Exchange shorts: SGX, SEC, TMX & more

January 19, 2018 11:35 AM

Singapore Exchange (SGX) reported 2018 EPS of 8.2c (0% y/y), on revenues of S$205 million (+3% y/y) and expenses of S$102 million (+5% y/y). SGX expects 2018 OpEx at S$410m-S$420m, S$15m lower than previously announced range. Interim dividend of 5c per shares in unchanged from the year earlier.

SGX will allow companies to list dual-class shares later this year, according to FT. SGX CEO Loh Boon Chye said “Singapore is making huge efforts to transition into the “new economy”. It’s recognized as a leading hub for start-ups that need a capital structure to scale up rapidly.”

TMX head of equity capital markets Nicholas Thadaney will step down after a reorganization of the company. The role of equities capital equity markets is being eliminated. Montreal Exchange head Luc Fortin will take on the additional role of global head of trading and will lead the derivative, fixed income, private markets and equity trading businesses at TMX.
CME, CBOE: Morgan Stanley CFO said the bank is clearing Bitcoin futures for large institutional investors.

Aquis Exchange launched Aquis Market Gateway (AMG), its new connectivity hub. AMG is designed to enable Systematic Internalisers (SIs) and Counterparties to connect bilaterally, via a normalized application programming interface (API).

U.S. Securities and Exchange Commission (SEC): a group of 24 trading institutions, including banks and asset managers, wrote a letter to the SEC to request exchanges to reveal their profit margins for market data products. The group calls for greater transparency in the way exchange operators and trading platforms charge for market data.

SEC also questioned whether Bitcoin ETFs could comply with rules meant to protect retail investors and warned Wall Street not to look for loopholes to offer funds tracking bitcoin, according to the Wall Street Journal.

Federal Reserve would relax leverage-ratio rules, a move that would free up billions of dollars for banks; according to Bloomberg.

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