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MAY 18 2017

Welcome to Issue 997 of Exchange Invest which coincides with the 6th generation 911 in Porsche type number terms… All human life can be easily divided in 2 by the way: the time before you drive a Porsche 911 (of whichever vintage) and the time after….it’s a kind Zuffenhausen Zen experience.

I am Finance Malta’s 10th anniversary conference today, my keynote is coming up this afternoon just before the finance minister, Professor Scicluna provides the closing address. I’ll be running the gauntlet from Brexit to FinTech, financial centres and much more besides…

Prosperity UK Video

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 – perhaps the ‘hot button’ parish topic in derivatives of the moment…

In Today’s Exchange Invest

Euronext pushes a stairway of IPO talent, streamlining process for every tier of public company.

DB1 holds AGM, looks to finally be following the strategy which was clearly required before the Merger of Equal Desperation folly. One EU finance minister suggests pan-EU FTT while EC seems to be trying to grow a global financial centre. FEAS relocates secretariat to Yerevan, Armenia while CFTC launches fintech initiative.

And there’s more, happy scrolling:

In BigWorld

Dear Parish Exchanges,

Last year I presented the Presidential Impeachment Index and you didn’t licence it – #ForesgightFail.

Public Markets

Minister Argues For EU-Wide Financial-Transaction Tax
Reuters

Austrian Finance Minister Hans Joerg Schelling said an FTT imposed by all EU members would relieve individual national debt burdens and provide a useful, alternative source of revenue after Brexit. However, Schelling stressed that the tax would have to be endorsed by all members.

PLY: If anybody is feeling wistful about Brexit in the UK, remember that puthy phrase by Simon Stimson in Thornton Wilder’s classic pay “Our Town:” “that’s the happy existence you wanted to go back to, ignorance and blindness.”

Euronext Modernises Its Markets To Support Growth Of European Companies
MondoVisione

PLY: A simple stairway to talent approach, opening to easier IPOs at all levels with a multiplicity of optionality for companies to list and grow in the segment best suited to their market size. Simple but brilliant, another great example of the new Euronext being a coherent and coherently managed, enterprise.

Moscow Exchange Announces Results For The First Quarter 2017
MondoVisione

Deutsche Boerse CEO Says No Big Mergers On The Cards For Now
Reuters UK
Deutsche Börse AG: Annual General Meeting 2017
MondoVisione
Deutsche Börse : Once Bitten, Twice Shy
Handelsblatt Global Edition (subscription)

PLY: It’s a pity it took so long but finally DB1 is moving its bulk towards the approach I have long made it transparently clear it needs to follow. This is to be welcomed, even if it has involved a ridiculous (potentially disastrous) waste of time, money and perhaps worst of all: opportunity cost. Carcrash has reluctantly begun to try to manage his business it seems but he has already expended a lot of his political capital, albeit on a gilded salary. The richest irony is that DB1 appears little short of bitter that my (free) advice has proven correct and their millions of expenditure has exhausted all the other possibilities before it finally came to the genuinely obvious way forward. At last they are gradually getting through the stages of grief but clearly there is a lot of work to be done. All is far from lost at DB1 but there needs to be a coherent outbreak of management across the board and right now, with some honourable exceptions, the DB1 top management looks like a rabbit glued in a Porsche halogen headlight.

Exclusive-EU Looks To Build Alternative To London For Capital Market – Document
Reuters

PLY: Good scope by Huw Jones and indeed good luck to the EU as building a greater financial capacity requires a dynamic, entrepreneurial, less prescriptive regulatory culture with proper security and incentives to investors. If the EU can achieve that it will be a serious financial player and I would welcome it, as would many others. On the other hand, can it do this…? Past performance is no indication of future performance seems an appropriate footnote to hope for.

Polish Bourse Eyes Foreign Listings To Boost Its Strength- CEO
Reuters

PLY: The latest acting CEO of GPW Jaroslaw Grzywinski, dreams of foreign listings being attracted to a Poland which has had all manner of protectionist macro foibles from the past 2 governments, including but not limited to the de facto theft of half the private pension fund pot. Nice dream but it is just that… There is a rally in Poland as the QE yield desperate are moving to Poland as the more exotic locations are full of fast money. I think that too ends badly. As to head to head competition with Vienna, the problem there is the Austro-Czech bourse is a different animal under the management of Christoph Boschan and Petr Koblic. It has management purpose, GPW is unable to secure a permanent CEO…

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Private Markets

Irish Stock Exchange Welcomes End To Stamp Duty On Investing In Irish Companies On ESM
Exchange News Direct

PLY: Bravo, another FTT dies…

2nd Meeting Of The Ordinary General Assembly Of Borsa İstanbul A.Ş. Will Take Place On June 8, 2017
Borsa İstanbul

With the decision taken at Ordinary General Assembly Meeting of Borsa İstanbul A.Ş. held on 12/05/2017 at 10.30 at Borsa İstanbul İstinye campus, …

Federation Of Euro-Asian Stock Exchanges Moves Headquarters From Turkey To Armenia
Public Radio of Armenia

PLY: FEAS is not merely leaving the offices of Borsa Istanbul where it has long resided but leaping to Yerevan. I wish the organisation every success in the future.

Special Section: FTI, NSEL, India at the Crossroads

Cleaning The Augean Stables
Hindu Business Line

No news today.

Technology

Santiago Stock Exchange Will Be The First In Latin America To Use Blockchain
International Business Times

IBM announced Wednesday it is partnering with the Santiago Stock Exchange, Chile’s largest stock exchange.

Liquidnet Acquires OTAS Technologies
The trade

OTAS Technologies provides buy-side intelligence and analytics through AI technology and big data.

Products

No news today.

Career Paths

PLY: The Taiwan Stock Exchange (TWSE) has appointed Chang-Ching Lin as senior executive vice-president to succeed Naikuan Huang, who is retiring.

Plaudits to NASDAQ Armenia CEO Konstantin Saroyan who has been appointed FEAS Secretary General as part of the organisation’s secretariat move to Armenia.

In London, NEX Optimisation, the regulatory services arm of NEX Group has appointed Colin Murphy as Chief Commercial Officer, having joined from Goldman Sachs where he was most recently Managing Director for Securities Lending and Equity Finance. Colin will report to Jenny Knott, CEO of NEX Optimisation and support Collin Coleman, Head of NEX Regulatory Reporting.

Meanwhile Rosenthal Collins Group has named Brian Ager President of its new institutional FX Division

Crowdfunding

No news today.

Other Stories

Trade Bodies Slam Europe’s Clearing Supervision Plan
Global Investor

World Federation Of Exchanges Responds To EC’s Consultation On Operations Of European Supervisory Authorities

“Direct supervisory powers in post-trading infrastructure: The WFE and its members do not support extending ESMA’s powers to non-EU post-trading market infrastructures, and contend this would introduce risk and remove the benefits of close local supervision. We continue to support mutual recognition arrangements between jurisdictions. These should be based on common standards, use an outcomes-based approach to recognising the framework in foreign jurisdictions, and rely on regulatory deference thereafter.”

IOSCO Annual Conference: Building Securities Market Resilience In The Post-Crisis World
MondoVisione

European Parliament: MEPs Welcome Unity On Brexit And Call For Reform Of The EU
MondoVisione

CFTC Launches LabCFTC as Major FinTech Initiative
Address of CFTC Acting Chairman J. Christopher Giancarlo before the New York FinTech Innovation Lab
Statement of CFTC Commissioner Sharon Y. Bowen on the Launch of LabCFTC
CFTC

CFTC Swaps Report Update
CFTC

Warning: Don’t Jump Into This Dark Kiddie Pool
Tony Isola

This Single-Paged Document Started The New York Stock Exchange 225 Years Ago
CNBC

PLY: Plaudits to the NYSE 225 years young yesterday and under ICE ownership vastly rejuvenated into a forward thinking organisation from the rather decrepit entity which was only a few years ago struggling with credibility as part of a bloated dysfunctional conglomerate.
It’s Coffee Time at the Finance Malta Conference… have a great day and thanks for reading Exchange Invest.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

July 2017
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