DECEMBER 8 2016

elb2In Today’s Exchange Invest

The parish focus today really has to be LME, which is, as a result of its (stubborn?) silence, really making an issue out of the recent fraud charges brought against one of its accountants. The sudden departure of COO Stuart Sloan without any additional information is only adding fuel to the flaming pyre of parish rumour. LME needs to be able to sort out the difference between sub judice specifics and the broad understanding that the word on the street is musing on just why LME is so silent when it appears neither the management nor the auditors could spot what most anybody would argue is a significant sum being drained from the coffers over several years.

Events

I enjoyed my keynote at the ImpactCEE FinTech conference yesterday and there was a fair whack of overwhelmingly positive feedback, some of it even came from that rare genus, bankers with perspective. Sorry to miss today’s keynote from parishioner Kamil Kulesza, the Warsaw and Cambridge based lead guru of CIAMSE in the financial field (amongst others).

Today I am the HugeThing accelerator in Warsaw for my mentor sessions with their FinTech startups. I’ll be incommunciado all afternoon, alas.

In BigWorld

Needless to say news that Linda McMahon has been chosen to head the Small Business Administration will likely excite many. Will her husband, the other principal of World-Wide Wrestling Entertainment Vince McMahon be given a suitable position, like head of protocol? Food for thought…

McMahon was, I believe previously scalped by the future POTUS on a WWE show some years back, incidentally.

Public Markets

LME Announces Departure Of COO Stuart Sloan
Reuters UK

PLY: Replacing him is Matt Chamberlain the erstwhile Head of Business Development . Stuart Sloan and Catherine Lester joined as COO and CFO respectively in January 2014, while Exchange Invest noted on November 22nd that Stuart was on indefinite leave from LME.

Whatever the circumstances here, I expect many parishioners will be drawing the conclusion that Sloan has been somehow involved in the aftermath of the fraud case concerning former employee AnnMarie Norris. Whatever the case is, many will likely perceive this as a disappointment for CEO Garry Jones to whom Stuart Sloan had been a longstanding loyalist dating back to their LIFFE days.

The question is now how long LME can seek to remain silent without making some kind of statement to the parish. They are clearly trying to ride the storm out – and seeking to suggest it is all sub judice but, while they must be mindful of their obligations not to endanger court proceedings, there needs to be a clearing of the air at the earliest juncture on matters not pertaining directly to the sub judice case but relevant to the safeguards of LME and how / where the problems have arisen.

IPO Connect’ Seen As Beneficial To Hong Kong, Despite The Likely Complexities
South China Morning Post

HKEX officials are now actively promoting their ideas to expand the connect schemes to exchange traded funds, bonds and new share offerings.

ICAP CEO Spencer on Tullett Deal, Trump, and Brexit
MSN.com
Icap’s Spencer: Voice Broking Is Far From Dead
Financial News (subscription)

Russia Stock Market Awakens With Evgeny Fetisov, CFO Moscow Exchange
bne IntelliNews

This edition of Window on the East features Evgeny Fetisov, Chief Financial Officer of MoEX – the Moscow Exchange.

PLY: Building on the successful Moscow Exchange event in London two days ago, some more media.

FIS to Sell SunGard Public Sector and Education Businesses to Vista Equity Partners
Business Wire (press release)

A Treasuries Maverick Rises From the Dead With Help From Merger
Bloomberg

Direct Match lives again, gaining a DTCC linkage through a deal with OpenBond.

CME Group Inc. Declares Annual Variable Dividend Of $3.25 Per Share
MondoVisione

Private Markets

BSE’s International Exchange Ties Up With DGCX
Business Standard

India International Exchange, being set up by the Bombay Stock Exchange (BSE), has worked out a collaboration with DGCX.

PLY: Could be a win win for both parties here.

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

BSE’s International Exchange Ties Up With DGCX
Business Standard

India International Exchange, being set up by the Bombay Stock Exchange (BSE), has worked out a collaboration with DGCX.

PLY: Could be a win win for both parties here.

Thailand Announces Startup Stock Exchange: What Can We Expect?
Forbes

Plans are underway for startups appear on stock exchange boards alongside publicly listed companies at the Stock Exchange of Thailand.

Madras Stock Exchange’s Arm On Sale Again
Times of India

CHENNAI: Madras Enterprises Ltd, formerly known as Madras Stock Exchange Ltd is calling for buyers for its its stake in its trading subsidiary.

Three Chinese Exchanges Eye 40 Percent Stake In Pakistani Bourse
China Daily

The source, who is with the Shanghai Stock Exchange, said the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the China Financial Futures have submitted a letter of intent to the PSX, seeking to acquire up to 40% although the proposed equity split is not known.

OANDA Statement On UK’s Financial Conduct Authority Consultation Paper
MondoVisione

Products

New Market Designed To Make Gas Trading Like Oil Trading
Kallanish Energy (subscription)

The CME wants to launch a futures contract next year underpinned by U.S. Gulf Coast LNG exports.

Indexes

Semi-Annual Review Of The OMX Stockholm 30 Index – New Portfolio Of The OMX Stockholm 30 Index Will Become Effective On January 2, 2017
Semi-Annual Review Of The OMX Copenhagen 20 CAP Index – The New Portfolio Of The OMX Copenhagen 20 CAP index Will Become Effective On December 19, 2016
MondoVisione

Career Paths

PLY: As Noted in the lead story, Stuart Sloan has left as LME COO and been replaced by the Head of Business Development Matt Chamberlain.

CME Ventures boss Rumi Morales has been appointed to the board of advisors of the Chamber of Digital Commerce.

Crowdfunding

Nothing of excitement today.

Other Stories

Office Envy: Check out COCO, a Growing Coworking Space in an Old Grain Exchange
Chicago Inno

COCO Coworking took that quite literally with their downtown Minneapolis coworking space, located on the trading floor of the old Minneapolis Grain Exchange.

PLY: Looks groovy and a splendid commercial use of a delightful legacy floor.

DRW Judge Casts Doubt on CFTC Case Defense Calls ‘Absurd’
Bloomberg

PLY: Interesting.

Why This Well-Funded Startup Just Gave Up on Bitcoin
Fortune

Circle abandons Bitcoin, sticks with the Distributed Ledger as it pivots…

ICAP Holds 24th Annual Global Charity Day
MondoVisione

PLY: Another magnificent success – give that Michael Spencer a peerage I say.
Nearly time for a spot of mentoring in Warsaw, have a great day!

Patrick

Patrick L Young – Executive Director DV Advisors

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