September 17 2015

 elb2Hmmm, discussions about interest rate rises demonstrates the inexperience of many tranches of market practitioner and media – sounds a bit like teens discussion, er, more naturally adult activities.

Pretty frantic in Warsaw today, Young Markets ongoing, a fascinatingly crunchy day’s discussion – brief pith…well unless you’re in the Westin where we have a great line up of speakers on a range of futures topics… Next up the brilliant Peter Jessup of NASDAQ…

Public Markets

BoE & OFR Highlight Why Data Reporting Matters (subscription)
Philip Stafford – Financial Times

Efforts to improve data reporting so far have been little short of a mess. It may have produced more statistics but even regulators in the US and Europe have admitted it is not always usable.

How Will Exchanges Fare If Fed Unleashes A Tsunami Of Volume?
Matthew Leising, Nick Baker & Brian Louis – Bloomberg

SEBI May See More Investor Complaints After FMC Merger
The Economic Times

With the FMC merger imminent, Sebi needs to be pro-active to deal with possible investor complaints involving commodity bourses that have semi-urban and rural clientele, says a study.  The suggestion is part of a study on ‘Effectiveness of Sebi’s Complaints Redress System (SCORES) in India’ conducted by Sebi’s Development Research Group (DRG).

Read our Premium SEBI-FMC Merger Brief.

Private Markets

IFCI Divests Part Of Stake In National SE

IFCI has made partial disinvestment of 1.5% of its stake in National SE (NSE). Sold 675,000 shares at Rs 3900, bargain Rs 263.25 crore (USD 39.7 mln).

Valuation of the exchange under this price is around USD 2.63 bln.

At the end of June 2015, IFCI had 5.55% in NSE, LIC – 10.51% and State Bank of India – 10.19%. Stock Holding Corporation of India, GAGIL FDI (Cyprus), GS Strategic Investments, SAIF II SE Investments Mauritius, Aranda Investments (Mauritius) Pte and IDBI Bank have 5% each in exchange.

Read our Premium India – NSE Sales Brief and Exchange Deals Brief.

“Flash Boys” Heroes At IEX File To Become A U.S. Stock Exchange
John McCrank – Reuters

IEX said on Wednesday it filed to become a registered U.S. stock exchange and if approved by regulators, will begin operating as The Investors Exchange in the mid- to late-Q1 of next year.

IEX, which launched October 2013 calling itself a fairer market for investors, would be the 12th U.S. stock exchange.

PLY: Hooray Hooray! Competition is good, free markets are great and the brains, brawn and vigour of IEX will deliver a fascinating new bourse to the US marketplace!

Shareholders Turn Impatient Over Delay In Approval For BSE Listing
Rajesh Mascarenhas – The Economic Times

Shareholders of BSE are turning impatient concerning the delay in approval for the bourse’s listing.

N.B. Top 10 BSE shareholders (March 31 2015): DB1 – 4.91%, SGX – 4.91%, SBI – 4.83%, Life Insurance – 4.83%, GKFF Ventures – 4.73%, Quantum – 3.86%, Caldwell Holding – 3.86%, Atticus Mauritius – 3.86%, Acacia Banyan – 3.86%, Bajaj Holdings – 2.89%.

Lebanon To Create New Stock Exchange
Shayan Shakeel – Businessweek

The Capital Markets Authority of Lebanon is in the process of licensing a new 100% privately owned electronic exchange in the coming months to trade multi-assets.

Becoming The EU’s Leading Securitisation Centre

Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (EWSM); a joint venture between the Irish SE and Malta SE established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.

PLY: Very interesting, I continue to like the EWSM initiative.

CLTX: Redesigning The Fuel Oil Market
Commodities Now

Ethereum Blockchain-Based Prediction Platform Raises $4.7 Million
Nikhil Gupta – NewsBTC

Post the successful launch of crowdsale, Ethereum blockchain-based prediction platform Augur has raised $4.7 million till date, with $2.5 million coming in the first 3 days. The sale is still undergoing on “” Ethereum is a much-in-news decentralized blockchain network quite similar to the Bitcoin network.

Special Section: FTI, NSEL, India at the Crossroads

PLY: MCX up 1%, 63 Moons (FTIL) flat.


ASX Halts Trading On Derivatives Platform, Citing Technical Issue
Eduard Gismatullin – SMH

ASX has been forced to stop trading on its derivatives platform because of a technical difficulty on the day key futures contracts are expiring on its ASX Trade24 platform. The market halted at around 12.50pm, reopened at 3pm.

FAO: In February ASX selected Cinnober to run its equity and derivatives trading. Cinnober’s systems will replace a stock-trading platform provided by Nasdaq and a futures venue developed in-house by ASX. (process to take between 18 to 24 months).

MOEX Experiences Further Tech Issues
Maria Nikolov – LeapRate

MOEX – RTS Index Glitch

MOEX on Wednesday had stopped updating prices on its RTS index due to a technical problem. The data issues emerged at 10:18 am (Moscow time), with the normal broadcasting of information restored after 11:30 am (Moscow time). The technical glitch has not impacted trading.

FAO: Latest in a series of glitches that affected MOEX recently, see here and here.

Symphony Is A Real Challenge To Bloomberg (subscription)
John Gapper – Financial Times

Over the years, many “Bloomberg killers” have launched and failed. They have come for the king of the financial data and analytics business and missed.

Now comes Symphony

How AI Is Transforming The Financial Industry
Michelle Fleury – BBC

Your next stockbroker might just be a computer.

Thomson Reuters To Launch Data & Innovation Lab In Waterloo, Ontario


SEC Removes References To Credit Ratings In Money Market Fund Rule & Form

Statement On Adoption Of Amendments To Remove References To Credit Ratings In Money Market Fund Rule 2a-7 & Form N-MFP, SEC Commissioner Daniel M. Gallagher

LCH To Add Compression To ForexClear (subscription)
Alice Attwood – FOW

TruMid Financial Starts Electronic Investment-Grade Debt Trading
Michelle Davis – Bloomberg


STOXX Introduces iSTOXX Europe Centenary Indices

Borsa İstanbul BIST Indices Are Compliant With ESMA Guidelines

Career Paths

Thomson Reuters appointed Ed Clark and Barry Salzberg to the company’s BoD. Clark, 67, served as Group President & CEO of TD Bank from 2002 until his retirement in November 2014.  Salzberg, 61, served as the Global CEO of Deloitte Touche Tohmatsu from 2011 until his retirement in May 2015.

Chicago Climate Exchange cofounder, Dr. Michael Walsh, joined Carbon Trade Exchange (CTX) as MD, Public Policy & Research. Dr. Walsh will also sit on the Board of CTX USA.

Vectra Capital hired Lloyd Bloom & Tom Holland.

Nicola Hortin joined AxiomSL as Head of EMEA Regulatory Analysis Team.

Chinese Bank Goes On London Hiring Spree For Derivatives Unit
John Detrixhe – Bloomberg

Haitong Bank has gone on a hiring spree, snapping up financial professionals for its new London derivatives business. The company intends to use its London hub as a conduit between Chinese companies, capital markets and investors and the rest of the world. Paul Frost-Smith, a former senior MD in fixed income at Credit Suisse, will lead the derivatives unit.

Financial Calendar

18.09 – CBOE $0.23 quarterly cash dividend payment

New announcements

CFTC Agricultural Advisory Committee to Meet on September 22, 2015 – press release here.

BVB EGM – 28/29.10.2015

Euronext EGM – Tuesday 27 October 2015 – announcement here.

All forthcoming exchange / investment related events are now listed in our Events page.


Crowdfunding Spawns UK Crowd-To-Let Sites (subscription)
Christina Madden & Charlie Mitchell – Financial Times

A modest two-bedroom flat attracted much attention in May, by selling in record time on a crowdfunding website. Within 35 minutes, 126 buyers between them had paid £212,900 for the Surrey property. The popularity of this sale, organised via a company called Property Partner, underlines a growing enthusiasm among UK investors for what is termed “crowd-to-let” buying. Since its launch in October 2014, Property Partner has facilitated the purchase of 22 properties. Its website promises “hassle-free returns”.

Crowdfunding Charlatans To Be Named & Shamed By New Rating Start-Up
Rebecca Burn-Callander – Daily Telegraph

Inflated valuations on crowdfunding platforms could soon become a thing of the past with the launch of new ratings start-up, Crowdrating.

The business, which has been almost a year in development, uses 60 different data points, including information from Companies House and credit ratings agencies to assess whether the claims made by businesses raising finance on equity platforms, including Crowdcube, Seedrs, and Syndicate Room, are fair.

Other stories

EEX: Letter By The Energy Industry To Commissioner Lord Hill, DG FISMA – “Ensuring Effective And Efficient Regulation Of European Commodity Derivative Markets”

Keynote Address Of CFTC Commissioner J. Christopher Giancarlo Before The 7th Annual Capital Link Global Commodities, Energy & Shipping Forum, New York, NY, Good Intentions Do Not Always Lead To Good Regulations

Genscape: Quarterly European Power Market Outlook Report


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