FEBRUARY 14 2017

Exchange Invest Issue 932 celebrates a prototype built for another manufacturer…which reminds me of the wondrous story about the foundation of the De Lorean gull-winged door sports car made in my native Belfast. When they were casting around for engineering companies with some cachet to help develop the design, the fledgling DMC went to Lotus and Porsche for quotations. Lotus got the job after Porsche quoted a project fee that at the time would have actually enabled the acquisition of the Lotus cars company in its entirety…

In Today’s Exchange Invest

Remarkably nobody has alleged any malfeasance on the part of DB1 for a whole 24 hours it seems (but what will their EU antitrust forms say…). TMX and NZX report profits, various interesting nuggets in product section. Perfect Channel gains additional investment while Cinnober appoint Patrick Tessier as COO for their bank clearing software arm.

And there’s more, – lots more – happy scrolling:

In BigWorld

It’s St Valentine’s Day which as always proves the merits of capitalism, human ingenuity and free markets. In Saudi Arabia, where public displays of affection are banned and punishable by law – there is apparently a flourishing black market in red roses today…

Public Markets

TMX Group Limited Reports Results For The Full Year And Fourth Quarter 2016
TMX Group Limited Declares Dividend Of $0.45 Per Common Share
MondoVisione

PLY: Could have been better, could have been much worse too. Estimates slightly beaten by TMX.

Brief- Nzx Ltd Says Fy Profit Attributable Down 23.9 Pct
Reuters
NZX Full Year Results And Annual Report 2016 Published
MondoVisione

Reduction of the Assets Held under the Liquidity Contract between Euronext NV And Exane BNP Paribas
Euronext

PLY: Float with market maker reduced from 3 million Euros to 2 million Euros (qv from 2014: Euronext: Liquidity Agreement with Exane BNP Paribas Goes into Effect)

Footnote: On Bund Clearing Revisited…

Yesterday I mentioned the Bloomberg article which stated that Clearnet was going to be clearing German Bund trades. I am reliaby informed, the missing word which provoked my confusion was “Repo.”

Private Markets

IEX Interview
The Trade

PLY: The Trade celebrates 50 issues and has a list of key folks including parishioners Robert Barnes and Alastair Haynes…

Wiener Boerse: Size Matters
Wiener Boerse

PLY: Under the leadership of Christoph Boschan the Vienna Exchange is alive and kicking. The above link is part of a marketing series proving the merits of the Wiener Borse. Good to see an exchange not taking things lying down after some years where the C-suite appeared prisoners of the bankers’ agenda.

BSE Fired Up For Listings Conference
WeekendPost (press release)

The Botswana Stock Exchange on Thursday held a media briefing for their upcoming 2nd annual listings conference to be held on the 9th of March.

Special Section: FTI, NSEL, India at the Crossroads

Nada

Technology

Perfect Channel Receives £2 Million Investment From Beringea & UIL
Perfect Channel

PLY: Great news, I am delighted for Phil Bird and the Perfect Channel team. If you haven’t read it already, check out the white paper they published last month:The Auction Mechanisms Behind Delivering a Best in Class Dairy Trading Platform)

Products

Italy’s Consob Becomes Latest Regulator To Attack Trading In Binary Options, Spot Forex, CFDs
SMN Weekly (blog)

Sebi Initiates Process To Integrate Commodity Spot And Derivatives Markets
Business Standard

PLY: But will we see NSEL resolved?

IME Debuts Saffron Trade To Streamline Market
Financial Tribune

Iran Mercantile Exchange started listing saffron for trading using commodity-linked certificates of deposit in Khorasan Razavi Province on Sunday.

Bitcoin Is Starting To Behave Like A Grown-Up Market
Livemint

Career Paths

NSE’s Limaye To Get Double The Pay Of Rival Bourses’ Chiefs
Economic Times

PLY: The roughly 1.2 million dollar figure was mentioned yesterday, here’s some perspective…

Former Citi Global Futures Expert Joins Cinnober
The Trade

PLY: CEO position still open for Cinnober bank clearing tech arm while Patrick Tessier a serial FCM boss for over 30 years becomes COO, interesting hie given his considerable footprint in ETD clearing.

Stock Exchange Boss Acquitted
NewsdzeZimbabwe

PLY: Some relief for the embattled Zimbabwe Stock Exchange CEO Alban Dhladhla Chirume who was last Friday acquitted on charges of assaulting his estranged wife, Susan.

ICE Chief Jeff Sprecher To Be Inducted Into The Technology Hall Of Fame Of Georgia
Atlanta Business Chronicle

PLY: And quite right too. From Atlanta, Georgia, Jeff Sprecher has moved the exchange industry forward a quantum.

PLY: In Washington, Steven T. Mnuchin has been sworn In As Secretary Of The Treasury, marking yet another Goldman Sachs alumni in government. In recent years, Mr Mnuchin’s activity as a Hollywood producer has included work on (the worryingly anti-business) “The Lego Movie.” Can we discern policy from his many movies? Well “The Intern” suggests tax advantages for older workers perhaps while “Storks” may perhaps presage extended maternity benefits?

Then again I am not sure how to address either, “Suicide Squad” or “Mad Max Fury Road” in relation to sound fiscal management. At the same time his work on “Rules Don’t Apply” would clearly suggest he has the right stuff for the Trump administration albeit the White House will try to ignore his “Our Brand is Crisis” as Mnuchin brings “Central Intelligence” to the “Edge of Tomorrow.”

Finally, I note CCP advocates may be encouraged to learn that he also produced “Collateral Beauty.”

In Chicago, the CME Board B share nominee slate has been published in keeping with its practice of nominating and selecting candidates for election to the board (in a fashion very similar to the old Soviet electoral ractice of ‘offical party candidates’). The following have made it through the hoops:

Class B-1 Director Nominees
Three (3) directors will be elected by the holders of the Class B-1 shares. The Class B-1 Nominating Committee has selected the following nominees for these positions:
Jeffrey M. Bernacchi
Gedon Hertshten
William W. Hobert
Douglas M. Monieson
Howard J. Siegel

Class B-2 Director Nominees
Two (2) directors will be elected by the holders of the Class B-2 shares. The Class B-2 Nominating Committee has selected the following nominees for these positions:
Patrick W. Maloney
Ronald A. Pankau
David J. Wescott
Class B-3 Director Nominees
One (1) director will be elected by the holders of the Class B-3 shares. The Class B-3 Nominating Committee has selected the following nominees for this position:
Elizabeth A. Cook
Brian M. Duffy

Crowdfunding

Dubai Financial Services Authority Launches Second Consultation Into Crowdfunding Framework To Support SME Financing
MondoVisione

Finally, Crowdfunding Comes To Israel
Mondaq News Alerts (registration)

Other Stories

Statement Of CFTC Acting Chairman J. Christopher Giancarlo Concerning No-Action Relief For March 1, 2017 Implementation Of Variation Margin On Uncleared Swaps
CFTC

Hedge Funds Offer To Buy Up Mt . Gox Customer Claims
CoinTelegraph

CMCRC Tick Pilot Video
CMCRC

PLY: You can check out the latest on market design quality pertaining to the US tick size pilot and more from Professor Mike Aitken and the CMCRC here

Have a good day and thanks for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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