November 04 2014

elb2

It looks like a carousel at GFI: CME and BGC could be moving towards an imperial carve up, as Serge Harry joins the LSE Executive Committee. ICE announces Singapore launch date. HFT’s complain about French regulations…bears and bathrooms springs to mind. BATS delays launch of Istanbul trading.

Interesting ramifications all round with a smattering of pith, Bitcoin news, subcontinental updates and a modest step towards exchange status for IEX, happy reading:

Public Markets

ITG Q3 2014 Financial Results
ITG

Net income of $11.4 million, or $0.32 per diluted share compared to net income of $7.7 million (up 48%), or $0.20 per diluted share for Q3 2013. Revenues of $134.8 million, up 5.6%

CME Sees Chance To Buy GFI Units Even If Takeover Fails
Tom Polansek – Reuters

PLY: Right now, Mickey Gooch looks like he is on the spit..with a takeover bid from BGC Partners, which topped an agreed-upon offer for GFI from CME which in this soap opera may mean a BGC-CME carve up.

ICE Announces March 2015 Launch Of ICE Futures Singapore And ICE Clear Singapore
ICE

ICE announced that operations at ICE Futures Singapore and ICE Clear Singapore are planned to commence on March 17, 2015, they bought SMX from FTIL in November 2013,

ICE retained both licenses to operate as an approved exchange and an approved clearing house while ICE Trade Vault, LLC has submitted a foreign trade repository application. The Asian hub for ICE will be co-headed by Jennifer Ilkiw, ICE VP for the Asia Pacific region and Lucas Schmeddes, President & COO of ICE Futures Singapore and ICE Clear Singapore.

PLY: Bring it on!

LSE Hires Former Euronext Executive In EU Push (subscription)
Tim Cave – Financial News

Serge Harry, NYSE Euronext’s former head of group strategy, was named on Monday to the LSE’s group executive committee, reporting directly to CEO Xavier Rolet. (more info in Career Paths section).

PLY: Serge has been advising Xavier Rolet for some time and his appointment to the executive committee adds heft to the management team and is a welcome extension of the LSE’s top tier, heartiest congratulations to Serge!

BVB To Reclassify Listed Companies, Changes Reporting Rules
Romania Insider

Bucharest Stock Exchange (BVB) will reclassify listed companies, replacing 1st, 2nd and 3rd tier with Premium and Standard. Press release here.

HFTs Lament French Reporting Demands (subscription)
Tim Cave – Financial News

HFT firms and brokers remain in the dark as to how new French reporting rules will be implemented less than two months before they come into effect, in the latest example of European regulation being forced on market participants at short notice and without proper guidance.

PLY: As the French would say “Plus ca change…evidemment…”

SEC Inches Closer To ‘Five-Cent Tick’ Test (subscription)
Andrew Ackerman – Wall Street Journal

U.S. securities regulators took a step toward establishing a one-year test of trading some stocks in five-cent increments, after more than a decade of trading in pennies.

ESMA Add OMIClear To The List Of Registered CCPs Under EMIR
MondoVisione

ESMA has added OMIClear C.C., S.A. to its list of registered CCPs under EMIR. EMIR requires EU-based CCPs to be registered and non-EU CCPs to be recognised in the EU.

FAO: The updated list of CCPs approved under EMIR is on our dedicated website page here.

Private Markets

BATS Delays Trading in Turkish Stocks Citing Clearing
John Detrixhe – Bloomberg

The service was scheduled to begin Monday, with traders having the option of choosing clearing by EuroCCP NV, LCH.Clearnet Ltd. or SIX x-clear AG but ought to begin in a month.

PLY: I see this as being entirely additive to the BIST business overall and good for Turkish brokers seeking to access European stocks, it will be interesting to see how it plays out.

IEX Group Says To Allow Visible Stock Orders In Late January
Reuters

IEX Group plans to allow members to begin posting visible orders on its platform as of Jan. 31 as it prepares to become a full-fledged stock exchange.

Nodal Exchange Launches Nodal Clear DCO
Finextra

Nodal Exchange announced that it has formed a wholly owned subsidiary, Nodal Clear, which will soon submit an application to CFTC to be registered as a DCO.

Special Section: FTI, NSEL, India at the Crossroads

PLY: FTIL still bouncing (+3%) as the fightback over the excessive government stricture of forced merger continues, while MCX is flat.

Government Stance In FTIL-NSEL Case: Fit And Proper?
Mobis Philipose – Livemint

FMC has handled the fallout of NSEL crisis fairly well.

PLY: Considered analysis from Mobis Philipose as always.

NSEL Investors Allege Foul Play, Seek Clarification
Purba Das – Business Insider

The distressed investors of NSEL have alleged foul play and have sought clarification from the Mumbai police regarding the investigation into the scam. The investors believe that the evidence against key accused Jignesh Shah and other FTIL directors have been tampered with by people privy to the investigation.

Technology

Technical Disturbances On NASDAQ OMX Derivatives Market
NASDAQ OMX

ASX Establishes New Global Hub Site In CME’s Aurora Data Centre
ASX

Duco Works With ICAP To Redesign Processes & Deploy New Technology
MondoVisione

Duco, a provider of hosted reconciliation services, has worked with ICAP in a collaboration to help it reap significant benefits as part of its £60m cost reduction programme.

CME Super-Fast Hardware Acceleration For Market Risk By NanoSpeed
MondoVisione

Azul Systems & Orc Partner To Enable Smarter Real-Time Trading – Orc’s Zing-Optimized Trading Engine Allows Derivatives Traders To Capture New Opportunities Thru Smarter Strategies
MondoVisione

Bitfinex Bitcoin Exchange Deploys AlphaPoint Platform
Finextra

AlphaPoint has been chosen by Bitfinex, one of the world’s largest digital currency exchanges, to enhance its backend technology and enable the company to maintain its rapid growth.

PLY: Another good win for AlphaPoint.

TeraExchange Selects BitGo For Custodial Services On USD/Bitcoin Swaps
Finextra

TeraExchange announced that it has exclusively partnered with BitGo, the leading Bitcoin security platform to provide multi-signature blockchain-based custodial services for USD/bitcoin swaps executed on its SEF.

PLY: The BTC space is continuing to accelerate.

Products

JPMorgan Has Not ‘Exited Physical Commodities’ Despite Sale (subscription)
Neil Hume – Financial Times

John Anderson and Michael Camacho, co-heads of global commodities at JP Morgan, said the bank was still in physical markets after selling a large chunk of its commodities business to rivals and Mercuria, the Swiss trading house, but with a different intensity and focus.

Career Paths

LSEG appointed Serge Harry to LSEG’s Executive Committee. He will report to the Group CEO. Mr. Harry will become Chairman of globeSettle, LSEG’s CSD in Luxembourg. He will also be the Group Country Head for France, Benelux and Germany. In addition, Mr. Harry will continue to serve as a Member of the Board of LCH.Clearnet S.A., as well as serve on a number of legal entity boards for the Group, subject to regulatory approval.

The Asian hub for ICE will be co-headed by Jennifer Ilkiw, ICE VP for the Asia Pacific region and Lucas Schmeddes, President and COO of ICE Futures Singapore and ICE Clear Singapore.

Business Standard reports that Indian Energy Exchange (IEX) has received power sector regulator CERC’s approval to empanel two individuals for appointment as independent directors on its board.

The Central Electricity Regulatory Commission (CERC) has cleared the names of former president of Nasscom Som Mittal and chartered accountant Anil Singhvi to be empanelled as independent directors.

ESMA Vacancy Notice – SNE – Different Profiles
MondoVisione

The deadline is 5 December 2014. Please refer to our Vacancy page for further details.

Financial Calendar

Today

ICE Q3 Financial Results

This week

TMX Q3 Financial Results
Record date MarketAxess $0.16 quarterly cash dividend

New announcement

Markit Q3 2014 Financial Results – Wednesday Nov 12th 2014

All forthcoming exchange / investment related events are now listed in our Events page.

Analyst Notes

DB1 Upgraded By RBC Capital Markets To “Sector Perform” – €59 Price Target, Up From €56
CBOE “Neutral” Rating Restated By Citigroup – $57.00 Price Target, Up From $55.00
Keefe, Bruyette & Woods Reissued Their “Market Perform” Rating On CBOE – $59.00 Target PricE, Up From $57.00.
CBOE “Neutral” Rating Reaffirmed By JPMorgan Chase, $56.00 Price Target on the stock, up From $55.00

A full table of current analysis can be found on our Analyst Ratings page which is updated daily.

All Analysts, Banks and Brokers are welcome to contribute to this section.

Crowdfunding

New Crowdfunding Platform Thoughtful.Org Launches To Help Those With Medical Costs & Emergency Struggles
Samantha Hurst – Crowdfund Insider

Seeking to help others during times of crisis, Thoughful.org launched this week for projects ranging from medical expenses to emergencies.

Other stories

Thai Bourse Signs MOU With KOFIA On Capital Market Education
MondoVisione

Stock Exchange of Thailand (SET) and Korea Financial Investment Association (KOFIA) have signed a MOU to expand collaboration in capital market education development.

Opening Statement Of CFTC Chairman, Timothy G. Massad – Commission Open Meeting
MondoVisione
Opening Statement Of CFTC Commissioner J. Christopher Giancarlo, Open Meeting
MondoVisione
Opening Statement Of CFTC Commissioner Mark Wetjen At Commission Meeting On Releases Related To Forwards With EVO, Residual Interest And Rule 1.35
MondoVisione
Opening Statement Of CFTC Commissioner Sharon Bowen, Commission Open Meeting
MondoVisione

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