November 30 2015

elb2Doing deals, a touch frantic, happy scrolling…

Public Markets

PSE Takeover Of PDS Snags On Lack Of SEC Approval

Krista Angela M. Montealegre – Business World

The envisioned unification suffered a major setback on Friday, as the deadline to secure regulatory clearance lapsed with SEC taking no action PSE’s application to buy out shareholders of PDS.

QV Premium: PSE – PDEx Merger Brief.


Betfair Boss’s €70m ($74m) Bonus (subscription)

Peter Evans – Sunday Times

Breon Corcoran’s existing shares and options in Betfair will be converted into Paddy Power stock if, as expected, investors in the two bookies vote for the deal next month. Under the terms of the agreement and at current prices, his holdings will be valued at more than €70m ($74m).

On top of that, Irish-born Corcoran — who will become CEO of the renamed Paddy Power Betfair — has been awarded a 30% pay rise and the prospect of millions more in annual bonuses. In total, the 44-year-old could take home almost €6m ($6.3m) each year. QV Premium: Exchange Deals Brief.


DB1 To Encourage Hidden Trades (subscription)

Philip Stafford – Financial Times

DB1 is to follow in the footsteps of LSE by encouraging investors to trade large blocks of shares hidden from public view without breaching new rules on controversial “dark pools”.

The operator of Germany’s largest stock exchange on Monday will launch an amended form of share “placements” on its public market — a type of order that may only been seen by people involved in similar ​deals.

PLY: After a dalliance with Liquidnet, DB1 goes DIY dark..


MEPs Accept Need For Mifid II Delay (subscription)

Financial Times

Formal postponement to European trading rules moves closer.

EU Lawmakers Back One-Year Delay To 2018 For MiFID Securities Law

Huw Jones – Reuters


Haitong Securities Latest Chinese Broker To Come Under Regulatory Scrutiny


China To Ban Derivatives Funding For Stock Trades, CSRC Says


The Securities Association of China will ban brokerages from offering financing for stock market trading using derivatives.

PLY: Shades of post 1929 Wall Street. ..


LME Targets Queues Again But Watch Out For Collateral Damage

Andy Home – Reuters

LME announced last week a new raft of rule changes aimed at killing off the persistent load-out queues that have bedevilled its relations with large parts of its industrial user base. Effective March next year standard load-out rates from LME warehouses will be raised. Again.


LSE Wooing More Indian Rupee Bond Issuers To List On Its Exchanges

Remya Nair – Livemint

In a meeting on Friday with state-run companies exploring bond issuances, LSE pitched its large investor base and foreign exchange market to encourage firms to explore listing in London.


The Coffee House Is Back – Online (subscription)

David Wighton – Financial News

LSE has diversified a bit since John Castaing started making prices in Jonathan’s Coffee House at the end of the 17th century. And its appetite for new ventures shows no sign of waning.

PLY: For those who prefer physical markets in coffee and trade, I suggest Mrs Young’s Hanza Cafe where they serve Manufaktura Hanza coffee over business discussions…

Private Markets

Foreign Investors Pitch To Expedite Listing Of NSE, BSE

The Economic Times

Large foreign investors including Goldman Sachs, Temasek and Morgan Stanley have approached the government to expedite the process for listing of top stock exchanges BSE and NSE, where they hold significant stakes.

This group of 17 overseas investors, which also includes DB1, SGX, Argonaut PE, SAIF Partners, Tiger Global, Acacia Partners and General Atlantic, has said that the listing of the bourses would help various public sector entities and others who have invested there.

These investors together hold 31.12% in NSE and 25.30% stake in BSE.


Irish SE Celebrates 10 Years Of The Enterprise Securities Market (ESM)


PLY: Happy birthday to all the team who have built an excellent market.


TWSE Launches Online Rules & Regulation Directory


Taiwan SE (TWSE) has launched an online ‘Rules & Regulations Directory’, providing international investors and the media with a centralized location for all 238 Taiwan capital market regulations in both English & Chinese.


Russia’s Finance Ministry Wants To Ban Bitcoin, Not The Blockchain

Yessi Bello Perez – CoinDesk

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 1% while FTIL is up to 2%


Anthemis Seeks To Raise $100 Mln Fintech Fund (subscription)

Anna Irrera – Financial News

Digital financial services investment and advisory firm Anthemis Group is in the process of raising a $100 million venture capital fund to back fintech start-ups.

PLY: Good luck to Sean Park and team.


BIST: Updates In Derivatives Market (VIOP) Operation Principles Related To BISTECH Migration Of Equity Market



Hong Kong Falls Behind In Asia’s ETFs Race (subscription)

Chris Flood – Financial Times

Policymakers in Hong Kong must act to strengthen its position as a regional hub for ETFs or risk losing more ground to regional rivals.


Sebi Likely To Unveil Electronic Platform For Corporate Bonds

Jayshree P Upadhyay & Anup Roy – Business Standard

Sebi is set to announce a platform for online sale of privately placed corporate debt. The announcement is likely after the regulator’s quarterly board meeting on Monday.


HK’s SFC Proposes To Expand Short Position Reporting



HKEx CEO Charles Li – Latest Charles Li Direct: HKEx Expands Product Portfolio For Future Growth



BIST Stock Indices Ground Rules Are Revised


Career Paths

Reuters reports that Karin Forseke, Chairman of Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Elliott Advisors.

Financial Calendar

This week

30.11 – 01.12 – CBOE Risk Management Conference (RMC) Asia

01.12 – Record date Interactive Brokers $0.10 quarterly dividend

01.12 – Record date Virtu Financial $0.24 quarterly dividend

04.12 – Record date CBOE $0.23 dividend

04.12 – TMX $0.40 dividend payment

04.12 – BGC Partners $0.14 quarterly dividend payment

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


Funding Circle’s SME Income Listed Fund Set To Join LSE After £150m Flotation

Madeline Ratcliffe – CITY A.M.

Other stories

ECB: Instant Payments Across Europe By November 2017




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