DECEMBER 2 2016

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Factoring in 24 hour online e-commerce, there are less than 550 shopping hours to Christmas – almost twice that again if you’re Orthodox. #WhereWillGlobalisationEnd.

Lest you missed it, 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.

In Today’s Exchange Invest

Veteran London financial journalist worried about CCP risks, BSE GIFT products unveiled, new MCX Chairman confirmed, and there’s more, happy scrolling:

Events

Alas I just cannot make it to The MOEX Annual Forum in London, next Tuesday December 6th. You can still join the event free via Exchange Invest here, I am sure it will be a most interesting briefing, again sorry I cannot make it.

Next week I’ll be at various events in Poland, Keynotes at Impact CEE FinTech on 7th, private sessions in Warsaw on 8th at Huge Thing Accelerator and then 9th I am back in Wroclaw to speak at Inference.

In BigWorld

Apparently in Britain vegans are upset that their bank notes may include some animal fat. What a truly fabulously #FirstWorldProblem. (QV India’s recent currency upheaval!).

However, I am tempted to wonder when Britain might abandon the stupidity of QE and we will have a government which reflects “People for the Ethical Treatment of Money?”

Over in France, Mr Flanby, AKA French President Hollande has flip flopped again. Now he won’t stand for re-election. As noted the other day, he and the South Korean President are locked in a race to the cabinet (options pricing wise) with their net approval something like -96%…which let’s face it is so awful it deserves some element of sneaking admiration. Pardon me being a bit of a stiff Brit stereotype for a moment but in reality, I do think it would be better for the French electorate if the President was more famous for what he achieved in office, than his lovers – but the latter infamy seems to be the pattern of Elysee Politics in recent times.

I’m not optimistic he can be elected but Francois Fillon might be able to break the mould and at least Francois Macron appears to have nearly grown out of the perennial student lefty phase which afflicts most French politicians. We await news of the official Socialist candidate. Sadly for the French Socialist party, it appears Fidel Castro won’t be available.

Public Markets

Anthony Hilton: Clearing-House Revolution Brings New Risks
Evening Standard

PLY: The excellent Anthony Hilton delicately raises the CCP risk elephant monopoly in the room proposed by the DB1-LSE merger which I summarised a long while back in Premium as Homer Simpson and the Supermodel Buffet.

Shenzhen-Hong Kong Stock Link Fails To Stir The Market
Nikkei Asian Review
Stock Connect Will Be ‘Unaffected’ By New PBOC Caps On Capital Outflow
South China Morning Post

PLY: Strikes me usual cyclical factors at play ahead of launch mixed with it being near the year end but at least Hong Kong media is consistently pessimistic before the launch of another ‘through train.’ That is often usefully contrarian as to the actual outcome.

Plus500 Shares Dive 13%, Company Issues Clarification Statement
Finance Magnates

PLY: The rollercoaster begins again?

Rule Breakers Face Bigger Possible Fines From CME Group
Reuters

Private Markets

Africa’s Stock Exchanges Meet But Size Holds Them Back
The Economist

PLY: The Economist attended the ASEA conference and offers some advice – usual high level stuff for the Economist given their space constraints.

Special Section: FTI, NSEL, India at the Crossroads

No news today, as the police presumably process yesterday’s wave of arrests.

Technology

TMX Insights Joins Forces With Velocity Trade
Finextra

Blockchain Tech Is Our Financial Future — America Can Get Ahead Of It
The Hill (blog)

‘Quantifying the Future: Investment Recommendations Go Digital’
Market Structure Partners

This research explores the increasing use of quantitative techniques in asset management and what will happen when those techniques are combined with changes to the handling of investment recommendations under MiFID II and MAR. MSP interviews with international asset managers and discussions with brokers led to compelling conclusions that will see significant change to the industry.
You can can read the report here for free.

Products

SPIMEX’s Urals Futures Contract: A New Benchmark For Russia?
Platts

Joel Hanley and Elza Turner discuss the launch of the Urals crude oil futures contract on the St.Petersburg International Mercantile Exchange.

Indian Budget to pave way for MFs and FPIs in Commodities Market
Livemint

Commodity Derivatives, Options Trade Soon
Business Standard

The BSE stock exchange proposes to launch commodity derivatives trades, including in options, in non-agricultural commodities at its international bourse coming up at Ahmedabad-based GIFT City.

The exchange will be inaugurated on January 9 by Prime Minister Narendra Modi. Other products would include rupee and equity derivatives, as well as derivatives in indices developed by S&P, Indian or international.

Indexes

Bats Welcomes PowerShares As A New Issuer To The Bats ETF Marketplace – 22 Issuers, 112 Funds Now Listed On Bats In The U.S.
MondoVisione

PLY: The ETF war continues.

Career Paths

Reuters reports Saurabh Chandra has been approved as Chairman of MCX.

DGCX’s Head of Sales Andrita Mallik Leaves Firm
FOW magazine

Crowdfunding

Blockchain-based BitLendingClub Shuts Down, Cites Regulatory Pressure
CoinTelegraph

The world’s largest Blockchain lending marketplace, BitLendingClub, has closed.

Other Stories

Cables Could Keep Currency Trading Routed Through London
Irish Times / Reuters

PLY: The harsh physical lessons of European finance – lots of it is physically routed through and rooted in, London.

HKEX CEO Charles Li – Latest Charles Li Direct: Mutual Market Access 2.0
MondoVisione

ESMA To Provide Free Credit Ratings Information To Public
ESMA

European Commission Adopts Rules To Strengthen Regulation Of Commodities Markets
EC
Kay Swinburne – Time To Stop Political Point Scoring On Position Limits
MondoVisione

Court Rules IRS Can Seek Information on Bitcoin Customers
Wall Street Journal

PLY: The IRS clearly believes “there’s gold in them thar’ ledgers,” as do the Winkelvoss twins:

Winklevoss Twins See Bitcoin As ‘Better Than Gold’
Financial Times

“We see bitcoin as potentially the greatest social network of all,” explains Tyler,

Time for the weekend, enjoy, and I hope you don’t encounter too many queues if you are online shopping ahead of Christmas.

Patrick

Patrick L Young – Executive Director DV Advisors

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