APRIL 7 2017

Exchange Invest Issue 971 tallies with the Porsche 971, another model designation applied to Panamera, presumably as it is so long by Porsche standards with 4 doors, it sort of stretched over from design 970 to occupy a pair of type numbers.

(Pedants may prefer the explanation that this was the series 2 Panamera).

In Today’s Exchange Invest

Terry Duffy close to 10 million dollars a year – who knows he may have saved enough to buy a passport? Biggest takeaway (and I am repeating myself): ICE is getting a bargain in Jeff Sprecher.

City of London joins the deregulatory bandwagon as third ZA stock exchange gains licence.

And there’s more, happy scrolling:

In BigWorld

1) Overnight I see that the Obamainan doctrine of stasis AKA T+forever settlement on “red lines” is the latest piece of deregulation to emerge from the Trump Presidency.

2) …One evening Don Rickles was dining at the Sands in Las Vegas when his date got most excited at spotting Frank Sinatra and his entourage also arriving for dinner.

‘There’s Frank Sinatra! Do you know him?’ Rickles’ date asked.

The young lady was steadfastly unconvinced that the then up and coming comedian knew the famous crooner, so he wandered over to Sinatra’s table. Sinatra greeted his friend warmly and Rickles remarked: ‘Frank, I need your help. I’m with this girl and I could impress her big-time if you’d just come over and say, “Hello Don.” That’s it, Frank. Two words, “Hello, Don,” and everything will be beautiful.’

A while later, Sinatra sauntered over to Rickles’ table and said to his friend: ‘Don, how the hell are you?’

At this juncture, Rickles slowly turned to look at Sinatra and remarked aloud, so that the surrounding tables could hear:

‘Not now Frank – can’t you see I’m with somebody?”

…Sinatra dissolved into laughter but alas for Rickles his date was never heard of again.

RIP a brilliant mind who gave rise to one of my favourite anecdotes.

Public Markets

Brief- CME Group’s CEO Terrence Duffy’s Total Compensation For 2016 Was $9.7 Mln – SEC Filing
Reuters

PLY: Terry Duffy gained $9.7 million from CME in 2016 (presumably he now has enough to buy a passport and do some of the jetsetting Gill managed) while the retiring CEO received $8.4 million. Bryan Durkin and Kim Taylor almost identical in remuneration terms at around the $4.1-4.2 million mark.

Again the biggest takeaway here is how ‘cheap’ Jeff Sprecher’s services are to ICE at $10.7 million.

Mark Boleat: Regulatory Reform Must Be Mirrored Across The Pond
Telegraph

PLY: After the Corporation of London and it’s councilmen proved themselves sheerly inept and bereft of perspective on all measures over Brexit, Mr Boleat has recovered better than many and is now clearly in the vanguard of the deregulatory wave I was championing a few years back. The response from Brussels ought to be true fear but the simple truth is MIFID II et al needs to be rolled back in many areas, Mr Boleat is prescient in jumping on the Trump bandwagon.

SGX Forms New Regulatory Unit, Appoints Veteran Lawyer Tan Cheng Han As Chairman
TODAYonline

Brexit Shouldn’t Affect Where Clearing Houses Are, Top Us Watchdog Declares
Evening Standard

PLY: Reporting on Sharon Bowen as the voice of reason at Eurofi while MEPs have clearly lost their heads. (QV If Brussels And London Start A Euro Clearing War, New York Would Be The Only Beneficiary). The Bowles CFTC speech was included in yesterday’s EI btw.

Global Watchdog Asks Banks To Speak Up Over Global Rules
Reuters

Banks should speak up about the benefits of international financial standards, if they want to maintain a level playing field says Svein Andresen, secretary general of the Financial Stability Board pushes global rules. (QV Elsewhere The IBT notes how the EU is engineering a lose lose with their Euro clearing protectionist imbecility: (If Brussels And London Start A Euro Clearing War, New York Would Be The Only Beneficiary).

BME: 30 Start-Ups Are Interested In Joining The Pre-Market Environment
MondoVisione

TMX Group Launches First Blockchain-Based Prototype – New Shareholder Voting Prototype Serves As Next Step In TMX’s Emerging Digital Strategy

Former New York Stock Exchange HQ’s Conversion To Luxury Rentals Moves Forward
Curbed NY

Here’s The Deal On SGX Tie-Ups
The Straits Times

PLY: Pragmatic cold water on what amounted to post Boca expenses justification or some similar misunderstanding of conference minutiae…it’s not all golf and parties at the FIA conference.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Bucharest Stock Exchange Launches Online Petition For National Investment Day
ZF English

PLY: A nice idea but one which is undermined by the existing tiny Romanian capital market structure – a national anti-corruption day petition would be a better idea as the nation still needs to be cleansed before it can be deemed a safe investor location.

Global Brokerage Inc : GLBR/ FXCM Shareholder Announcement
4-Traders

PLY: Class action commenced…

Private Markets

SIX Group Eyes Assets Of Banks Exiting Payments Business
Financial Times

PLY: Will there be a point where SIX Group is more payments and related provider than an exchange…

Third New Stock Exchange Licence Granted
Moneyweb.co.za

A2X licensed soon after ZAR X last month. Interesting times for South Africa as the recent downgrade has rather upset a few folks holding Rand carry trades, amongst others.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Securities Lending A Classic Blockchain Use Case
Global Investor

PLY: Precisely.

Products

Vietnam Commodity Exchange Adds Pepper Trading
VOV Online Newspaper

Career Paths

PLY: The newly formed Singapore Exchange Regulation has appointed Tan Cheng Han Chairman as mentioned above.

The good folks of FOW inform the parish that Victoria Kent who made a spirited attempt at selling the moribund and discredited NLX to new clients has now joined IHS Markit as an MD within the account management department. Good luck to her.

Tim Collier, who was CFO at Thomson Reuters’ Financial and Risk unit has joined the Daily Mail as as group CFO.

Ian Womack as a senior adviser formerly with at Aviva Investors until his retirement is joining property exchange IPSX to develop issuer relationships.

Two Former Barclays Traders Acquitted In Libor Retrial
New York Times

PLY: Ultimately courts are proving repeatedly unconvinced of the guilt of many, leaving Tom Hayes rather alone with his somewhat swingeing sentence (see today’s Telegraph: Comment: Tom Hayes’ case doesn’t restore bank trust or offer insight into the financial crisis).

Crowdfunding

UK’s First Crowdfunded Prosecution Sees Defendant Acquitted After 17 Minutes

PLY: Cyclists banded together to sue a motorist who ran into a commuter and ultimately crowdfunding is delivering a whole new realm for lawyers to win.

Lending Club CEO Sketches The Future
Banking Exchange

Other Stories

Bank Of England: Consultation On Shari’ah-Compliant Liquidity Facilities
MondoVisione

FSB-IOSCO Roundtable On Compensation Practices In The Securities Sector: Summary And Main Takeaways
MondoVisione

World Federation Of Exchanges Releases Third Annual Sustainability Survey
World Federation of Exchanges

ESMA Issues Final Guidelines Regarding Circuit Breakers Under MiFID II
ESMA Publishes Response To Capital Markets Union Mid-Term Review
ESMA Publishes Updated AIFMD And UCITS Q&As
ESMA

Consolidated Audit Trail Industry Webcast
MondoVisione

The Concept Of The ‘Registration Agent’, Introduced By GLEIF, Allows Firms To Help Their Clients To Access The Network Of Legal Entity Identifier Issuing Organizations – Failure To Obtain A Legal Entity Identifier (By The Firm Or Its Client) Will Prevent Firms From Being Able To Comply With The Reporting Requirements Under MiFIR, Applicable From January 2018
MondoVisione

Keynote: Distributed Ledger And Innovation By Larry Thompson, Vice Chairman, DTCC, Frankfurt, Germany, March 29, 2017
MondoVisione
Have a great weekend.

Patrick

Patrick L Young
Executive Director DV Advisors

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