DECEMBER 22 2016

Issue 904 means the fabulous mid-engined competition coupe, perhaps the first truly fabulous sports racing (and rally car) of the 1960’s to emerge from Zuffenhausen.

While the 904 had a delightful line, the illustration here is the uglier Bergspyder, a purposeful hillclimber and road racing machine, as popularised by the likes of the brilliant Gerhard Mitter…

In Today’s Exchange Invest

 

DB1 and LSE are clearly on a media offensive to break the 4th estate before Christmas so the press  is pliant to their dire deal agitprop.

 

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

Events

Now taking bookings for 2017… future thoughts such as this: PLY: A Child Is Born part of the package.
In BigWorld
You too can build your own Death Star notes the London Daily Telegraph. Slight issues include the requirement to have apparently some 10,000,000,000,000,000 tonnes of steel, which could take some 833,000 years to extract – leaving aside the tricky fact that even paying for it is likely more than, say, the average metals exchange staff credit card would permit before internal checks caught up with your spend.

Public Markets

 

DB1 Chief Confident About LSE Merger & EU Antitrust Approval
Handelsblatt Global Edition (subscription)

PLY: He seemed to be wobbling a bit last week. The key question remains, have the EC antitrust agency really taken leave of their senses?

DB1 Boss Defends London HQ Of Merged Exchange Amid Political Pressure
City A.M.
Kengeter Resists Calls On Frankfurt HQ For DB1-LSE
Financial Times

PLY: Given the way most mergers go, the question of the London stitch up to move to Frankfurt is most likely when, not if.

Deutsche Börse Increases Share In Tradegate
Exchange News Direct

Deutsche Börse acquired a 75-percent stake in Berlin-based exchange operator Tradegate ExchangeGmbH at the beginning of 2010 and in parallel a 5% stake in Tradegate AG the market making company which has now been increased through subsequent calls to 20%.

LSE Group Says Markets Have More Work To Do Ahead Of New Trading Rules
Reuters UK

PLY: MIFID II mania…

CBOE Holdings Enters Into A Term Loan Credit Agreement
Reuters

PLY: Proceeds may be used to fund BATS acquisition.

CBOE Purchase Of Bats Reflects Aim To Tap Options Trading For ETFs
Financial Times

Patrick Birley – Nex(t) Steps for ISDX
London South East

PLY: The telegenic ISDX CEO Patrick Birley outlines future steps for the dynamic London small cap exchange which is part of Michael Spencer’s NEX Group.

TGE Obtains Approval From Polish Financial Supervision Authority To Operate A CO2 Auction Platform
MondoVisione

 

Private Markets
Brexit Threatens 10% Of London Financial Jobs: Lobby Group
Reuters

LONDON Up to 10 percent of jobs in London’s financial district may be lost if Britain fails to secure adequate access to European Union markets after Brexit, a City of London official said on Wednesday.

PLY: The bad news is the City of London authorities clearly remain bereft of perspective or leadership, instead being the epicentre of Eurocentric parochialist linear narrow mindedness.

The good news is that Brexit only threatening 10% of current jobs makes any risk clearly significantly less than the risk from fintech or other process improvements. (The City of London trying to talk itself down is an unedifying spectacle).

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

 

 

 

Technology

 

NYSE ETF Trading Suffers a Second Straight Outage
Wall Street Journal

The New York Stock Exchange’s Arca platform suffered a trading glitch for a second straight day.

Millennium Exchange Release 9.1 Oslo Børs – Dress Rehearsal 1
Exchange News Direct

The first dress rehearsal in Oslo Børs Millennium 9.1 project will be held on Saturday 21 January 2017.

Products

 

No product news today.

Indexes
NSE To Launch F&O Contracts On Nifty CPSE Index On Dec 30
Business Standard

 

Career Paths

 

Lykke Taps Demetrios Zamboglou as Head of New London Office
Finance Magnates

Swiss blockchain startup Lykke is applying for a UK FCA license for a multilateral trading facility (MTF).

PLY: Interesting idea, I would surmise Lykke as a Blockchain market maker, they gave an interesting presentation at a recent Warsaw Bloc meeting during ImpactCEE.

Crowdfunding

 

No news of significance today.

Other Stories

 

Goldman To Pay $120m to Settle Rate-Rigging Probe
Financial Times

ESMA Chooses iXBRL As Single Electronic Format
MondoVisione

PLY: Mandatory by 2020.

IOSCO Identifies Risks To Retail Investors Of OTC Leveraged Products
IOSCO

Rolling along down to T+3 settlement (where again, “T” stands for “Turkey,” clearly).

Have a great day,

Patrick

Patrick L Young
Executive Director DV Advisors

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