| Issue 903: In Porsche notation, the type number of an experimental 3 speed torque converter automatic gearbox. Yeah, I agree, exciting stuff.
I spoke recently at the CEEImpact giving a keynote which ought to be online in a few days. Meanwhile, here’s the PLY: A Child Is Born video, enjoy the first 38 seconds…
In Today’s Exchange Invest
‘Single point of failure’ ASX carpeted by ASIC while former LME accountant pleads guilty to some charges. DB1-LSE prevarication continues while BGC completes acquisition of Sunrise.
And there’s (much) more, enjoy the scroll:
Events
FYI, the “when a child is born” video speech was entirely spontaneous – if your event needs similar insights, energy and incisive chairing or considered keynotes, reply to this email and let’s discuss opportunities to speak in 2017.
In BigWorld
I spoke recently at the CEEImpact giving a keynote which ought to be online in a few days. Meanwhile, here’s the PLY: A Child Is Born video, enjoy at least the first 38 seconds…
Public Markets
Former LME Accountant Pleads Guilty To Credit Card Fraud
Reuters UK
PLY: Trial date set for April 18, 2017 on 2 contested charges with Annmarie Norris entering a guilty plea to credit card fraud. Her husband, Michael Norris saw his charges dismissed.
This sorry tale remains a thorn in the ability to view LME with confidence. Management are seeking to hide behind the cloak of sub judice proceedings but once again that does not help convince the parish that LME have now got a grip on what the problem may have been, nor how such problems are now being fixed and, indeed, who might be responsible for what was apparently a systematic multi-year fraud which survived detection through internal accounting and external audit.
If LME try to hang on in grim silence for another 4 months this will only exacerbate parishioner frustration at what is seen by many as a clear LME management failure. Sadly the silence of hiding behind a sub judice fig leaf only increases the pressure while diminishing the standing of the marketplace.
Deutsche Börse, LSE Merger May Hinge on Location
Wall Street Journal
London Stock Exchange Group: Update On Potential Sale Of LCH SA
LCH.Clearnet Group: Update On Potential Sale Of LCH SA
Deutsche Börse: Update On Potential Sale Of LCH.Clearnet SA
PLY: Given a spirit of disingenuity felt by many at DB1-LSE’s various position shifts as they have attempted to sell their ‘merger of equal desperation,’ there are considerable suspicions that the baby / bath water HQ repo may be transacted if the parties can get anywhere close to gaining permission – the inference being that Frankfurt would have to be HQ for their regulators to feel comfortable. Then again this presumes that the EU antitrust body has spectacularly lost its head and will permit an egregiously anti-competitive monopoly.
Stock Exchange Outage Shows ASX Is ‘Single Point of Failure’
Bloomberg
ASIC Launches A Wider Investigation After ASX Market Outage
Business Insider Australia
Report on ASX September19 Market Outage
ASIC
PLY: A brutal indictment of ASX with more investigation to come. Or as ASIC Commissioner Cathie Armour notes:
“Well-functioning financial market infrastructure is critical to the integrity and reputation of the Australian equity market and the trust and confidence investors have in it.”
Ouch!
The Monopoly Aspirations Of Exchanges & CFD rulings: A Cartel On The Horizon?
FinanceFeeds (blog)
PLY: Interesting read. I don’t agree with it all but it’s still worth a perusal.
Moscow Exchange Group”s Reorganisation Completed
MondoVisione
On 19 December 2016, Moscow Exchange Group completed an internal reorganization in which CJSC MICEX Stock Exchange and MB Technologies, wholly-owned subsidiaries of Moscow Exchange, were merged with the parent company. Moscow Exchange has become a legal successor of all MB Technologies”s rights and obligations from the merger date.
The restructuring aims to optimise the Group’s corporate structure, streamline customer relationships with Group companies and reduce costs both for customers and for the Exchange.
BGC Partners Completes Acquisition of Sunrise Brokers Group
Finance Magnates
SGX Shrinks As Value Of IPOs Is Outstripped By Value Of Delistings
The Business Times
PLY: It’s a pity to see the SGX declining in this fashion. |
