Another 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.
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.
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.
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.
Matthew Leising – Bloomberg
Tim Cave & James Rundle – Financial News
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, 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.
Mifid II contains provisions that will permit institutions to trade products on an exchange without being tied to that organisation’s clearing house.
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.
Matthew Leising – Bloomberg
Igor Oystacher is facing another investigation into his trading by CME.
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.
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.
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
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.
Jessica Toonkel & Abhirup Roy – Reuters
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 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.
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.
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.
Sabrina Willmer – Bloomberg
PRNewswire via COMTEX
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.
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.
Interactive Brokers President Milan Galik sold 12,663 shares Monday, November 9th at $43.61 (bargain $552,233.43).
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.
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.