DECEMBER 12 2016

elb2I have a lurgy, apologies for delay in production and any inaccuracies, normal service will resume when I feel better.

In Today’s Exchange Invest

4th Story promotes matching engine for less liquid platforms / markets, DB1-LSE shenanigans, GA sells stake in MCX…

And there’s more, don’t resist the urge to scroll!

Still hoping to make it to Demo Day of the Huge Thing FinTech accelerator Wednesday.

In BigWorld

Phillip Knightley, the one time copra trader who unearthed Soviet double agent Kim Philby amongst many remarkable investigative journalistic achievements has died aged 87.

Public Markets

Blackstone Sells 4.75% Stake In MCX For Rs 302-cr ($44.3 million)

CFD Bombshell: Senior FX Executive Speaks Out “The Entire OTC FX industry Will Move To Exchanges”
FinanceFeeds (blog)

SFC, HKEX Crackdown On Rights Issues Seen As Unfair To Minority Shareholders
South China Morning Post

CFTC’s Giancarlo Says March Deadline For New Derivatives Rule “Unrealistic”
Reuters / Daily Mail

China Opens Its Markets to World—World Says No Thanks
Wall Street Journal

Foreign capital has dribbled into the Shenzhen Stock Exchange since it was opened to all overseas investors last Monday.

PLY: Actually the world is saying “not right now” but WSJ loves a spot of China-bashing.

Plus500 Sees No Business Impact From FCA Consultation Paper
Plus500 Says German Regulator Proposals Will Have “No Effect On Business”
City A.M.
Odey Continues To Buy Plus500 Shares, Up To 22.4% Holding

London Backs Deutsche Börse and LSE Over Domicile
Financial Times

London is backing Deutsche Börse and the London Stock Exchange Group in resisting German pressure to reopen the exchanges’ planned merger

Tullett Prebon Declares Second Interim Dividend

Tullett Prebon Plc has declared a second interim dividend of 11.25 pence per share

New CEO for Warsaw Stock Exchange?

The CEO of the company running the Warsaw Stock Exchange will lose her job early next year, a daily has reported.

PLY: I struggle to really feel overly sorry for Małgorzata Zaleska. She has the political loyalty factor essential in Poland’s new Communist era but not the management ability to run GPW. Hence yet another EGM is being called. #Sad

Private Markets

India’s Biggest Bourse Prepares $1.5 Billion IPO Filing

NSE’s offering would be the largest IPO in the country since Coal India Ltd.’s 2010 sharesale, which raised 154.8 billion rupees,

NSE Gave Unfair Access To Some Brokers For Algo Trading: Govt
Economic Times

Was Sebi Aware Of Unfair Access Allegations At NSE In January 2015?

A Sebi panel has found the National Stock Exchange to have given preferential access to its co-location servers for algorithmic trading.

NSE Woos Entertainers With Long-Term Capital
The Nation Newspaper

Nigerian Stock Exchange (NSE) has expressed its readiness to provide a platform for artists and promoters in the Nigerian and African entertainment sector.

Chinese Companies To Buy 40pc Stake In Pakistan Stock Exchange
Pakistan Today (blog)

DMCC And Borsa Istanbul To Launch Shariah-Compliant Gold Exchange
Finance Magnates

ZSE Bankrupt
Bulawayo24 News (press release) (blog)

The Zimbabwe Stock Exchange is technically insolvent and operating with only two employees.

Zagreb Stock Exchange Honours EBRD Contribution To Capital Market Development
Exchange News Direct

PLY: Good idea, EBRD deserve these plaudits.

SECP Encourages Electronic Trading Of Agri Commodities
Pakistan Today (blog)

As a part of its varied reform process, the SECP is encouraging the electronic trading of agricultural commodities through the platform of Pakistan

AMCs, PMEX Will Continue To Determine, Collect CGT
Business Recorder (press release) (registration) (blog)

The Federal Board of Revenue (FBR) has said that the Asset Management Companies and Pakistan Mercantile Exchange (PMEX) shall continue to collect capital gains tax on mutual funds and commodity futures positions.

Special Section: FTI, NSEL, India at the Crossroads

Cash Ban Woes A Gift To Fintech Cos
The New Indian Express

PLY: I mention this here because if the government can totally rejig the currency on the hoof, why can it not resolve NSEL?


4th Story Targets Matching Engine at Liquidity-Challenged Markets
4th Story

PLY: Brilliant news from Steve Smith and team at 4th Story, a good product for small markets.

Continuity Lapse Risks Breaking Traders’ Patience
The Straits Times
SGX’s Continuity Lapse

MAS has asked SGX to investigate after the latest computer downtime, a less forceful approach than the reprimand it issued in 2014, when trading was

PLY: The rumour has it the SGX’s latest policy for dealing with a tech meltdown is to have fewer people pontificating in a room as therefore the problem gets solved quicker. This is doubtless merely hyperbole, I am sure, but the MAS delivering yet another rap over the knuckles to SGX must surely be a message which gets through to what is, let’s face it, an embarrassing string of technological incapacity multiplied by an inability to manage information flow. #Worrying


EEX Exchange Council Reaffirms Opposition To ACER Decision


No news today.

Career Paths

CME Group Announces New Senior Management Positions
Yahoo Finance

CME has appointed Julie Winkler and Kim Taylor to new roles on its management team.

PLY: Well done to both parties and good luck.


Moody’s: Marketplace Lending May Benefit From OCC Fintech Bank Charter
Crowdfund Insider

Some UK P2P Lenders Are Buying Each Other’s Loans & FCA is worried
Business Insider

Zopa Responds To FCA’s Interim Crowdfunding Review
Crowdfund Insider

Other Stories

Contender To Lead CFTC Pitches ‘Do No Harm’ Fintech Approach
The National Law Journal (registration)

…Giancarlo has close ties to Paul Atkins, the former SEC Commissioner.

IFC & BSE Look To Boost Indian Corporate Governance
IR Magazine

Okay I am off to ward off my ‘lurgy,’ have a great day.


Patrick L Young – Executive Director DV Advisors

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