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MARCH 14 2017

Welcome to Issue 952 of Exchange Invest Daily which corresponds to the type number of the RHD variant of the 1984 944 Turbo (a machine that magnificently named vintage Frazer Nash racer Harvey McWhirr memorably acquired to signal a slowdown in his lifestyle (he must have been over 70 then) to mark daily executive retirement. His new 944 Turbo supplanted his near annual habit of replacing one 911 with the latest version… Subsequent updates were relayed that going cross country through Country Down en route to the airfield to fly his Tiger Moth, the 944 Turbo was every bit as swift as the fastest of contemporary 911s.

In Today’s Exchange Invest

The Warsaw Stock Exchange descends into its greatest state of farce yet as TP ICAP deliver good numbers and ICE is preparing for another denouement with a possible big proxy battle on the distributed ledger headed to Sydney where SETL seeks to square up to the ASX/DAH behemoth in creating settlement for Australian stocks.

Cinnober have EGM approval for their rights issue to fund their client clearing spin off while as Exchange Invest rushed to pixel, there is news that CloudMargin has closed a Series A round.

And there’s more, happy scrolling:

In BigWorld

Out in BigWorld, that spring forward with the clocks has proven premature with late winter storms causing Angela Merkel to delay meeting President Trump and doubtless inducing high anxiety amongst spring breakers along the north eastern corridor of the USA.

Public Markets

Resignation of Mr Rafał Antczak From The Position Of GPW President
GPW

PLY: This farce is the perfect demonstration of just why dual share structures affording added voting to minority shareholders are of dubious merit. CEO elect Antczak was not approved by the regulator after a 2 month delay and the clear thinking in Warsaw circles is that the government realised he was not ideologically pure enough for their new generation crypto-Communist politics of totalitarian incompetence to be allowed to take up office (certainly it is a stretch to believe the regulator was operating independently – post Communist countries like Poland just don’t seem to work like that).

Thus Poland heads yet closer to the abyss and takes GPW with it. Utterly GUBU.

TP ICAP To Move Client Relationships To EU Countries As It Plans For Brexit
City AM

PLY: Measured comments from TP ICAP who clearly see another argument for the hollowing out of headcount which is the entire TP ICAP raison d’etre. Encouraging numbers which edge ahead of estimates.

Intercontinental Exchange Statement on Competition Appeal Tribunal’s Trayport Ruling
ICE
UK’s Competition And Markets Authority: ICE/Trayport Remittal – Administrative Timetable
MondoVisione

PLY: Deja vue one more time or will the CMA see more sense this time around?

Report From Cinnober’s EGM On 13 March 2017: Approval Of Directed Issue
Cinnober

PLY: The Cinnober rights issue has been agreed, with a launch of 692,307 new shares, which will raise 20 million USD (SEK 180 million) before deduction of issue costs with the cash earmarked for the real time client clearing software spin out.

DFM Company Shareholders Approve 2016 Financial Statements & Elect New Board
Dubai Financial Market

SGX Raises Pro-Rata Renounceable Rights Issue Cap To 100% Of Share Capital
MondoVisione

PLY: Full double down – better than losing a listing methinks.

China Fines Trader $170 Million, Makes First Stock Link Penalty
Bloomberg

PLY: New record fine in China…that message of not tolerating crocodiles is writ large with many zeroes on the end here!

Private Markets

SIX Securities Services Receives Approval To Launch Its Trade Repository For Switzerland
MondoVisione
SETL Wants To Settle & Clear Equities In Competition With ASX
AFR

PLY: Now this sounds like a wondrous story but I am entirely cynical given that:

The Australian regulatory blob has a history of over-reach and naturally effectively anti-competitive orientation
Point One means delays, pushbacks and like a lot of regulatory capital

It sounds like a lovely head to head and certainly the ASX’s approach to clearing and settlement has shown a somewhat cavalier disdain for the users over the years but that hardly makes for a compelling means for SETL to deliver. That said I admire the pluck of Peter Randall and team for making the effort to create a better settlement system for Australia.

Solving the Secret Behind the Chinese Gold Market
The Epoch Times

Dissemination Boards Fail Investors Of Regional Exchanges
Hindu Business Line

‘Recently Endorsed JSC Regulations Favour International Investment Opportunities’
Jordan Times

“Tadawul” And Japan Exchange Group, Inc. (JPX) Sign An MOU
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Rival Systems And Algo-Logic Systems Level The Playing Field With Integrated Trading Platform Offering – Rival Software And Algo-Logic FPGA Hardware Bring Sub-microsecond Latency Within Reach To All Trading Firms
MondoVisione

PLY: So if the arms race of HFT now offers sub microsecond latency to all, presumably the front line is now a degree or three lower?

Products

Innovative Way Of Financing And Investment To Boost The Development Of Infrastructure Sector – Shenzhen Stock Exchange Completes Augmentation Of The First PPP Asset Securitization Project
Q&A On Three PPP Project Asset Securitization Products Approved By Shanghai Stock Exchange
MondoVisione

SwapClear To Add 8 Currencies To VNS Suite
FOW magazine

LCH has filed an application with the US futures regulator to make variable notional swaps in eight currencies.

First Green Bond Lists On Borsa Italiana
MondoVisione

CFTC Extends Comment Period On Proposed Capital Requirements Of Swap Dealers And Major Swap Participants
MondoVisione

Russia’s PIK To Buy Back Depositary Receipts, Delist From LSE
Reuters UK

PLY: The tail end of sanctions meeting an increasingly hostile western approach to London when the Russian market is proving popular with investors…

Monetary Authority Of Singapore Cautions Investors On Risks In Trading Binary Options With Unregulated Platforms
MondoVisione

Career Paths

PLY: Chaos reigns in Poland as the designated CEO Rafał Antczak has resigned due to the delay of the regulator in approving him…which suggests much political shenanigans in the hyper interventionist mess which is Polish government. Jarosław Dominiak, a member of the Exchange Supervisory Board, earlier this month resigned from his position. Another EGM is scheduled soon in the fairly perpetual cycle of such meetings inaugurated by the last inept government and continued by the current one at which stage presumably a more doctrinally acceptable candidate can be rolled out.

Over in the Middle East, the new board of DFM elected for 3 years is: Essa Abdulfattah Kazim, Rashid Hamad Al Shamsi, Mohammad Humaid Al Marri, Musabbah Mohammad Al Qaizi, Ali Rashid Al Mazroei, Adil Abdullah Al Fahim and Moaza Saeed Al Marri.

As Exchange Invest raced to pixel the resignation Of Charlotte Hogg from the Bank of England came through following an issue concerning her brother being in the management of Barclays. The whole farago is a pity, given that in the past old boys without being brothers have arguably been much much closer than mere siblings.

Finally, the Series A round of CloudMargin being completed by Illuminate Financial Management, the first institutional shareholder in the business will also mean Illuminate’s CEO Mark Beeston being appointed Chairman.

Crowdfunding

Fem-preneurs Of Crowdfunding: Did the JOBS Act Change the Venture Landscape for Female Entrepreneurs?
Crowdfund Insider

Other Stories

ESMA Publishes First Set Of CSDR Q&As
ESMA

World Capital Market Regulators Launch First Asia Pacific Hub In Malaysia
MondoVisione

PLY: First IOSCO office outside of Spain, located in the KL offices of the Malaysian regulator.

WFE Responds To FSB’s Consultative Document On CCP Resolution & Resolution Planning
MondoVisione

Spoofing, Cross-Selling and Bitcoin ETFs
Bloomberg

PLY: Matt Levine on form as usual.

Malta Stock Exchange, Valletta
Edward Scicluna

PLY: The Finance Minister of Malta reflects on opening the Malta Stock Exchange’s annual art exhibition last Friday, an excellent soiree we thoroughly enjoyed attending.

Hopefully the middle aged spring breakers headed to Boca will be able to fly once the storm passes the north eastern corner of the USA.

Many thanks for reading Exchange Invest.

Patrick

Patrick L Young
Executive Director DV Advisors

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