Expo has mostly been a case of conventional discussion so far it seems. In Europe, the Brexit debate (fuelled by ‘remainian’ hysteria) has become so juvenile and inadequately covered it makes one almost yearn for a good Presidential election campaign…let me just check…hmmm…5 seconds later and the remote control “off” button offers a compelling alternative… At least there’s this newsletter to offer a spot of calm scrolling during the day:
In Today’s Exchange Invest
Amongst today’s many interesting stories, GMEX announces its restructure after months of speculation on its future.
Events
Claim your discount code now via Exchange Invest: Burgenstock is coming soon (see banner on left- and use this discount code “YOUNG15” to get 15% off the delegate fee).
The Stuttgart SE 10th Anniversary MIFID Conference also advertised to your left looks most interesting and I am delighted to be chairing a session there November 17th.
In BigWorld
Apparently legalising cannabis in Colorado has boosted house prices by 8% as retailers bid for shop front space. Meanwhile the first cannabis company is seeking to list on NYSE (the marvellously anonymously branded “Innovative Industrial Properties”) while GMEX powered CX as well as AmericanEx are both in the, er, ‘canna-bourse’ space.
Public Markets
ICE’s Sprecher Criticizes Mifid II, European Financial Rules Set to Start in 2018
Wall Street Journal
PLY: Jeff Sprecher shows admirable restraint in merely calling MIFID II ‘a terrible piece of legislation.’
ICE Unlikely To Bid For LSE – Sources
FOW magazine
PLY: Confirming prevailing EI analysis, this is perhaps the least surprising headline in months to EI readers.
Cramer: ICE CEO Just Crushed it, A Stock Worth Owning
CNBC
PLY: Sparing you the whole breathless article, the parish relevant part is:
The ICE: “I love that. More important, I want you to buy more ICE. We just did a nice profile of these exchanges and that company is making a lot of money. A lot of money.”
…Great to see Cramer endorsing the sector once again, returning to his theme first mentioned October 3rd.
Traders Who Doubt LSE-DB1 Deal Still Love LSE Shares
Bloomberg
PLY: Bloomberg catching up with the apathy of merger arb, as mentioned before in Exchange Invest. Really a forex story, Pound plunges, LSE goes up. I am not sure that really means anybody loves LSE right now, the prevailing narrative has been clearly broken. I see it being more a potential break-up play and certainly a shop in need of a new CEO if (more likely when) the merger of equal desperation falls apart. The company doesn’t cohere properly and the ‘MOED’ antitrust latency effect is making the lack of integration more apparent to outsiders. DB1 looks the better stock bet to me, the problem is the lack of trust in management, apart from a lack of faith in their abilities too but if properly managed, it has potential, even if it has lost its spot as a top tier player in the pyramid (after years of management rallentando).
DEALTALK-Euronext Faces A Bind Over LSE’s Clearnet Sale
Reuters
PLY: An interesting thesis but not one I can quite agree with as to do so is to drink the kool aid of LSE agitprop which suggests ‘sell Clearnet and the merger of equal desperation is done and dusted.’ That is a deft syllogism but reflects the dream of XavRol ridding himself of loss making Clearnet (and potentially see LCH back under UK regulation – albeit I am not so sure the French will be so eager to give up their influence), than reality or realpolitik. Unless the EU antitrust division has morphed into monkeys, I will be surprised if they don’t see through this.
Ergo, the idea that Euronext buying Clearnet is a possible impediment to them as it facilitates the DB1-LSE monopoly being permitted, is imho, somewhat fallacious.
Interview: Jenny Knott
The Trade
…Discussing recent ICAP acquisitions and the future of FinTech.
PLY: Practical common sense from Jenny Knott.
Gorman: NYC Could Take UK Derivatives Trading
FT
PLY: There is a Tom & Jerry cartoon where cat, mouse and dog battle over a steak with an argument so heated that the steak washes away down the gutter as they bicker over who gets what share.
DB1 Clearstream Unit Named In US Case Involving Bank Markazi
Reuters
PLY: Standard protectionist fodder from political American prosecutors. Copy paste release from DB1 (as also used passim by Euroclear in other cases).
FCA Approves SGX Baltic Exchange Takeover
Reuters UK
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