Today marks the 30th anniversary of “the Big Bang” in the City of London which was a major deregulatory step on the journey to our modern derivatives world. That said, at the time most practitioners seemed more fearful than excited at change – plus ca change. Of course now the worry about Brexit is being deployed by the worrywort tendency as evidenced by City AM: The Big Bang at 30: Can 1986 hold the key to seizing the City’s Brexit opportunities? …Which is fortunately more optimistic than many organs clinging to a blind faith they will awake at Hallowe’en and realize June 23rd was just a bad dream for their EU-view. At which point I will highlight David Buik’s pithy remark about the pre-Big Bang City which has overtones for the contemporary age too::
“Market participants seemed to be cocooned within a fortress of protectionism.”
– David Buik, Panmure Gordon
Events
It’s time to book that trip to Burgenstock if you haven’t already. You can still Claim your discount code via Exchange Invest: (see banner on left- and use this discount code “YOUNG15” to get 15% off the delegate fee). Crossfire kicks things into gear on the AM of 15th with cocktails the evening before.
Then I am off to Stuttgart SE to chair a session at their 10th Anniversary MIFID Conference which has a sell-out audience of 300+ from around Germany and further afield.
In BigWorld
Meanwhile in BigWorld, Apple just had its first year on year revenue decline since 2001. Revenue has dropped from $233.7 billion to $217 billion, or if you consider it in GDP terms, from somewhere around Finland to closer to Portugal.
Public Markets
Nasdaq Profit Hit By Deal Costs But Tops Expectations
Reuters
Nasdaq Reports Q3 2016 Earnings – Delivers Record Subscription & Recurring Revenues(1)
NASDAQ
PLY: Good results and a reminder of the latest flurry of deals such as ISE, Chi-X Canada and MarketWired which are helping to maintain the career-long transformation under Bob Greifeld.
MarketAxess Results Beat Forecast, Trade Volume Passes $1 trln
Reuters
PLY: $6 billion dollar MarketAxess is the leviathan often ignored but which investors clearly like. Good numbers here.
BME: IBEX-35 Non-Financial Corporations Are Now Funding Themselves More With Bonds Than Bank Lending
MondoVisione
PLY: Unsurprising news but worthwhile confirmation nonetheless: Being able to borrow money for more or less nothing if your balance sheet has a vestige of coherence is more appealing than giving away equity. #BubbleAnybody?
CBOE Sets Quarterly Cash Dividend Of $0.25 Per Share
Reuters
ICAP-Tullett Deal Said to Face Regulator Query on Licensing
Bloomberg
PLY: Is this a logical approach to how to licence IDBs and the quasi-post-IDB electronic hybrid ICAP, or just a vague cash shakedown from one of the more expensive regulators in Europe?
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Onwards, upwards, and perhaps for some, even distributed on a Blockchain…