September 27 2016

elb2Once again slightly offbeat timing (but some of you liked it – even for the novelty) as I am in Brazil. Epic sessions yesterday as I opened the World Co-Operative Management Conference in Belo Horizonte with a keynote on the future of finance.


In Today’s Exchange Invest


CBOE swoops, buys BATS, rather shakes the parish up, with the Pyramid of Exchanges now looking remarkably close at the top of the second tier between LSE (awaiting possible acquisition subject to antitrust), NASDAQ and now CBOE only a couple of billion behind…


In BigWorld


Meanwhile in Bigworld: It was the US Presidential debate round one Monday evening. I don’t usually suffer much jet lag flying flying to the South America from Europe but today I am endeavouring to make an exception…


Public Markets

CBOE to Buy Bats
Bats Needs To Close This Deal Fast


PLY: Great deal all round. One key takeaway is that CBOE just moved to from outright prey to a tricky sized acquisition as it is now headed to being the 7th largest publicly traded exchange group as I noted last Friday.


Moody’s To Review Bats’ Ratings For Upgrade After CBOE Deal Announcement


Tiny Firm Broadhaven Capital Just Snagged A Huge Payday On A Big Wall Street Deal
Business Insider UK


…and also worked on the sale of REDI to Thomson Reuters earlier this month, and Intercontinental Exchange’s purchase of Interactive Data…


Europe Ready To Put DB1/LSE Under The Spotlight
The Times (subscription)

Russia Close To Debuting China Market Link


Depositaries in China and Russia will open joint accounts in the “near term,” MOEX CEO Alexander Afanasiev noted,


Six Exchanges Collectively Fine Merrill Lynch $3 Million For Violating SEC Market Access Rules


PLY: A rather coyote ugly result for Merrill Lynch from an apparently underwhelming approach to regulatory probity.


Private Markets

Baltic Exchange Shareholders Approve Takeover
SGX Completes Takeover, New Baltic CEO Named
Splash 247


PLY: Overwhelming support for SGX acquisition. Good deal.


Plan For A Separate Muscat SME Exchange Delayed
Times of Oman


BSE May Launch IPO by Q4


BSE To Register Brokers For International Exchange
Daily News & Analysis


Integration of GCC Bourses Discussed
Bahrain News Agency


War Over Alternative Namibian Bourse
Southern Times Africa

The Namibia Financial Exchange (NamFinX) has been left with no choice but to drag the Namibia Financial Institutions Supervisory Authority (Namfisa) to court for refusing it permission to operate as a stock exchange in the country since 2014.

Parliament To Debate Junior Market Incentives Restoration
Government of Jamaica, Jamaica Information Service


LMAX Exchange Expands In US With Launch Of New York Based Exchange
The Universal Institutional FX Matching Platform
LMAX Exchange

LMAX Exchange has launched a new matching engine and liquidity pool in New York (Equinix, NY4).


PLY: Very encouraging news from LMAX.


Special Section: FTI, NSEL, India at the Crossroads

FTIL Says Never Received Any Money From NSEL’s Profit
Economic Times


RBI Asks Govt To Appoint Regulator For Spot Exchanges


PLY: A tad seismic methinks but il Sebi really relish control over what could be a challenging sector? However tricky to see how it can refuse if it receives a government mandate…




The Future Of Blockchain – by Adena Friedman
Financial News (subscription)


Perseus Preps ‘Fastest’ CME–Tokyo Network


Once completed in February 2017, the improvements are expected to deliver roundtrip latency of 119.68 milliseconds, compared to latency of 121.45 milliseconds over Perseus’ existing route between Chicago and Tokyo. The vendor is calling the upgraded route Pacific Express, and by extension will offer lower latency connectivity to other Asia-Pacific market centers.


Crucial In An Age Of Data Divergence




SGX Aims To Host Global Masala Bonds
Economic Times

PLY: A major player status is plausible but not sure how SGX can achieve their stated aim of global leaders against the likes of London.

Career Paths

The new CEO of the Baltic appointed by new owners SGX, after Jeremy Penn’s long since announced retirement, is former (2009-202) Chairman Mark Jackson, currently chief commercial officer of AM Nomikos Group.


ICAP COO Ken Pigaga will not go with the various assets being sold to TNT and is instead leaving ICAP..

Ontario Securities Commission Seeks Applications For The Registrant Advisory Committee

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