Market Structure Partners’ CEO Niki Beattie is often quoted in the financial press on a wide range of international market regulation issues. Find all the links to the articles below.
Niki Beattie is also regularly featured in video interviews across the media and at industry events.
…Niki Beattie, founder of Market Structure Partners, said: “It’s proven very difficult for exchanges to get deals done with other exchanges either because of competition issues or because of protection of “perceived national assets”.
It was a view echoed by Mr Schwimmer, who acknowledged the difficulties in attempting an international exchange mega-deal but said the Refinitiv acquisition was different. “Cross-border exchange transactions are pretty challenging. That can be for political or industry reasons. This is not a cross-border exchange transaction.” …
… LSE will be buying, not selling, but the result is the same: A $27 billion deal to create a global powerhouse in data and trading platforms that will more than double the value of the Blackstone group’s initial equity investment in Refinitiv in just 10 months. LSE added almost $4 billion in market value in the first trading day after the talks were confirmed.
“Schwimmer was clearly brought in to do a deal and seems to be delivering,” said Niki Beattie, founder of Market Structure Partners. “The deal shows the importance of data in the world going forward.” …
…“There is a wider market concern about exchanges and data vendors combining,” said Niki Beattie, founder of Market Structure Partners. “The global world of data distribution is presided over by a small number of players who have a lot of power.”…
…LSE has previously sought to bulk up by merging with Deutsche Boerse, a deal that would’ve vaulted the combined firm into the ranks of the biggest global exchange firms, along with CME Group Inc. and Intercontinental Exchange Inc. But that combination was blocked by regulatory hurdles, and Schwimmer ruled out big exchange mergers after taking the job.
“The LSE is clearly pursuing deals that are more vertical than horizontal, presumably after seeing competition difficulties issues arise when some deals with other exchanges are mooted,” said Niki Beattie, founder of consultancy Market Structure Partners in London.
In recent months, LSE has benefited from a program to link up with Chinese markets and a move by European regulators in February to allow euro clearing on both sides of the English Channel under any Brexit scenario.
…But the lobby groups for HFT on both sides of the Atlantic are ready to step up their arguments if the pilots show signs of gaining traction.
“You have to let markets evolve and let them decide,” said Niki Beattie, founder of Market Structure Partners, a consultancy, and non-executive chair of XTX Markets, which supports speed bumps.
“You can give people choice but if you haven’t got competition then you can’t do it.”
…Mr Schwimmer’s US contacts from his Goldman years may be just as important to the LSE in future — the US contributes a fifth of the LSE’s revenues, and Mr Rolet had expressed fears that some of the LSE’s prized clearing, processed at LCH, could move to the US if Brexit upsets current arrangements.
“The failed Deutsche Börse deal shows how hard it still is to do a deal in Europe,” said Niki Beattie, founder of Market Structure Partners, a markets consultancy. “Perhaps a good deal is more likely to come from North America, as cross-border issues are growing in Europe and maybe the board are thinking about that.”…
…Aquis’s broker, said revenues were 19% ahead of his expectations, while costs were in line. As well as winning subscribers for its exchange, Aquis has expanded into selling trading and surveillance technology.
However, Aquis chair Nicola Beattie warned that Brexit will increase costs by about 5%, including those linked to the regulatory approval needed to open new offices in Paris. Aquis is monitoring Brexit developments and could move trading of EU stocks to the French capital….
LONDON (Alliance News) – Aquis Exchange PLC on Tuesday said it expects to report doubling in revenue for 2018, but warned on challenges in the first quarter of 2019 due to Brexit uncertainties.
Aquis shares were trading 4.8% higher on Tuesday at 600.00 pence each.
The exchange services company anticipates to deliver revenue of GBP4.0 million for 2018, versus GBP2.0 million in the prior year.
Looking forward, Aquis said it anticipates making further progress during 2019 and expects to perform in line with expectations.
The company expects to announce its 2018 results in early April.
Separately, Aquis said it appointed Electronics Engineer Glenn Collinson as an independent non-executive director.
Collinson started his career at Racal Electronics PLC and worked for mobile firm Motorola Inc and semiconductors company Texas Instruments Inc before co-founding Cambridge Silicon Radio in 1998. There he served as an executive director and helped grow the company from a concept to a USD3 billion market capitalisation entity in 2006, known as CSR PLC.
“I am very pleased to welcome Glenn to the board of Aquis at this important time in our development as a public company,” said Chair Niki Beattie.
“His background as an engineer and his years of developing and marketing technology products will be invaluable to the business,” added Beattie.
LONDON – 08 January 2019 – Aquis Exchange PLC (AQX.L), the exchange services group, which operates the pan-European cash equities trading MTF, Aquis Exchange, and develops and licenses exchange software to third parties, today announced that it has appointed electronics engineer and serial entrepreneur Glenn Collinson to its Board, as an independent non-executive director (NED), subject to FCA approval.
Collinson started his career at Racal and worked for Motorola and Texas Instruments before co-founding Cambridge Silicon Radio in 1998. There he served as an executive director and helped grow the company from a concept to a $3 billion market capitalisation entity in 2006 (as CSR Plc) and one of the biggest players in the Bluetooth market. Since leaving CSR he has held a number of executive and non-executive directorships in UK and French companies – both public and private – that specialise in technology.
Commenting on the appointment, Niki Beattie, Chair of Aquis Exchange, said:
“I am very pleased to welcome Glenn to the Board of Aquis Exchange at this important time in our development as a public company. His background as an engineer and his years of developing and marketing technology products will be invaluable to the business. Crucial too is the first-hand experience he brings of running companies in both the UK and France, the two countries in which Aquis Exchange has a physical presence.” …
Niki Beattie shares her views throughout this report from the LSE which identifies six key themes from the first six months of MiFID II and offers practical insights. Watch her discuss MiFID II at the report’s landing page.
Excerpt from Insight 1: Back to the block
Niki Beattie, CEO of Market Structure Partners, suggests that markets have not yet become more transparent to end-investors. “We now have a highly complex and opaque market structure. In the equities market, trading on some venues and SIs is not being conducted in keeping with MiFID II. In other asset classes, much of the activity on multilateral venues is in reality bilateral because of its
reliance on credit relationships. Trading venues and brokers are innovating to attract business, but the overall effect in not necessarily improving outcomes or transparency for end-investors.”…