| NZX more encouraging results than most, NASDAQ renews and expands technology cooperation with Swiss Exchange while Swiss Railways start selling Bitcoin.
Events
A new event joins the roster looking ahead: the MOEX Annual Forum will visit New York Tuesday November 15th and London Tuesday December 6th. Join the event free via Exchange Invest here.
For those interested in MIFID, the biggest forum or the past decade in Germany is back November 17th when I look forward to chairing a session at the 10th Anniversary MIFID Conference. A sell-out audience of 300+ from around Germany and further afield is expected.
Anybody not booked for Burgenstock yet? 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. As always, “the right crowd and no crowding” is the mantra of the modern ICDA events borrowed from the heyday of Brooklands.
In BigWorld
Now at least it is clear – the next President of the United States will be noted for their past failures of judgement and moreover a great deal of questions remain about their qualities of character and just how trustworthy they are to lead the free world.
Now all we have to do is wait a week or so to discern just which of the rather sublimely flawed candidates gets to redecorate the White House in their image in the New Year.
Public Markets
CBOE Holdings Posts 16% Revenue Decline On Sliding Trade Volume
Wall Street Journal
PLY: Readers exercising intuition and analytical insight might notice the Journal headline differs slightly from the “CBOE Holdings Reports Solid Third-Quarter Results” headline from the company’s press release.
…Now the destiny of CBOE is clearly in its acquisition of BATS and the means to leverage cash versus options not to mention the European arm of BATS and ETF’s world-wide. It’s a fascinating deal.
Dubai Financial Market Q3 Net Profit Drops 22%
Reuters
PLY: A rather disappointing quarter all round the parish really.
NZX Ltd Q3 Revenue Growth Of 3.9%
Reuters
NZX Q3 2016 Revenues & Operating Metrics
NZX
PLY: At least NZX is amongst the few bucking the downward trend in revenue, as it looks for a new CEO.
U.S. Said To Probe Tullett, BGC, TFS-ICAP Over Currency Options
Bloomberg
U.S. authorities are investigating whether middlemen in the $5 trillion-a-day foreign exchange market posted fake bids, rigged auctions and gave confidential information to others who then profited from it.
PLY: It’s another of those clash of culture things – ambitious political prosecutors finding practices which have been around for a long time but can be deemed unfair or unreasonable… (albeit it is tough to see who profits from a false options price insofar as if you think it’s misplaced, wouldn’t you take the price one way or another…) so really we are talking about a ‘framing’ of the bid offer around fair value which everybody has on their computers, AKA pricing ‘on the wide’ to entice ‘paper?’ Not outstanding behaviour but surely an indicative is not utterly unreasonable? That said giving away confidential information is tricky. However, I am sure we’ll see a lot of hairsplitting here too…aka where perceived market colour becomes fact. Of course if the IDBs were dealing with, say, Mr A. Weiner of NYC, then there is a big problem with information leakage as his devices seem to know more than even the Secretary of State at the time.
Anyway, this investigation is not good for the IDBs who have failed to keep up with the digital times in many ways. Meanwhile the ICAP answer is fascinating to this CFTC investigation as a result of the NY AG’s initial subpoena where it concerns their forex j.v. with Tradition: “ICAP only has an economic interest in this venture of 23 percent and no management control.” That’s one buck passed.
EBRD: Armenian Parliament Passes Financial Market Laws
EBRD
PLY: As noted last week. This opens the way to derivatives markets – good news presumably for incumbent exchange NASDAQ Armenia in particular.
WSE Financial Results For Q3 2016 – GPW Group’s Growing EBITDA In Q3 2016 – Driven By Strict Cost Regime
Corralling The Unicorns: Nasdaq & NYSE Work To Court The Next Blockbuster IPO
TheStreet.com
How did the Nasdaq become the defacto destination for tech companies and how is the NYSE competing with its uptown brethren?
LME Must Tackle Rivals, Scepticism In Race For London’s Gold Market
FastMarkets Metal News
Volumes Down, Discontent Up On LME
Reuters
PLY: It has to be said that given there never appears to be anything but discontent amongst the members of LME over both time and multiple management teams, one does start to wonder where the issue might lie.
LMEshield To Launch In People’s Republic Of China
MondoVisione
PLY: Good news for LME and the IT vendor Kynetix.
Jamaica SE Shareholders Approve Five-Way Stock Split
Jamaica Gleaner
PLY: Jamaica follows in the footsteps of ICE in splitting their stock.
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