Euronext sees post-Brexit opportunity to tap China | BoE may have overestimated Brexit uncertainty | May rebuffs UK foreign secretary's Brexit comments
September 23, 2016
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CBOE reportedly aims to acquire Bats
CBOE Holdings is negotiating to buy Bats Global Markets to expand futures and options trading to include equities, exchange-traded funds and foreign exchange, sources say. "If both parties are motivated, they could successfully merge because there are plenty of areas where they don't conflict or overlap," said Sandler O'Neill + Partners analyst Rich Repetto.
Bloomberg (9/22),  Financial Times (tiered subscription model) (9/23) 
Euronext sees post-Brexit opportunity to tap China
Brexit's tempering of London's status as a global financial center might open the door for Euronext to tap Chinese businesses, CEO Stephane Boujnah says. Chinese investors will need "the right gateway for the European market" post-Brexit, Boujnah says.
Bloomberg (9/22) 
BoE may have overestimated Brexit uncertainty
The Bank of England will revise its post-Brexit forecasts upward if the economy continues to show signs of strength, policymaker Kristin Forbes says. "I've worried a bit in our forecast that we control for many of the measures that simultaneously control for uncertainty, and then we put in uncertainty effects, so we're putting them in twice," she said.
Bloomberg (9/22) 
May rebuffs UK foreign secretary's Brexit comments
Brexit talks delayed, UK official says
Johnson (Nick Ansell /Getty Images)
UK Prime Minister Theresa May has rebuffed Foreign Minister Boris Johnson's claim that Britain will start Brexit negotiations by early 2017. May has told ministers to avoid participating in a "running commentary" on the strategy or timing of negotiations.
Deutsche Welle (Germany)/Agence France-Presse/Deutsche Press-Agentur/The Associated Press (9/22),  Financial Times (tiered subscription model) (9/22) 
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UK banks brace for worst Brexit outcome
Without knowing how Brexit negotiations will turn out, London banks are preparing for the worst possible outcome of losing access to the single market. Relocating to the EU, however, carries its own costs and difficulties, including potential consequences for euro liquidity. "Forcibly moving trading, clearing of euro-denominated derivatives into the eurozone is likely to fragment liquidity by currency, with a detrimental effect to EU end users and wholesale market counterparties," said Simon Puleston Jones of FIA.
Bloomberg (9/22), (subscription required) (9/22) 
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Regulatory Roundup
Options Clearing CEO discusses regulatory challenges
US firms have stopped taking risks because of increased regulatory pressure, Options Clearing CEO Craig Donohue says. He also says he wants to make the company a market influencer. (9/22) 
Industry Developments
ASX: Outage was unprecedented hardware failure
ASX has released an initial report on Monday's outage that says a "hardware malfunction triggered a complete database failover to [a backup data center] and not all parts of ASX Trade successfully connected" to the database. "The hardware malfunction ASX experienced was complex and unprecedented," CEO Dominic Stevens said.
The Sydney Morning Herald (Australia) (9/23),  Business Insider (9/23),  The Australian (subscription required) (9/23) 
Thomson Reuters buys REDI for data expansion
Thomson Reuters expects to close on an acquisition of REDI Holdings this year. The deal expands "the breadth and depth of market data available" to the buy side, says Michael Chin of Thomson Reuters.
The Trade (UK) (9/22),  Finance Magnates (9/22) 
One month til Expo 2016 – join us!
FIA is counting down the days until Expo 2016, taking place October 18-20 in Chicago. It's your source for breaking news, valuable insights and innovative solutions for the listed derivatives and cleared swaps community. Connect with business leaders, industry stakeholders and top regulators. Register by Friday, September 23 & save!
Financial Technology
Partnership to develop DLT for Swiss market
SIX Securities Services has partnered with Digital Asset Holdings to work on distributed-ledger technology for Swiss financial markets. Back-office functions such as post-trade settlement have been targeted for blockchain innovations.
The Trade (UK) (9/22) 
Commodities and Managed Futures
New commodity traders aid markets, exec says
Commodity markets have benefited from an influx of traders by increasing efficiency, says Michael Coleman, managing director of RCMA Asset Management.
Futures & Options World (subscription required) (9/22) 
FIA News
Last chance to register for FIA Forum: Sydney 2016
It's the last chance to register for and get up to speed on latest developments affecting Australian markets and to join industry peers at our third FIA Forum in Sydney on Sept. 29. FIA would like to invite you and your colleagues to an afternoon discussion, followed by a networking reception. Learn more and register!
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Register for IFM's Newest London Course: The Latest in Algo Trading: Technologies, Regulations and Legal Pitfalls
This single-day course provides a holistic and detailed view of trade execution across exchange-traded equities, futures and options, as well as OTC markets. It presents the latest technologies adopted by market participants and regulators and the impact of rapidly evolving regulations in the US and the EU. The discussion of operational, technical and regulatory aspects of trade execution is integrated with the analysis of relevant litigation examples involving government agencies, trading platforms, investment funds, brokers, trading firms and algorithm designers. The seminar will be held from 9 a.m. to 5 p.m. Oct. 31 in London. Enroll.
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