DECEMBER 1 2016

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Over at Perfect Channel, the auction market experts have published a Blog where I reflect a little on ICDA Crossfire and the role of Perfect Channel’s CEO Phil Bird on my Crossfire Panel the other week in Geneva. with a Burgenstock theme.

Meanwhile it’s good to have a few new cash paying supporters on board after my Issue 888 appeal yesterday – thanks for your input. I look forward to welcoming many more parishioners to engaging with our commercial offerings as issue 900 approaches this month and indeed Issue 1000 next year of the Exchange Industry daily which continues to deliver a unique depth of reach into the world of exchanges in all markets and related structures all over the world.

In Today’s Exchange Invest

Maybe that CADE permission isn’t looking so good for BM&F Bovespa-CETIP? Trillion dollar Chinese exchange you have probably never heard of makes an acquisition, Casablanca plans IPO, Warsaw plans debt issue…

And there’s more, happy scrolling:

Events

It’s close to last call for The MOEX Annual Forum in London, next Tuesday December 6th. Strikes me as a must attend event like its sellout US counterpart in New York a fortnight ago. Join the event free via Exchange Invest here.

In BigWorld

Apparently yesterday they buried the totalitarian tyrant Fidel Castro while the Victoria’s Secret annual ‘fashion’ show took place in Paris. One of these was, of course, a ludicrous objectification of ‘perfection of the human form inferring a higher purpose of achievement and progress despite purely skimpy evidence based on lucky genes deporting a near nothingness of physically productive output…

Meanwhile the other is a fashion show which sees the tabloids worked into a remarkable lather.

…I suppose the one thing both Victoria’s Secret models and Fidel Castro have in common is that neither have been partial to Big Mac’s. RIP the Big Mac inventor, Jim Delligatti, who stormed to fast food infamy by living to the ripe old age of 98 which must really upset many healthy eating advocates.

Public Markets

Unit of Brazil’s Cade Urges Calling Off BM&FBovespa’s Cetip Takeover
Reuters

PLY: This entirely contradicts yesterday’s report and will be worrying for BM&F Bovespa. Interesting times for minority shareholders of Cetip such as ICE with 12%.

CFTC Grants CME Clearing Europe Registration As A Derivatives Clearing Organization
MondoVisione

Polish Financial Supervision Authority Approves Warsaw Stock Exchange Prospectus
MondoVisione

PLY: It’s still unclear what the Warsaw SE strategy is, apart from playing kissy kissy to majority voting shareholder, the government. Now GPW plans to issue up to 1.2 million bearer bonds with a nominal value of PLN 100 per bond to raise about 30 million US dollars.

Using Blockchain to Trade Gold, Via a 1000-Year-Old Institution
Wall Street Journal (blog)
A CME Group Spot Market – It’s About Time
Seeking Alpha

PLY: More on the CME’s interesting deal with the UK Royal Mint… The Blockchain bit is more hipster gimmick methinks (a single point for a distributed ledger – that’s classic consult-obselete for designed obsolete).

Japan Exchange Group,: Status Of Acquisition Of Own Shares
MondoVisione

Naga Group & Deutsche Börse Form Joint Venture Switex
MondoVisione

PLY: Still an interesting idea, DB1 said they were doing this previously in June 2015.

Private Markets

Casablanca Stock Exchange Plans Share Listing
Reuters

PLY: I wish CEO Karim Hajji every success with his plans.

Bohai Commodity Exchange Buys UBRD
Interfax

China’s Bohai Commodity Exchange (BOCE) has bought the Ukrainian Bank for Reconstruction and Development (UBRD, Kyiv).

PLY: Of course most parishioners have never heard of Bohai Commodity Exchange and apparently having been founded in 2009, its turnover is around a trillion dollars. #ILoveChineseScale

IDB Seeking Strategic Stake In Borsa Istanbul, Eyeing Gold Trade Platform
Gulf Times

The Saudi-based IDB did not specify a size or timeframe for the acquisition of share capital in Borsa Istanbul.

The Building Blocks Kenya Needs To Develop A Viable, Vibrant Commodity Exchange
Business Daily

Special Section: FTI, NSEL, India at the Crossroads

Economic Offences Wing Arrests 31 Accused In NSEL Scam
mint ePaper

The Economic Offences Wing (EOW) of Mumbai police has arrested 31 accused, including defaulting borrowers and brokers, in the Rs5,600 crore NSEL scam.

Technology

Machine Learning Helps Traders Determine Real-Time Liquidity of Corporate Bonds
PR Web (press release)

This mathematical model incorporates real-time information entered into the dark pool by Trumid users.

PLY: #Cool

Bats Global Markets Says Bats BZX Options Exchange Has Resolved System Problems
Reuters

Bats BZX options has resolved all systems issues with the Bats BZX options platform.

Equinix Joins Forces with Lloyd’s to Transform Catastrophe Risk Modeling
PR Newswire (press release)

This unprecedented level of collaboration, also involving Equinix partners Cinnober and Datapipe, enables insurance companies to enhance their catastrophe risk modelling.

PLY: Fascinating stuff which I know will chime with at least one parishioner who has been fascinated by this data for years. Good to see Cinnober involved in the process.

TOCOM: Regarding The Trading Halt On November 11, 2016
MondoVisione

Products

How An OPEC Deal Could Affect Exchanges
Barron’s (blog)

Both ICE and CME receive about 10% to 12% of their revenue from crude products.

PEGAS: Austrian CEGH Exchange Products Successfully Launched
MondoVisione

NYSE’s Marijuana IPO Doesn’t Get Fired Up
Forbes

PLY: The problem is when the smoke clears around the hype this does appear a slightly frothy valuation on a product which may yet finds it deregulatory path a touch challenging in the Trump Republican era.

Indexes

Deutsche Börse Launches New DAX Net Return Indices
MondoVisione

ASX To Administer BBSW Rate Benchmark
MondoVisione

PLY: Encouraging news for ASX.

Career Paths

The Warsaw SE held another of its periodic EGMs November 30th where they appointed Pawel Ostrowski to replace PolPX founder CEO Ireneusz Lazor as mentioned 2 days ago. There was also another putsch of the board to presumably deliver those who clearly are “sound” according to the doctrine of the government, albeit that at least one or two candidates don’t quite appear to have a lot of market experience.

Ms Ewa Sibrecht-Ośka, Mr Jacek Lewandowski and Mr Adam Miłosz were dismissed from the board and replaced by Mr Wojciech Nagel, Mr Wojciech Sawicki and Mr Łukasz Świerżewski.

Miguel Vias who left CME after only 4 months as global head of precious metals and metal options at the largest precious metals desk in the world has joined Ripple to make XRP a viable global alternative currency.

Neil McDonald who was previously with ITG, has found a new berth with Oanda as Global Head of Trading and Quantitative Analytics

Crowdfunding

Defaults Gather, & Now Our Ratesetter Watch Begins
FT Alphaville (registration)

While the classic P2P lending model involves individuals taking individual risk, Ratesetter collectivises risk.

PLY: The newspaper may be of dubious quality in parts, following the tone set by the NYT and other dismal legacy press but in Alphaville there is some interesting analysis being published.

The Appeal Of Crowdfunding (& How It Can Fund Actual Potatoes)
The Post

“There Is A Massive Demand For Litigation Crowdfunding From Litigants”
Leaders League (press release) (registration)

William Kirtley talks about third-party funding, the evolving practice of online litigation crowdfunding, and how technology is shaping the future of law firms…

PLY: Soon, thanks to crowdfunding every election could be contested for years on end by candidates nobody actually heard of when they were running, q.v. the post election aftermath in the USA currently.

Trading Platform MERCATOX Is Crowdfunding
Live Bitcoin News

MERCATOX is universal commerce platform, which is combining different types and kinds of digital money.

Exclusive: LendingClub CEO Says Company Is Doing Better Than Most Realize
San Francisco Business Times

Other Stories

World Economic Forum: ASEAN Market Now More Accessible Than European Union, United States
MondoVisione

PLY: ASEAN likes free trade, the EU has a protectionist customs union. One grows, the other doesn’t. Now the spotlight is on the US, can President Trump make the nation, well, great again?

Maybe You Laugh At Bitcoin, But They Don’t In Latin America
Washington Examiner (blog)

Remember Bitcoin? It was all the rage as recently as 2013.

PLY: The point missed by many is that Bitcoin built the infrastructure: that is the real Model T Ford legacy it has generated and this empowers those previously impoverished by world class lousy government…of which, alas South America has had and indeed continues to have, more than a few utterly economically dismal regimes. They may have buried Castro but they haven’t yet buried his poverty inducement tyranny.

Have a great day…

Patrick

Patrick L Young – Executive Director DV Advisors

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