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 24 2017

Welcome to Exchange Invest Issue 940 which correlates to the Porsche type number of the stillborn Indycar project which was sponsored by Interscope and expected to be driven by the Hawaiian Danny Ongais. Only a rather aged hack Parnelli P6B chassis was ever shown so far as I recall. The engine would later also power the 1981 Le Mans winning 936 of the legendary Jackie Ickx and Derek Bell pairing.

In Today’s Exchange Invest

LME cuts innovative deal which could shake up gold trading, research exchanges and free data come to the fore – feels like the mid 1990’s all over again. Truck transport futures anybody? Cinnober suggests it expects to spin off client clearing arm in 2 years. And…(it almost goes without saying) more challenges to DB1 acquiring LSE.

And there’s more, happy scrolling:

In BigWorld

Seven new planets discovered which proved that vital scientific precept – they’re always in the last place you look for them. The exciting thing is they could harbour alien exchanges, presuming the lifeforms have got that far in their evolution.

Of course, allowing for a few million years of separate evolution, these could harbour markets like ours and people entirely like us – viable life forms if you will. Except of course, given that several million years of evolution allows for a pretty vast expanse of different optionalities even if it is only a string of endless binary choices…means any lifeforms may not be anything like humankind whatsoever.

Public Markets

London Metal Exchange Cuts Deal With Banks To Propel Gold Futures
Reuters

We Need To Talk About The London Metal Exchange : Andy Home
Reuters

PLY: On the Gordian knots of complexity and the fact that the LME brokers are apparently very restive at the moment (a position I always find difficult to calibrate as the LME brokers’ – in particular – default position seems to be rather volubly grumpy at absolute best.

Factbox – The Exchanges Battling For London’S $5-Trillion Gold Market
Reuters UK

EU Gives Wiggle Room To Comply With New Derivatives Rule
Reuters

PLY: see also slew of “Other Stories” announcements.

A Battle For The Crown Jewels
Handelsblatt Global Edition (subscription)

Only one thing is certain about the deal: Deutsche Börse CEO Kengeter still has a long way to go to reach the finish line.

PLY: Roger. Copy that.

EU Veto Could Do LSE & DB1 A Favour
Times of India

PLY: Correct point but uses outmoded arguments in many respects.

Top City Grandees Come Out Against London Stock Exchange Merger
City A.M.

PLY: Daniel Hodson who with Anthony Belchambers is running a body to advise on Brexit across the spectrum of opinion from the City of London perspective, has corralled many notable British business names and in particular from the parish, the veteran SME expert Brian Winterflood, to state tartly that post Brexit any LSE deal now is not in Britain’s best interests.

I suspect the ire from behind the Paternoster Square tea trolley is pretty vast today as clearly a fair few folks expect to cash in on this deal…

Spencer’s NEX Backs Mifid Ii Research Exchange
Financial News (subscription)
Euclid Opportunities Invests In RSRCHXchange – RSRCHXchange Is Used By Over 1,000 Asset Managers And 190 Bank, Broker And Boutique Research Providers

PLY: An idea whose time was first thought to be prescient in the mid-1990’s now could be coming to pass thanks to regulatory fiat.

Shareholder Alert: Bronstein, Gewirtz & Grossman, Llc Notifies Investors Of Class Action …
Yahoo Finance

PLY: Surely another nail in the coffin of the discredited FXCM, oh sorry, Global Broking Inc.

Private Markets

BSX Says ‘Own Your Share Of Bermuda’
Royal Gazette

“We want the investing public to be aware of the investing opportunities right here at home, using the national stock exchange ,” said CEO Greg Wojciechowski.

History Of Saudi’s Joint Stock Companies Leading Up To Parallel Market Launch
Al-Arabiya

PLY Good luck to Tadawul launching their SME market on Sunday under the brand “Nomu.” Still sounds like an upmarket sushi bar to me.

Irish Stock Exchange Places #2 At The Great Place To Work Awards 2017
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

NSEL Saga: Who Was Controlling The FMC?
The Target Book

PLY: I remain suspicious “The Target Book” is a propaganda exercize for FTIL but the point here is entirely apposite – albeit part of the rationale for NSEL could have always been the ability to operate outside the regulatory oversight system…

Technology

Cinnober Bank Unit Live, Spun-Off In Two Years – CEO
FOW magazine

PLY: A fascinating initiative with an intriguing time plan AKA to return considerable shareholder funds in the short to medium term while leaving the 65% or so average recurring income of exchange deals still with Cinnober. A very interesting spin-off insight via FOW.

Fintech, Governance And Data Feeds
Bloomberg

PLY: My thanks to Spencer Campbell of this parish for his appositely noting on LinkedIn that I was discussing the trend to give away market data way back in the last millennium.

The Canadian Securities Administrators Launch A Regulatory Sandbox Initiative
MondoVisione

SEC Staff Issues Guidance Update And Investor Bulletin On Robo-Advisers
SEC

Products

NYSE Plans Saturday Trial Run For Snap IPO
Reuters

Trucking Futures Exchange Could Launch This Summer
Transport Topics Online

Live From Ifx Expo In Hong Kong: Exchange Lobby Hunting OTC FX Firms? Chinese Contrasts
FinanceFeeds (blog)

PLY: A tale of distinctly different trends it seems as China encourages OTC while the rest of the world wants to, well, take a last look, at the rather incestuously murky forex broker dealer world.

Sebi To Allow Futures Trading In Degummed Soya Oil Soon
Business Standard

Commodity exchanges, primarily NCDEX, had applied to Sebi seeking permission for launch of the product.

Career Paths

FXPA Elects New Officers, Board Members – New Executive Committee, Board Members
Exchange News Direct

‘A Good Doorman Sees Everything And Tells Nothing’
Chicago Reader

“I was a floor trader at the Chicago Mercantile Exchange before I became a doorman. I loved it; it was just very stressful.

Crowdfunding

The ‘Peer’ Is Being Muscled Out Of Peer-To-Peer Investment
BusinessZone (blog)

Has The P2P Halo Slipped?
City A.M.

Other Stories

US Agencies Release Swap Margin Guidance
Office Of The Comptroller Of The Currency Bulletin: Minimum Variation Margin Requirements: Initial Examinations For Compliance With Final Rule Establishing Margin Requirements For Non-Cleared Swaps And Non-Cleared Security-Based Swaps
The Board Of The International Organization Of Securities Commissions – Statement On Variation Margin Implementation
ESAs Publish Statement On Variation Margin Exchange
SEC Announces Agenda For March 9 Investor Advisory Committee Meeting – Committee Welcomes New Member Jerome Solomon
MondoVisione

Enjoy Carnival…

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

May 2018
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