TRANSCRIPT
This week in the parish of bosses and market structure, ICE close the Ellie Mae purchase. And Thoma Bravo are selling ICE stock from that Ellie Mae deal in a follow on offering.
Meanwhile, Aquis exchange edges into profit as expected.
My name is Patrick L. Young. Welcome to the Borst business. Weekly digest.
It's the Exchange Invest Weekly podcast.
In this, ladies and gentlemen, the era where the water cooler has had many, many fewer users over the course of lockdown times, even if you're returning to the office: news flow, information flow is key. Just let me add this podcast is a very brief reduction of the key headlines from the week in market structure.
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“Controversy from the SEC”. Well, common bedfellows, those words, I suppose.
...Shrouding money managers in secrecy: The SEC is proposing an amendment to the form 13 F that would eliminate most investment managers’, quarterly filings. I can see the ‘money logic’ of the SEC’s inflation shuffle here, but surely in an age of spreadsheets and all that digital desktop malarkey, it's easier than ever to disclose what your holdings are?
...Curiously analogue move by the SEC, which seems to be clumping down on issuers to provide ever more detailed data on the other side of the coin.
Elsewhere, BMLL, sponsors of Exchange Invest: They won the best data service application using cloud technology at the 2020 HFM European technology awards.
...Wearing presumably a virtual bow tie and tuxedo, Paul Humphreys was there, well virtually, to collect the award on behalf of the BMLLl team.
Elsewhere, Robin hood, they're facing multiple SEC investigations as we first trailed last week, into their business practices. Those investigations are from the SEC and indeed also the regulatory body FINRA.
As I have repeatedly noted for years, this was highly likely. The weird thing is what took these regulators so long to get their acts together. Fair enough, it must be a baptism of fire for their new general counsel, the former SEC commissioner, my old friend, Don Gallagher... At the same time. Also many have pointed out the fact that well, a $10 million fine is surely only a drop in the ocean to Robin hood.
...But I would argue if it opens the flood gates to greater and greater litigation, what can the class action mavens actually do to Robin hood given for many years, it's claimed to be free when it's actually been selling your order flow elsewhere?
“FQR” that's the first question, Richard Repetto of Sandler O'Neill has reduced ratings for this CME.
That's a very bad sign. Will CME punish him by stopping him from running first on the road at the next earnings call when it's open to questions? Frankly, could be the highlight of the earnings call if it's as syrupy as the last one.
Ratings news: B3 Brazil, Bolsa, Balcao: Moody's have announced the completion of a periodic review of their ratings.
No change there just as there was last week with ICE. In...
