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:

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MARCH 17 2017

Issue 955 corresponds with the, type number allocated retrospectively to the Porsche Cayenne which is a leather trimmed tractor adhering to the “Chelsea tractor” fad, unlike earlier more agriculturally purposed Porsche tractor designs. Occasionally the preserve of whole families but more frequently a small cabal of eastern European gangsters who have deemed the Mercedes G Wagen just too angular. Cheer up, on Monday we’re back to really proper stuff, not Chelsea tractors for the blingsters who can’t drive proper sports cars…

In Today’s Exchange Invest

Again it’s arguably last call for last look while SGX looks eager to double down on unaccountable, undemocratic stock offerings. KCG confirms Virtu bid approach…

And there’s more, happy scrolling:

In BigWorld

It’s St Me’s day today which means the whole world tries to be a bit Irish, develops a fetish for green akin to a 6 year old girl’s orientation to pink and, rather unlike most 6 year old girls, endeavour to drink their body weight in Ireland’s rich treasury of fermented beverages. Meanwhile lots of waterways and suchlike are turned green without pausing to consider the ecological consequences. This is of course fascinating, as Guinness stout comes from the London derived porter dark beers and St Patrick himself was almost certainly Welsh while the celebrations have their epicentre in the USA (the political classes all leave Ireland to lunch at the White House)…leaving me to wonder was there ever a time before globalisation? (At which point Guinness Nigeria announces it may launch an IPO… No, seriously: Guinness Nigeria Seeks NSE’s Approval For Share Sale To Improve Financial Flexibility).

Anyway, Happy St Me’s Day to one and all!

Public Markets

Hong Kong Regulator Makes The Right Noises On IPOs
Breakingviews

Nasdaq Technology Powers New Ad Exchange For Guaranteed Contracts
MarTech Today

PLY: NYIAX is cool. It has a genuine exchange concept and purpose. It may be a bit ‘off the run’ for those used to superliquidity but that’s the 1% of markets. This is a pure platform for negotiating and in future re-trading rights to advertising with coherent contractual obligations. In other words, NYIAX looks like the first genuinely structured ad exchange which the parish can watch with interest as it develops.

Clearing Heads Wary Of Regulatory Uncertainty
FOW magazine
Chuck Mackie’s Boca Bits Day One…
& Day Two

Message to Cameron: Dont Be Vague, Speak Like Hague
Financial Times

PLY: ICE Futures Europe Chairman Lord Hague is an excellent orator and apparently outpointed the former British Prime Minister David Cameron at FIA Boca.

Private Markets

KCG Board Of Directors Confirms Receipt Of Unsolicited Acquisition Proposal From Virtu Financial
MondoVisione

PSX Starts Settling Default Claims
The News International

Registration Of The Amman Stock Exchange Company
Mubasher Info

PLY: Amman bourse is now a private company with government as shareholder.

Special Section: FTI, NSEL, India at the Crossroads

NSEL Case: ED Attaches Assets Worth Rs 414.62 Cr
Mumbai Mirror

PLY: Please collect.

Technology

Bloq Launches BloqLabs To Connect Enterprises With Open Source Blockchain Innovations

Tokyo Stock Exchange, Osaka Exchange, Japan Securities Clearing Corporation: Participants In Proof Of Concept Testing For Utilization Of Blockchain/Distributed Ledger Technology In Capital Market Infrastructure
MondoVisione

Tradingscreen Launches Turn-Key SI / OTF , Fully-Integrated, Mifid Ii-Compliant Trading & Matching Engine
MarketWatch

PLY: TradingScreen have been marketing a market solution for a while, this is clearly an updated version with a core aim at systematic internalisation et al.

Products

Currency Traders Race to Reform ‘Last Look’ After Bank Scandals
Bloomberg

PLY: In other news, the Anglican church is alleged to have found common ground with diabolists. No reform, just kill this tawdry practice as it risks being the next LIBOR scandal. Oh speaking of Anglicanism, will the (rather notoriously ruthless) Church Commissioners like this:

eVALUEator Biblically Responsible Index Launched
S-Network Global Indexes

Russia To Open Renminbi Clearing House This Month Before Bond Sale
Financial Times

Ukraine’s Gas Market Rewards Balance The Risks
Natural Gas World

Low Vix Got You Down? These Fear Gauges May Do The Trick
Bloomberg

EEX Launches Swiss Day Futures With First Trades
MondoVisione

Career Paths

FIA Inducts 14 Individuals Into FIA Futures Hall Of Fame
MondoVisione

PLY: Plaudits to one and all, particularly Hugo Jenkins for his consistent endeavours via the FOA and latterly FIA during a long sting with the organisations.

Index Derivatives Expert Sean Smith Joins FTSE Russell:

PLY: Delighted to see Sean get a new post with FTSE Russell in Chicago albeit just as last week there appeared to be a remarkable rush of female appointments publicised on International Women’s Day, is it purely coincidence that Sean Smith gets his new post announced on St. Patrick’s Day?

Crowdfunding

SEBI Taking A Fresh Look At Crowdfunding Norms
Livemint

Crowdfunding : Feasible In Hungary?
Budapest Business Journal

Other Stories

Culture In Financial Institutions: It’s Everywhere And Nowhere – Speech By Andrew Bailey, Chief Executive Of The FCA, At The HKMA Annual Conference For Independent Non-Executive Directors
MondoVisione

Binary Options Follow-Up Schemes: Don’t Lose Money Twice – Recovery Scams And IRS Impersonation Scams Are Common Cons
MondoVisione

Right back to the interesting events of the Business Transfer Conference under the EU Presidency here in sunny Valetta, Malta.

Many thanks for reading Exchange Invest, have a great weekend.

Patrick

Patrick L Young
Executive Director DV Advisors

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