FEBRUARY 15 2017

So here we are at Issue 933 of Exchange Invest, which was a designation for studies for an SCCA Porsche 924 racer as well as a 1981-90 3.2-liter light airplane engine, marketed as PFM 3200…which reminds me of the amazing Giorgio Vico in Liguria who built a seaplane with the VW engine also used as the base for the 924 engine.

In Today’s Exchange Invest

Euronext goes announcement hyperactive: and they are all good! Various fascinating wheels and deals show a desire to get the business to the next level. Meanwhile, newly ‘formed’ NEX group moves ahead while newly listed Bombay disappoints with results.

And there’s more, happy scrolling:

In BigWorld

A member of the Democratic party resigns as National Security Advisor and the end of the Republican administration is foretold by CNN (whose predictive accuracy, by the by,
makes tea leaves look the sound risk analysts’ choice).

Meanwhile Goldman Sachs shares reach new highs – presumably encouraged by either:

1) GS still being capable of coherent management despite their alumni being all over yet another US cabinet

2) …or simply because Goldman Sachs alumni are all over the new government.

Public Markets

Euronext Publishes 2016 FY Results
Euronext Partners With AX Trading To Launch Pan-European Block Trading MTF
Euronext Launches New Collateral & Liquidity Risk Management Service
Euronext Acquires Majority Stake in Company Webcast
Euronext

PLY: What a joy to read! Euronext edges ahead of expectations with their results and shows a slew of coherent, intelligent new initiatives in spaces where more products are warranted. A block trading facility on the cusp of MIFID II is a great idea, even with the competition from LIS (BATS-BIDS) and the original incumbent, Liquidnet as well as a potentially resurgent ITG. A fascinating offer in a fascinating space which is also true of the collateral and liquidity risk management services.

Excellent initiatives and I am delighted to see these creative projects from the offices of Euronext and Lee Hodgkinson in particular who is delivering a breadth of vision which enhances the core Euronext offering.

NEX Group Plc – Trading Statement
MondoVisione

BSE Q3 Net Profit Drops 17% To Rs 64-cr
Business Standard-28 minutes ago
After Results, Further Re-Rating Looks Difficult For BSE
Business Standard-15 hours ago

BVB’s Net Profit Gains 19 Pct To Ron 7.87 Mln In 2016
Business Review

PLY: Good results.

A Record Of 85 Teams Took Part In NUS-SGX Stock Pitch Competition 2017
MondoVisione

UK’s Financial Conduct Authority Reviews Effectiveness Of UK Primary Capital Markets
FCA
Watchdog Proposes Making Britain More Attractive For Debt Trading
Reuters

PLY: A very very clear signal that the UK has no intention of letting the Channel Islands be the only financial centre to prosper in the wake of the EU suicide note on bond listing / insider trading et al. The urgency of EU reform on this ill-considered proposal cannot come soon enough.

Private Markets

The Egyptian Exchange (EGX) and Sydney Stock Exchange (SSX) sign MOU
SSX

Special Section: FTI, NSEL, India at the Crossroads

Sena Trains Guns On Somaiya, He Dubs It As Diversionary Tactic
Business Standard

The Shiv Sena today alleged that BJP MP Kirit Somaiya has links with the infamous National Stock Exchange Limited ( NSEL ) scam.

Technology

Fintech Conclave To Be Held In Mumbai
Times of India

Products

Sebi Changes Priority For Commodity Derivatives
Business Standard

PLY: Looks like new types of player allowed into the market before options are available.

BSE, NSE To Move 47 Companies To Restricted Trade Segment
Moneycontrol.com

West Africa Bourse Sees Flurry Of Sukuk In Region
Gulf Times

Cryptocurrency Exchange Bitmex Lists Dash
Finextra

Career Paths

Meeting With Apex Regulator: Stock Exchange Suspends Its Chief Regulatory Officer
The Express Tribune

PLY: The collapse of MR Securities has claimed the scalp of the Head of Regulation at the recently unified Pakistan exchange.

The CME has unveiled their proposed director slate following on from our discussion of the B share nominees yesterday. With a combined age of 1500 years, clearly experience is not an issue which is welcome:

Terrence A. Duffy, 58, Chairman and Chief Executive Officer, CME Group
Timothy S. Bitsberger, 57, Former Managing Director, Official Institutions FIG Coverage Group of BNP PNA
Charles P. Carey, 63, Former Vice Chairman, CME Group; Principal of Henning & Carey Trading Company and HC Technologies, LLC
Dennis H. Chookaszian, 73, Former Chairman, Financial Accounting Standards Advisory Council; Former Chairman and Chief Executive Officer, CNA Insurance Companies
Ana Dutra, 52, President and Chief Executive Officer, The Executives’ Club of Chicago
Martin J. Gepsman, 64, Independent Broker and Trader
Larry G. Gerdes, 68, Chief Executive Officer, Pursuant Health; General Partner of Sand Hill Financial Company and Gerdes Huff Investments
Daniel R. Glickman, 72, Executive Director, Aspen Institute’s Congressional Program; Senior Fellow, Bipartisan Policy Center; U.S. Secretary of Agriculture (1995-2001); Member of Congress, Kansas (1977-1995)
Leo Melamed, 84, Chairman Emeritus, CME Group; Chairman and Chief Executive Officer, Melamed and Associates, Inc.
James E. Oliff, 68, President, FILO Corp.
Alex J. Pollock, 74, Distinguished Senior Fellow and Director of Financial Systems Studies, R Street Institute; former President and Chief Executive Officer of Federal Home Loan Bank of Chicago
John F. Sandner, 75, Retired Chairman of the Board, CME Group; former Chairman, E*Trade Futures, LLC
Terry L. Savage, 72, Nationally-Syndicated Financial Columnist and Author; President, Terry Savage Productions, Ltd.
William R. Shepard, 70, President and Founder, Shepard International, Inc.
Dennis A. Suskind, 74, Retired Partner, Goldman Sachs & Co.

Three (3) directors will be elected by the Class B-1 shareholders. The Class B-1 Nominating Committee has selected the following nominees for these positions:

Jeffrey M. Bernacchi, 58, Independent Trader; President, JMB Trading Corp.; Managing Member, Celeritas Capital, LLC
Gedon Hertshten, 64, Chairman, Hertshten Group
William W. Hobert, 53, Managing Director and Founder, WH Trading LLC
Douglas M. Monieson, 51, Independent Trader
Howard J. Siegel, 60, Independent Trader

Two (2) directors will be elected by the Class B-2 shareholders. The Class B-2 Nominating Committee has selected the following nominees for these positions:

Patrick W. Maloney, 55, Independent Broker and Trader
Ronald A. Pankau, 60, Independent Trader; Owner, J.H. Best and Sons Steel Fabricating Co.
David J. Wescott, 59, President, The Wescott Group LTD; Managing Partner, DWG Futures LLC; Partner, Nirvana Technology Solutions LLC

One (1) director will be elected by the Class B-3 shareholders. The Class B-3 Nominating Committee has selected the following nominees for this position:

Elizabeth A. Cook, 56, Independent Broker and Trader
Brian M. Duffy, 44, Independent Trader

Additional information on the Class B director election process for the 2017 annual meeting is available here.

SGX Announces Changes To Its Board Committees
The Business Times

Radu Toia has notified the Company regarding his decision to resign from the position of member of the Board of Governors of Bucharest SE, effective as of February 13, 2017.

Crowdfunding

Entoro Group Acquires Offerboard, A Platform For Soliciting Investments In Private Businesses
TechCrunch

Other Stories

US High-Frequency Traders Set To Make Call On London
Financial Times

ESMA Writes To European Commission On MiFID II Systematic Internalisers Operating Broker Crossing Networks
ESMA

Have a good day and thanks for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors