Exchanges/Platforms

HK exchange makes risky $2.2 bln LME bet

15 Jun 2012

The exchange is paying an alarming 58 times last year’s earnings for the London Metals Exchange - even factoring in its new fee structure. There are no cost synergies, so all depends on whether mainland Chinese buyers will be allowed to play more on foreign commodity markets.

Nasdaq pours gasoline on Facebook fire

7 Jun 2012

The exchange offered brokers a measly and controversial $40 mln to compensate them for over $120 mln of losses derived from the badly botched IPO of the social network. That has galvanized customers and rivals against Nasdaq. Boss Bob Greifeld is starting to look more exposed.

Gavilon sale brings Ospraie happier crisis memory

29 May 2012

The commodities hedge fund has doubled its money with the $3.6 bln sale of the grain trader it bought from ConAgra in 2008. Co-investors including George Soros should also be pleased. And for Ospraie, which was nearly crushed as the crisis unfolded, it’s a cheerier bookend.

Nasdaq howler can’t explain Facebook flop for long

21 May 2012

The exchange is still clearing up after a systems snafu left the social network’s stock trading in the dark after its Friday IPO. Nasdaq’s blunder dinged confidence and the bourse may be on the hook financially. But Facebook’s valuation must soon stand, or fall, on its own.

New-look LSE enhanced by LCH grab

9 Mar 2012

The bourse operator’s push into stronger businesses like “post-trade” services continues with the takeover of clearer LCH.Clearnet. Taking no more than 60 pct keeps customers onside. The complex deal also looks financially respectable. Hence a bounce in LSE stock.

Happy stock highs belie bonds teetering on edge

21 Feb 2012

With the Dow Jones industrial average crossing the 13,000 level for the first time since before the crisis and Britain’s FTSE 100 index headed toward 6,000, equity investors are smiling. Many may be wondering if the run can be sustained. But debt buyers may face the real danger.

NYSE/DB execs deserve spanking for merger failure

1 Feb 2012

Duncan Niederauer and Reto Francioni spent a year pursuing a transatlantic tie-up that the EU never favored. While not as egregious as AT&T’s bid for T-Mobile USA, their ambitions have proven a costly distraction. At the very least, the two should forfeit their bonuses.

LSE-SGX move on metals exchange would make sense

30 Sep 2011

Joint bids tend to be hard. But the London and Singapore bourses may benefit by partnering in a possible $1.6 bln bid for London’s metals exchange. LSE gets a partner that already handles metals futures; SGX gets local know-how. That matters in a potentially hot auction.