October 27 2016

elb2

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?

Private Markets

London Derivatives Exchange Unveiled Following Restructure

LDX

PLY: The announcement trailed yesterday in FOW, and reported here. Again I hope it all goes well for the innovative London venue.

Ho Chi Minh City Mulls $45m Startup Fund, Reiterates Stock Exchange Plan

DEALSTREETASIA

PLY: ‘Startup Stock Exchange’ concept being floated to accompany a massive tech development programme for the southern Vietnamese city.

Experts Seek Solutions For Sluggish Commodity Exchanges

Vietnam Colors

Israel Seeks to Ban Sale of Binary Options Overseas With Law Amendment

Haaretz

PLY: Fascinating development and while I dislike blanket bans, the overseas sale of such products from Israel has verged on the hyper-dodgy in many many places.

A stock exchange With Chinese Characteristics

Nikkei Asian Review

Which stock exchange in China has the most listed companies — Shenzhen or Shanghai? The answer is neither…

India Must Press On With Commodity Trading Changes

Nikkei Asian Review

Approaching Coffee Trade The Modern Way

VietNam Breaking News

Currently, only 10 enterprises and two farming households have become members of the Buon Ma Thuot Coffee Exchange Center (BCEC) in Daklak.

Special Section: FTI, NSEL, India at the Crossroads

NSEL Scam: Second Biggest Defaulter Used investors’ Money To Buy Properties In Dubai

Mumbai Mirror

SC Dismisses NSEL Case Against Applicability Of MPID Act

Livemint

PLY: See also MPID mentioned here (amongst other places).

Technology

FIX Highway Launches Flat-Rate Monthly Fee For Fixed Income Trading – Upends And Eliminates Current Transaction Fee Model

The Trade

PLY: Radical stuff – and most interesting too. Subscription models encroach once again on the parish.

Cobalt DL Commences Beta Testing With FX Participants Using Blockchain Technology

EconoTimes

OANDA’s CEO Ed Eger Details New Execution Engine’s Capabilities

Finance Magnates

Products

Kenya Shifts Gears in Drive to Raise Coffee Exports Via Nairobi Coffee Exchange Into America

AllAfrica.com

Future Of Sports Betting: The Marketplace

ESPN

PLY: The 20 plus year old sports exchange concept (as originally envisaged by those who founded Betfair and Tradesports/Intrade, myself included) may yet see the regulatory light of day in the US as the political classes are appearing more open to the notion…

Indexes

Singapore Takes More Steps To Become LNG Trading Hub

Reuters

Singapore already has an LNG price index, the Singapore Exchange’s SLInG, and has developed infrastructure like storage tanks to support trading.

Career Paths

DTCC has appointed Jim Hraska as MD of its Fixed Income Clearing Corporation.

MCX’s Chief Regulatory Officer Krishnan Vishwanathan resigns

Business Standard

Gareth James Appointed MD of Tullet Prebon/Synrex Joint Venture

Finance Magnates

tpsynrex, a joint venture between interdealer broker Tullett Prebon and Synrex has created a venue for liquidity and innovation in real estate.

Ericsson’s Board names Börje Ekholm new President & CEO

Yahoo Finance

Börje Ekholm is also a non-executive member of the board at NASDAQ.

Crowdfunding

Global Alternative Funding Forum: Crowdfunding Has Ushered in the New Era of Capital

Equities.com

PLY: Interview with the organiser of the Global Alternative Funding Forum which takes place out west next month.

Sharestates Is Raising Series A Funding on SeedInvest

Crowdfund Insider

Real estate crowdfunding platform Sharestates is poised to raise capital on SeedInvest.

Other Stories

Exclusive: EU Proposes Phasing In Some Bank Capital Rules – Document

Reuters

Banks in the European Union will get more time to adjust to new rules aimed at making sure that banks hold enough of a capital cushion against risky lending on their trading books, an EU document showed on Wednesday.

PLY: Huw Jones is not merely one of the most insightful, if not _the_ most insightful journalist around this parish, he even does scoops too. I hope Reuters appreciates his excellence.

Stand-Off Traps EU’s ‘too big to fail’ Bank Reform In Limbo

Reuters

EU lawmakers have failed in their latest attempt to revive a draft law giving regulators powers to split up risky banks in order to prevent a repeat of the costly taxpayer bail-outs during the financial crisis.

Office Of The Comptroller Of The Currency Issues Responsible Innovation Framework

PLY: This is further to their paper released in March. Meanwhile one hates to be pedantic but isn’t this headline somewhat tautological or is it an in-joke that having designed a currency which doesn’t work, the US OCC thinks those crazy Europeans might go for an “Irresponsible Innovation Framework” too?

United Kingdom Parliament Treasury Committee Update: Chair On FCA’s New Mission Statement

UK Gov

The Rationale For The FCA’s Mission And The Context Which The FCA Operates In – Speech By Andrew Bailey, Chief Executive At The FCA, Delivered At City Banquet, Mansion House

FCA

ESMA Issues Q&AS On The Implementation Of MAR

ESMA

Onwards, upwards, and perhaps for some, even distributed on a Blockchain…

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