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.

JULY 10 2017

Issue 1032 of Exchange Invest Daily is published on the birthday of Nikola Tesla, renowned physicist whose name has been borrowed by a range of electric cars which are electric, unlike Volvos. He was also portrayed by David Bowie in The Prestige where his various pithy lines included: “You’re familiar with the phrase “man’s reach exceeds his grasp”? It’s a lie: man’s grasp exceeds his nerve.”

Euro Clearing Essentials

1) Prosperity UK Panel – Brexit, Euro Clearing & Financial Market Structure: panel with Barney Reynolds, Jeff Sprecher, Michael Spencer and one Patrick L Young lurking in the background.

2) My CapX article explaining The EU’s Euro Clearing Plan Is An Act Of Protectionist Self-Harm.

…Watch out today for a new Brexit paper by Barney Reynolds by the way, more tomorrow.

In Today’s Exchange Invest

ICE hits large protectionist wall in UK. Brexit isn’t Britain’s problem but anti-capitalism is the creeping curse. Euronext buy the curiously named iBABS while everybody is going gooey about gold ahead of the World Gold Council LME Precious launch.

And there’s more, happy scrolling:

In BigWorld

Over in sport, England annihilated South Africa, the British Lions tied a series with the New Zealand ALL Blacks down under and Britain’s born in Kenya cycling star Chris Froome leads the Tour de France.

All this “despite Brexit” as legacy media loves to say.

Over at the G20, Mrs Merkel majestically oversaw a weekend of thuggery and anarchy while the media broadly ignored excellent progress by Ivanka Trump to aid female entrepreneurship.

Public Markets

Intercontinental Exchange Statement on Competition and Markets Authority Decision on ICE/Trayport Agreement
The ICE

PLY: The UK CMA is as dubiously positioned as its discredited predecessor here with a move which does nothing to suggest the UK really understands the digital business world nor the market structure parish.

Meanwhile, I’ll be breaking open the DV Advisors / Exchange Invest piggy banks and checking the balances just in case we can mount a bid when Trayport is divested. That said this ruling may make a sale tricky unless to PE as various incumbent exchanges will similarly be blocked out. A disappointing day for Britain and ICE respectively.

Euronext Acquires Majority Stake In iBabs
Euronext

PLY: Crazy name, sensible business. Dutch based board portal info aggregator sells 60% stake for 30.1 million Euros to Euronext in a bid to bolster the ancillary services side akin to moves by NYSE and NASDAQ over the years.

Euronext Can Spend Up to $2.3 Billion on Acquisitions, CEO Says
Bloomberg

PLY: The headline snippet emerges from a breathtakingly dire line of questioning. Stephane Boujnah extricates himself elegantly from the idiocy of the blinkered and simply uninformed interviewer.

(Naturally pedants may argue this number may have shrunk to a mere 2.269 billion after the iBabs acquisition).

HKEX One Group, Two Golds
YouTube
World’s Biggest Metals Exchange Takes On The Gold Elite
Bloomberg
Will It Be Third Time Lucky For Gold Futures Trading In Hong Kong ?
South China Morning Post

PLY: Good luck to all the new markets and particularly plaudits to Robin Martin of the World Gold Council who pioneered the idea which has become LMEPrecious in the first place.

Bond Connect A Win-Win For Mainland And Hong Kong
South China Morning Post

After IPO, CDSL Surges 122.25% From Issue Price
Livemint

PLY: Not the best pricing by bankers, then.

ADX And DGCX Agree To Collaborate On A Unified Clearing House In The UAE
MondoVisione

PLY: Interesting deal for both ADX and particularly DGCX which is continuing to make its presence felt in the Emirates and shines through as the most successful exchange launch of recent years despite being more a private than government, venture.

JSE To Cut Costs, Jobs As Recession Bites
Moneyweb.co.za

PLY: With the macro economy of South Africa lighted by government so bad it makes the Eurozone look efficient, JSE is potentially cutting 40-60 jobs and cutting costs…

JSE Trading Platform A Headache For Brokers
Jamaica Gleaner

PLY: South African vendor STT blamed by JamStockEx CEO for problems in the unified trading platform deployed February across the Jamaica,, Barbados and Trinidad & Tobago Stock Exchanges.

City Cheers Looming End Of Euro-Clearing
Politico.eu

PLY: Politico eagerly spins what it thinks will appeal to Brussels without recourse to understanding the issue at hand.

Private Markets

NSE Resumes Trading After 3-Hour Shutdown
LiveMint

PLY: Red faces at NSE which has another problem to add to its recent portfolio of very un-NSE-like foibles. Bad weekend upgrade the culprit? Nothing clear as EI races to pixel.

Plan For New Trading Pit Triggers Feud In Us Options Market
Fox Business

Nepal Stock Exchange To Go Fully Automatic In November
The Kathmandu Post

PLY: Could have been fully electronic with COMDAQ a decade ago but it was more local infrastructure which was the problem I believe, certainly not the technology.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Blockchain Too Slow For Banks, Warns Top Blockchain Firm
Financial News (subscription)

PLY: Er, news? As discussed in “Towards A Real Time World Market” paper 2 years ago and long long before that if you were a paying client / saw various of my conference appearances etc.

Products

FESE: Joint Proposal On The Prospectus Regulation Level II Measures
MondoVisione

Ethiopia : ECX Plans To Introduce Identity Preserve Trade For Coffee
Comunicaffe International

Bullion Banks Line Up In London To Support LME’s Gold Futures
Gold Seek

Listing Reform In Hong Kong – Proposed Changes To The Growth Enterprise Market (Gem)
JD Supra (press release)

PLY: Usefu review by JD Supra.

Career Paths

PLY: Good luck to Sergey Klinkov, MOEX Investor Relations Director who has decided to take up a new role at the Central Bank of Russia after four years at Moscow Exchange.

India To Be Represented In New Global Foreign Exchange Committee
Firstpost

HKEX Announces Appointment Of New Listing Committee Members
LeapRate

Crowdfunding

Designing A P2P Lending Platform With Elixir In Mind
ElixirStatus

Landbay P2P Platform Celebrates Three Years Of Online Lending
Crowdfund Insider

Other Stories

HKEX Chief Executive Charles Li – Latest Charles Li Direct: Going For Gold
MondoVisione

ESMA Updates MiFID II/ MIFIR Investor Protection Q&A
MondoVisione
All the best for a great week.

Patrick

Patrick L Young
Executive Director DV Advisors

August 2017
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