FEBRUARY 21 2017

If you think issue 937 of Exchange Invest is going to have issues with finding a groovy Porsche design to celebrate with then you will be relieved to know that the 937 is the rarely used title for the 924 Carrera GT: a homologation special for sports car racing with 406 produced including 19 full race cars. Perhaps the most delightful front engined Porsche ever produced.

In Today’s Exchange Invest

UK MPs to debate DB1 acquisition of LSE today as Euronext sizes up its options and BM&FBovespa outlines migration plans while stressing Q4 expenses spike was not a trend. Interesting product news from around the world as the Tel Aviv Exchange may be on the cusp of structural ownership change at last.

And there’s more, happy scrolling:

In BigWorld

RIP Raymond Smullyan, a polyglot perhaps most famous as a logician. The author of the marvellous book of logic puzzles “What is The Name Of This Book?” amongst others, he was an inspiration in thinking, outlining world of knights and knaves and generally helping with issues from the conundrum of how an immovable post will react when hit by an indestructible cannon ball and much much more.

Meanwhile, in his Transylvania puzzles, half of the inhabitants are insane, and believe only false things, whereas the other half are sane and believe only true things – which I have to say pretty much surmises my experience as CEO of the then Transylvanian stock exchange, SIBEX.

I’ll leave the last word to one of Smullyan’s many marvellous ripostes: “Why should I be worried about dying? It’s not going to happen in my lifetime!”

Public Markets

Euronext Seeks Takeover Targets Amid Goliath Rival Tie-Up

Bloomberg

“We are trying to strengthen Euronext irrespective of the merger,” Boujnah said of his planned purchase of LCH . Clearnet SA.

PLY: The Euronext conundrum is a fascinating one – the company has heft but needs more. If LSE won’t sell it Clearnet, they ought to just build their own clearing house (even the very threat ought to be enough to ensure pragmatism reigns at LSE as Clearnet without Euronext revenue is very clear indeed. As to other major deals – tricky but there are options and certainly the “New Euronext” of recent years is proving a nimble and coherent entity.

Deutsche Börse And London Stock Exchange Merger Threatens The National Interest

The Times (subscription)

PLY: Veteran backbench MP Bill Cash is on a mission to stop the DB1-LSE deal with a debate due in Parliament today (albeit this debate will be broadly overshadowed in “big world” by the House of Lords debating Brexit.

TP ICAP Said To Report Broker Patel To Regulator Over Expenses

Bloomberg

PLY: Suspending a broker and reporting him to FCA over expenses is tough management but then again when when you have a massive office full of headcount you need to reduce post merger a spot of expenses decimation may work. Presumably it also makes redundancy payouts lower. Looks as if those who in any way transgress the rules will be sacrificed, “pour encourager les autres”

Brazil’s Bm&F Bovespa Says 4Th-Quarter Expense Jump Not A Trend

Reuters

PLY: A point many were pondering yesterday.

BM&FBovespa Outlines Clearing Migration Plan

FOW magazine

PLY: Interesting.

Private Markets

Knesset C’Tee Approves Tase Ownership Reform

Globes

PLY: The ownership structure of TASE is set for change but can the business really find a viable niche in the startup nation?

India Loosens Derivatives Limits, Widening Market For Foreigners

Bloomberg

Six Swiss Exchange Welcomes New Clearing Provider Euroccp

Exchange News Direct

Nigeria CX Boss Calls For Investment In Commodity Markets

Vanguard

Mandatory Notification Of Trades – Oslo Børs VPS Holding ASA

MondoVisione

Cyprus-Regulated Binary Options Broker Anyoption Shuts Down Call Center In Israel On Back Of New Standards

SMN Weekly (blog)

PLY: Good to see the Cyprus crackdown is reining in some practitioners already.

Proposal For Power Exchange Suffers Outage

The New Indian Express

Moreover, the Commission noted the national-level power exchanges– Indian Energy Exchange (IEX) and the Power Exchange India Ltd (PXIL) …

PLY: Kerala government sees no need for a power exchange in a state of 34 million while just yesterday SEEPEX was trumpeting its success in helping a similar market at one end of the Balkans facilitate power trading. Rather like Eastern Europe, the horrible legacy of socialism holds back the potential of India.

Special Section: FTI, NSEL, India at the Crossroads

NSEL Scam: Sebi Readies Action Against Brokers, Sees No Ponzi

Times of India

PLY: Updated story from Feb 9.

Technology

Deutsche Börse Participates In “Digital Growth Fund I”

MondoVisione

ZSE Launches Viewing Rights Electronic Platform

Chronicle

Eurex Makes Changes To Co-Lo Services In T7

FOW magazine

Products

How Commodity Options Can Help Develop Commodity Derivatives Market ; Getting Farmers On-Board …

Financial Express

LME’s New Steel Scrap Contract Comes Of Age

MetalMiner

The London Metal Exchange steel scrap contract is coming of age much more rapidly than the old steel billet contract did.

China’s CEINEX Launches First Derivative

FOW magazine

The China Europe International Exchange (Ceinex), the exchange backed by Deutsche Boerse and two Chinese markets, said it is looking to expand…

Why The Aramco IPO Is Doubtful

Seeking Alpha

IOSCO Issues Report On Loan Funds – Important Niche Products To Fund The Real Economy

MondoVisione

PLY: Very interesting.

Career Paths

The Board of Governors of the European Stability Mechanism (ESM) has reappointed Klaus Regling as Managing Director of the ESM for a second and final five-year term starting 8 October 2017. Mr Regling was appointed as the ESM’s first Managing Director in October 2012. He also serves as CEO of the European Financial Stability Facility (EFSF), the temporary rescue fund that he set up in 2010.

Crowdfunding

Paul Niederer Slams Australian Crowdfunding Legislation In Public Comment

Crowdfund Insider

Other Stories

World Federation Of Exchanges Responds To FSB Consultation On Continuity Of Access To Critical FMI Services For A Firm In Resolution

MondoVisione

Have a great day and thanks for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors