November 12 2015

elb2Another megacrunchy day AND I’m at the MondoVisione Exchange Forum today chairing the event – already been delighted to discuss the Victory or Death meets This is The Age of the Exchange introductory remarks…

Moreover I have a new white paper out, download now if you are interested in moving “Towards A Real Time World Market – I call it the move to “Zero Hour.” Feedback welcome…

Today, Carsten Kengeter reshapes the DB1 empire to support his position and direction of travel, ICAP TNT got a thumbs up / thumbs down (TNT was off over 10%) in a world replete with fascinating activity, happy scrolling… Oh and FOW just broke the story: Bill Templer is leaving Curve (and presumably as FOW posited first, Sandy Broderick is coming in as CEO). I am sorry to see Bill stand down, he brought experience and integrity to the development of Project Rita into Curve.

Public Markets

Realignment Of Executive Board Responsibilities


DB1 Reshapes Board Roles To Match Growth Goals


DB1 will realign the assignment of responsibilities within its Executive Board, effective 1 January 2016.

PLY: Jeff Tessler the big winner in divisional responsibility as Carsten Kengeter reshapes DB1 to suit his power base. Andreas Preuss heads to a different area away from EUREX in what must be a clear sign (as broadly anticipated) that he is in the twilight of his DB1 career.

QV Premium: Dear Carsten – An Open Letter to the New DB1 CEO.


PSE Profit Falls On Lower Listings

James Loyola – Manila Bulletin

Philippine SE (PSE) said that its net income fell 37.38% to P450.2 mln (USD 9.5 mln) in the first nine months of 2015 on lower listing-related income.

Corporate Regulator Treads Carefully On PSE Takeover Of PDS

Business World Online

Antimonopoly issues remain a key stumbling block to the unification of the country’s equities and fixed-income trading platforms, with SEC unable to commit to a timetable for the merger’s approval. QV Premium: PSE – PDEx Merger Brief.


ICAP Said To Keep Liability For ISDAfix Case After Tullett Deal

Matthew Leising – Bloomberg

Voice Broking Is Dead, Long Live Voice Broking (subscription)

Tim Cave & James Rundle – Financial News

Icap & Tullett Prebon Merger Sees Brokers Braced For Cuts

Russell Lynch – The Independent

Hundreds of jobs are at risk after Icap and Tullett Prebon sealed plans to create a £1.5bn City broking giant and said the deal would generate at least £60m in savings. QV Premium: Exchange Deals Brief 2.

PLY: #SHockHorrorProbe The dynamics of this deal are that John Phizackerley TNT CEO gets a huge business to restructure through reducing headcount while Michael Spencer gets his core  ICAP assets revalued as a cutting edge electronic market infrastructure group…


The Liquidity Alliance Now Able To Extend Collateral Management Services To Buy-Side Via 360T


The Liquidity Alliance, including ASX (Australia), Cetip (Brazil), Clearstream (Luxembourg), Iberclear (Spain) and Strate (South Africa), will be able to meet this demand by giving the buy-side an option to collateralise triparty repos with banks through 360T.


Opening Access To Clearing Houses (subscription)

Financial News

Mifid II contains provisions that will permit institutions to trade products on an exchange without being tied to that organisation’s clearing house.

QV Premium: Homer Simpson & The Supermodel Buffet – aka a Guide to Clearing in the New Era,Sometimes You Need A Plumber, Open Clearing: A Paradismal Shift By LCH, LCH Opens Swingers Club.


Dark Matters

Asset Servicing Times

Turquoise’s Robert Barnes suggests that the answer to more efficient trading functions in Europe could lie in the differences between light and dark.


Alleged Spoofer Oystacher Said To Face Fresh CME Investigation

Matthew Leising – Bloomberg

Igor Oystacher is facing another investigation into his trading by CME.


Abide Financial Applies To Become A Trade Repository


Abide Financial, a market leading global transaction reporting specialist, has applied to become a Trade Repository under EMIR. Abide Financial is expected to be among the largest three Trade Repositories by processed volumes of EMIR reportable transactions.


FIA Re-Publishes SEF Tracker Report For September


Private Markets

KRX: Introduction Of Market Maker System & Trade Stabilization Measure In Stock Market



Sebi Allows Vadodara SE To Exit Bourse Biz


More than two dozen bourses have been allowed by the Securities and Exchange Board of India (Sebi) to exit the capital markets space. QV Premium: Indian Exchanges Shutdown – Brief.


The ABCs Of The YSX

Kyaw Phone Kyaw – Frontier Myanmar

The long-awaited Yangon SE (YSX) is due to open in early December and there are a few things you need to know if you’re planning to play the market. QV Premium: ASEAN Exchanges Project Brief

Dividend News

CME declared Q4 dividend of $0.50 per share, payable December 28, 2015, record date December 10, 2015.

Special Section: FTI, NSEL, India at the Crossroads

Markets closed: Diwali.


Thomson Reuters Exploring Options For IP & Science Business

Jessica Toonkel & Abhirup Roy – Reuters


Osborne Wants London To Be ‘Global Centre For Fintech’ (subscription)

Peter Campbell – Financial Times

PLY: Anything reduced to ‘tractor production statistics’ especially by highly calculating if not exactly execution capable politicians like ‘George Osbrown,’ concern me…bright as the future can be for fintech and indeed UK FinTech.


Microsoft Launches Cloud-Based Blockchain Platform With Brooklyn Start-Up


Microsoft launched a cloud-based blockchain platform on Tuesday with Brooklyn-based start-up ConsensYs, which will allow financial institutions to experiment cheaply and easily with the technology underpinning bitcoin.


Startupbootcamp Fintech Heads To NY To Launch Accelerator Program



Middlemen The Key To Corporate Bond Market’s Electric Dreams


Goldman Sachs shuttered its GSessions electronic bond-trading platform in 2014. BlackRock closed its Aladdin bond trading network after less than a year in 2013. Last spring, DB1 pulled its funding for a platform called Bondcube. Bloomberg LP, Thomson Reuters and about 30 other companies operate corporate bond e-trading businesses, most of which have struggled to gain traction with users.

QV Premium: The Bond Bubble, On Bonds & SEFs, A Bond Market Dilemma, The Bond Platforms Rush Brief Part 1, Part 2.


The Long Wait for Chinese Oil Futures Continues (subscription)

Jenny W. Hsu – Wall Street Journal

China’s volatile stock markets may have claimed another victim: hope for the start of an oil-futures contract this year to rival other global benchmarks in the trillion-dollar market. QV Premium: China Capital Markets Transformation Brief – Main File.


ETF Price War Heats Up As BlackRock Cuts Fees On Seven Funds

Sabrina Willmer – Bloomberg


CBOE Joins with LiquidityBook to Expand Connectivity to CBOE’s Pulse Trader Workstations



Advancement Of Trading & Listing System Of The KRX Bond Market



Tel Aviv SE Will Launch TA-25 Net Dollar Index As Of November 15, 2015

PRNewswire via COMTEX

Career Paths

LSE appointed Chris Corrado as Group COO and Group Chief Information Officer (CIO). He will also be a member of the LSEG Executive Committee. Mr. Corrado joins the Group from MSCI, where he has been a MD, responsible for technology, data services and program management, CIO/CTO, since 2013. Mr. Corrado replaces Antoine Shagoury who resigned last month and is set to join State Street.

PLY: Good luck to Mr Corrado. One can argue his career outlook is broadly binary and revolves around that historic bugbear which strikes fear into the heart of IT operatives throughout markets ‘the LCH.Clearnet technology upgrade.’

Effective 1 January 2016, DB1 Realignment Of Executive Board responsibilities: the newly-created “Clients, Products & Core Markets” division – will be headed by Jeffrey Tessler, the second newly-created division, “IT & Operations, Data & New Asset Classes” – will be headed by Deputy Group CEO Andreas Preuss, the “Cash Market, Pre-IPO & Growth Financing” division – will be headed by Mrs Hauke Stars, CFO Gregor Pottmeyer will continue to be responsible for Group Finance and CEO Carsten Kengeter will be directly responsible for Group Strategy and M&As, Group Portfolio-Management, Legal, Audit as well as Marketing, Communications and Government Relations. As a key management tool, HR was added as a direct reporting line to the CEO.

BoD of SIX appointed Christoph Landis as the new Division CEO of SIX Swiss Exchange and thus also as a member of SIX Group Executive Board.

PLY: Good luck to Christoph, replacing Christian Katz the former FESE President who stood down in April.

Finance Magnates reports that FXCM promoted Naji Karak to VP of Sales and appointed him as Head of Sales for MENA region.

ESMA Vacancy Notice – Policy Officer – Benchmarks Regulation/Secondary Markets (Deadline Extended To 22/11/2015)


Financial Calendar

Today – MondoVisione Exchange Forum – chaired by EI Founder Patrick L Young. We’re having a great time learning about markets, where are you?

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

Share Notes

Interactive Brokers President Milan Galik sold 12,663 shares Monday, November 9th at $43.61 (bargain $552,233.43).

Analyst Notes

RBC Capital Reissued “Outperform” Rating On LSE

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

Other stories

Buying Stocks To Win the Gods’ Favor Will Not Save Modi Reforms

Santanu Chakraborty – Bloomberg

While traders believe good Muhurat trading is a good omen for the new Hindu year, things aren’t so upbeat for India’s prime minister. Narendra Modi lost elections in the state of Bihar last weekend, making it harder for him to pass laws in the upper house of parliament. Equity investors had cheered the triumph of Modi’s Bharatiya Janata Party in the 2014 general election because they bet the incoming prime minister would reform the Indian economy.

PLY: This is an issue as Mr Modi’s government is in danger of becoming becalmed through inability to push legislation through the upper house.


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