APRIL 28 2017

Meanwhile as we reach Exchange Invest issue 984 which correlates with the Stuttgart design, the Porsche 984 which was a stillborn roadster and a clear precursor to the boxster. Only one prototype was built and it remains in the Porsche factory collection.

Given that the UK has a Bank Holiday Monday and it is the Pan European Day of Indolence – where Europe actually takes a whole day off to celebrate the cancer of socialism (as opposed to their eagerly businesslike, open free trading approach to the rest of the year I hasten to add), I’ve decided to show a ‘Brexiteering’ olive branch towards the laconic citizens of the continent…and take the day off. Therefore you’ll have to wait until Tuesday for Issue 985 unless of course we have a force majeure special.

Have a great weekend, if you have a day off, enjoy the long weekend.

In Today’s Exchange Invest

CME results on the average side with worries the deep dive data revenue play has peaked. Much more feedback from the brilliant Prosperity UK conference.

It has been a remarkable week in the parish with exciting new plans from LME and the Baltic, and much more besides…

In BigWorld

Given the mega-status of the panellists at Prosperity UK (myself excluded) and the perfect market structure panel pairing Michael Spencer and Jeff Sprecher (ditto), the coverage continues – and excellent it is too, headlining the toxic protectionist counterproductive whim of Euro clearing being forced away from the free market into the Eurozone. Here’s another selection just pertaining to our panel:

How Can Britain Get Fit For Brexit?

PLY: Excellent surmise from Robert Colville of CapX, noting “The old battles over Brexit are over. The new ones are just beginning.”

Michael Spencer Blasts “Dangerous” EU Calls To Prise Euro Clearing From Uk
The Boss Of One Of The World’s Biggest Exchange Groups Said EU Markets Rules Are The ‘Worst Piece of Legislation He Has Ever Seen”
Business Insider Nordic

PLY: Jeff slammed MIFID II at Prosperity UK and I could not agree more – it remains the singularly most misguided waste of time and resources I can recall.

London Is Urged To Play To Strengths In Eu Talks
The Times (subscription)

Noted Jeff Sprecher , Chairman and CEO of Intercontinental Exchange (ICE), owner of the New York Stock Exchange…

Why Some In The City Of London Are Feeling Unloved
Financial Times

PLY: Alas I didn’t spot Phil Stafford amongst the vast throng packing the Prosperity UK conference venue. He picks out a vital nuget here which is at the heart of the UK’s government problem, a blobby unresponsiveness to commerce and gaining commercial advantage in anything except a few of the industrial focussed development agencies.

European Politicians Still Trying To Use Brexit To Steal British Business, Warns Michael Spencer

Moving This €930 Billion Daily Business Out Of London After Brexit Would Be A “Deeply, Deeply Bad Event”
Business Insider UK

P.S. If you missed this story earlier in the week, it retains a classic headline from Huw Jones:

‘Have A Little Swagger’, CEOs Tell May In Bid To Make Brexit Pay

Public Markets

CME Spooks Investors With Warning On Market Data
Financial Times
CME Group (CME) Q1 Earnings Beat, Revenues Miss Estimates

Japan Exchange Group, Inc. And Consolidated Subsidiaries Consolidated Financial Results For The Fiscal Year Ended March 31, 2017 (Based On IFRS), Unaudited
Japan Exchange Group Candidates For Directors, Etc

Moscow Exchange Announces AGM Results

ITG Can’t Duck Fraud Suit Over ‘Project Omega’ Trading
Law360 (subscription)

London Stock Exchange Group Plc Transaction In Own Shares

New SGX Regulatory Unit Open To Reviewing Quarterly Report Requirement
The Straits Times

Private Markets

NSE Looks To Resolve Co-Location Allegation Before Listing
Economic Times

Nigerian Stock Exchange, London Stock Exchange Group Renew Capital Market Agreement

Cayman Islands: Cayman Islands Stock Exchange Listing Rules 2017 Revision

Special Section: FTI, NSEL, India at the Crossroads

SEBI Issues Final Show-Cause Notice In NSEL Scam Case To Five Big Brokers
Business Standard


Bloomberg Just Got Slammed For Exploiting A Trading Data Loophole
Business Insider

Hong Kong Exchanges And Clearing Limited 香港交易及結算所有限公司 Request For Proposals For A Client Portal


NSE Introduces Online Bidding Facility For Invits
Hindu Business Line

NSE has introduced a new online facility for the bidding of units of infrastructure investment trusts (InvITs) ahead of next month’s IPO by the first such trust.

Shale Revolution Casts Shadow Over Longer-Dated Us Oil Futures
Financial Times

“Arbitrary” Dark Pool Caps Leading To Increase In Block Trading And Innovation

PLY: Another useful brace of words to use alongside “block trading” and “innovation” are of course “complexity” and “fragmentation” not to mention the potential of additional cost.

Important To Have Safe, Risk-Free Launch Of Options Trading: NCDEX

Baltic Exchange Plans To Expand With Container Product
American Shipper (subscription)

PLY: Reiterates material mentioned yesterday following an impressive portfolio of suggestions by the Baltic.

Career Paths

PLY: Hamish Macdonald the General Counsel of NZX will be adding to his roster of responsibilities the role of Company Secretary, effective immediately.

Congratulations to my old friend Alderman Professor Michael Mainelli on being elected the next Master of the Worshipful Company of World Traders. As a company member, I look forward to a successful year for Michael as he helps navigate the company through the choppy waters of Brexit to the excitement of Britain’s great global opportunity dealing with both EU and indeed the 85% of the world economy too.


Venezualens Turn To Crowdfunding To Leave The Country
Deutsche Welle

PLY: The above is published as our May 1st Socialist Special Commemorative article with a simple message: Sooner or later the hard left leads to free markets! Sadly it usually takes a great loss of dignity and humanity, deprivation and even starvation first… A worthy point to ponder during Pan European Day of Indolence, Monday.

UK Quarterly P2P Lending Exceeds £1Bn For First Time
Financial Reporter

Other Stories

Canadian Securities Regulators Outline Steps To Support Transition To T+2

Ashley Alder: Opening Remarks At Hong Kong’s Securities And Futures Commission Media Luncheon

SIFMA Executive Vice President Randy Snook Remarks – Equity Market Structure Conference

Having exhausted my vocabulary of synonyms for chilly, grey and cloudy with occasional showers, it’s time to leave London and return to Malta. Have a great Bank Holiday weekend, or enjoy Monday without Exchange Invest…

Thank you for reading.


Patrick L Young
Executive Director DV Advisors

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