May 10 2013

elb2The trick to maintaining your interest is of course to endeavour to not be uber-repetitive but for the news of an MTF platform aimed at the USA does remind us that “bonds” are the new black in many senses. Bubble or no bubble, trading that market in an orderly fashion offers fantastic opportunity for the future.

Meanwhile, the CEE/SEE power market may be a harbinger of a roll-up possibility to add to that burgeoning list of small things which could be made larger through acquisition while plaudits to the Brazilian market operators for what are strong numbers.

BATS-Chi-X gaining RIE status as an exchange in the UK is a great thing. The great pity is that the UK regulatory system underpinned with various overlapping pieces of legislation leaves the UK financial centre poorly positioned to allow easy creation of bourses (as opposed to MTFs) at a time when the opportunity for new exchanges remains remarkably high if you find the right niche.

Finally “the Donald” may have been guilty of hype and repeating somebody else’s strap lines…surely not I hear a crowd gasp!

Feedback welcome as always, here are today’s headlines…

Public Markets

Cetip, BM&FBovespa results show resilience in tough market

Reuters

Profit at BM&FBovespa SA, the nation’s sole listed bourse, rose 22.9 percent in the quarter after two straight drops, while net income at clearinghouse Cetip SA Mercados Organizados rose 3.5 percent thanks to a surprising increase in revenue at its financing unit and stable expenses.
BM&FBovespa booked net income of 267 million reais ($133 million), compared with the 278 million reais estimated by five analysts in a Thomson Reuters poll. Compared with a year earlier, profit slipped 4.8 percent.
In the case of Cetip, profit came in at 80.1 million reais, above the 72.2 million reais expected by on average by six analysts polled by Thomson Reuters. Compared with the same quarter a year earlier, profit climbed 12 percent.

The biggest financial exchange you have never heard of

The Economist

The magnitude of CME’s success is easy to miss. Its quarterly earnings, reported on May 2nd, were mixed. Profits dipped. The fear that prompts firms to purchase futures (the contracts traded on the CME to protect firms against changes, for instance, in the level of a currency and the price of energy) was less acute. A little more havoc would have been good for business.

Private Markets

Bats Chi-X Europe Gets Recognized Exchange Status in U.K.

Bloomberg

Bats Chi-X Europe will become a recognized investment exchange later this month, enabling it to compete with stock exchanges across Europe for primary listings.

The multilateral-trading facility’s new status will allow it to host listings for the first time, Bats Chi-X Europe said in a statement. The regulatory approval also means that investors with charters that oblige them to trade on registered stock exchanges can use the London-based company to carry out their transactions.

MTS To Launch Bond Platform For U.S. Institutional Investors, Forms Broker-Dealer, Appoints U.S. CEO

MTS, a leading European electronic fixed income marketplace, today announced plans to launch a platform for U.S. institutional investors. The platform will enable U.S. buy-side participants to directly access real-time pricing from one of the deepest liquidity pools in Europe for the first time, and execute European and U.S. government, agency, mortgage, and corporate bonds with major dealers.

MTS Markets International Inc, a wholly-owned US subsidiary, has received approval for membership as a FINRA-regulated broker-dealer. Mark Monahan has been appointed as chief executive of MTS Markets International Inc. Monahan was previously CEO of Ballista Securities LLC (acquired by the Intercontinental Exchange in 2011) and CEO of ICAP Electronic Brokerage in Asia Pacific.

India – National Stock Exchange to launch debt segment on May 13

Hindu Business Line

Leading bourse National Stock Exchange (NSE) will launch a separate debt trading platform on May 13 where it will list nearly 400 securities for retail and institutional investors.
In a circular, NSE said 22 securities would be available for retail dealings, while 376 securities would be admitted to dealings on the institutional platform.
The move would be effective from May 13, 2013.

Technology

MarketPrizm provides market data and execution connectivity across Europe for Nasdaq OMX NLX

RFPConnect.com

MarketPrizm will provide market data and execution connectivity across Europe for Nasdaq OMX NLX (“NLX”).

NLX, the new London derivatives market, will offer a range of both short- and long-term interest rate (STIRs and LTIRs) euro- and sterling-based listed derivatives products, subject to Financial Conduct Authority (FCA) approval.

Other stories

Analysis: Central Europe power markets to stay niche as banks exit

Reuters

Central and southeastern Europe, once seen to have big potential as a regional power market, will provide only niche opportunities as reluctance to integrate pushes out financial players needed to fuel liquidity.
Because of the small size of the region’s roughly dozen individual markets, stretching from Poland to the Balkans, traders say it makes sense to trade central and southeastern Europe as a whole.

Crowdfunding

In Promoting FundAnything, A Crowdfunding Site, Donald Trump Rips Off Indiegogo

Huffington Post

“It’s the first website that actually lets anyone, anywhere raise money for ANYTHING.” Sound familiar? That’s how Donald Trump described the crowdfunding site he has backed, FundAnything, at an event on Wednesday. If that quote sounds familiar, it’s because it’s also the way more established crowdfunding site Indiegogo describes itself: “Our platform is available to anyone, anywhere, to raise money for anything.”

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