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FEBRUARY 28 2017

While Issue 941 conveniently confounded me for a Porsche design yesterday…I recalled the existence of 942 from memory. When you are Porsche family scion, clearly a gold watch is passe. So when Ferdinand Alexander Porsche (grandson of the original Ferdinand; son of “Ferry:) celebrated his 75th birthday in 1984, the factory gave him a unique longer larger, ‘proper’ 4 seater 928 variant. Given he was the original designer of the 911, it strikes me as a fair deal.

In Today’s Exchange Invest

Even from Malta today I can hear the bleating of a few oblivious souls in Frankfurt and London who, in their delusion are still screaming “we were robbed!” like a teenager who sees his team lose the final of the League Cup 3:2.

The much (MUCH!) more encouraging news is sign of a Chairman with a backbone in at least one of the organisations who are now on the verge of cancelling the caterers and the cake for the (delayed, probably DOA) merger of equal desperation.

Apparently Donald Brydon went on maneuvers and was smacked down by Joachim Faber. It seems, DB (as opposed to DB1) struggled to see a major market with vast regulatory commitments run by somebody accused of insider dealing while Faber made a big show of the presumption of innocence.

What else can I say? Well I would surmise it thus in an open letter to the Chairman of the London Stock Exchange:

“Dear Donald,

The time has come to drain the swamp!

Make the LSE great again!”

And of course, there’s more, happy scrolling:

In BigWorld

Out there in Bigworld, well actually Petrus 1989 Imperial Fetches More Than $35000 At Sotheby’s Sale.

Public Markets

BME Q4 Results
BME

2016 Management Board Report For GPW Group
Consolidated Financial Statements Of GPW Group Y/E 31 December 2016
GPW

PLY: We can ascertain that both BME and GPW are alive from their results. However, appending “kicking” status may be a step too far just now.

NB GPW published these numbers in a brief hiatus before their primary role of organising EGMs to satisfy their government shareholder takes over once again – there’s another scheduled in a few weeks.

LSE Had Doubts Over Deutsche Boerse CEO Leading Merged Firm
Reuters
LSE Slams Deutsche Börse CEO As Deal Unravels
Handelsblatt Global Edition (subscription)

Handelsblatt: “According to insiders, the E.U. demand was merely a pretext to abandon the deal. The main issue, they say, was the unresolved dispute over the official headquarters of the new firm.”

PLY: I am delighted to learn of an outbreak of principle at the upper echelons of the LSE as frankly this tawdry deal was reminiscent of the worst botch ups behind the bikesheds of the Burgenstock heyday. Donald Brydon bobs up to the surface as the only figure who appears to have a coherent ability to deploy a moral compass amidst a brace of busted flush CEOs, amongst others.

End the silly shopping gossip and let’s get what the parish needs: a reboot and a return to focussing on those festering internal elements of each separate entity which need an outbreak of management.

CBOE Holdings, Inc. To Join S&P 500
PR Newswire

Junior Partner Aims To Be NEX Big Thing In Exchange Rivalry
The Times

PLY: Profile of Patrick Birley the CEO of NEX’s SME exchange (nee Plus all those years ago). “He claims, for example, that equity crowdfunding is dying and accuses the AIM exchange, his much larger rival, of being fat and lazy and guilty of “egregious charges”.

The Times then quotes AIM boss Marcus Stuttard, responding “To broaden the UK capital markets we believe in collaboration across the financing ecosystem to create a seamless supply of equity finance.”

So, you can try the rather more dynamic approach of NEX (free listing for 6 months special offer now on…) or stick with AIM which gives the whiff of corporate blob whose concept of unbridled excitement is the annual charity day where you can wear your choice of pocket protector no matter how gaudy or colourful.

Patrick brings passion to SME finance for the long-term. That’s a great thing.

Finance Optimistic About Ljubljana Stock Exchange
STA – Slovenska Tiskovna Agencija (subscription)

PLY: An industry vote of confidence for the innovations and developments of Zagreb SE’s acquisition of Ljubljana SE.

ICAP Dismissed From US Libor Class Action Case
MondoVisione

Bursa Malaysia Revised Two Frameworks To Improve Market Liquidity And Price Discovery For A More Developed Capital Market Ecosystem
MondoVisione

Private Markets

Saudi Arabia: Tadawul Launches ‘Nomu – The Parallel Market ‘
Asharq Al-awsat English
What Are The Six Main Differences Between Saudi’S Tadawul And Nomu?
Al-Arabiya

PLY: 9 initial listings for the SME market from 77 applications – all the best to Tadawul for its new market.

Tadawul CEO Says Interest In Saudi Market Gains Momentum
Bloomberg

Tadawul CEO Khalid Abdullah Al Hussan discusses the changes at the Saudi stock exchange on Bloomberg Markets: Middle East.

NSE Algo Trading: Sebi Begins Audit Of 15 Brokers Over Unfair Access
Livemint

FIA EPTA Wants Exchanges To Back EBA Capital Talks
FOW magazine

Special Section: FTI, NSEL, India at the Crossroads

Nada.

Technology

DTCC & Digital Asset Move To Next Phase After Successful Proof-Of-Concept For Repo Transactions Using Distributed Ledger Technology
MondoVisione

FTC Announces Agenda For March 9 FinTech Forum On Artificial Intelligence And Blockchain Technology
FTC

Japan Exchange Regulation And Tokyo Stock Exchange: Application Of Artificial Intelligence To Market Surveillance
MondoVisione

Exegy Launches Market Data Vendor Service
MondoVisione

Trax And Droit Partner On Emir Eligibility And Derivatives Reporting Service
MondoVisione

Products

Thomson Reuters Re-Appointed By Bank Negara Malaysia As Calculating Agent For Kuala Lumpur Interbank Offered Rate (KLIBOR)
Reuters

PLY: Excellent news for Reuters as its index calculation business continues to move forward.

EEX, Belektron Team Up To Offer EU Carbon Auction Access To Smaller Emitters
Carbon Pulse (subscription)

Ncdex Brings Down Hedging Cost For Farmers
Hindu Business Line

PLY: So those depositing stock immediately are only marked to market and not charged initial margin on their hedge sales…

Career Paths

Mireille Dyrberg Operating Officer of TriOptima, has joined the NEX Exchange Board alongside Tom Binks (Chairman), Patrick Birley (Chief Executive Officer) and Non-Executive Directors’ David Ireland, Ian Chicken and Michael Berkeley.

Crowdfunding

2017 Crowdfunding Guide
TechCrunch

Other Stories

BIS Committee On Payments And Market Infrastructures: Distributed Ledger In Payment, Clearing And Settlement – An Analytical Framework
BIS

Dodd-Frank Dismantling Is A Good Place To Start In Draining The Swamp
Washington Times

Onwards and upwards!

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

February 2018
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