September 7 2016

elb2 Vaguely quiet as we sit between Labor Day and Eid coming up next week… SGX selling their BSE stake is surprising (and may reduce some tension in the stock’s IPO as it dampens the chance of a DB1-SGX control premium…in fact it may even leave the BSE offering looking a little less frothy all round as DB1 now appear at best preoccupied holders of the stock.

Events
The Inaugural CEE CMU summit will kick off the day of the 2nd CEE Capital Markets Awards September 15th in Warsaw. CMU summit features top line speakers from EBRD, European Issuers and, from this parish leading figures from Vienna, Zagreb, Sofia et al with me chairing the CMU stream. Email me or follow this link HERE to sign up.

Bigworld: 

I am out and about in said BigWorld this week roaming around…it’s fascinating, wish you were here…and apologies, lots of meetings, I will return to your email ASAP if I have been remiss!

 

Public Markets

 

SGX To Exit BSE During IPO
Livemint

PLY: A potential 15% is hardly a massive return to chase but then again it is better than losing $38.75 million from a $55 million stake as Duncan the Value Destroyer managed from his perch at NYSE Euronext, in MCX. However SFX selling will come as quite a surprise. Speculation had, until very recently, been hinged upon the premise SGX might increase its stake to the 15% now permitted. This raises interesting questions of what happens next with the SGX strategy (whatever that is…bar buying the Baltic). Meanwhile, DB1 is also vacillating on its stake in BSE – certainly reluctant to increase – it as management bandwidth is preoccupied with trying to thread the LSE camel through the eye of the antitrust needle.

Nick Goodway: Time To Limit German Power With Exchanges Deal For Europe
Evening Standard

PLY: Starts from the sensible prognosis that DB1-LSE is a bad deal for, well, everybody (oh excluding, one often hears murmured, some self-interested executives). Ends with the highly mercurial suggestion that merging Euronext into LSE is a good idea.

Deutsche Börse Venture Network Launches Service For Financing Rounds
MondoVisione

PLY: Interesting albeit will they stick full cycle to it – DB1’s SME short-termism remains an issue.

SGX Sets Up Group To Boost Market’s Operational Resilience
TODAYonline

PLY: I fear many will see this as another talking shop papering over the cracks in organisational framework which could be addressed by an outbreak of management when problems arise…

 

Private Markets
BSE To File IPO Draft Prospectus This Week
Business Standard

PLY: Coming Attractions…

Bisx Targets ‘More Proactive’ Approach On Price Discovery
Bahamas Tribune

PLY: Liquidity problems in the island paradise?

Dark-Pool Firm Started by Bankers to Enter Hong Kong and Japan
Bloomberg

PLY: BlockEvent expands.

 

Special Section: FTI, NSEL, India at the Crossroads

 

PLY: FTIL flat, MCX down 1%. No other news.

 

Technology

 

BM&FBOVESPA Becomes First Exchange To Join R3 Distributed Ledger Consortium
MondoVisione

PLY: Interesting as the suggestion appeared to be that the traffic was likely to be folks leaving some of these consortia…

 

Career Paths

 

Former Kroll CEO Emanuele “Manny” Conti has become CEO of the GTCRbacked Opus Global SaaS compliance platform. CoFounder (wuth GTCR) Doug Bergeron, the former VeriFone CEO will become Executive Chairman.

Crowdfunding
Crowdfunding Transforms Real Estate Investing
Huffington Post

 

Other stories

 

Virtual Currencies Unlikely To Crowd Out Fiat Currencies, According To New SWIFT Research
MondoVisione

Tokyo Stock Exchange: Publication Of “Final Report Of The Working Group On Shortening Stock Settlement Cycle In The Japanese Market”
MondoVisione

 

Quayle Munro Advises FastMarkets On Its Sale To Euromoney Institutional Investor PLC
MondoVisione

 

Tyler And Cameron Winklevoss On Why Regulation Is Good For Bitcoin And Other Cryptocurrencies
Forbes

 

Five Big Myths About The Bitcoin Blockchain
TechRepublic

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