APRIL 25 2017

Welcome to issue 981 of Exchange Invest which correlates with the Porsche type number for the 2012-2016 model Boxster. A delightful convertible for all seasons but best enjoyed in sunny climes like Malta…

In Today’s Exchange Invest

LME begins strategic review and Basra crude comes to market on DME for the first time while Gnosis has a remarkable Dutch auction ICO…

…And there’s more, happy scrolling:

In BigWorld

For all those worried that the UK might trump Europe with low corporate tax after Brexit, the EU just received a scary update. POTUS proposes 15%, I hope Congress agrees, it’s the revamp the US corporate system needs and it might help force a mercantile reboot which is vital if the EU is to survive.

Events

I look forward to seeing many parishioners and many new faces at the Prosperity UK conference tomorrow where Barney Reynolds of Shearman & Sterling will chair a dream duo, Jeffrey Sprecher and Michael Spencer on an unmissable panel between the two greatest entrepreneurial dealmakers in parish history. I look forward to playing a modest role beside this magnificent pairing.

Public Markets

LME Launches Discussion Paper On Market Structure
London Metal Exchange Starts Sweeping Review
Fox Business

PLY: Hitting the ground running (albeit the cleansing of the financial oversight remains to be clarified), new CEO Matt Chamberlain updated members and interested parties yesterday on potential ways forward for LME. Interesting times.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Over Two Months After US Exit, Fxcm Claims No Negative Impact On Chinese Business
FinanceFeeds (blog)

Private Markets

Shenzhen Stock Exchange To Facilitate Indian Tech Startups’ Access To Chinese Investments
Livemint

Fitch Assigns Misys First-Time IDR Of ‘Bb-‘; Outlook Stable
Reuters

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

ENSO Expands Broker Vote Tool To Offer Leading MiFID II Research Solution Powered By RSRCHXchange
MondoVisione

Esprow Launches ETP GEMS, The Global Exchanges And Markets Simulation Platform – ETP GEMS Provides An On-Demand Testing Environment To Facilitate MiFID II Compliance
MondoVisione

Rates Revolution — US Treasuries: Technology For A Fragmenting Market
MondoVisione

Products

Iraqi Oil Marketing Company (Somo) To Sell Oil Via Dubai Mercantile Exchange
Rebuilding Iraq (press release) (subscription) (blog)

Iraqi Basra crude comes to DME for the first time.

Career Paths

PLY: DTCC has added 4 new members to its 20 member Board of Directors:

Michael Herskovitz, Director of Fixed Income Risk Operations and Technology and Co-Head of Enterprise Operational Risk at AllianceBernstein;
Kathleen Lynch, Chief Operating Officer for UBS Americas and Wealth Management Americas;
Umesh Subramanian, Co-Head of the Goldman Sachs Technology Division;
Lara J. Warner, Chief Compliance and Regulatory Affairs Officer at Credit Suisse and a member of the Executive Boards of Credit Suisse Group and Credit Suisse.

Congratulations to Buenos Aires SE board member Adrian Werthein who has been elected leader of the Latin American branch of the World Jewish Congress.

Crowdfunding

Gnosis’ Prediction Market Scores $12.5M In ‘Record-Breaking’ Crypto Auction
Forbes

PLY: Fascinating, a Dutch auction ICO which nets a remarkable dollar tally for a new prediction market. Fascinating stuff.

Other Stories

Goldman Sachs’s Debt- Trading Miss Makes Case For Volcker Rule
BloombergQuint
Have a great day, thanks for reading Exchange Invest.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

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