Good to hear from various Canadian readers across the weekend – sorry if my discussing CETA (the stalled/still-born Canada-EU free trade agreement) marred Sunday morning CBC TV for the rest of you!
Meanwhile the UK media had some celebratory coverage of the “Big Bang” across the weekend – I particularly liked “How Margaret Thatcher’s Big Bang could protect the City from Brexit, 30 years on”
in the Telegraph, opening with Aquis CEO, parishioner Alasdair Haynes’s recollections.
In Today’s Exchange Invest
Vietnamese merger, worries over access for NSE and a blockbuster TD – Scottrade deal scoops the headlines as Exchange Invest raced to pixel!
All this and more in what is worth a scroll as always…
Events
Coming Soon: Burgenstock returns, slightly later than usual due to Swift invading Geneva in September. Time to Claim your discount code via Exchange Invest: (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
Efforts to revive the seemingly DOA CETA free trade agreement have resulted in former house painter turned EU President Donald Tusk getting tough. Rumours abound that photos of horses heads have been deposited in the beds of dissident Wallonian politicians.*
*because clearly the EU can’t send real horses heads nor could they condone cruelty third party cruelty by sending severed horse’s head photos so a healthy horse head photo will just have to serve as a threat instead, so there!
Public Markets
TD Ameritrade to Acquire Scottrade for $4 Billion
WSJ
TD Ameritrade Holding will buy Scottrade Financial Services in a $4 billion deal, combining two leaders in the retail market for the buying and selling of stocks as the landscape for stock picking continues to lose favor to index investing.
The combined company will have 600,000 average client trades a day and $944 billion in client assets.
PLY: Mega deal emerges just as Exchange Invest races to pixel…
JPM Cazenove To Oversee Sale Of LClearnet
City A.M.
PLY: Reads like a slightyl hype-y puff piece to entice multiple bidders and make LSE out as a beacon of competition – when it is selling off an asset many thought it didn’t want anyway – to assuage the antitrust gods from precluding their creation of a vast monopoly which delivers a lucrative payout for LSE management.
At 500 million Euros, the price is fascinating given that the original 2012 deal terms for LSE on LCH.Clearnet were “LCH.Clearnet total implied value of €813 million (£677 million), comprising total implied Offer value from LSEG of €772 million (£643 million) plus Special Dividend of €41 million (£34 million) (payable by LCH.Clearnet in 5 years, subject to deductions)” (source: LSE).
CBOE Puts Vector Launch “on hold” Pending Bats Deal
FOW
How NSE Will Emerge In Top 5 Of World Exchanges Ranking Profile
Guardian
PLY: Nigerian exchange shows naked ambition and is backed by a considerable raw commodity base not to mention very encouraging demographics…*
*Then again those who attended Young Markets in Torun years ago would recall Charles Crawford’s illuminating speech on this and other points.
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…Phew that 2 days without Blockchain / Bitcoin didn’t become a third.