BGC cleared as an OTF and MTF and more +4


Two weeks ago, I cited the selection of Bloomberg Entity Exchange as the prelude to today's announcement that BGC is officially authorized to operate Multilateral and Organized Trading Facilities in Europe as of January 3rd.  I don't expect this to move the stock at all immediately, but I do think it is the beginning of a long anticipated phase of growth.  With Newmark having closed with the full overallotment of 3M shares sold, it will be good to be able to monitor that progress a pure-play brokerage again.

The next question for me is whether or not investment and trading volume will begin to move away from the United States in earnest over the next few years.  The bull run in equities looks to me like it has at least 9 months left in it, barring a real world-changing macro event.  That said, it's quite possible that the tax changes could be the one and only U.S. government achievement (if you want to call it that) before the mid-terms.  The shocker in the Alabama special Senate election looks like a sign of things to come.

In the meantime, I'll continue watching stocks on a day by day basis.  I've noted  Blackstone upping its CQP position and that CQH has risen in tandem.  The reshaping of the LNG market over that time frame is another big question that I'll be watching over the next two years.  On a somewhat related note, an Energy Recovery Director has sold all his shares.  I usually disregard insider sales, but I do fear for ERII share pricing in the new year if there is no positive news.