DECEMBER 6 2016

elb2
A Very Happy St Nicolas Day to one and all.

In Today’s Exchange Invest

Parish still shocked by Chitra Ramkrishna resignation as NSE CEO while UK FCA cracks down on CFD businesses. HKEx-Shenzhen link gets off to a gradual start which media seem to regard as proof (do they never learn?) of a failed project.
Incidentally, a quick scan of stats revealed recently a considerable quantity of EI emails now concerns “but did you see this?” remarks from readers…who haven’t scrolled all the way to the end. Trust me, you’re missing out if you don’t go all the way down this daily…only takes a minute, and I assure you it’s always worth that last look.

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

Events

Alas I just cannot make it to The MOEX Annual Forum in London, today December 6th. More details here and I hope parishioners attending have a great time.

Right now I am en route to keynote tomorrow in Wroclaw at the CEE Impact Fintech conference. Yes, it is funny, don’t get to Breslau (currently “European Capital of Culture”) all year and then it’s 3 times in a fortnight (back on Friday for Inference on the future of technology).

In BigWorld

Vice President Joe Biden is hinting that he may yet run for the White House in 2020 making him the oldest new President ever if he were to win, and indeed, lest we forget, the first Biden in a thousand generations to get there. Maybe he’ll ask Melania Trump’s former speechwriter to help him with some catchy ‘original’ material on the stump.

Public Markets

HKEx’s Li: Shenzhen Is the Future
Bloomberg

There’s a Big New Investor in Stock Markets: The State
Wall Street Journal

PLY: Worries about state holdings in China and Japan, amongst others.

TMX Says Blockchain, Fintech Still A Priority After Executive Exit
Business Recorder (press release) (registration) (blog)

PLY: The TMX’s Blockchain guru Anthony Di Iorio’s departure was discussed in issue 888 last week.

UK FCA Proposes Stricter Rules For CFDs
MondoVisione
Spreadbetters’ Shares Tumble At The Open On News of FCA Crackdown
City AM

PLY: The noose is tightening a bit more on the quasi-betting shop products of various providers in CFDs and retail forex. These are hardly onerous or overly burdensome rules – a reduction in leverage for less experienced traders from 50X to a “mere” 25X for instance but they signal a clear direction of travel and are welcome for helping push what is in places, a rather irresponsible part of the parish, towards better behaviour.

Private Markets

NSE Constitutes Search Panel To Pick New CEO; IPO Stays On Track
Livemint

..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).

PLY: The search panel appears almost entirely different to that first being discussed yesterday. Instead of including (former CEO) non-executive vice chairman Ravi Narain, TV Mohandas Pai and Ashok Chawla, public interest director Pai is the only man confirmed from the earlier rumours alongside fellow public interest director and former KPMG Deputy CEO in India and CEO of Dhruva Advisors Llp, Dinesh Kanabar along with Mahindra Group Chairman Anand Mahindra and former RBI Deputy Governor, Usha Thorat.

In NSE Offer, FIIs Look To Shed Most
Business Standard

The National Stock Exchange (NSE) has finalised the list of shareholders that will be tendering their shares in its much-awaited IPO.

The IPO will be a 25 per cent offer for sale (OFS) and will provide part-exit to more than a dozen shareholders. The issue size could be Rs 10,000 crore, which would value NSE at Rs 40,000 crore.

PLY: I still suspect the Chitra Ramkrishna resignation will drive some delay in listing but hopefully it will not be a material time period.

No More Direct Listing For Private Companies
The Daily Star

Khulna Power Company was the last private sector firm to join the Dhaka and Chittagong stock exchanges in March 2010 through direct listing.

Belgrade Stock Exchange Connects To SEE Link Trading Platform
SeeNews

PLY: Good to see Belgrade connecting to the SEE Link which I still think is a fascinating development with considerable potential.

Malta Stock Exchange Pens Collective Agreement With GWU
Times of Malta

The Malta Stock Exchange has signed a collective agreement with the General Workers’ Union which will run until 2019.

Special Section: FTI, NSEL, India at the Crossroads

No news, market still digesting yesterday’s Maharashtra task force announcement.

Technology

NCDEX launches NextGen Trading System For Market Development
Moneycontrol.com

London Stock Exchange Group Opens New Technology Facility In Sri Lanka
Lanka Business Online

PLY: A big league gathering in Colombo as the Prime Minister of Sri Lanka, Ranil Wickremesinghe opened the new facility alongside LSEG Chairman, Donald Brydon and Xavier Rolet.

Products

Permanent Cancellation Of Russian Market Volatility Index – RTSVX
MondoVisione

It Will Not Be Long Before Marijuana Trades On The Futures Market
Seeking Alpha

Pot futures will be a highly active market opines Andrew Hecht.

Indexes

FESE Response To ESMA On The Benchmarks Regulation Consultation Paper
MondoVisione

Career Paths

A hiatus in job news overnight after a flurry yesterday.

Crowdfunding

Crowdfund Bill Killed By A Cynical Lot
The Australian

PLY: With the sort of graceless narrow minded ivory tower idiocy which defines the modern day political class, the Australian Labour Party has killed (for now at least) the progressive Australian crowdfunding bill. The truth is populism is a broad myth borne of a dismal legacy media who cannot understand why Macchiavellian morons such as these pontificating pillocks are not seen for their politicking perfection (sic). Rather the public is growing fed up with politicians as exemplified here by the ALP which has descended into the grubby squalor of putting politics way in front of Australian citizens’ prosperity.

The Battlers have been abandoned by the folks who made much noise of being their champion. #Disgusting

Other Stories

Statement Of CFTC Commissioner Sharon Y. Bowen On Proposed Rule For Position Limits On Derivatives
Statement Of CFTC Commissioner J. Christopher Giancarlo On Proposed Rule For Position Limits For Derivatives
CFTC

RoboAdviser Sector To Take Off In China
China Daily

Why Is Last Look Legal?
Neil Crammond LinkedIn

PLY: Neil ploughs an often lonely furrow via LinkedIn and I admire his tenacity in dealing with those tricky questions regulators too often overlook. In truth, Lask Look is a squalid anachronism which ought to play no role in a modern marketplace. It’s just one of many things Neil has been calling out in recent times, making his blogging a vital, thought provoking read.

Onwards across Poland, have a great day and I hope if you are in the lands where presents are borne, St Nicholas remembers the batteries…

Patrick

Patrick L Young – Executive Director DV Advisors

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