APRIL 5 2017

When they built that uber-911 prototype which ended up with an Audi V8 shoehorned in the back known as 965, they intended to market it as 969, neatly similar to the spectacular 959. Thus this stillborn Porsche again corresponds with today’s Exchange Invest edition…

In Today’s Exchange Invest

CSD boss jumps ship from LSE’s becalmed venture to join Luxembourg’s own CSD. Amsterdam Trader closes and reveals the man behind the mask. Fed embarrassed but remarkably not about QE, while there is a lot of job shuffling around right now while Jamie Dimon finally does the inevitable U turn and realises Brexit won’t actually be the world ending event he previously suggested.

And there’s more, happy scrolling:

In BigWorld

Central banking has come a long way since the doubtless fabled tale of a Bank of England officer who used to set his plant pot on a window shelf to deliver a heads up on interest rate direction. However Federal Reserve Bank of Richmond President Jeffrey Lacker unceremoniously stepped down as a result of “not refusing to comment” according to a WSJ story thus essentially leaking information in a kind of tacit repo.

Despite the clear embarrassment to the Fed (“Federal Reserve Is Committed To Maintaining The Security Of Confidential FOMC Information”), by the sounds of it the only clear thing is the hapless Mr Lacker is no Susan Rice.

Public Markets

On Mutual Recognition & CCPs

PLY: At last, despite the budgetary constraints under which it labours, the EU’s closeted CCP approvals have been somewhat assuaged. Repeating the announcement made on the busy Monday of this week but it’s worth revisiting and pondering the list above: Until last week B3 of Brazil and DGCX amongst others had no mutual clearing recognition, a situation which was frankly embarrassing for Europe. The new additions to the list from end March are welcome and hopefully a step towards the EU normalising recognition with the great many dynamic CCPs through which derivatives trades are channeled.

EU Watchdog Wants Tougher Conditions For Credit Ratings Compiled Outside EU

LONDON The European Union’s securities watchdog has proposed tougher conditions on the use of credit ratings compiled outside the bloc, potentially making it harder for rating agencies in Britain to offer their services in the EU after Brexit.

PLY: Where the EU has shown profound insecurity is clearly in the delivery of financial news – messengers are merely target practice for the mooted EU army it seems. Credit ratings are bound to be somewhat imperfect in a complex world but waging a pogrom against those trying to spot the extent of the emperor’s clothes, plays no sensible part in a functioning marketplace. While a crackdown on ex-EU ratings may be part of an anti-Brexit play (I actually suspect it is much less Machiavellian, just knee-jerk protectionism), it definitively undermines the EU’s imputations of strength, particularly on the fiscal front where the great fester of stasis continues to burn throw the Eurozone like a lightly flickering fuse seeking dynamite.

India’s Stockbroking Supremo

PLY: Interview with BSE CEO Ashish Kumar Chauhan

London Stock Exchange Group Plc Transaction In Own Shares

Toronto Stock Exchange And TSX Venture Exchange Launch U.S. Public Venture Capital Roadshow In California – Canada’s Premier Exchanges Team Up To Promote Public VC As A Complementary Growth Path

Private Markets

Really nothing catches the eye today – there were some interesting headlines in Forbes but the website is inaccessible, alas…

Special Section: FTI, NSEL, India at the Crossroads

Nothing. India recovering from a public holiday yesterday.


IPC And TransFICC Announce Collaboration On Fixed Income And Derivatives Connectivity


BATS Launches New Benchmark Indices For Ten European Markets – Bats Indices Now Available For All Major European Markets Providing Real-Time, High-Quality, Low-Cost Alternatives To Incumbent Providers

BME To Launch Its Funds Trading Segment On 27 June

Career Paths

PLY: The Qatar Stock Exchange held a retirement bash for departing COO Olivier Gueris – (pictured on the left in the linked photo). Good luck to him and plaudits once again for his restructuring of the Qatar SE itself.

Baymarkets has promoted Enno Runne to Lead Developer for the Clarity platform and added 3 new members to the Clara development team., including Senior Software Engineers Håvard Skaret and Martin Grotle Soukup who have experience with NOS Clearing, Oslo Clearing and SIX x-clear.

Kara Novaco Brockmeyer, Chief of the Enforcement Division’s Foreign Corrupt Practices Act (FCPA) Unit, is planning to leave the SEC later this month.

SIX has selected Sabir Sheikh to head up issuer regulation and Jared Bibler to be in charge of trading supervision at SIX Exchange Regulation. SIX notes that the Management Committee of SIX Exchange Regulation, led by Corinne Riguzzi, is now fully staffed.

Jane George, a Director and a member of the Audit Committee, has tendered her resignation effective April 30, 2017 from the Jamaica Stock Exchange Limited (JSE).

Santiago Suarez will join LendingClub as Head of Strategy and Mergers and Acquisitions, having previously been JP Morgan’s head of new product development and emerging technologies. Elsewhere, JPM CEO Jamie Dimon has enacted that inevitable U-turn from his perma-scaremongering about Brexit, now noting that not many jobs will leave the UK after all. Doubtless Bournemouth rejoices.

VP LUX, the Luxembourg Central Securities Depository (CSD), has appointed former London Stock Exchange Group (LSEG) managing director Andrea Tranquillini as its new CEO, Global Custodian reports. Tranquillini was formerly in charge of LSEG’s Luxembourg-based CSD, globeSettle, an intelligent initiative now left becalmed in the “MOED” aftermath.

Finally, a word of thanks and a remarkable unmasking:

After 8 years and 405 illuminating posts on Dutch market structure, the Amsterdam Trader blog has closed and its creator has emerged into the limelight having maintained his anonymity throughout his blogging spell. So thank you Maarten Mosselman, I will miss Amsterdam Trader but 8 years is a remarkable stint for what can often be a relatively thankless task of holding truth to power and analysing areas where often incumbents value silence. Thank you for your insights and inspiration Maarten and if you ever feel the need to write more, I’ll always be interested in reading it…even publishing your thoughts via Exchange Invest.


Peer-To-Peer Loan Fund Considers Change Of Manager
Financial Times

Other Stories

ESMA Updates MiFID II/MiFIR Investor Protection Q&AS
ESMA Proposes Updates To Endorsement Guidelines For 3rd Country Credit Ratings
ESMA Publishes Responses To TR Portability Consultation

MEP Manfred Weber’s Parochial Demands Over Euro Clearing Will Do Brussels No Favours
City AM

PLY: The gibberish of the frenzied echo chamber of the European Parliament erupts with yet more entirely nonsensical ravings of people who you really would think knew better than to pass on this protectionist tosh.
Not such a busy day but overall a third day of positive news for the parish…

Thanks for reading Exchange Invest.


Patrick L Young
Executive Director DV Advisors

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