DECEMBER 5 2016

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The parish news over the weekend was the shock resignation of NSE CEO Chitra Ramkrishna. Citing personal reasons, there is nonetheless an accumulation of curiosity here as departing this close to an IPO clearly impacts the entire process…

In Today’s Exchange Invest

Chitra Ramkrishna abruptly resigns, BIST follows Presidential request and places all its deposits in Turkish Lira while the Chinese regulator calls for more regional exchanges.

Interesting times…and there’s more, happy scrolling:

Events

Alas I just cannot make it to The MOEX Annual Forum in London, tomorrow 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.

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

In BigWorld

Italians rejecting their constitutional referendum spectacularly pushes Italy into a periodic panic to accompany the day by day meltdown which has become commonplace in the world’s classiest nation of dysfunction. PM resigns, EU probably looking to parachute in another nominee to try to keep a lid on things while bank refinancing issues plunge into a near terror situation.

What is the Italian for “plus ca change?”

Public Markets

Shenzhen-Hong Kong Stock Connect Kicks Off
China Daily

PLY: Plaudits to the teams at HKEx and Shenzhen which have brought this linkage to fruition, I hope it works well.

As Eurocrats Compile Report On £21bn Deal: Will Brussels Block German Buy-Up Of LSE?
This is Money
DB1 Chief Seeks To Reassure Frankfurt On Merger Plan
Reuters UK

Private Markets

Chitra Ramkrishna Quits As NSE CEO Ahead of IPO
Livemint
Biggest Indian Exchange’s CEO Resigns Just Months Before IPO
Bloomberg
Board Scrutiny Of Consultants On Contract Led To NSE CEO’s Exit?
Daily News & Analysis

PLY: I am genuinely disappointed to see the world’s most important woman in exchanges, Chitra Ramkrishna, who has been in office since April 2013 and is a veteran of the entire NSE project. Group President J Ravichandran, has been appointed acting CEO while a 4 member selection committee including (former CEO) non-executive vice chairman Ravi Narain, TV Mohandas Pai and Ashok Chawla will select the next CEO…more coverage is available to Premium Subscribers here.

(If you are not a Premium subscriber it costs $300 per annum and you can sign up by hitting the reply button).

UBRD Sold To Chinese Bidder For UAH82.8 Million (USD 32m) Starting Price
Ukrainian Journal (subscription)

PLY: More on this deal first announced last week.

Erdogan Calls For Foreign Funds To Be Turned To Lira
Taipei Times
Erdoğan Repeats Call For Turkish Citizens To Sell Dollars
Hurriyet Daily News

Turkey’s main stock exchange, Borsa Istanbul, became the first institution to convert all its cash assets into the lira a few hours after Erdoğan’s remarks.

PLY: Which reminds us once again that BIST is a government controlled entity and that delivers a potential discount to market value when considering investing.

China Regulator Said To Submit Plan For More Regional Exchanges
BloombergQuint

PLY: Very interesting.

Borsa Istanbul & Dubai Multi Commodities Center (DMCC) To Cooperate
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

Maha Task Force To Probe NSEL Scam
Times of India

The Maharashtra government has decided to form a task force to investigate the NSEL debacle.

Technology

Muni Market Faces Electronic Evolution
Tradeweb

Thomson Reuters Partners With BestX To Offer Independent Transaction Cost Analysis Service To FX Buy-Side
MondoVisione

Products

Eurex To Scrap Gold & Silver Contracts In April
FOW magazine

Deutsche Boerse-owned exchange Eurex has said it will discontinue in April next year the trading of precious metals futures and options contracts.

PLY: EUREX exits just as we see a wave of new gold initiatives in cash and futures.

Indexes

Russell Index Returning to the CME and Bringing a Few New Friends
Inside Futures

The CME has an agreement with the London Stock Exchange (LSE) for the next 12 years beginning 3rd quarter of 2017 to list futures and options

Career Paths

Chitra Ramkrishna, who has been in office since April 2013 resigned with immediate effect Friday as CEO of NSE. Group President J Ravichandran, has been appointed acting CEO while a 4 member selection committee including (former CEO) non-executive vice chairman Ravi Narain, TV Mohandas Pai and Ashok Chawla will select the next CEO.

OCC Names New CFO, Treasurer, And Chief Compliance Officer
MondoVisione

Chief Economist And Division Of Economic And Risk Analysis Director Mark Flannery To Leave SEC
SEC

Ontario Securities Commission Announces New Registrant Advisory Committee Members
OSC

Singapore Exchange (SGX) has appointed Michael Luk as the new Head of Fixed Income Origination and Sales, effective 1 January 2017, reporting to Mr Chew Sutat, SGX Head of Equities & Fixed Income,

Situation Vacant: Vice President / Assistant Vice President, Group Strategy, HKEx

Crowdfunding

P2P Lending Platform Flender Nears £500000 Funding Target on Seedrs
Crowdfund Insider

Other Stories

Japan Regulators Working on New Rules to Prevent Leaks by Company Execs
Jakarta Globe

PLY: Meanwhile in the UK, the government has issued a memo saying those civil servants who leak data will be sacked. We know this because the memo, was, er, leaked.

CFTC Unanimously Approves Proposed Rules Establishing Swap Dealer And Major Swap Participant Capital Requirements
Statement Of CFTC Chairman Timothy Massad On The Proposed Rule Setting Capital Requirements For Swap Dealers And Major Swap Participants
Statement Of CFTC Commissioner J. Christopher Giancarlo On Proposed Rule For Capital Requirements Of Swap Dealers And Major Swap Participants
CFTC

Office Of The Comptroller Of The Currency To Consider Fintech Charter Applications, Seeks Comment
OCC
Statement By New York State Department of Financial Services Superintendent Maria T. Vullo Regarding The OCC Special Purpose National Bank Charters For FinTech Companies
MondoVisione

Speech By Federal Reserve Governor Lael Brainard At The Conference On Financial Innovation At The Board Of Governors Of The Federal Reserve System, Washington, D.C., December 2, 2016, The Opportunities And Challenges Of Fintech
MondoVisione

Only Monday morning and already a shock resignation in the parish and even an Italian Prime Minister resigns (I make it the next one marks the 66th Italian government since the end of the Second World War).

Patrick

Patrick L Young – Executive Director DV Advisors

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