Mexican BIVA to be powered by NASDAQ. TMX results are average, FXCM still slipping… I’m all for orderly markets but remind me, how many mortgage bankers & their fraudulent applicants have been prosecuted so far for powering the Lehman collapse? As we rush to pixel, China has lifted its ban on IPOs…
vs. Q3 2014: revenue C$ 175.9 mln (USD 133 mln), up 3%, net income C$ 36.5 mln (USD 27 mln), down 7%.
PLY: I am growing concerned, the relative stasis of the last few years was disappointing as Tom Kloet sought a successor but now it just strikes me TMX occupies The Exchange Tower with no real evidence of either purpose or understanding the challenges to the business.
GAAP net income $2.7 mln, down 76%, includes legal and other fees related to the August 201 final SEC settlement of $2.6 mln pre-tax and $1.5 million after taxes. Adjusted net income $4.2 million, excluding the fees related to the SEC settlement, revenues $120.4 mln, down 10%.
John Detrixhe & Annie Massa – Bloomberg
Sold to Warburg Pincus for $120.5 million in cash. ITG expects to book a gain of between $90 mln and $95 mln after taxes from this transaction. The transaction is expected to increase ITG’s tangible book value by between $2.85 and $3.00 per share. Deal expected to close by the end of 2015.
QV EI Premium: Exchange Deals Brief
vs. Q3 2014: net revenues USD 59.5 mln, down 35%, operating loss USD 9.8 mln, compared to operating income of USD 7.6 mln YoY.
The Economic Times
FTIL concluded sale of 1.58% equity stake in Indian Energy Exchange (IEX) to Madison India Opportunities III. Total divested: 20.64%.
QV EI Premium: FTIL Stakes Sales Brief.
Andrea Tan & Jonathan Burgos – Bloomberg
Gregory Meyer, Lindsay Whipp & Philip Stafford – Financial Times
Tom Polansek – Reuters
Patricia Hurtado & Tom Schoenberg – Bloomberg
Robin Wigglesworth – Financial Times
Don Henley sang that “in a New York minute, everything can change”. On Wall Street, a second is all it takes these days.
Joel Rosenblatt – Bloomberg
SEC’s complaint filed in federal court in the Northern District of California alleges James Alan Craig of Dunragit, Scotland, tweeted multiple false statements on Twitter accounts that he deceptively created to look like the real Twitter accounts of well-known securities research firms.
HKEx now plans to expand the program to cover commodities, bonds and other financial instruments.
PLY: This is precisely the backbone required to cover the valuation underpinning HKEx as the ‘gateway to China’ play. The long-term strategy is bearing fruit.
Tim Cave – Financial News
PLY: Pity it has to happen at all. I have yet to receive even a single defence of what the point is with this copybook example of a dismal sequel to a sensible first release.
Tim Cave – Financial News
PLY: Andreas Preuss pragmatic about where the ETD industry really sits on innovation while simultaneously rightly indignant at those legacy vendors who are a disservice to the industry with their rentier approach to software. Meanwhile, Jeff Sprecher notes how a little pragmatic management of risk and enablement of calculated failure has made his business the world leader against the legacy industry whose management never found a parapet they didn’t prefer crouching behind when they could profitably raise their heads…
Elsewhere, I see Jamie Dimon dismissed Bitcoin overnight – I take that as a long-term bullish sign for the cryptocurrency separate of the Blockchain opportunity. The latter incidentally I am discussing at Herbiefest, the MV Exchange Forum next Thursday in the City of London as well as chairing the event.
vs. Q3 2014: revenue $702 million, up 2%, operating income $120 million, up 26%, adjusted EBITDA $199 million, up 6%.
Bradley Hope – Wall Street Journal
The National Stock Exchange (NSX), originally founded as the Cincinnati SE in 1885, has submitted a final rule filing with SEC and could restart trading as early as December.
Marton Eder & Gabriella Lovas – Bloomberg
PLY: Story focuses on politics and avoids the broad failure of the Viennese to actually add anything to its CEE acquisitions – indeed in many ways the whole process has proved counterproductive for the Hungarian and other bourses under the Viennese umbrella.
TMX declared a dividend of $0.40, payable on December 4, 2015, record date November 20, 2015.
ITG declared a dividend of $0.07, payable on December 11, 2015, record date November 20, 2015.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX off 1$, FTIL off 3%, another adjournment in the blob’s desire to defenestrate FTIL and Indian company law simultaneously:
The Hindu Business Line
Jan-Sept net sales 209.8 mln SEK ($24.31 million), up 2.8%, Q3 net sales 74.0 mln SEK ($8.56 mln), up 15%, Q3 EBITDA 8.6 mln SEK ($ 1 mln) versus 0.5 million crowns year ago.
PLY: Cinnober is implementing a remarkable deal flow while interest in their groundbreaking real-time clearing and risk management solution is at the forefront of their broad marketing efforts alongside the world’s leading independent exchange trading software platform.
GLOBE NEWSWIRE via COMTEX
Bolsa Institucional de Valores (BIVA) will implement Nasdaq’s X-stream Trading technology to run Latin America’s newest exchange. BIVA will also deploy NASDAQ SMARTS for surveillance.
PLY: As mentioned Monday, I thought NASDAQ would be an eager competitor for this business. Clearly the work of Steve Phillips in LatAm for so many years helped bring in the deal for the bourse backed by Mexican brokerage house Cencor. Good deal for NASDAQ and the Mexican BIVA.
SEC named Bryan Bennett to lead the examination program in its Los Angeles Regional Office.
The Russian Capital Markets Forum in Shanghai
10.11 – Markit Q3 2015 Results
12.11 – MondoVisione Exchange Forum – chaired by EI Founder Patrick L Young.
All forthcoming exchange / investment related events are now listed in our Events page.
Janet McFarland – The Globe and Mail
Securities regulators completed the final version of crowdfunding rules that will allow companies to raise up to $1.5-million in a 12-month period from people willing to invest through Internet sites. The legislation is expected to come into force Jan. 25, which means crowdfunding could begin early next year. The new rules are being adopted by Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia, while Saskatchewan is publishing the same rules for public comment.
PLY: Great news.
Erik Larson – Bloomberg
Michael Oppenheim, a former JPMorgan Chase broker admitted he stole more than $22 million from customer accounts and used the money to gamble on sporting events, pay his bills, and trade stocks online.
PLY: …Clearly not very successfully in any instance…