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JUNE 30 2017

Good Morning and welcome to Issue 1027 of Exchange Invest Daily.

Incidentally 1027 was the chassis number of the Ford GT40 which was used as the camera car for the high speed shots in the John Frankenheimer film “Grand Prix” starring James Garner with a wealth of contemporary drivers having walk on roles…

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

Finally it has been confirmed that David Lester has left the LSE – an event which was in process from a couple of months back. What was the catalyst for the end of his 16 year spell? In any case, all the best to David in his future ventures, he certainly leaves an LSE which is broadly unrecognisable from the entity he first consulted to 2 decades ago…

And there’s more, happy scrolling:

In BigWorld

I read with interest on the Nieman blog that the New York Times is now charging for its cooking pages whereas on its news pages one might argue it’s just cooking the stories.

Meanwhile the Telegraph offers an obituary headlined as follows: Yuri Drozdov, dreaded KGB spymaster – presumably so described to ensure no confusion with any possible “cuddly” “amiable” “generous” KGB spymasters as clearly totalitarian Soviet politics was all about being friendly… Just like that nice Mr Corbyn in Britain today.

Finally RIP Michael Bond, marmalade sandwiches all round in honour of the author of the Paddington bear books.

Public Markets

It’s The Companies, Stupid: A New Trading Proposal Would Hurt Public Companies And Tens Of Millions Of Average Investors
Business Insider

PLY: Ari Rubenstein vents on the BATS auction proposal.

Why HK Financial Hub Story Has A Long Way To Go
EJ Insight

This story has a long way to go – if Hong Kong Exchanges and Clearing’s strategic vision becomes a reality.

CDSL Makes Stock Market Today
Moneycontrol.com

According to sources, the grey market premium for the stock is around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share …

NZX Chairman & CEO Annual Meeting Addresses
NZX Annual Meeting Poll Results – Amended
MondoVisione /NZX

PLY: Note that Tony Falkenstein who was being touted by exchange outsiders, failed in his bid to be elected to the board.

SEC’s Division Of Corporation Finance Expands Popular JOBS Act Benefit To All Companies
SEC

MX Brings OptionsPlay To Canada’s Derivatives Market
MondoVisione

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Private Markets

Gas Exchange Trading To Begin In Eurasian Economic Union
Astana Times

New Gambia: Stock Exchange Market Needed To Revive The Sick Economy
Jollofnews

PLY: A cri de coeur for a stock exchange in Gambia…

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

China’s High-Frequency Traders In Retreat After Court Verdict
FT

Products

ESMA Issues Statement On Preparatory Work In Relation To CFDs, Binary Options And Other Speculative Products
ESMA

PLY: Looks like a big crackdown is en route. This statement says it all:

“However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.”

DTCC Opens New Era Of Repo Clearing As Citadel And Morgan Stanley Send First Trade Through CCIT Service – Institutional Cash Lender Clearinghouse Membership Enhances Tri-Party Repo Market By Providing Risk Reduction And The Potential For Capital Relief
MondoVisione

HKEX Set To Launch ‘Physically Delivered’ Gold Futures In Hong Kong And London
South China Morning Post

Getting EU Energy Market Design Right
EEX

Canadian Farmers Plant More Canola Than Wheat For First Time Ever
Bloomberg

PLY: Interesting times especially as wheat prices are heading stratospheric due to drought, south of the border.

Career Paths

David Lester has left the LSE, confirmed by Financial News. As I said above, all the best to David he certainly played a key role in much of the change around the bourse over the past 2 decades.

The Senate Agriculture committee has overwhelmingly endorsed Christopher Giancarlo as Chairman of the CFTC, leaving the way open to a full Senate vote.

William H. Heyman Elected Chairman Of FINRA Board Of Governors – Heyman To Succeed Jack Brennan Effective July 18 – reports FINRA itself, good luck to all parties concerned.

And finally, the interviews are on today for Chairman of the State Bank of India. MoneyControl profiles the 4 internal candidates with amongst them Balasubramanyam Sriram who is also a non-executive director of MCX.

Crowdfunding

RBI Finalises Peer To Peer Lending Norms; Likely In 2-3 Weeks
Economic Times

PLY: Good news.

Other Stories

BETTER FINANCE Applauds EU Proposal For A Pan-European Personal Pension (PEPP) To Diffuse The Ticking Pensions Time Bomb
MondoVisione

PLY: One ticking bomb amongst many in the Eurozone, alas, but a solution will be welcome.

ASIC Commences Consultation On Proposed Guidance On Sell-Side Research
MondoVisione
T+1 = July.

Have a great weekend. Hope the traffic isn’t too bad if you are making a run for the coast.

Patrick

Patrick L Young
Executive Director DV Advisors

October 2017
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