Transcript:
This week in the parish of bourses and market structure:
European Union sees Sense over CCP.
No pulling up the Euro clearing drawbridge for some time to come.
Analysts demonstrate their net lack of ability over TP ICAP while Beijing Stock Exchange launches with a billion-dollar debut day and CBOE they’re tweaking their global equity strategy with the addition of Aequitas / Neo in Canada – another good niche purchase.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 121.
Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.
More details at ExchangeInvest.com.
TP ICAP Group has received a consensus recommendation of “buy” from analysts. That is of course after a year where the stock price has assiduously worked its way into the toilet, surpassing even the rights issue price of 1.40 admittedly to the Southside, as this podcast was being recorded. If ever there was proof needed of the paucity of analytical ability, this is it.
True a big issue is the way actual ratings are as insightful as male calibrated prophylactic sizing and the absence of a “FLEE” rating has I feel long amounted to a hole in the analysts’ armoury.
In other TP ICAP news, various insiders have been buying fairly trivial amounts of stock. Mark Hemsley has already seen his 22,000 pound purchase on September 8th erode over 15% for example. Along with other purchases, it seems like a case of the rats not so much abandoning the sinking ship as flinging a bit of change into the kitty in the hope people think they believe in the mission. On the other hand, one could also think about it this way – 22,000 pounds that’s the sort of thing a major league toilet broker expects to pay for lunch with a few of his key clients.
Dubai IPO Gambit pushing a lot more content towards the markets has had a huge result for Dubai financial market. In just one month the relatively thinly traded stock has nonetheless doubled in value to $4.6 billion.
The National Stock Exchange of India could it be that finally their big-ticket IPO is set to get clearance from SEBI. That’s at 2 lakh crore in Indian rupees, which in real money is $27 Billion that would vault NSE towards the top of Tier 2 in Young’s Pyramid of Exchanges, which is quite a bit of a head of our last valuation for the company. Nonetheless, institutional investors uncertain about the listing possibility actually taking place as has indeed been the sad tale of the past decade are currently trimming their stakes in NSE in the private market.
Getting the balance right on UK Euro clearing may take years. A European official said this week. At least the ‘not pul...
