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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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  • IT vendors
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MAY 9 2017

Issue 990 of Exchange Invest coincides with no known Porsche design I can discern but it does mark a lovely round 10 more newsletters until we reach the 1000th issue.

Meanwhile the good folks of Kynetix have just published an excellent white paper outlining the challenges of financing commodities in storage. Click the link at left or click here to download the free briefing. It’s a tricky area with some creative solutions emerging which ought to encourage more financial solutions.

Prosperity UK Video

For those who had a long weekend, don’t forget to view the video of the 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…

(The transcripts incidentally are now being approved by delegates and will then be sent as a full Hansard of the event shaping the future of post Brexit Britain – regardless of how anybody voted – by organisers Sir Paul Marshall and Lord Hill to UK gov in the very near future).

In Today’s Exchange Invest

ICE goes to nuclear clocks in attempt to perfect the frankly impossible task of perfect timing while DFM profits improve and BATS launches a new way to trade equities market on close.

And there’s more, happy scrolling:

In BigWorld

Over in France the Socialist Party seems to be morphing into the Macron party so there’s a surprise – not! However this rather caught my eye and raised my ire this morning:

Fintechs Fight Plan To Bar Screen Scraping And Protect European Banks
CNBC

PLY: This is what happens when rules are written by the analogue blob with input from innately protectionist banks. Yip, we could discuss the philosophical here but the ultimate challenge is that technology is making those philosophical arguments redundant and the EU, having led with payments services licences for some time is in danger or making itself outmoded, as the banks inelegantly place their protectionist jackboot across the competition (or one might call it ‘the future’) in a way which simply denies the tides of tech in a fashion which would impress even the most blinkered Canutist.

The EBA has long suffered from a vast resource shortage and in this instance the plans to try to upend digital gravity would suggest the shortcomings of EU ambition not being backed with sufficient regulatory resources in the right place.

Public Markets

DFM Q1 Net Profit Up On New Initiatives
Khaleej Times

There’s A New Front In The Brutal Battle Among America’s Stock Exchanges
Markets Insider
An Exchange Wants To Shake Up How End-Of-Day Stock Trading Works
Bloomberg

PLY: BATS launches a new matching process before the closing auction.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

NY Judge Approves Consolidation Of Four FXCM Class Actions
FinanceFeeds (blog)
FXCM (Global Brokerage) Runs Into Trouble With Nasdaq Listing
FinanceFeeds (blog)

PLY: Let’s face it FXCM-Global Brokerage is one of those festering time decay issues. Nobody can be sure what will kill it. Leucadia must be wondering how they will fare on their support package.

New PSE Chief Eyes More Small Companies Going Public
ABS-CBN News

PLY: New boss in Manila adds to his task list.

Private Markets

Algo-Trading Case: NSE Redrafts Policy For Co-Location Of Servers
Livemint

Fintech Co. Accuses Interest Rate Swap Servicer Of Monopoly
Law360 (subscription)

Active Role Of Stock Market Intermediaries To Combat Money Laundering In Focus
Financial Express Bangladesh

Special Section: FTI, NSEL, India at the Crossroads

CBI Nails Nine Shell Companies In NSEL Scam
Economic Times

Technology

ICE Turns To Atomic Clock For Time-Stamping Trades
Financial Times

Three SGX Sites Go Down
The New Paper

Three of the Singapore Exchange’s ( SGX’s ) main public websites were down for about an hour yesterday afternoon.

PLY: Trading unaffected but this is embarrassing given previous Singaporean outages even if it was apparently the fault of a third party vendor.

Products

LME Introduces Gold And Silver Trading On July 10
South China Morning Post

PLY: Good news.

Traders Are Fleeing The Options Market
WSJ

PLY: Ugly news.

Len Boselovic’s Heard Off The Street: Leveraged Etfs Aren’T For Most Of Us
Pittsburgh Post-Gazette

Opinion: Why IPO Connect Will Be Needed For Hong Kong To Win The Biggest Listing Deal In History
South China Morning Post

PLY: In the Saudi Aramco listing battle rumour has it the US is not preferred leaving London to believe it must be chosen alongside Tadawul while here is an interesting article with broader parish ramifications from Hong Kong which believe it still has a chance too…

LME Copper Stocks A Battleground For Competing Market Narratives: Andy Home
Reuters

Bitcoin Futures Exchange Deribit Replaces Weekly Futures With Monthlies
CryptoNinjas

PLY: Liquidity concentration issues on an innovative cryptocurrency platform, albeit one which doesn’t have a lot of regulation it seems…

Career Paths

PLY: Congratulations to local capital market veteran Frank Aldridge on his appointment to the NZX board.

Sebi Weighing Vikram Limaye’s BCCI Innings Before Giving Nod To His Appointment As NSE CEO
Economic Times

PLY: Only in India, the involvement of the NSE CEO elect in the governance of cricket may be an issue for his appointment as CEO of the NSE. (Rumours may suggest there is an issue that Vikram Limaye is less likely to be as pliant to SEBI as the NSE has traditionally been of course and thus a more obviously commercial CEO may not appeal to the instinctively collectivist ethos of the Indian regulatory bureaucracy…albeit there were hopes the new SEBI Chairman Ajay Tyagi was a step away from this legacy of socialist interventionism).

Crowdfunding

Ezubao P2P Lending Fraud Update: 26 On Trial
Crowdfund Insider

Do you remember the Ezubao Ponzi scheme that ended in the single largest peer to peer lending fraud of all time?

PLY: No, amidst a myriad of Chinese P2P fraud I do not but as always the authorities show a ruthless desire to prosecute perceived perpetrators. Then again some $7.2 billion went awry here – yip nearly a dollar for every citizen of planet earth…

P2P Platforms Predicted To Shift To Hybrid Models
P2P Finance News

Other Stories

FIA’s April 2017 SEF Tracker
MondoVisione

US Regulators Look At Volcker Rule, A Sign They Hear Wall Street
Reuters

New Startups Aim To Be The ebays For Market Research
Bloomberg

PLY: In the ‘plus ca change’ department…a constant theme since soon after I began doing e-commerce online in 1994. Maybe the regulation is going the right way this time to budge the process, in the past most platforms ended up dying or being absorbed by legacy vendors as I recall.
Thank you for reading Exchange Invest, onwards and upwards!

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

September 2017
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