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.

MARCH 9 2017

It’s Exchange Invest issue 949 which correlates in Zuffenhausen-speak with the 16 valve turbo engine and transaxle for that elegant 924 GTP racing car which we first discussed under its primary type number 939.

In Today’s Exchange Invest

IBKR are pulling out of the options market making business as they remain unwilling to participate in the conflict of interest-centric bundling of order purchasing enterprise. It’s the end of an era. I think the US may yet rue its embrace of bulk buy from the clients before execution.

And there’s more, happy scrolling:

In BigWorld

In BigWorld it’s an emotional day in Malta as the historic magnificence of the Azure Window “Tieqa tad-Dwejra” is lost and gone forever. Know to viewers of epics such as “Clash of the Titans” or that rare scene in “Game of Thrones” where everybody kept their clothes on / didn’t kill anybody, the remarkable arch was removed by the natural forces of erosion yesterday morning during extreme storms. I’ll commiserate with the Gozitan New Yorker, Chairman of the Malta Stock Exchange, Joe Portelli when I see him tomorrow.

Public Markets

IBKR To Cease Options Market Making
Yahoo Finance

PLY: A rather seismic move as the ongoing purchase of order flow is a conflict of interest IBKR owner/founder/Chairman/CEO Thomas Peterffy, does not want to have. Quite a wrench for Peterffy I am sure but a demonstration of his ongoing commitment to Schumpeterian management as / when required.

Nasdaq Private Market Expands Into Alternative Investments – Addressing The Challenges Of Fund Liquidity In An Innovative Way
NASDAQ

PLY: Interesting.

NEX Optimisation Announces The Launch Of NEX Regulatory Reporting, An End-To-End Regulatory Reporting Platform
NEX

Europe Needs Its Own Dominant Clearing House To Match Those Of The US
Financial Times

PLY: Brussels Bugle pushing classic Europhile views in its letters page (unsurprising do any actual capitalist types seriously read it any more?). Here, one Professor Johan Lybeck advocates the old protectionist EU red herring that “at least it’s our monopoly.” Call me old fashioned but I think the US has done Europe a lot of favours, hence I shudder at this protectionist EU mindset (qv generally by the sorts of people who call PTUS parochial and, er, protectionist).

The problem is Europe has a multi stage developmental issue and the markets are simply far too immature on a 27 or even 28 basis to have a large monopoly strangling the rest of the business.

Private Markets

SIX Remains Firmly On Track In A Difficult Environment
MondoVisione

PLY: A clear hole in the SIX strategy remains selling most of their best assets to DB1…

Tehran Stock Exchange Targeting For A Year To Come
MondoVisione

Commodities Exchange Bill Reaches Parliament
The Kathmandu Post

If the Parliament passes the bill as it is without any amendment, Sebon will be empowered to develop a new exchange operator.

DIFC ‘The Exchange ‘ Set For 2018 Q1 Launch
Trade Arabia
PLY: NASDAQ Dubai to be an anchor tenant in this new DIFC building.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

NZX System Problems Delays Stock Market Open
Scoop.co.nz

Office 365 Crosses Huge Moat With Deutsche Börse Group Signup
1redDrop (blog)

TASE Launches A Dedicated Investor Relations Website
MondoVisione

FTC To Host FinTech Forum On March 9 On Artificial Intelligence And Blockchain Technology
FTC

OSC Highlights Potential Securities Law Requirements For Businesses Using Distributed Ledger Technologies
Newswire

Broadridge Expands Its Global Post-Trade Control Solutions Through Acquisition Of Message Automation
MondoVisione

Let The Games Begin: Misys Injects Some Fun Into Core Banking
Finextra (press release)

PLY: One of my favourite topics for the past nigh-on 20 years, gamification is being embedded in the core banking packages of Misys. Interesting and certainly not before time.

Misys & Advent International Vie To Acquire DH Corp
Financial Times

Products

Changes In FTSE Mondo Visione Exchanges Index: Acquisition Of Bats Global Markets (USA) By CBOE Holdings (USA)
MondoVisione

FTSE Russell Turns To Investors On Snap Voting Rights Quandary
Reuters

PLY: An interesting quest – will FTSE Russell show it has a spine or will it just go all, er, passive, with the big listing of last week’s ‘vague participation rights in the capital and less rights than a North Korean citizen,’ stock issue.

FCA Gets More Than 4000 Submissions On Forex & CFD Leverage / Bonus Rule Proposals
LeapRate

PLY: The worry now is the FCA will show a lack of spine and water down its attempts to rein in the shonky operators.

Ban On 17 Entities To Stay In Castor Seed Case; 1 Revoked
Press Trust of India

Dalian Commodity Exchange Adds Inspection Organization And Warehouses For MetallurgicalCoke Futures
MondoVisione

Qatar Stock Exchange Announces Changes To The QE Index Methodology
MondoVisione

Transvix Plans Freight Futures Exchange For Trucking Industry
Trucks.com

PLY: More on the first US truck futures exchange, Transvix.

Career Paths

NZX has appointed a former UK FCA inspector, Richard Bodman to its Board replacing Alison Gerry who is resigning as a director.

ESMA Seeks Two Candidates For Its Stakeholder Representative Group
ESMA

Veronica Augustsson Is One Of Swedish Industry’s Most Powerful Women In 2017
Cinnober

PLY: Plaudits to Veronica on another achievement.

Crowdfunding

Nothing really tickled the fancy today – the headlines were uninspiring, or in FinTech-land, they were circa 20 years old like this: Fintech A Threat To Credit Cards.

Other Stories

Nothing further to report today, parishioners, go out and do great things (like sponsor Exchange Invest or subscribe to our Premium service and keep this daily from being subsidised by me, please)…

Many thanks for reading Exchange Invest.

Patrick

Patrick L Young
Executive Director DV Advisors

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