing


PLY: Again for SME exchange buffs, more detail on the Qianhai Equity Exchange which, hey this is China after all, started with 1,200 firms trading!

Borsa Istanbul and Tirana Stock Exhange sign MoU

Anadolu Agency

PLY: In terms of memorably awful co-operations between exchanges, I think this takes the biscuit. Istanbul has a stunningly large market opportunity but is looking increasingly staid and dull in its bureaucratic approach to agreements / MOUs and partners to co-operate with. It doesn’t need any of these sideshows, the Turkish exchange ought to get on with the gift of markets it has been handed by the government’s action in bringing together Ismir et al under the Borsa Istanbul umbrella. Less Ottoman Empire approach and more pure business would be appealing for investors.

NSE’s debt trading platform gets tepid response


PLY: NSE struggles to get bond market going – perhaps a legacy of India’s retail-dominated and highly speculative investors taking a while to adjust from pure equity to the lure of fixed income?

BSE, MCX-SX get nod for debt segment

Business Standard

PLY: However that sluggish start for NSE doesn’t mean there won’t be competition: here come BSE and MCX-SX into a market where NSE are currently doing about one trade daily…

Bangladesh Regulator Mulls Setting Up Commodities Exchange


PLY: All new exchanges welcome, the benefit to trade remains overwhelming…

MIAX Options Exchange – Temporary Transaction Fee Waiver For Market Makers

Sacramento Bee

PLY: No fees for MMs June 3 until July 31: liquidity clearly being sought…

Ghana Stock Exchange seeks SMEs for new market.


Ghana SE seeks listings for its deferred launch of the SME board.

SME Exchanges in emerging markets

Financial Express Bangladesh

A brief primer of SME bourses…

Betfair bid ‘could have been a contender’


Richard Koch, who owns 6.4pc of the company, teamed up with private equity firm CVC to bid for the betting exchange group.

PLY: Interesting interview with the man behind the failed bid for the world’s largest betting exchange…watch for another bid soon I suspect.


JSE Plans Trade in CFDs


PLY: It has taken JSE 2 years to do a U turn from decrying CFDs against SSFs to planning trading on their platform. CFDs and SSFs each have advantages – the larger the stock the better the SSF can be while CFDs are great for less liquid markets. In terms of U turns on single stock products, nothing beats Bill Brodsky’s declamation of Single Stock Futures only months before he led CBOE into a minority shareholding of OneChicago…


Burgundy on Millennium Exchange

Oslo Børs and Burgundy are pleased to confirm our announcement to go-live on the Millennium platform on the Burgundy market as of start of trading Monday 3 June 2013.


GFI Group Hires James Toffey as Global Electronic Markets Head


James Toffey, former CEO of bond- & derivatives-pricing service Benchmark Solutions Inc., has joined GFI Group Inc. (GFIG) as global head of electronic markets.

NCDEX gets new MD

Business Standard

Deputy CEO Sameer Shah, 45, has taken over as managing director (In charge) India’s second largest commodities exchange, NCDEX.

Financial Calendar

Dividend Announcements

M&F Bovespa SA : Notice to Shareholders – Dividends and interest on capital payment on 06.07.2013

This week

Tehran Stock Exchange (TSE)’s Annual General Meeting – Tuesday 11th June at 15:00 local time


Deals Of The Week Watches Crowdfunders Multiply Like Rabbits

The IN VIVO Blog (blog)

Does Crowdfunding potentially disintermediate Investment Banks and so forth in the PE/VC chain with their high fees?

13 ways to get your journalism project crowdfunded


Various ways to get journalism crowdfunded…getting a return on your investment seems more challenging…

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