APRIL 24 2017

It’s a new week and welcome to Issue 980 of Exchange Invest which corresponds with the magnificent Carrera GT of the last decade which was essentially a bolide of singularly purposeful speed and a cornucopia of technology made to deliver performance which took the envelope of performance within speed limits on its head unless you live on an autobahn or commute via your own private circuit.

In Today’s Exchange Invest

Big news is the (expected) confirmation that Matt Chamberlain has attained the challenging job of becoming LME CEO. It’s a fascinating business in need of major reform but retaining a unique high quality brand that ought to be the envy of others who spend billions on flaccid advertising and still don’t get the end user cut through. At the same time, the usual problem with LME remains the fact that no market seems to have as many grumbling voices in the background willing to provide criticism at all times – invariably unattributed. Maybe the metals market needs an outbreak of transparency not just on the platform but on the many ‘deep throats’ who are always quick to quibble no matter what…

There is a lot of work to be done at LME to regain trust and show strong systemic management – good luck to the new LME team led by Matt and Adrian Farnham.

…And there’s more, happy scrolling:

In BigWorld

France so far seems to be sighing a big relief rally into the market as Marine Le Pen finished second in the first round of the Presidential run off and now heads into a final round alongside the independent socialist Emmanuel Macron who by French standards is pretty mild and thus by global standards somewhere closer to Bernie Sanders.

Events

Prosperity UK this Wednesday promises to be a fascinating event, bringing together Britain and the world for the best Brexit future. The brainchild of hedge funder Paul Marshall and former Commissioner Lord Hill, it’s an ideal forum for bringing together Britain regardless of how they voted.

The session on our parish looks fabulous with crack lawyer Barney Reynolds of Shearman & Sterling chairing a dream duo, Jeffrey Sprecher and Michael Spencer. It looks like an unmissable panel with the two greatest entrepreneurial dealmakers in parish history…

…and yes, I am honoured to say yours truly, is the third member of this fabulous panel.

Public Markets

HKEX And LME Announce New Leadership Structure For The Metal Exchange
The Straits Times

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

KCG Announces First Quarter 2017 Results – KCG Accepts Proposal From Virtu Financial, Inc. To Acquire – All Outstanding Shares Of KCG’s Class A Common Stock For $20 Per Share – A 46 Percent Premium To Unaffected Price – KCG Announces Consolidated Earnings Of $0.05 Per Diluted Share For The First Quarter Of 2017
MondoVisione

Private Markets

LMAX Chief Wants ‘Jurassic’ Perks Extinct In Fx
Financial News (subscription)

FinComEco Launches In Africa To Facilitate Smallholder Farmers – Delivering An Integrated Financial & Commodities Ecosystem Efficiently Linking Supply To Demand
FinComEco

PLY: A new development from GMEX to deliver more solutions in Africa. Good luck to Hirander and team.

Baku SE: Work Underway With Azerbaijani Companies Ready For IPO
Trend News Agency

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Mifid II – A Catalyst For Innovation
Regulation Matters – Fidessa

Trading in auctions – in contrast to continuous matching – has long been poised to grow under MiFID II, due to the technicalities in the pre-trade …

Aquis Technologies Ties Up With LiquidMetrix To Offer Analytics – Aquis Surveillance Customers Gain Access To LiquidMetrix TCA
Plato Partnership And LiquidMetrix Research To Co-Operate To Assess Block Trade Performance
MondoVisione

PLY: Liquidmetrix announces a brace of interesting partnerships with Aquis and Plato respectively.

Power Outage Cripples San Francisco For Seven Hours
Cyprus Mail

Wells Fargo & Co closed 13 bank branches and four office buildings, while the New York Stock Exchange said its ARCA options trading floor in San Francisco was briefly unavailable.

Products

Stock Futures Of 10 Companies Set To Trade On India International Exchange (IIX) at GIFT
Economic Times

NCDEX To Launch Rapeseed Mustard Oil Cake Futures
Economic Times

Aquis Exchange Adds Austrian Blue-Chips – Expansion Brings Number Of Markets Covered To 14
MondoVisione

Nadex Modifies And Clarifies Rule For Limiting Trading Privileges
FinanceFeeds (blog)

Career Paths

Chamberlain Chosen As LME Chief With Mandate To Reform
euronews
Hotter On Metals : Chamberlain’s CEO Challenges
Metalbulletin.com (subscription)

PLY: Congratulations to the capable Matt Chamberlain on his appointment as LME CEO, having first caught the eye of Charles Li when he advised HKEx on the acquisition of LME itself. Now Matt must fashion a strong working relationship with Adrian Farnham the LME Clear CEO while James Proudlock will become MD and Head of Market Development reporting to both Chamberlain and Farnham.

Good luck to all parties for the development of a new phase in LME.

Tom Healy 1950-2017: The ISE Became An International Business On His Watch
Sunday Business Post

Deirdre Somers pays tribute to her predecessor as CEO of the Irish SE, the late, great Tom Healy:

“I worked with Tom Healy for 12 years before succeeding him as chief executive of the Irish Stock Exchange ( ISE ) in 2007. The huge sadness that I and many others felt at his funeral last week is matched by the admiration I have for the week he did – and the way that he did it.”

Amen.

Hong Kong’s Securities And Futures Commission Welcomes Chief Executive Officer’s Re-Appointment
MondoVisione

China Fines Former Exchange Official $36 Million For IPO Trades
Bloomberg Quint

NZX Employee Share Plan – Team And Results
MondoVisione

Crowdfunding

Digital India: P2P Lending Can Play A Pivotal Role In Financial Inclusion
Economic Times

Other Stories

HFT, Dark Pools And ASIC
The Sydney Morning Herald

Carpenters, Bakers Were Once Listed On Nairobi SE
The Standard (press release)

ESMA Advises Commission On Fees For Trade Repositories
ESMA

Speech By CSRC Chairman Liu Shiyu At 2017 Shenzhen Stock Exchange Assembly Of Members
MondoVisione
Welcome to the new week, hope it’s a good one for the parish.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

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