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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:

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JUNE 28 2017

Welcome to Issue 1025 of Exchange Invest Daily which correlates to the year Bolesław I Chrobry is crowned as the first king of Poland.

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.

In Today’s Exchange Invest

A slight fracas at the SEC Market Structure meeting yesterday in Washington albeit the problem remains that last vestige of analogue Dickensianism, Reg NMS. TMX chooses new clearing and settlement solution as OpenDoor Trading raises another tranche of $10 million.

And there’s more, happy scrolling:

In BigWorld

This headline from the FT sums up Bigworld this AM: Google’s Friends And Foes Draw Line Over ‘Anti-American Bias’.

Public Markets

Brief-IHS Markit Reports Qtrly Adjusted Earnings Of $ 0.52/Shr
Reuters

There’s About To Be A Showdown Between America’S Biggest Players In Trading
Business Insider India

IEX CEO Sees Conflicts Of Interest In Equity Markets
Bloomberg

Lutnick Lures Traders With Cash Incentive For Treasury Platform
Financial Times

NEX Optimisation’s triReduce Compression Service Surpasses $1 Quadrillion In Notional Principal Eliminated By Market Participants
MondoVisione

Can The City Survive?
Bloomberg

PLY: At last the Remain sponsor Bloomberg network manages to hold its nose and realise the world didn’t end with Brexit – albeit they deployed a reputable former London banker who I believe now resides in Sydney to explain the reality of Brexit and the City of London’s future.

Liquidity – The Currency Of Negotiation For Financial Services
Financial Services Negotiation Forum

PLY: Interesting paper from FSNF which notes the fact many of the more extreme ‘remoaners’ cannot cope with – the EU is better off with London as its dominant financial centre even with the UK ex-EU.

Nasdaq Holds Second Quarter 2017 Investor Conference Call
MondoVisione

PLY: Actually it is not in the past as this headline infers, it’s coming up July 26th…

SGX To Report FY2017 Results On 27 July

CBOE Holdings Announces Date Of Second-Quarter 2017 Earnings Release And Conference Call

PLY: CBOE plays coquette – Friday 4th August, I think SGX wins the clarity of info award on these points today.

Would Whoever’s Left At The CFTC Please Turn On The Light?
Risk.net (subscription)

PLY: It is a concern that even a tiny parish newsletter such as Exchange Invest has an equivalent number of executive directors as the CFTC has Commissioners.

Private Markets

OpenDoor Completes $10M Series A Funding Round
MondoVisione

PLY: Bond platform has now raised $22 million over 3 rounds (2x Series A).

ASEA And CFA Institute Sign Memorandum Of Understanding To Raise Standards Of Education And Professionalism In The Investment Management Industry
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

TMX Picks TCS Platform For Clearing & Settlement Businesses
Reuters

PLY: Interesting move by TMX choosing the services of Tata.

Interactive Brokers Beefs Up Offering To Institutional Clients With New Pre- Trade Compliance Tool
FinanceFeeds

Products

CME Obtains Regulatory Clearance To Launch OTC FX Options Clearing
MondoVisione

Europe Is About To Make Most Of Its Stock Market Off-Limits To Secretive “Dark Pools”
Quartz

LME’s New ‘2nd Day’ Trading Dates Will Start On August 1
Metalbulletin.com (subscription)

Bombay Stock Exchange Aims For 1000 New Listings As India Reforms Taxes
CNBC

CME Group Announces The Launch Of Australian Wheat Fob (Platts) Futures Contract
PR Newswire (press release)

Career Paths

Barnabas Reynolds Profile
eFinancialCareers

PLY: I like people with brains and there is nothing more pleasing than people with brains who think. Barney Reynolds is one of the clearest of thinkers in the City of London and while all around are in meltdown, he notes the clarity which Brexit could deliver to a future prosperity increase in the City of London and the UK as a whole.

PLY: Cinnober has appointed Mattias Granlund, formerly with Klarna as Deputy Chief Technology Officer (CTO) with immediate effect. He will be working closely with Peter Lenti, co-founder and CTO of Cinnober, on the company’s long-term technical strategy in addition to driving product development.

NZX has appointed Jayshree Das As Conflicts Committee Member.

Crowdfunding

Online Lending Platform Stashfin Raises $5 Mn In Pre-Series A Round
VCCircle

Other Stories

MiFID II: ESMA Issues Final Guidelines On Trading Halts
ESMA

SIFMA Testimony At House Subcommittee Market Structure Hearing
MondoVisione

Testimony On The Fiscal Year 2018 Budget Request, SEC Chairman Jay Clayton, Washington D.C., June 27, 2017
MondoVisione

Testimony Of J. Christopher Giancarlo Acting-Chairman, Commodity Futures Trading Commission Before The U.S. Senate Committee On Appropriations Subcommittee On Financial Services And General Government
Senate.gov

Deutsche Bank Faces Possible $60 Million Derivative Loss
Bloomberg

PLY: Another handy loss for what is the Eurozone’s largest ‘domestic’ GCM.
Apologies for slightly tardy issue today, I have been speaking on finance and innovation in Malta, with amongst others the excellent Leonard Bonello of Ganado Advocates, at the Microsoft innovation centre in Malta. Thanks to the PKF team for organising a great event.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

October 2017
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