The Daily Newsletter of Market Infrastructure








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Exchange Invest is a free daily email/web newsletter
about the core events pertaining to investment
in financial markets infrastructure such as:

  • exchanges
  • IT vendors
  • brokers
  • MTFs
  • clearing houses
  • etc.

FEBRUARY 17 2017

Just as we ended last week with a bang of turbo lag and a simply stunning road car in the 930, today we’re ending the week with the ultimate racing version of the same purposeful device. Silhouette racing meant you had to retain the same essential shape as the road car and the engine in the same place but otherwise it was a chance to let the mind run wild. Between Zuffenhausen and Weissach, fertile minds cooked up the simply sensational 935 which came in all shapes and sizes from the 1425 cc (2 litre with turbo equivalence) “Baby” all the way to “Moby Dick” which was…well work it out for yourself.

Variations on the 935 type included engine developments and improvements which would be deployed in the awesome, incredible, stultifyingly brilliant….well, we’ll get there in about a month.

In Today’s Exchange Invest

Saudi exchange welcomes its first female Chairman.

ASX report results while CBOE notes BATS acquisition expected to close by end of the month. Lots of product news and in people news,

And there’s more, happy scrolling:

In BigWorld

Apparently Donald Trump held a news conference yesterday. Gosh the mainstream media kept quiet about that.

Public Markets

ASX H1 Profit Up 3 Per Cent To $219.4M On Higher Cash Market And Derivatives Trading
The Sydney Morning Herald

Bats Global Market’S $3.2 Billion Sale To CBOE Approved & Set For Feb. 28
Kansas City Star

CBOE Holdings Declares First-Quarter 2017 Dividend
MondoVisione

DB1 CEO Denies Insider Trading Allegations
Reuters

DB1-LSE Dividend Update
MondoVisione

Incoming Letter: Nasdaq Private Market
Securities and Exchange Commission

Clearing Houses Saddled With ‘Too-Big-To-Fail’ Tag
Financial Times

PLY: Philip Stafford provides a coherent background brief to the “TBTF” issues and possible remedies while sidestepping the rather vital issue of the DB1-LSE merger which threatens to create the biggest to fail threat of them all.

MCX, Singapore Diamond Investment Exchange Sign Mou
Economic Times

PLY: Elsewhere, ICEX recently received Sebi approval for Diamond trading. This is a very encouraging move for SDiX, an MOU which might actually be worth something.

Private Markets

Oslo Børs Vps Holding Asa – Q4 2016
Exchange News Direct

Oslo Børs VPS Holding reports a profit of NOK 74 million for the fourth quarter of 2016 (NOK 73 million).

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

NSE Plans Revamp Of Co-Location Code
The Hindu

PLY: Reaction to recent investigation by Sebi into accusations of preferential treatment for some.

Nasdaq To Power EBS BrokerTec’s Market Surveillance Efforts – In US Treasuries, FX And US & EU Repo Markets
MondoVisione

PLY: Good sale by NASDAQ.

Looking To Become The “Os” For Financial Services Openfin Raises $15 Million
TechCrunch

… its service from customers including J.P. Morgan, Citadel, Electronifie, REDI, Trumid, Greenkey, ICAP, OpenDoor, embonds, and Tullett Prebon .

Hunting For Dirty Deeds In The $34 Trillion Us Futures Market
Bloomberg

PLY: Catching up with the point made in this newsletter for going on 4 years now – regulators grabbing data like digital magpies are now scrabbling to find something to do with it.

ASX CEO Expresses New Confidence In Blockchain Post-Trade Tests
CoinDesk
ASX’s Blockchain May Mean Job Losses
The Australian Financial Review

PLY: Presumable somebody just thought the notoriously parsimonious ASX would spend money for no good reason at all – what else is the aim other than to reduce head counts?

Products

ICE Cool On Options
Markets Media (press release) (registration) (blog)

PLY: Logical insights from Jeff Sprecher on the US single name option business.

Hong Kong Exchange To Launch Yuan Options On March 20
South China Morning Post

Rivals Singapore And Hong Kong Fight To Snag The Hottest IPOs
Bloomberg

SGX Launches Public Consultation On Allowing Dual-Class Shares
The Straits Times
Singapore, Hong Kong Restart Dual-Class Push To Snag Ipos
THE Business Times

PLY: With Snapchat’s simply egregious share structure now in IPO, it is unsurprising that the unwelcome beast of dual listing has raised its head once again in Singapore and Hong Kong..

BOE Proposes New Approach To Calculating Interbank Benchmark Rate
Reuters

China Eases Restrictions On Stock Index Futures Trading
China Daily

BEIJING – The Shanghai-based China Financial Futures Exchange (CFFEX) announced late Thursday that it was easing restrictions on domestic stock …

Could Last Look Execution In Fx Be Banned? Not A Chance.
FinanceFeeds (blog)

PLY: An article which from the perspective of those used to fair markets, can only be seen as delusion laced with denial where the forex parish is uber-parochial in its outlook – expect orange jumpsuits and (more, qv FXCM) bans in due course.

Is The Maker-Taker Pilot DOA?
Finextra (blog)

“SME Growth Market Project” Presented To Taiwanese Investors
The Financial

PLY: Zagreb SE and EBRD touting the merits of SME growth markets.

Career Paths

Saudi Stock Exchange Appoints Sarah Al-Suhaimi As Its First Female Chair
Al-Arabiya

The Saudi Stock Exchange appointed Sarah Al-Suhaimi, chief executive of investment bank NCB Capital, as its first female chair on Thursday.

PLY: Terrific news on many levels with Sarah Al-Suhaimi breaking through the glass ceiling in Saudi Arabia. The new Tadawul board is as follows:

HE Mr. Abdulaziz Saleh Al-Furaih, representing the Saudi Arabian Monetary Authority (SAMA).
Mr. Abdulrahman Al Mofadhi, representing the Ministry of Finance.
Mr. Suhail Abanmi, representing the Ministry of Commerce and Investment.
Ms. Sarah Al-Suhaimi
Mr. Tariq Al Sudairy
Mr. Ali Al Gwaiz
Mr. Abdulaziz Abdulmohsen Bin Hassan;
(As representatives of licensed brokerage firms)
Dr. Khalid Husain Biyari,
Mr. Rayan Fayez;
(As representatives of companies listed on Tadawul)

Alongside, Ms. Sarah Al-Suhaimi as Chairman of the Board of Directors, Mr. Abdulrahman Al Mofadhi, becomes Vice-Chairman of the Board of Directors.

PLY: At TASE, Uri Shavit has Joined as SVP, CIO & Head Of IT & Ops. He was previously CEO at served for 8 years as CEO of Leumi Capital Market Services

Mary Jo White Returns To Debevoise
MondoVisione

PLY: The former SEC Chairman returns to her law firm.

Nasdaq: New Leadership Within Fixed Income And Post-Trade In The Nordics And Baltics
MondoVisione

PLY: Great promotions all round, amongst the key ones which are richly deserved is the elevation of CC guru Fredrik Ekstrom and the excellent Arminta Saladziene.

PLY: John Fennell EVP & Chief Risk Officer at OCC discusses the Challenges of Changing Corporate Risk Culture in this interesting WSJ post.

Shawn Malhotra has been appointed VP, Toronto Technology Centre at Thomson Reuters.

Crowdfunding

Scandinavian Style Wrapped In London Chram: Inspired Seedrs Headquarters
Materialicious

Designed with great care by Liqui Design, the new headquarters of Seedrs fits this billing perfectly.

What Comes After Kickstarter Fame? If You’re Lucky, The MOMA Store
Co.Design (blog)

Other Stories

No Deal On Global Bank Capital Rules Expected In Early March
Reuters

Convergex CEO Eric Noll: MiFID II – Where Will All The Research Analysts Go?
Eric Noll, Convergex

Remarks Of SEC Commissioner Kara Stein Before The SEC Advisory Committee On Small And Emerging Companies – Commissioner Kara Stein
SEC

Enjoy your weekend and thank you for digesting the day’s market structure news via Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

May 2018
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