November 26 2014

elb2

Mad day in Warsaw then off to Brussels for the European Issuers / FESE small cap stock awards tonight.

End of an era: FTIL no longer owns any Indian exchange shares.

Lots of CCP and CSD shuffling while there are useful insights into metals warehousing and an update as Aquis celebrates its first birthday.

Happy scrolling…

Public Markets

FTIL Exits MCX-SX Via Share, Warrant Sale Deal
Livemint – Anirudh Laskar

FTIL has sold its holding in MCX-SX, completing its exit from all its exchanges in India. FTIL has entered into a share and warrant purchase agreement with investor Rakesh Jhunjhunwala (rumoured to have bought 4% in IEX) and a separate agreement with a clutch of investors including Edelweiss Financial Services Ltd. A total of 2 7000 000 equity shares and 562 460 000 warrants were sold in the two deals for an aggregate consideration of Rs.88.419 crore (USD 14.3 mln). FTIL held a 5% in MCX-SX along with warrants.

CME Defends Market Surveillance After CFTC Review
Tom Polansek – Reuters

CME on Tuesday defended its record, a day after CFTC should put more work into identifying “spoofing.”

TMX Proposes New Fees For Clearing-Unit Services (subscription)
Ben Dummett – Wall Street Journal

TMX’s Canadian Depository unit is asking Canadian regulators for permission to charge issuers for distributing dividends, paying out interest on money-market securities and other services to companies.

Clearstream Works On A Model For Indian Securities Trading
My Digital FC

Clearstream is working with Indian authorities and banks to develop an access model to further increase Indian securities trading such as Eurobonds across its global markets.

Global Regulators Seek Ways To Avert Rule Disputes
Huw Jones – Reuters

Global regulators want better coordination of rules but not a body to settle disputes like the transatlantic spat over derivatives, according to a new IOSCO report.

The Goldman Sachs Guide To LME Warehousing
Andy Home – Reuters

PLY: Great headline, interesting story…

UAE Starts Trading In Secondary Market
Gulf News

UAE Calls For Updating Mechanisms Of Arab Financial Markets
Kuna

UAE Minister of Economy Sultan bin Saeed Al Mansouri has called on the Arab Financial Markets to further update mechanisms and reform regulations to meet the needs of investors and market.

India – RTI Act Remains In Limbo For Securities Market
Sachin P Mampatta – Business Standard

The Right to Information (RTI) Act has resulted in governments falling, politicians going to jail and the exposure of large-scale corruption. One segment it has made limited inroads in are the securities markets.

Most key market infrastructure institutions remain out of the Act’s ambit, some in spite of Central Information Commission (CIC) orders to the contrary. One cannot request information under the RTI Act from the country’s largest stock exchange by volume, the National SE (NSE). Or of Asia’s oldest bourse, BSE. Nor from the country’s oldest mutual fund, UTI MF.

All three moved the courts after decisions on its applicability went against them. It remains stuck there, up to seven years after the original CIC order.

Euronext Paris To Relocate
MondoVisione

Euronext Paris announced plans to relocate to the Praetorium site at La Défense, the business district west of Paris. The move will take place in Q2 2015.

PLY: Au revoir Rue Cambon…some tales of events in your offices will live long in the memory as Euronext Paris heads to Paris’ version of London’s Docklands.

Aquis Exchange Marks 1st Year of Going Live
Aquis Exchange

PLY: Slow steady growth from Aquis.

Private Markets

IDBI Seeks Government Nod To Sell 5% Stake In NSE
Dheeraj Tiwari – The Economic Times

State-run bank IDBI plans to sell its 5% stake in National SE (NSE).

IDBI is the second state-run financial institution after IFCI, which is already in the process of divesting its 2.5% stake in the exchange.

Kraken Bitcoin Operator To Help Liquidate Mt. Gox (subscription)
Takashi Mochizuki – Wall Street Journal

San Francisco-based Payward Inc., operator of the Kraken bitcoin exchange, will help the collapsed Mt. Gox exchange investigate the loss of hundreds of thousands of bitcoins and manage the process of paying repaying creditors.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX flat while FTIL jumps 5% as It sells.out if Indian exchanges, ending an era.

NSEL Merger With FTIL After Stakeholders’ Suggestions: Arun Jaitley
The Economic Times

Merger of NSEL with FTIL will be done after considering suggestions from stakeholders, government said.

“The ministry has issued only a draft order of merger/ amalgamation of NSEL with FTIL in essential public interest… ,” Corporate Affairs Minister Arun Jaitley said in a written reply to the Rajya Sabha.

Technology

BSE Selects Solarflare For Hi-Tech Trading Solution
Forex Magnates

Interactive Data 7Ticks Outlines BATS-Direct Edge Connectivity Migration Support (subscription)
Waters Technology

Products

HKEx To Launch Renminbi-Denominated Metals Futures Next Week (subscription)
Chiara Albanese – Wall Street Journal

Presentations by HKEx: 1) Here & 2) Here.

Fidessa Confirms Plans To Replace Thomson Reuters Exchange Tool (subscription)
Tim Cave – Financial News

Cinnober and LiquidMetrix are also exploring (reported here) the of introducing a service similar to the Thomson Reuters European Market Share Reporter (EMSR) which EI reported earlier this month TR has suspended.

MOEX To Introduce HKD/RUB & GBP/RUB On Its FX Market Trading & Clearing System
Victor Golovtchenko – Forex Magnates

MOEX’s FX Market is a Russian ruble liquidity center used by the Bank of Russia to set the official RUB exchange rate based on exchange trading results.

Career Paths

StarAfrica reports that the CEO of the Nigerian SE (NSE), Mr. Oscar Onyema has been elected President of African Securities Exchanges Association (ASEA) by the Executive Committee meeting of ASEA after its 18th AGM in Diana, Kenya.

NZ Commerce and Consumer Affairs Minister Paul Goldsmith announced the appointment of Murray Jack as the new chairman of the Financial Markets Authority (FMA).

Financial Calendar

Friday

Record date CBOE $0.21 quarterly dividend

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

Share Notes

ITG Director David Meitz sold 3,800 shares Tuesday, November 25th at an average price of $20.03 (bargain $76,114.00). He now owns 93,077 shares.

Analyst Notes

DB1 Upgraded By Citigroup From “Neutral” To “Buy”

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

Lending Platform Mirador Financial To White-Label P2P Technology For Banks (subscription)
Lizette Chapman – Wall Street Journal

Other stories

ISDA Launches Principles On CCP Recovery
MondoVisione

ISDA announced the publication of a set of key principles on the adequacy and structure of CCP loss-absorbing resources and on CCP recovery and resolution.

SEBI To Tie Up With Guj Govt, Police To Address ‘Dabba Trading’ Issue
Vimukt Dave – Business Standard

SEBI is concerned with rampant ‘dabba trading’ and has assured strong action to address the issue, said, U K Sinha, chairman, SEBI here on Tuesday. He said this on the sidelines of conference for SME funding in Rajkot.

More discussion on the subject last year.

Trading & Drinking Join Hands At The Bar Stock Exchange
Glynda Alves – The Economic Times

Conceptualised on the lines of Indian stock exchanges, TBSE is India’s first stock market-based pub chain where the drink prices change based on real time demand and supply using technology to.monitor the demand and supply algorithm…so TBSE offers an experience where you can monitor the price of your favourite stock (aka drink) and trade in real time.

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