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.

MAY 12 2017

Issue 993 of Exchange Invest coincides with a remarkable moment in Porsche design history – the last air cooled 911, the series 4 produced between 1993 and early 1998. A delightful machine and the last to have a direct lineage to the original 911 in design terms, albeit this was a 3.6 litre machine which rather dwarves the original 911/912 at 2000 and 1600 cc respectively.

Prosperity UK Video

If you haven’t already, watch it this weekend: Prosperity UK Panel – Brexit, Euro Clearing & Financial Market Structure: panel ably chaired by Barney Reynolds headlining parish luminaries Jeff Sprecher and Michael Spencer, with one Patrick L Young lurking in the background.

In Today’s Exchange Invest

The Mother of All Bombs threat lurks in the Euro CCP background while B3 opens discussion on open access from its mega silo. Green light for Hong Kong to open Qianhai with ETD on the menu while Corvill profits surge and Kenya considers bond issues straight to mobile phones.

And there’s more, happy scrolling:

In BigWorld

In the “you have to laugh” department, after a humbling AGM where he appears to have kept his job (for now) despite doing some dodgy manipulation trying to discern internal whistleblowers, comes this for Jess Staley: Barclays chief falls victim to email prankster pretending to be bank chairman.

Public Markets

BM&FBOVESPA: Provision Of Services To Other Financial Market Infrastructures
MondoVisione

PLY: Interesting as ATG and competitor platforms are pushing to open access to the B3 monopoly mega-silo.

HKEX Mainland Spot Commodity Platform To Support Futures Trading
Reuters
HKEX Given Green Light For Qianhai Mercantile Exchange
South China Morning Post

PLY: Interesting times and good luck to HKEX with their first proprietary venture inside the Chinese mainland.

US Regulator Threatens EU With Financial Trade War
Daily Mail
Washington Warns Against EU Location Policy
Financial Times

PLY: Stories revisiting Christopher Giancarlo’s remarks which amount to the MOAB (as I discussed yesterday). That the Atlanticist tabloid the Daily Mail has added some comment of its own to the Reuters reports demonstrates that the UK media is beginning to realise just what a ludicrous concept the EU’s protectionist stance could amount to – if it is serious with its threats. That seriousness is underlined by the fact that even the Brussels Bugle is reporting the news in a serious fashion, er, “despite Brexit” as they might invariably say when trying to gloss over anything which runs contrary to their EU fetishism.

Brief-TP ICAP Says Revenues In 4 Mths To April 619 Mln Stg
Reuters UK
Tullett Prebon Scheme Enters £270M Bulk Annuity
www.professionalpensions.com
TP ICAP Secures Annuity Buyout Covering Pension Fund
Pensions & Investments

Was CME Europe Doomed From the Start?
Finance Magnates

“One would have expected them to follow a China/Euro bond or BREXIT index, however they chose the sand cheese and tomato sandwich route and failed to provide any new contracts.”

PLY: Pithy thoughts as always from Neil Crammond on CME where employees are now leaving the building albeit CME say it’s only a max of around 20 jobs to be lost, albeit that excludes consultants who at one time were certainly numerous around the CME’s European HQ in London alone.

Global Brokerage (FXCM) Has Until Early August To Answer In Lawsuit, Combining Four Actions
FinanceFeeds (blog)

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Private Markets

Announcement Regarding The Postponement Of The Ordinary General Assembly Meeting
Borsa İstanbul

PLY: A postponement without any reason provided, does not exactly instill confidence given the political background in Turkey of late.

Breaking: LMAX Exchange Marks £5.6M Ebitda On Annual Volumes Of $2.1Tn
Finance Magnates

PLY: Great numbers. Parishioners will recall LMAX was originally jettisoned by Betfair when it was wildly unprofitable and the subsequent MBO has seen an incredible turnaround in its fortunes.

NEO Receives Qualified Foreign Exchange Designation By OTC Markets Group
MondoVisione

Palestine Stock Exchange Concludes A Special Working Meeting With Family Companies
Mubasher Info

Goldman Sachs To Launch New ‘ Dark Pool ‘ For Stocks On Friday
CNBC
Goldman Sachs To Revamp Dark Pool Business
Financial Times

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Dublin-Based Fintech Firm Corvil Sees Profits Surge
Irish Times

Deutsche Börse And Malta Stock Exchange Extend Trading Technology Agreement
MondoVisione

TMX Insights Announces Collaboration With IRESS For Integration Of TMX Analytics TCA
MondoVisione

Products

Move Over Bitcoin, CME Group Will Offer Real Digital Gold
Nasdaq

EU Says Poland Power Capacity Market Possible With Conditions
Reuters

PLY: It would be better for Poland to spend the money on an outbreak of competence at the simply unfit for purpose retail monopoly Energa which is a travesty of organisation, a fetidly useless utility in my painful experience of dealing with its whims.

CMA May Allow Mobile Corporate Bond Offering
The Star, Kenya

The Capital Markets Authority yesterday said there were plans to develop a framework to enable companies to raise capital through mobile money platforms in the near term. This follows the successful sale of initial Sh150 million infrastructure bond, the M-Akiba, by the government in two weeks from March 21. Kenya was the first country in the world to raise money through a mobile phone platform, underlining its global dominance in mobile money innovations.

PLY: Brilliant stuff, Nairobi listed companies could go straight to mobile for their bond offerings.

Career Paths

TMX Group Announces Election Of Directors
MondoVisione

PLY: Luc Bertrand heads the slate and indeed remains the key thinker on the TMX board.

Vikram Limaye’s BCCI Stint Will End In August, NSE Tells SEBI
Livemint

PLY: Hopefully prodding a decision from SEBI to make him officially CEO?

Chairman Of The Commodities Futures Trading Commission: Who Is J. Christopher Giancarlo?
AllGov

PLY:Finally in this week’s career path news, the SEC has named Lucas Moskowitz Chief Of Staff.

Crowdfunding

UK Peer-To-Peer Lender Zopa Gets Full Licence, Eyes Banking
Reuters

Other Stories

Can The OCC Reinterpret The Volcker Rule On Its Own?
American Banker

ESMA Meet-The-Market Workshop On The European Single Electronic Format
MondoVisione

FINRA Board Approves Proposals To Strengthen Controls On High-Risk Brokers – Next Step In An Ongoing Program To Protect Investors
MondoVisione
Thank you for reading Exchange Invest, and have a great weekend!

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

November 2017
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