APRIL 19 2017

The parish is diminished today with the passing of one of our more convivial not to mention revolutionary figures: Tom Healy who as CEO turned the Irish Stock Exchange from a dying chattel of the London Stock Exchange into a dynamic 21st century marketplace, showing how smaller bourses can find their niche. I will miss a man who was always assiduously engaged in parish affairs and a most convivial counterparty for any encounter as well as driven by a passion to do the best for Ireland.

There’s other news too of course, have a scroll:

In Today’s Exchange Invest

British Prime Minister Theresa May has called a surprise snap general election for June 8th in an effort to ensure the Westminster bubble can catch up with the realpolitik of Britian being post EU but the political class still trying to catch up with last year’s historic referendum. Current polls suggest she could win a landslide – but then again it’s been quite some time since the polls could be trusted to deliver the result of a general election accurately…

In BigWorld

British Prime Minister Theresa May has called a surprise snap general election for June 8th in an effort to ensure the Westminster bubble can catch up with the realpolitik of Britian being post EU but the political class still trying to catch up with last year’s historic referendum. Current polls suggest she could win a landslide – but then again it’s been quite some time since the polls could be trusted to deliver the result of a general election accurately…

Public Markets

Interactive Brokers Group Announces 1Q2017 Results
Yahoo Finance

PLY: Impacted by the closure of the market making arm.

LME Accounting ‘Lax’, Court Hears, As Fraud Sentence Handed Down
Reuters UK
London Metal Exchange Con Woman Is Jailed For 32 Months For Stealing More Than £200000
This is Money

Reuters: “Accounting practices at the London Metal Exchange (LME) were “extremely lax”, a court heard on Tuesday, as a former accountant was sentenced to 32 months in prison for using LME credit cards to pay for luxury holidays and home improvements.”

PLY: The late great Irish intellectual Conor Cruise O’Brien popularise the term “GUBU” for “Grotesque Unbelievabe Bizarre and Unprecedented” and in this case the LME must now find a way to open up and clean house, explaining to the parish how this abysmal spectacle took place. (Until now the LME has endeavoured to remain tight lipped but the sub judice argument no longer applies). Clearly no blame applies to current acting CEO Matt Chamberlain as he was not in situ at the time of the fraud but the parish requires an explanation and clarification for all LME customers to better understand the apparent systemic failings within the LME and its entire accounting process.

Petition Seeks Inquiry Into BSE Shareholding
The Hindu

PLY: Legal action alleges the BSE has more than the permissible 25% foreign shareholding.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

New Case Targets FXCM , Effex Capital
FinanceFeeds (blog)

Legal action against FXCM continues to grow in volume, with the latest case targeting what was once a leading US Forex broker filed on April 14.

Private Markets

Taking Stock Of The Man Who Put Ireland’s Exchange On Global Map
Irish Independent
Former Chief Executive Of The Irish Stock Exchange Dies
Irish Times

PLY: Dan White correctly opens his “Indo” obituary: “Tom Healy rescued the Irish Stock Exchange from the threat of extinction, transforming the Dublin market from a sleepy backwater into one of the one of the leading destinations for international listed funds and debt securities.”

I am profoundly sorry to hear of the passing of somebody who took over an exchange which had not had an IPO from 1973-1986 and was suffering the after effects from the imposition of exchange controls amongst other issues as the Irish Republic was struggling to make headway. However Tom’s success was not merely a case of riding the Celtic Tiger. Tom identified opportunities arising from the Dublin IFSC and turned the Irish SE from a broadly dormant chattel of the London SE, through demerger (1995) and strategic invention to create a highly profitable enterprise.

Subsequently Tom became CEO of the Abu Dhabi SE.

He was a fabulous man, always entertaining, insightful, and one who did great things to encourage the development of the parish, including amongst emerging exchanges in Eastern Europe.

RIP Tom Healy, you will be enormously missed by the parish.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

CME Group Files Patent For Comprehensive Cryptocurrency Derivatives System
Brave New Coin

PLY: Interesting.

East Africa: Infotech Sues Eac For Failure To Pay Dues
AllAfrica.com

PLY: The East African Community (EAC) is engaged in a legal battle with a company that is implementing a controversial project to link stock markets in the region.” A troubled project in litigation after Kenya withdrew in 2015 at the selection of the vendor.

Algomi Partners With OpenFin To Bring Open Stack Technology To Fixed Income Markets – MoveTo HTML5 Allows Algomi To Deploy Software And Roll Out Updates Rapidly, Responding To Client Needs And Changing Market Conditions
MondoVisione

PEGAS Futures Migration To T7 Back-End In September 2017
MondoVisione

MCX’s Currentc Showed Potential With Loyalty-Based Approach
Mobile Payments Today

Products

Hong Kong’s Listing Reform Survey Draws A Resounding ‘Nay’ For Change
South China Morning Post

Shanghai Stock Exchange: Notice Of Revision Of Some Articles Related To Bond Trading In “Shanghai Stock Exchange Trading Rules” And “Shanghai Stock Exchange Detailed Rules For Implementation Of Bond Trading”
Shanghai Stock Exchange: Q&A On Revision To Some Articles On Collateralized Repo Of Bonds
MondoVisione

Saudi Stock Exchange: Trading Of Listed Securities (That Currently Settle After Two Business Days) Will Be Suspended In Preparation For Implementing The (T+2) Settlement Cycle
MondoVisione

Career Paths

No End In Sight For Deutsche Boerse Hiring Freeze
Telegraph.co.uk

PLY: Daft statement: “That could make things tricky if Deutsche Boerse’s supervisory board does not extend chief executive Carsten Kengeter’s contract, which expires in March 2018, unless it fills the top job with an internal candidate.” …as if the DB1 board cannot make an exception to a hiring freeze? More interestingly, the article suggests Carcrash only faces the boot if he faces trial for insider dealing..albeit with the veracity of the first statement how can we presume the second statement is any better informed?

UK Banking Lobby Chief To Step Down In The Summer
Reuters

PLY: So farewell then Anthony Browne who has removed himself from the race to become the unified boss of the British banking / finance industry in a move currently underway to bring together various entities (BBA, Payments UK, the Council of Mortgage Lenders, the UK Cards Association and the Asset Based Finance Association – qv Reuters story).

Meanwhile, The Kathmandu Post reports Nepal SE Chairman Ramji Regmi has been appointed to the board of the Nepalese Central Bank the NRB.

Finally, news reaches my desk via that curious nexus of the legal and gossip columns of former CBOT Chairman Pat Arbor’s latest exploits, including the ongoing grinding legal process brought by his ex-wife whose alimony has not been paid after Pat fled the USA four years ago. Best read over coffee. The journalist in this story suggests a reality show sounds ideal: Brown: Ex- CBOT Chairman Arbor Still Dodging Arrest, Divorce Payout (Chicago Sun-Times).

…At least to find a positive in this tawdry affair, Pat Arbor is no Whitey Bulger.

Crowdfunding

Kickstarter Launches A “Request For Projects” Program
TechCrunch
Here’s How Kickstarter Plans To Make Sure It’S Not Just A Gadget Marketplace
Fast Company

Other Stories

Britain’s Finance Watchdog Says EU Access Vital For Healthy Competition
Reuters

PLY: UK FCA asks for more money to deal with Brexit.

Thanks for reading Exchange Invest and once again sympathies to all those who were close to the late, great Tom Healy.

Patrick

Patrick L Young
Executive Director DV Advisors

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