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about the core events pertaining to investment
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MAY 8 2017

Welcome to another week with Exchange Invest Issue 989 corresponding to a stillborn 4 door Porsche saloon developed between 1988 and 1991 with a 3.6 litre V8 engine…the Porsche 989 is thus the spiritual parent of the current Panamera.

Prosperity UK Video

The video of the conference so epic it was even mentioned the ICE results call last week is now online. Prosperity UK organised by Sir Paul Marshall and Lord Hill was aimed at shaping the British economy in a post Brexit world.

Happy viewing: Prosperity UK Panel – Brexit, Euro Clearing & Financial Market Structure with Barney Reynolds chairing with parish luminaries Jeff Sprecher and Michael Spencer, with one Patrick L Young lurking in the background…

In Today’s Exchange Invest

Bombay exchange profit jumps, HKEX prepares commodity platform launch and gold futures in CNH and much more, happy scrolling:

In BigWorld

World breathes pyrrhic sigh of relief as the insiders’ outsider (sic) Emmanuel Macron wins the French presidency. Next month he probably won’t get a political majority, even if he does nothing much will change amongst the 5th republic of the ungovernable, so Franco-stasis and decline for another 5 years will be the order of the day…probably preceding a Le Pen victory or some other form of “grande rupture.” (QV Projections suggest 44% of 18-24 year old voters chose Le Pen in round two…). The Spectator discusses this fascinating case of how an insider became an outsider to win the Presidency all the time backed by a remarkably shady coalition. France’s President once again represents everything the electorate is broadly fed up with…

Enjoy Paris before it becomes the Caracas of the north methinks while the EU breathes a sigh of relief as once again a bit of duct tape has been applied to the creaking tectonic plates. (As always, an unresolved problem left to fester enables Brussels hubris).

Public Markets

BSE Q4 Net Profit Surges 3-Fold To Rs 73 Cr ($11.3m)
Hindustan Times

PLY: Stunning profit improvement at recently listed BSE.

Board Of Multi Commodity Exchange Of India Recommends Final Dividend
Business Standard

LME Asia Week 2017: LME Needs Strong Management Supported By Shareholders, Says Charles Li
Metalbulletin.com (subscription)

HKEX To Unveil Mainland Commodity Trading Platform This Week
Reuters

Money And Power Struggle Behind Listing Reform Deadlock
South China Morning Post

New PSE Chief Makes PDS Takeover A Priority
BusinessWorld Online Edition

Arguing Over Who Gets To Own A Clearing-House Time Bomb
Financial Times

PLY: What else can we expect from the Brussels Bugle than this somewhat disingenuous attempt to encourage total loyalty to the EU by means of simply sacrificing London’s commercial success to the EU’s lack thereof. The “Homer Simpson” paradigm (as discussed in EI Premium) gets an outing of sorts in this piece alongside various superbly defeatist remarks to the extent of: because there is a risk in CCP, therefore that means it is better left to the perma-vacillating EU to sort out. Right on comrades!

It is plainly evident the pinko is now scraping the bottom of the barrel in its desperation to “remain” at all cost.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

PLY: No prizes for guessing whether they bought or sold.

Private Markets

DCCC Launches ‘ActiveRisk’ Risk Management System
DGCX

Signs Of Life At Wilmington Stock Exchange
The News Journal

PLY: Investment from SS Lootah of Dubai and some rumblings alongside a web site (DBOT) but no immediate clarity on when it will launch…

Nigerian Stock Exchange Automates Rights Trading And Settlement
MondoVisione

Moorfield Group Invests In IPSX
MondoVisione

PLY: Good momentum for IPSX with a cap table of interesting property players, as the release notes: “The commitment from Moorfield follows prior investments from a number of leading players in the CRE industry, including British Land, four of the Partners in Tritax Group, and M7 Real Estate, all of whom were attracted by the alternative investment model offered by the IPSX platform.”

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

New US Trading Database To Cost Industry $50.7 mln This Year
Markets Insider

NSE Introduces New Filing Mechanism On Electronic Platform
India Today

McKay Brothers Expands European Bandwidth Services – Bi-Directional Bandwidth Service Between Basildon And Madrid In <18.01 ms - The Lowest Known Latency MondoVisione PLY: For those struggling to work out just how long 18.01 milliseconds, I am unreliably informed it’s about the time it takes still in denial Hillary Clinton to go from saying “Oh, of course – I take absolute personal responsibility,” to blamestorming her Presidential defeat on James Corney, Vladimir Putin, and in fact all men who are alive today (amongst other causes). Products OCC And EquiLend Clearing Services Partner On CCP Securities Lending - Partnership Extends CCP Access For Securities Lending Market OCC Hong Kong Exchange Operator Hopes For Third Time Lucky When It Comes To Gold Futures South China Morning Post HKEX Announces Plan For Physically Settled CNH And US$ Gold Futures HKEX News Release Hong Kong Exchanges and Clearing will undertake in the third quarter its third attempt to launch a gold futures contract after two previous failures. Hotspot Announces First Anonymous FX Forwards Trades MondoVisione Asia's Metal Commodities Exchanges Grow And Diversify Metalbulletin.com (subscription) SGX moves into freight, looks into steel Following its acquisition of the Baltic Exchange last year, the Singapore Exchange ( SGX ) is expected to focus ... Johannesburg Bourse To Launch Zambia Dollar-Denominated Maize Contract Reuters Africa Career Paths Beauty Pageant Head Elected President Of Philippine Bourse Bloomberg The Philippine stock exchange's new president & CEO, Ramon Monzon, pledged to reduce brokers' ownership of the bourse, refine rules on short-selling and introduce structured warrants. Five Things You Should Know About Jonathan Clark The Boston Globe Interview with Luminex CEO. Ray Abeywardena Appointed As The New Chairman At Colombo SE Colombo Page PLY: The European Central Securities Depositories Association (ECSDA) has appointed Anna Kulik as Secretary General. Ms Kulik takes over the role with immediate effect, following Soraya Belghazi, and will be the new face of European CSDs. It’s great to hear on the parish bush telegraph that former Qatar COO Olivier Gueris has been signed up to provide some expert advice on international market structure and IT to the Astana International Financial Centre, while I am delighted to hear that former Liquidnet Europe CEO John Barker has been appointed non-executive Chairman of ITI Capital. With ITI having recently purchased the Uralsib London business, looking at further acquisitions, it looks like an interesting time for John to be joining the entity. Crowdfunding Liquidity For Unlisted Firms Is Looking Up As Neil Woodford-Backed Seedrs Launches Secondary Market City A.M. Other Stories SEC Announces Agenda For May 10 Meeting Of The Advisory Committee On Small And Emerging Companies SEC Wall Street's Hopes For Deregulation Switch From Laws To Watchdogs Financial Times PLY: The agencies have swung back towards free markets from the Obama straitjacket years of strangulation but banks wish to see less focus on changing legislation...just as President Trump takes an interest in reestablishing a Glass Steagall separation in banks. An interesting start to the week, thank you for reading Exchange Invest, I'll be back with Issue 990 tomorrow. All the best, Patrick Patrick L Young Executive Director DV Advisors

November 2017
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