October 24 2016

elb2

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.

Private Markets

Nigerian Bourse Pushes Back Derivatives Launch To 2017

Daily Mail

…However that top 5 position may be subject to ups and downs en route. CCP issues delaying the start of derivatives trading it seems.

Merger Appears Near For Vietnam’s Stock Exchanges

VnExpress International

Sebi Finds More Brokers Gained Unfair Access To NSE Systems

Livemint

Liquidnet Gains From EU Ban On Free Research For Trade Executions

South China Morning Post

PLY: Seth Merrin in Hong Kong makes the clear case why subsidised research with implicit execution requirements was always a bad idea but one which some markets cling to stubbornly.

Construction Of Surat Diamond Bourse Begins

Hindu Business Line

PLY: Earlier this month ICEX announced a relaunch in India for diamonds trading while of course the SDiX platform in Singapore has shown exciting growth since launch earlier this year.

Regulators Should Help Treasury Market Evolve: Citadel Says

Bloomberg

CCPs Call For Proportionality In Resolution Rules

Finextra

TriOptima & SwapClear Include First Client-Cleared Trades In triReduce Swap Compression Cycle

ICAP

PLY: Another day, another little ray of sunshine from the wonderment which is TriOptima.

Special Section: FTI, NSEL, India at the Crossroads

NSEL Case: ED rejects bail of Kailash Agarwal

Business Standard

Where Exactly Does The Buck Stop?

Hindu Business Line

The state of regulation (or lack thereof) and the fate of hapless investors in India are equally pathetic.

Technology

AIFC, Nasdaq to Cooperate on Trading Infrastructure

Astana Times

PLY: Astana is the centrepoint of a massive Kazak impetus to create a new major financial centre, now with a NASDAQ powered exchange at its epicentre – fascinating stuff and good for NASDAQ expanding to the east of the Caspian from their existing ownership of the Armenian Stock Exchange.

Products

ZAMACE, JSE Conclude Deal

Zambia Daily Mail

… Zambian Agricultural Commodities Exchange (ZAMACE) has finalised the process of listing Zambian grain contracts on the JSE

Goldman Says ‘Size Doesn’t Matter’ as SGX’s Iron Holds Sway

Bloomberg

Contracts in Singapore have greater pricing power than those traded in China at the Dalian Commodity Exchange according to this analysis.

PLY: Fascinating.

Ripple’s XRP Futures Gets Listed on Derivatives Exchange

CryptoCoinsNews

Aussie Bank’s 7000-Mile Blockchain Experiment Could Change Trade

Bloomberg

PLY: Ironic that banks are trying to cure the trade finance market which was mostly killed by the narrow-minded approach of, yes, you guessed it, banks… However in a world where the ugly spectre of protectionism is almost everywhere, trade finance needs to be sorted out urgently.

Indexes

…remarkably not a jot of index news today…

Career Paths

Situations Vacant:

Ontario Securities Commission Requests Applications For The Securities Proceedings Advisory Committee

Junior Officer for Mercantile Exchange Nepal Limited (MEX)

Manager, Regional Trading Centre at Ethiopian Commodity Exchange in Ethiopia.

Crowdfunding

NHS Trust Crowdfunding To Equip Ward

BBC News

Giggrabbers – The World’s First Combined Crowdfunding and Outsourcing Platform!

Satellite PR News (press release)

PLY: Crowdfunders with almost Nigerian levels of ambition, clearly.

Other Stories

Feds Unveil Sweeping Cybersecurity Standards For Financial Industry

The Hill

…Phew that 2 days without Blockchain / Bitcoin didn’t become a third.

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