APRIL 18 2017

Back from the Easter break and it’s the conclusion of Passover this evening. This morning you are just in time for a bumper issue of Exchange Invest catching up with the long weekend. Fortunately there is no publicly available Porsche type number coinciding with Issue 976 given the number of crunchy stories, so let’s get straight to it:

In Today’s Exchange Invest

DB1 and LSE look likely elicit some investor ire after FT discusses “the blunder” in their dealings with EU antitrust.

Meanwhile Gianluca Garbi believes Italy must buy back its stock market from LSE post Brexit (wonder who he thinks ought to be CEO?).

Elsewhere, MCX goes retro on cleaning any perceived dirty laundry, Astana to launch Astana International Exchange in autumn while being open to crowdfunding. Lots of news in every section including another thought provoking speech from China’s most senior regulator.

Finally, congratulations to the Malta SE which today extends its opening hours from the morning to proceed up to 1530 in the afternoon (1430 for government stock)…

In BigWorld

PLY: While the neighbours to the north may have been enjoying the relatively rare coincidence of Orthodox Easter with the Gregorian calendar equivalent, in Turkey a national referendum endorsed the move from a parliamentary democracy to an executive presidency. This concerns many in the EU and US as it suggests a move to a potentially high-handed somewhat demagogic anti-democratic standpoint in Turkish politics apparently – which clearly contrasts entirely with the situation in Brussels and Washington for instance.

PS Interesting perspective from Lord Hague (also Chairman of ICE Futures Europe) here.

Public Markets

M&A Playbook: How To Get The EU To Approve A Takeover
Financial Times

PLY: The FT simply states: “It was the blunder that may have cost them the deal. On Tuesday, February 7 at 11:56pm — just four minutes before the deadline — London Stock Exchange Group and Deutsche Börse sent Brussels a meagre offer to sell the LSE’s French clearing arm…As the exchanges found to their cost, it is not fashionable to be late in Brussels.”

Ultimately whether it was it petulant arrogance, pure play hubris, juvenile gamesmanship or mere abject incompetence which lead to “the blunder” it is only fair to ponder just how will the C-suite of DB1 and LSE escape the noose which it appears they knowingly, willingly and willfully placed their heads inside which undisputably killed their merger?

(Also good to see the FT rightfully describe the Clearnet sell-off option as “a meagre option”).

“Let’s Put The Italian Stock Market Under Government Management As Part Of Brexit Talk.”
ItalyEurope24 (subscription)

PLY: I have to admit this interview is the sort of unmissable headline grabbing material which Gianluca Garbi is highly capable of. It is also, I have to emphasise, and to put it politely, slightly at one end of the scale of interpretations of Brexit…

E-Commerce Definition Too Wide In Indian GST, May Even Cover Commodity Exchange
Business Standard

CFTC Seeks Public Comment On Request From CME For Order Permitting Commingling Of Funds In Connection With Futures And Foreign Futures Contracts Listed On The Dubai Mercantile Exchange Limited
CFTC

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Moody’s Upgrades Nasdaq Credit Rating
MondoVisione

Jamaica Stock Exchange ( JSE ) – Dividend Consideration
Jamaica Stock Exchange

The Jamaica Stock Exchange Limited ( JSE ) has advised that the Board of Directors, at a Special Board Meeting scheduled for Tuesday, April 25, 2017 …

Bucharest Stock Exchange To Pay 7.06 Ml Lei In Dividends, 0.92
Nine O’Clock

CME Scraps Dublin Plan In Wake Of Brexit
Irish Times

PLY: With the death of CME Europe’s market structures so too goes the death of a possible regulatory arbitrage move to Dublin to stay within the EU.

NZX Joins UN Sustainable Stock Exchange Initiative
MondoVisione

Private Markets

PSX, PITB Come Up With Platform For Innovators, Investors
DND (press release) (blog)

KARACHI , Pakistan: Pakistan Stock Exchange Limited (PSX) and Punjab Information Technology Board (PITB) on Monday signed an MOU for private market investing.

Sebi Allows Spices And Oilseeds Exchange To Exit Bourse Biz
Daily News & Analysis

PLY: Inactive.

National Settlement Depository Becomes Candidate LOU
MondoVisione

Shenzhen Stock Exchange “Technology SMEs Growth Roadmap Plan 2.0”“Suishi Xinghuo” VC Alliance Launches With The First Accession Of 20 Known VC Institutions
MondoVisione

Sri Lanka Stock Exchange To Change Rules On Financial Statements
EconomyNext

Memes Are Serious Business With Their Own Stock Exchange
CNET

PLY: NASDANQ, the Meme Exchange has launched in beta…

Special Section: FTI, NSEL, India at the Crossroads

MCX Board Likely To Reopen Cases Of Siphoning Of Funds By Employees
Moneycontrol.com

PLY: Very interesting – MCX clearly wants to appear squeaky clean post NSEL debacle with the potential for ramifications if it reopens what could prove a can of worms…

Technology

HCL Renews IT Engagement With Singapore Exchange
Economic Times

PLY: Contract begun in 2010 now extends to IT infrastructure, end-user computing, data centre, cloud services, workplace transformation, managed networks and enterprise security

Private Equity Bets Big On Software
Financial Times

PLY: Useful review of PE in tech mentioning Misys amongst others from around the parish.

Software Engineer Arrested For Attempted Theft Of Proprietary Trading Code
Hudson Valley News Network

Office Of The Comptroller Of The Currency Announces One-On-One Industry Meetings As Part Of Office Of Innovation Office Hours
MondoVisione

Consolidated Audit Trail (“CAT”) Clock Synchronization Study
MondoVisione

Products

CSRC Urges Bourses To Supervise Listed Firms
Shanghai Daily (subscription)

Liu Shiyu, chairman of the China Securities Regulatory Commission addressed the GM of Shenzhen Stock Exchange on Saturday. Here’s the address in full:

Speech By Liu Shiyu At The 2017 General Meeting Of Shenzhen Stock Exchange
Top News

A 9800% Stock Increase Exposes Hong Kong’s Billionaires On Paper
Bloomberg

PLY: A big concern for HKEX, SME stocks listed on GEM with very little free float which then soar to astounding values…

Fund Managers Oppose Dual-Class Shares Plan In Singapore
The Star Online

B3 – Sponsored BDRs: CVM Rule Change Opens Up New Opportunities For Cross-Border Diversification
MondoVisione

Time For Debt Capital Market : For Effective Management
Himalayan Times

The progress of Nepal Stock Exchange in terms of participation, volume, digitization is remarkable and the current level of market capitalization of …

Research Could Be Next For Trading Floor
Pensions & Investments

PLY: Interesting albeit raising issues of pure commoditization. However, has potential.

EEX Launches Physical Fulfilment For Dutch And Belgian Power Futures – Termination Of Trading In Previous Dutch And Belgian Physical Power Futures
EEX: Further Information On The Introduction Of Phelix DE Futures
MondoVisione

FIA: March 2017 SEF Tracker Data Shows Record Level Of Trading Activity
MondoVisione

OneChicago: Elimination Of Pre-Open State In Delta1, Effective Date: April 17, 2017
MondoVisione

Career Paths

Options Clearing Corp. Taps Fintech Vet As CIO
Wall Street Journal (subscription) (blog)

PLY: Options Clearing Corp. has hired financial technology veteran David Hoag as chief information officer. Hoag, will report to John Davidson, OCC’s new President and COO, succeeds Luke Moranda, who becomes SVP and Senior Information Technology Advisor to the President and COO.

Paul Volcker Stands Tall Against Attacks From Banking Industry
Financial Times

PLY: An era of algorithmic development has ended at Liquidnet Europe as their resident genius Vacslav Glukhov has left to enjoy being ‘on gardening leave.’ I wish “Slava” every success in the future, and if he hasn’t a new job lined up parishioners looking for a diligent thoughtful maths whizz would be well advised to go all low latency with their employment procedures.

Crowdfunding

Crowdfunding In Kazakhstan – Finally A Reality?
Astana Times

Other Stories

It’s Springtime In Washington, And Regulatory Reform Blossoms
RealClearMarkets

Replacing The Volcker Rule Without “Little Glass-Steagall”
FT Alphaville (registration)

Former banker and banking lawyer Martin Lowy explains the problems with ring-fencing investment banking from commercial banking and proposes a simpler solution for limiting systemic risk.

Roles Of Financial Markets In Economic Growth (Nigeria)
ThisDay Newspapers

US Treasury Releases Report On Foreign Exchange Policies Of Major Trading Partners Of The United States
MondoVisione

The FCA Publishes Its Mission And Business Plan
MondoVisione

As EU Puts The Kybosh On LSEG/DBAG Merger, FTSE Mondo Visione Exchanges Index Increases By 6.5 Per Cent In Q1 2017 – Index Closed Up 1.4 Per Cent In March – Continues To Outperform FTSE All-World Index
MondoVisione

Thank you for reading Exchange Invest and have a great week.

Patrick

Patrick L Young
Executive Director DV Advisors

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