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.

JUNE 20 2017

Welcome to Issue 1019 of Exchange Invest Daily which corresponds to the year AD where Moravia became part of Bohemia, in what was also the Berber year 1969.

Prosperity UK Video

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

In Today’s Exchange Invest

Another new CEO and another new board at GPW, Vienna begins trading the 30 largest German stocks, CDSL IPO twice oversubscribed on first day of offer while Bloomberg attacks SME exchanges.

And there’s more, happy scrolling:

In BigWorld

Over at the Brexit negotiations, unsurprisingly, the mega ego attached to former Commissioner Barnier proved prickly but at least there was clarity from both the EU and UK delegations: a clean Brexit with Britain leaving the single market is being negotiated. EU continues its wild fantasy of larceny with a 100 billion exit bill which the British sensibly requested clarification on before discussing it. Given the Clean Brexit clarity a better day than might have been expected, particularly as Barnier has multiple audiences to please – including the angry true believers.

Public Markets

SGX Ties Up With A*Star Unit To Help Tech SMEs Go Public
The Straits Times

Stock Exchange President Sees Manila Merger With PDS By July
ABS-CBN News

B3’s Corporate Name And The Merger Of Cetip
BM&FBOVESPA

The Securities and Exchange Commission of Brazil has approved the change to the corporate name of BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros to B3 S.A. – Brasil, Bolsa, Balcão,

PLY: Hooray! The least wieldy name in the parish gives way to the clearest!

Warsaw SE AGM Resolutions
GPW

PLY: Board upended again, new CEO, the confidence the GPW will get its act together can only be fuelled now by contrarianism as the parish has written the exchange off as a credible venture.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Private Markets

CDSL IPO Subscribed Two Times On Day 1 Of Issue
Livemint

Indian Energy Exchange Files For Ipo
BloombergQuint

PLY: Repeating if only because the irony is the IEX has gone through a divorce from the controversial Jignesh Shah and yet is still ready to IPO whereas the always pitch perfect NSE is now swimming against a tide of allegation and recrimination which delays its public offering…

Australian UxChange Launches Managed Fund Platform
AFR

PXE Products Successfully Migrated Onto EEX Platform
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

IOSCO Issues Report On Order Routing Incentives As Part Of Effort To Protect Investors
IOSCO

Products

Small-Caps Losing 90% In Hong Kong Highlight Global Market Flaws
Bloomberg

PLY: Interesting read rather dismissing the benefits of SME exchanges – I would hope said market operators will generate some pushback against this article!

Invest Global – Buy Local: Trading In German Stocks In Vienna Starts Today
MondoVisione

PLY: Austrian exchange launches trading in the 30 largest German shares.

New Bats European Benchmark Indices Now Live
MondoVisione

Nodal Exchange Announces Launch Of Power Options Contracts
MondoVisione

Luxembourg Stock Exchange: International Investors Get Easier Access To Chinese Green Bonds
MondoVisione

Career Paths

Warsaw Stock Exchange Shareholders Appoint Dietl As Ceo
Reuters

PLY: A rare factual error from Reuters here: the Polish government votes a majority stake due to the previous regie gerrymandering the share classes but the state has a minority shareholding of 35% which equates to 51.8% of the votes.

Anyway, Marek Dietl becomes the 5th CEO since 2013 and the 3rd since the PiS were elected in 2015. Marek is a former advisor to President Andrzej Duda, replacing Jaroslaw Grzywinski, (acting CEO since March). I wish Marek every success. The good news is that expectations are non existent that he can achieve anything within the chaotic Polish exchange.

Meanwhile the board was shaken up once again, only Mr Wojciech Nagel, has survived the latest purge (albeit Dietl moves from non-exec on supervisory board to CEO in management).

Thus:
• Mr Jaroslaw Grzywinski,
• Mr Grzegorz Kowalczyk,
• Mr Marek Kowlaczyk,
• Mr Eugeniusz Szumiejko

have all been dismissed and the new board appointed is:

• Mr Filip Paszke,
• Mr Piotr Prażmo,
• Mr Krzysztof Kaczmarczyk,
• Mr Bogusław Bartczak,
• Mr Jakub Modrzejewski,
• Mr Wojciech Nagel,
• Mr Eugeniusz Szumiejko

….Over at HKEX, Roland Chai, formerly head of equities at LCH.Clearnet is joining HKEx in the new role of Clearing Division COO and Head of Risk Solutions, reporting to Calvin Tai, HKEX’s Joint COO and Head of Clearing.

The Ontario Securities Commission is requesting Applications For its SME Committee.

Finally, the FT’s glossy supplement at the weekend profiled NYSE COO Stacey Cunningham cooking in the NYSE kitchens – it’s certainly more upbeat to read than the latest curdling of Warsaw’s market structure.

Crowdfunding

This $130 Million Fund Is Leading The Way In Real Estate Crowdfunding
Forbes

PLY: Note Forbes is still not working on many browsers, incredible how a major media brand can be so oblivious to its technological failings!

Other Stories

FTSE Mondo Visione Exchanges Index Up 1.6% In May – Four Exchanges Achieve Double-Digit Growth In Month With Japan Exchange Group Leading The Pack
MondoVisione

PLY: Good news is the MondoVisione site appears stable once again and distributing press releases after a week of problems.

ESMA Consults On Draft Standards For Trading Obligation For Derivatives Under MiFIR
MondoVisione

London Currency Trader Is Taking On World’s Biggest Stock Market
Bloomberg

PLY: XTX goes big in stocks having come from nowhere to major player in forex in short order.

Plato Partnership: Buy-Side Trading Firms Need To Change Trading Behaviours For Smooth Mifid II Adoption
MondoVisione

Financial Watchdog Sets Deadline For Compliance With New EU Securities Rules, Despite Huge Costs
City A.M.

“No delay would be too long for this piece of bloated regulation to come into force,” said Jon Moulton, founder of private equity house Better Capital.

PLY: Moulton looks conservative compared to Jeff Sprecher’s spectacularly apt damning of this useless bill at last month’s Prosperity UK conference…

UK SFO Charges 4 Former Barclays Bankers Including Ex-CEO John Varley
City AM

PLY: Qatar swept in to rescue Barclays and management presumably wondered what could possibly go wrong? Hardly the first time Barclays may have struggled to think something through if allegations are proven.
Onwards and upwards on another busy day. Thanks for reading Exchange Invest.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

December 2017
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