DECEMBER 20 1026

Issue 902, marking the four cylinder Porsche sports coupe which proved relatively short lived even as the 912 being renamed after the Peugeot zero hissy fit…

Overall things are starting to feel festive as the slowdown in news gets under way but we have a few useful snippets worthy of a scroll today:
In Today’s Exchange Invest


Euronext are in exclusive talks to acquire Clearnet – not a shock to any reader here, even if it must disappoint CME after their bid endeavours. Vinnie Viola gets a government post. And there’s more, happy scrolling.


And there’s (much) more, enjoy the scroll:


We’re done for 2016 – and what an amazing year it was! I am already taking bookings for 2017, looks like a bumper year ahead.
In BigWorld


From Order-Order: “In the room where Marie Antoinette was sentenced to death by guillotine, IMF chief Christine Lagarde has been convicted of negligence over a fraudulent €403 million payout to businessman Bernard Tapie in 2008, when she was France’s finance minister. Typical of the French justice system that she will face no punishment.

Almost as criminal as the IMF’s forecasts…”


Public Markets


Euronext In Exclusive Talks To Potentially Acquire LCH.Clearnet SA

PLY: As regular readers will know, this is utterly unsurprising.

Wall Street Billionaire Vincent Viola Chosen As US Army Secretary
Financial Times

PLY: Huge plaudits to former NYMEX Chairman Viola on his accession.

Elsewhere in the parish, might we see a push for sales of fellow parishioner Ken Marlin’s “The Army Way To Win” amongst those eager to read secrets how to replicate the success of VV?

Deutsche Bank To Pay To End ‘Dark Pool’ Probe

Deutsche Bank AG will pay $37 million to end government investigations into how it routed trades to “dark pool” private trading venues…

PLY: Now read this, a brilliant post from a brilliant mind speaking in a personal capacity: On subjectivity and discretion in quantitative models from LinkedIN.


Private Markets
Malta Stock Exchange To Extend Hours By Q2

Times of Malta
The Malta Stock Exchange has received positive feedback to its proposal to extend its trading hours and said it hoped to first do so up to 3.30pm…

Special Section: FTI, NSEL, India at the Crossroads
No news overnight.




Redline Trading Solutions Releases InRush Feed Handler For Aquis Exchange




SGX Launches World’s First Shariah-Compliant Gold Futures Contract
Finance Magnates

The Singapore Kilobar Gold Contract has become the world’s first Shariah-compliant gold futures.

New Bats Indices For French, German, Italian And Swiss Markets Now Live


Career Paths


PLY: As mentioned above, I applaud Vincent Viola, veteran of not just the military but also NYMEX and Virtu, on his elevation to Secretary for the Army.

The IMF issued this Statement On Legal Proceedings In France Relating To The Managing Director

PLY: Now I can sympathise that it would be hard _not_ to prosecute any post War French politician for negligence so Christine Lagarde must feel a bit hard done by BUT when we look back on the cataclysmic year of 2016, the fact that she still has not resigned from office as head of the IMF is as good an example as any that a lot of troughing incumbents just don’t get what has happened around them. Enjoy the cake at Christmas might be a rejoinder to help jolt them out of their outrageous complacency…

AxiomSL has Appointed Olivier Kamoun As Chief Product Officer.

No major news today.


Other Stories

European Supervisory Authorities Consult On Big Data

ESMA Consults On Supervision Fees For Trade Repositories Under SFTR And EMIR

ESMA Sets Timetable For MiFID II Waiver Applications

ESMA Prepares For MiFID II Commodity Derivatives Regime
Statement From WFE Following Letter Calling On “Stock Exchanges To Address Climate Risk”

PLY: Just as the pendulum is swinging against the green trough, the WFE is in danger of being misplaced as it seeks to find a raison d’etre. I don’t feel being a very expensive “me too” NGO is worthy of the parish, frankly.

Will New Financial Technology Rules Help Or Hurt The Industry?
The Hill (blog)

EU Commission Cracks Down On CCP Resolution
International Financial Law Review

The EU Commission’s proposal to ensure that CCPs won’t need a taxpayer-funded bailout…

Vibrant Gujarat 2017 Will Test The Way The Post-Modi State — and India — Will Be Seen
Times of India (blog)

PLY: With GIFT city including BSE & NSE exchanges a key aspect to consider going forward…


Excellent, we’re now at T+5 settlement (where “T” stands for “Turkey,” clearly).

Have a great day,


Patrick L Young
Executive Director DV Advisors

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