APRIL 21 2017

“Europe must become the Bitcoin continent…We must be a frontline country when it comes to this crucial innovation.”
– Joseph Muscat, PM of Malta

That was the exciting message yesterday in my new home nation of Malta as the Prime Minister announced an upcoming move towards delivering Blockchain solutions across government and the fabric of the island nation – fascinating times, I clearly moved just in time!

Congratulations to Silvio Schembri the Chairman of the Economic & Financial Affairs Committee as well as Ron Attard, Chris Meilak and the EY Malta team on organising an excellent session on future options for the Maltese economy.

In Today’s Exchange Invest

SGX profits down, DB1 CEO admits some MOED mistakes, LME looks at revamp as new CEO expected to be announced as BIST eyes interesting new product sets while there’s a new Ethereum prediction market…

…And much much more, happy scrolling:

In BigWorld

IMF upgrades UK growth forecast yet again notes a headline in City AM – leading a small but dwindling minority to presumably chant dementedly “Despite Brexit, Despite Brexit, Despite Brexit…”

However that would be an inaccurate reading of the tea leaves. Actually, the IMF have been consistently spectacularly wrong about UK economic forecasts for much longer than merely the Brexit story – it’s enough to make you wonder if Christine Lagarde isn’t employing Bernard Tapie or somebody to do her UK economic forecasts.

Much less amusingly, it’s a chance to choose the losers to go forward to the final round of the French elections. The unenviable choice of frontrunners is an average independent who appears centrist in France but would be a lefty everywhere else, a Conservative under a cloud of having run a de facto public works scheme for his family and two simply scary candidates whose economics make Bernie Sanders look right wing from the Communist Party and the National Front. Both are odious and toxic. If one of the latter two reaches the second round run off, expect market concerns. If both happen to make it to the final round, all bets are off.

Public Markets

SGX Posts 6.8% Drop In Q3 Earnings
The Straits Times

LME Tables Wide-Ranging Reforms
FT
LME Plans OTC Trading Venue
Gulf Times

NEX Group Receives CFTC Registration For NEX SEF Limited – NEX SEF Supports EBS Customers Trading On-SEF NDFs
CFTC Grants Registration to NEX SEF Limited
MondoVisione

Deutsche Börse Boss Admits Mistakes In Failed LSE Deal
Handelsblatt Global Edition (subscription)
Deutsche Börse Boss On Uncertain Future
Handelsblatt Global Edition (subscription)

It was Carsten Kengeter’s first public appearance since the merger between Deutsche Börse and the London Stock Exchange (LSE) fell apart.

PLY: Accused insider trader CK1 notes insider trading “I could never square with my ethics.” Admits mistakes (good) but I am not convinced he gets the gist – it’s a ‘messaging error’ which suggests his analysis of past failure is as profoundly lacking as say the globalist Denialist in Chief, Hillary Clinton.

MCX Clearing Corporation Likely To Be Operational From June
Economic Times

Cinnober Publishes 2016 Annual Report 2016
Cinnober

PSE-PDS Union Triggers Rethinking Of Securities Trading Platform
Inquirer.net

After an aborted union last year, the Philippine Stock Exchange (PSE) and Philippine Dealing System Holdings Corp. (PDS Group) have rekindled their engagement but with somewhat different acquisition terms.

City Diary: Ex-Tory Treasurer Michael Spencer Moves His Broking Business To The Once Glitzy Hq of Conde Nast
This is Money

Former Tory treasurer Michael Spencer is moving his broking business NEX’s New York offices to 4 Times Square.

PLY: American readers may require some translation of the phrase used to describe Anna Wintour.

Crisil Declares Interim Dividend Of Rs 6/ Share
Indiainfoline

Brief- NZX Announces Changes To Listing Rules
Reuters

Private Markets

Virtu Financial Agrees To Buy KCG Holdings
WSJ

LMAX Exchange Firm Delays Dublin Move
Irish Times

Argentina’s New Stock Exchange
The Worldfolio

Bolsas y Mercados Argentinos (BYMA), is uniting the stock exchanges of Buenos Aires , Córdoba, Rosario, and Bahía Blanca.

ICEX May Give Extra Time To Members To Settle Dues
Economic Times

New Market Rules By QSE And QFMA In The Offing
The Peninsula Qatar

Philadelphia Stock Exchange Moves To New Location
CBS Philly

Change To Oslo Børs Reference Data And New Subscription Service
MondoVisione

LPC- Misys Launches US$5.7Bn-Equivalent Jumbo Loan
Reuters

LPC- Misys launches US$5.7bn-equivalent jumbo loan … Equity Partners said in March it would buy DH for C$4.8bn and combine it with Misys.

Consensys-Incubated Gnosis Announces Ethereum Prediction Market
CoinJournal (blog)

College Kids Pitched On A Secret Stock Exchange To Help Pay Off Student Debt
Bloomberg

PLY: Catchy headline masks article for former Millennium IT boss Tony Weeresinghe and his UStockTrade platform.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

ASX To Make Call On Blockchain This Year
Global Investor Group

ASX said in a presentation seen by Global Investor it will make “a commitment to implement distributed ledger technology (DLT) or alternative technology for the purpose of replacing the Clearing House Electronic Sub-register System (Chess)” by “end-2017”.

PLY: Incidentally, good luck to Global Investor Group which is an amalgam of what used to be FOW and related Euromoney assets, I hope the new brand succeeds.

Products

Borsa Istanbul Plans To Begin Trading Shares Of Top Rated TV Series ‘Diriliş Ertuğrul’
Daily Sabah
Istanbul Bourse Set To Launch Financial Instruments Based On Popular TV Series, Construction Projects
Hurriyet Daily News

PLY: Fascinating developments in Istanbul.

Equity Derivatives No Longer Dominate Derivatives Trade
Financial Times

PLY: Reporting on the WFE (hereinafter to be pronounced “Woofy” in memoriam of Tom Healy) IOMA annual derivatives report.

Vietnam Pepper Products To Be Traded On VNX
Viet Nam News

Imposing Binary Options Ban Is Not Simple: Industry Questions Quebec’s Plans
FinanceFeeds (blog)

CME Europe To Stop Trading Numerous Illiquid Products
GlobalCapital

CME Group said on April 12 that it would close its European derivatives exchange and clearing business by the end of 2017.

Career Paths

London Metal Exchange To Announce New Chief Exec
Financial Times
PLY: Follows yesterday’s Metal Bulletin story: LME CEO Announcement On The Way?

Crowdfunding

Have The Wheels Fallen Off Of Reg Cf Crowdfunding ?
Crowdfund Insider

Other Stories

Today marks a second hiatus in other news…

A fascinating parish shortened by Easter for many.

Enjoy the weekend and catch up next week for more insights from the market structure parish.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

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