May 9 2013

elb2It’s a worrying fact of life that despite having built a massive exchange from nothing, Istanbul SE is now so keen on partnerships with other exchanges which have been perpetually proven to add little or no value and prove not worth the air miles accrued while creating them. Meanwhile, one of those exchanges you have probably never heard of, the CISX based in the UK Channel Islands has just added a top grade director weeks after the arrival of private equity guru Jon Moulton as CEO. Proof indeed of the strength of microexchanges to be a hugely powerful force in creating value for investors from all aspects!

Here is today’s intriguing array of stories…

Public Markets

Turkey in talks with LSE, Nasdaq on bourse partnership

Reuters

Turkey is in talks with the London Stock Exchange (LSE.L) and Nasdaq (NDAQ.O) about a partnership deal that could see it sell a stake in the Istanbul bourse as part of a drive to promote the city as a financial hub, its deputy prime minister said.

Rise in staff and IT costs erodes HKEx profit

South China Morning Post

Rise in staff and IT costs erodes HKEx profit. Hong Kong Exchanges and Clearing reported modest earnings growth for the first quarter as higher staff costs and technology expenses offset contributions from the newly acquired London Metal Exchange.

See the results here

CBOE expects to be fined by US SEC for shortcomings

Reuters

CBOE Holdings Inc expects to be fined as much as $10 million to resolve a probe by federal authorities into its duties as a self-policing organization.
It also expects any settlement to require it to beef up its compliance and regulatory programs, CBOE said in its quarterly filing with the U.S. Securities and Exchange Commission.

Private Markets

DFM Company Q1 net profit dips 11.5 per cent

CPI Financial

Dubai Financial Market Company recorded a net profit of AED 27 million, an 11.5 per cent decline compared to AED 30.5 Million net profit during the corresponding period of 2012.

The company recorded total revenue of AED 65.7 million in Q1-2013 compared to AED 69.1 million during Q1 – 2012, a five per cent decrease. The first quarter of 2013 revenues comprised of AED 53.1 million of operating income and AED 12.6 Million of investment returns. Meanwhile, operating expenses have settled near its Q1- 2012 level of AED 38.7 million.

Tullett Prebon says regulation, tough markets hit revenues

Reuters

Broker Tullett Prebon said a slowdown in its revenues had continued into the first four months of this year as tough market conditions and regulatory changes hit demand to trade financial products.
The firm, which matches buyers and sellers of currencies, bonds and swaps, said revenues in the four months to April fell 4 percent over the past year to 293 million pounds ($456 million).

Financial Technologies, MCX to exit Dubai Gold and Commodity Exchange

Economic Times

Financial Technologies (FT) andMulti Commodity Exchange ( MCX), the promoters of the Dubai Gold and Commodity Exchange (DGCX), the Middle East’s largest bourse, will sell their 44 per cent stake in the exchange, three people with direct knowledge of the development said.

The government-owned Dubai Multi Commodity Centre (DMCC), which owns a 51 per cent stake, has the first right of refusal for the 44 per cent holding of the two Indian companies, one of the three people quoted above said. DGCX was set up in 2005 by the two partners, at which stage they held equal stakes. An FT spokesperson said they will not comment on market speculation.

GFI Hires Phoenix Partners Co-Founders in 32-Broker Acquisition

Bloomberg

GFI, which arranges trades between banks in credit, commodity and fixed-income markets, “agreed to acquire certain assets” of Phoenix, including 32 brokers in New York and London and operational and management staff, the company said in a statement today. That includes Phoenix co-founders Nicholas Stephan, the broker’s chief executive officer, and Marcos Brodsky.

Technology

BM&FBOVESPA joins BT’s financial services cloud community

Automated Trader

BT has announced that the market data of Latin American exchange BM&FBOVESPA, will now be available to financial institutions via the BT Radianz Cloud.
The BT Radianz Cloud will allow BM&FBOVESPA to distribute their ‘Unified Market Data Feed’ (UMDF) globally. This provides streaming of real-time quotes, traded prices and index values from the exchanges in different asset classes operated by BM&FBOVESPA to support trading in its market.

NASDAQ OMX Access services enhances QView Latency Optics

Automated Trader

The NASDAQ OMX Group has announced the enhancement of QView Latency Optics, a web-based tool designed to give customers a view of their firm’s trading activity, which will now provide performance measurement details and diagnostic tools in the form of on-demand historical packet capture files, or PCAPs.

Appointments

Stephen Lansdown appointed Non-Executive Director of CISX

Businesslife.co

The Board of the Channel Islands Stock Exchange (CISX) is pleased to announce the appointment of Stephen Lansdown (pictured) as Non-Executive Director.

Mr Lansdown is well known and highly regarded in the City of London and was co-founder and former Chairman of Hargreaves Lansdown Plc, from which he stepped down in November 2012. He is perhaps equally well known as a majority shareholder of Bristol City Football Club and Bristol Rugby Club.

OCC Board Of Directors Welcomes Three New Members

OCC announced today that Felix B. Davidson, Raymond J. Di Sanza and Craig C. Messinger were elected to its Board of Directors.

Other stories

SEC’s Aguilar calls for “robust supervision” of exchanges

Reuters

The Securities and Exchange Commission needs to rethink how it supervises financial marketplaces that police themselves such as the New York Stock Exchange and Nasdaq, an SEC commissioner said on Wednesday.

Crowdfunding

Top 10 Crowdfunding Sites for Fundraising

Forbes

The Crowdfunding Industry Report by Massolution put out data showing the overall crowdfunding industry has raised $2.7 billion in 2012, across more than 1 million individual campaigns globally. In 2013 the industry is projected to grow to $5.1 billion.

Some of the most interesting developments in crowdfunding, which are expected to grow in the months and years ahead, include: investment crowdfunding (becoming a shareholder in a company), localization (funding focused on participants in specific cities and neighborhoods), mobile solutions, and group-based approaches.

Crowd-Funding Comes to Northern Kenya in Support of Women Entrepreneurs

Reuters AlertNet (blog)

Crowd-based funding via the Internet has taken off, with no end in sight to its popularity. One report claimed a staggering 81% growth in the industry in 2012, with 2.7 billion dollars raised for start-up projects ranging from innovative flashlight designs to experimental landmine clearance equipment. This year that number is expected to nearly double to 5.1 billion.
Nonprofits have taken notice. A recent crowd-funding campaign shows that the movement has even reached Northern Kenya and some of the poorest women in the world via The BOMA Project. BOMA helps women start small businesses in their rural villages and mentors them to ensure success.

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