APRIL 11 2017

Hello and Good Morning from a sunny Malta where this morning I have the honour of being invited under the auspices of the Maltese EU Presidency to address the Financial Attaches of the EU member states on the topic of FinTech as part of a private event organised by the Finance Ministry.

In Today’s Exchange Invest

London rattled by revelations alleging the Bank of England was a LIBOR manipulator in its own right.

In BigWorld

So, just as, say the Ministry of Defence is in charge of making war and the Ministry of Employment deals with the jobless, likewise the airline which has long exhorted us to “Fly the Friendly Skies” is now, more than ever, following a customer service death wish. True, the war on leggings turned out to be a typical tweet-media-storm for those with ADHD who aren’t journalists which was picked up by legacy media who also have ADHD.

That said, leaving a passenger apparently bleeding from an impact injury then dragging him off a plane strikes me as a touch OTT. (Believe me, I’ve held a Lufthansa frequent flyer card for years, so I know the blank face / and the digital inadequacy of sheer customer service obliviousness. Far too well). In this case United let all the passengers on and, cementing their reputation as what some might regard as akin to the Barclays Bank of the skies, the ground crew then realised they needed some space for transiting crew. D’oh!

My theory is United has a kind of corporate regression trauma which means they want to return to that protective womb of the American airline industry – the comfort of Chapter 11. Hence such a grandstanding attempt to get sued in the world’s most litigious nation. Call it masculine intuition but I foresee a bevy of legal action coming – one passenger for a few million and a planeload of traumatised passengers in an airliner-sized class action suit.

Public Markets

Questions Remain Over Libor Claims After BBC Panorama Documentary
A Secret Recording Implicates The Bank Of England In Libor Rigging
City AM

PLY: This is a horribly sleazy affair and the Bank of England appears to have covered up its own market manipulation, endeavouring to rely on the defence denied to others now in jail. Expect this one to run and run, albeit I suspect the former BoE officials will avoid jail but that will only exacerbate the feelings of victimisation amongst all tiers of the IDB community in this affair.

UK Group Fleshes Out Possible UK-EU Banking Rules Pact
European Regulators Offer Brexit Sweeteners To Investment Banks

PLY: Like it or loathe it, deregulation is coming across the board, even if in the EU it happens by stealth.

The Frenchman Who Feared Brexit Now Seeking To Make It A Success

PLY: A gushing tribute to XavRol, just as rumours abound his ‘comeback’ is in danger of colliding with a speeding P45. In reality, he read the runes horribly wrong over Brexit, did his share of scaremongering and then did a swift volte face to cover his position. He was also involved in some ill-conceived merger notion but I am trying to draw a line under that.

London Stock Exchange Group Plc Transaction In Own Shares

Under ‘Connect’ Scheme, Chinese Stock Speculation Spreads To Hong Kong

Private Markets

CSE Banks On Whistleblowers To Curb Market Manipulation
Daily Mirror

The Colombo Stock Exchange (CSE) is now hosting a page on its official website inviting tips and information on market manipulation and violations.

Special Section: FTI, NSEL, India at the Crossroads

Govt Planning Tougher Norms For Commodities Spot Market


Abu Dhabi Securities Exchange Chief Talks Up Blockchain

CBA And QxBranch Position For The Quantum Revolution

PLY: To which this morning’s water cooler question is: how many dimensions will quantum computers enable us to watch this processing revolution in?


China To Allow Policy Banks To Issue Bonds On Shenzhen Stock Exchange

Career Paths

PLY: OCC has named David Ridgway, a former senior risk management executive with BNY Mellon, as Senior Vice President, Enterprise Risk Management. Ridgway reports to John Fennell, Executive Vice President and Chief Risk Officer.

Daniel Maguire has been promoted to COO of LCH with immediate effect. His responsibilities include the development and execution of integrated global product strategy and he will also continue as Global Head of Rates and FX Derivatives

Liquidnet has added Simon Gilbert as Sales Director based in London with a specific remit to sell more US block trades and related American equity products.

SGX Appoints New Nembers To Independent Disciplinary And Appeals Committees


No news today.

Other Stories

ESMA Clarifies CCPs’ Portfolio Margining Under EMIR

CFTC’s Market Risk Advisory Committee Announces Agenda For April 25 Public Meeting

Many thanks for reading Exchange Invest as always.

Now to listen to the excellent Professor Bannister chairman of the MFSA here at the Malta EU2017 Presidency Financial Attaches meeting.


Patrick L Young
Executive Director DV Advisors

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