In London where they are digesting the IDB deal potential and how that interacts with the pure exchange plays while Reuters makes FXAll truly, well, FXAll! DB1 has an interesting small CSD centric tech deal. Pressure growing as the next raft of EU rules are not exactly the most coherent one could hope for just when market participants are already suffering regulatory implementation fatigue…
And there’s more, all in today’s Exchange Invest, happy scrolling:
vs. Q3 2014: operating revenues Lei 4 mln (USD 0.96 mln), down 35%, net result Lei 0.86 mln (USD 0.2 mln), down 77%.
PLY: The Sobolewski growth machine stalls as Romania Inc has shown its worst facets of corruption in recent events, albeit with a change of government but will it just prove one rotten regime for another? No news yet of Ludwik heading for a government position in Poland although it remains hotly speculated upon in Warsaw circles…
The Economic Times
FTIL said it has entered into an agreement with SG BRIC III Trading for sale 1.61% stake sale for Rs 34.64 crore (USD 5.22 mln) and with Singuler Guff NJDM Investment Holdings for sale of 3.02% stake for Rs 64.99 crore (USD 9.8 mln).
With conclusion of the above transactions, the company will have only 0.37% stake in IEX.
QV EI Premium: FTIL Stakes Sales Brief.
FAO: Last week there was also an SEC comment letter concerning the IEX exchange application from Patrick L Young.
PLY: In the haste to pixel, my low latency reaction is that I am not quite sure this assertion is entirely correct…
Philip Stafford – Financial Times
Tullett Prebon’s planned purchase (reported yesterday) of ICAP’s global broking business shows how even long-running rivalries are thawing in the face of a new post-crisis trading landscape.
Dan DeFrancesco – Waters Technology
PLY: See my comments yesterday.
Maria Nikolova – Leap Rate
The UK Competition and Markets Authority (CMA) published an invitation for comments on the proposed merger of Paddy Power and Betfair, initially unveiled in August this year. QV EI Premium: Exchange Deals Brief.
…driven by revenue growth and cost savings from the integration of its FTSE & Russell benchmark businesses.
Daniel Davies – Financial Times
Barriers that hold back small companies block unscrupulous stock promoters.
PLY: Sad to see the pinko encapsulating the arguments for socialism, protectionism and extensive regulation, as opposed to making a point for the growth Europe desperately needs, even to manage its decline, let alone have any chance of meaningful growth, currently strangled by the overly prescriptive regulation as espoused by Mr Davies here.
Bradley Hope – Wall Street Journal
CFTC last month accused Igor Oystacher, CEO of 3Red Trading, of using spoofing to illegally manipulate the price of futures contracts for crude oil, natural gas and a popular stock-market index and other derivatives contracts.
Leon Pick – Finance Magnates
A recent research report by Tabb Group says that blockchain-powered systems are only a matter of time. But contrary to some bullish commentaries, they won’t replace conventional clearing houses, and may in fact enhance them.
QV EI Premium: China Capital Markets Transformation Brief – Main File.
Shenzhen exchange will include small-cap ChiNext shares in its planned link with Hong Kong. The exchange is conducting internal tests on link infrastructure, though the program’s start date is still “uncertain,” Liu said. QV EI Premium: HKEx – SZSE Stock Connect.
QV EI Premium: Pakistan Exchanges Merger Brief.
Special Section: FTI, NSEL, India at the Crossroads
PLY: MCX off 1%, FTIL leaps 5%, presumably on more than just selling the IEX stock to a relative ‘odd lot.”
Jim Brunsden & Philip Stafford – Financial Times
The EU’s plans for reforming financial markets face delays amid warnings that regulators and the financial services industry will struggle to develop key information technology systems on time.
PLY: Too many regulations with too little thought applied in too short a time and overseen by a political blob incapable of understanding the minutiae, was always likely to lead to a troubled gestation of practical regulation.
Steven Russolillo – Wall Street Journal
Launched in a barn more than a decade ago by former TD Securities credit-trading executive Lance Uggla, Markit aggregates data from major bond dealers that are used for research, valuation, trading, and reporting about derivatives, bonds, loans and currencies. Over its short life, the London-based company has become an important provider of data to Wall Street.
PLY: FXAll gains a new whole new meaning in terms of comprehensivity. Good move by Reuters.
Daisuke Harashima – Nikkei
Chinese financial regulators are extending their reach in the markets from stocks to commodities exchanges, which have seen rapid growth in recent years as long-term demand for natural resources grows.
Sridhar Natarajan – Bloomberg
Brazil’s CCEE electrical power market clearing house on Monday said it suspended the payment of credits for short-term power deals for September scheduled for liquidation on Tuesday.
The suspension was made in response to court injunctions. A statement from the CCEE did not say when or why the injunctions were put in place.
Bradley Hope & Sarah Krouse – Wall Street Journal
Robert Gasser, the ex-CEO of ITG is seeking $13 million from his former firm three months after being forced out (reported here). Gasser left after an outside law firm found he hadn’t disclosed to ITG’s board of directors some details of alleged improprieties related to the brokerage firm’s “dark pool”. ITG paid a $20.3 mln fine to settle the claims. QV EI Premium: “ITG, Dark Fines & A Coalition for Change.”
Bhagwan Chowdhry (Professor of Finance at UCLA Anderson School & co-founder FinancialAccessatBirth.org) – Huffington Post
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.
TMX Price Target Dropped By TD Securities From C$58.00 To C$56.00 – “Buy” Rating
Dana Blankenhorn – Seeking Alpha
…why my pick of this litter is ICE.
A full table of current analysis can be found on our Analyst Ratings page which is updated daily.
Ian Allison – IBT
Coinsilium, the early stage blockchain investment company with offices at Canary Wharf’s Level 39, is launching an equity crowdfunding campaign with Seedrs which will be part of the Coinsilium IPO, listing on the ICAP Securities and Derivatives Exchange (ISDX) Growth Market in London.
PLY: Another startup listing goes to ISDX, which is quietly reshaping the London SME stock marketplace…