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HideNotSlide's profile
Hide Not Slide
Hide Not Slide
Hide Not Slide
@HideNotSlide

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Hide Not Slide

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Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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Joined December 2014

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    1. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      No story better encapsulates Europe's deep exchange rivalries than that of LIFFE and its wild pinball journey through the hands of multiple exchange giants. More below:

      1 reply 1 retweet 12 likes
      Show this thread
    2. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      Hide Not Slide Retweeted Hide Not Slide

      LIFFE was launched in 1982 and grew initially through mergers with other small London exchanges. The late 90s saw LIFFE hit a major road bump when it lost its flagship Euro Bund contract to Deutsche Börse in a drawn out battle.https://twitter.com/HideNotSlide/status/1322922220537204745?s=20 …

      Hide Not Slide added,

      Hide Not Slide @HideNotSlide
      An intense, protracted market share battle in the 1990s serves as a classic case study for exchange strategy. How do exchanges beat competitors & take market share? The Battle of the Bund gives some clear, helpful clues. We begin in 1988: pic.twitter.com/Szom62FXru
      Show this thread
      1 reply 0 retweets 1 like
      Show this thread
    3. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      In the midst of disappointment at the loss of their top market, LIFFE heads Sir Brian Williamson and Hugh Freedberg embraced electronification to return to growth, with the launch of LIFFE Connect:pic.twitter.com/9vOpm19kuY

      1 reply 0 retweets 0 likes
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    4. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      Here's where it gets interesting. In late 2001, reports surface that LIFFE is putting itself up for sale. Multiple bidders emerge, including LSE, Deutsche Börse, and newly formed Euronext.pic.twitter.com/yJZasSNhwv

      1 reply 0 retweets 0 likes
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    5. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      LSE was far and away seen as the front-runner in the race for LIFFE. The exchange was struggling from over-reliance on equities & listings and needed to diversify. Their offices were right down the street, and LSE made the highest bid. LIFFE chose Euronext instead.pic.twitter.com/9ULSExXZ2U

      1 reply 0 retweets 1 like
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    6. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      Why? In an interview, LIFFE CEO Hugh Freedberg said Euronext accelerated LIFFE's growth and an all-cash deal was more attractive. Bagging LIFFE was a huge win for Euronext, giving it a London presence, exposure to derivatives & solidifying it as a European contender.pic.twitter.com/2h7VoVBZSe

      1 reply 1 retweet 2 likes
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    7. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      In the years that followed, more European M&A added to LIFFE's ownership juggle. The NYSE bought Euronext in 2006, then ICE bought the NYSE in 2013, spun out Euronext and kept LIFFE, where it sits today. Below interview shows ICE CEO Jeff Sprecher's rationale for the deal:pic.twitter.com/p9lAybPJDc

      1 reply 1 retweet 2 likes
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    8. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      Takeaways: M&A comes down to WAY more than price. Politics, strategic vision and even national pride can factor into a deal that may look worse on paper. Exchanges that looked to have overpaid in the past are reaping the rewards now via strong margins and global influence.

      1 reply 0 retweets 3 likes
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    9. Hide Not Slide‏ @HideNotSlide 24 Nov 2020

      This week's issue of Front Month will dive into the deep history of rivalries among exchanges. Sign up here so you don't miss it:https://frontmonth.substack.com/ 

      2 replies 1 retweet 3 likes
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    10. John Handel‏ @_John_Handel 24 Nov 2020
      Replying to @HideNotSlide

      Excited for this one! Curious to see how far back you go...

      1 reply 0 retweets 1 like
      Hide Not Slide‏ @HideNotSlide 24 Nov 2020
      Replying to @_John_Handel

      I'll see what SSRN has on the rival cavemen meat exchanges of 12,000 BC

      8:12 AM - 24 Nov 2020
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      • John Handel
      1 reply 0 retweets 1 like
        1. John Handel‏ @_John_Handel 24 Nov 2020
          Replying to @HideNotSlide

          Heh. Mostly was thinking 19th century when exchanges are formalized and popularized. Competition was less for listing (though it was a factor) and more about telecoms infrastructure (which is still true to a degree obviously)

          0 replies 0 retweets 1 like
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