NYSE launches its new exchange

July 26, 2017 10:36 AM
Exchange Shorts

NDAQ reported 2Q17 adj. EPS ex-amortization of purchased intangibles of $1.02 (-7% q/q, +13% y/y) 5c above ERDesk and the consensus estimate. GAAP diluted EPS was $0.87 (-12% q/q, +110% y/y). Revenues were $602m (+3% q/q, +8% y/y) and adj OpEx was $315m (+3% q/q, +5% y/y). Synergies are now expected at $70m-$80m, and already $60m in synergies were achieved. NDAQ expects 2017 non-GAAP OpEx at $1.26b-$1.29b. NDAQ decreased debt by $69m. NDAQ announced dividend of $0.38 per share.

ICE: New York Stock Exchange (NYSE) launched its new exchange, American, that features a 350-microsecond delay on orders.

DB1: Eurex Chief Strategy Officer, Matthias Graulich, said EU plans to supervise euro-denominated clearing don’t give regulators enough power to intervene in a crisis. Reported by Reuters.

LSE: LCH CEO Daniel Maguire said execution costs for EU27 firms could increase by $25bn per annum if clearing is fragmented.

Brexit: IMF foresees only a modest increase in transaction costs if clearing and other financial activities are moved from the City of London to the European Union after Brexit; according to Reuters.

CME will develop futures and options on the on Broad Treasuries Repo Financing Rate following the Alternative Reference Rate Committee’s (ARRC) recent recommendation to adopt it as benchmark. Futures and options will launch after the FRBNY and the US Treasury Office of Financial Research begin daily publication of the rate, expected in 1H18.

IEX CEO, Brad Katsuyama, sees a flash crash as the market biggest risk; according to MarketWatch.

NDAQ elected John Rainey to its BoD. Mr Rainey serves as Executive Vice President and Chief Financial Officer of PayPal.

NZX’s CFO, Bevan Miller, resigned to take up a role as CFO of The Co-operative Bank.

BSE and Egyptian Exchange (EGX) signed an MoU that includes mutual cooperation and the exchange of information across both Exchanges’ business areas.

LSE purchased 47k shares at 3,779p per share, as part of its £200m repurchase program. Total purchases add 3.93m shares up to date.

CFTC granted LedgerX, registration as a derivatives clearing organization (DCO). LedgerX will be authorized to provide clearing services for fully-collateralized digital currency swaps. LedgerX, which was also granted an order of registration as a SEF on July 6, 2017, initially plans to clear bitcoin options.

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com.