FEBRUARY 16 2017

Welcome to issue 934 of Exchange Invest which corresponds to the fabulous Porsche Group 4 racing version of the 930, a simply delightful endurance racer. Robust and remarkably swift, it was still competitive to the end of the Group 4 regulations in the early 1980’s by which time…oh we’ll get there in 22 newsletters time. Patience.

Speaking of patience, Vodafone upgraded one of their bean cans wrongly last night so I have had patchy email for some hours – please bear with me if I have not replied to something!

In Today’s Exchange Invest

DB1 gains on the “Trump bump,” a phenomenon which is proving short-lived according to Michael Spencer. ICE buys TMX’s Atrium. BME wins software mandate, as MCX denies looking to change vendor.

Meanwhile the FBI is investigating binary options fraud worldwide.

And there’s more, happy scrolling:

In BigWorld

Lloyds of London has banned workers from drinking at lunchtime.

It is fair to say that in what is clearly a #firstworldproblem many grizzled City veterans regard this as a human rights violation.

Public Markets

Deutsche Boerse Boosts Profits, Eyeing LSE Tie-Up
Channel NewsAsia

Deutsche Börse AG Posts Further Net Revenue And Profit Growth For The Financial Year 2016 – Net Revenue 2016 Up 8 Per Cent, To €2,389 Million – Operating Cost Growth Of Only 1 Per Cent Due To Ongoing Efficiency Enhancements – Net Income Growth Of 14 Per Cent At The Upper End Of The Forecast Range / €4.34 Adjusted Earnings Per Share – Proposed Dividend Increase, To €2.35 Per Share – Net Income For 2017 Expected To Grow By A Further 10 To 15 Per Cent
DB1

PLY: DB1 sees a good profit bump, there might even be life in the old dog once its merger plans likely get derailed…or maybe it was just all a Trump card which will have expired by next quarter.

Intercontinental Exchange Agrees to Acquire TMX Atrium from TMX Group
ICE

PLY: ICE expands its data horizons further as TMX failed to find a good fit for Atrium, despite CEO Lou Eccleston’s career history as a vendor.

NEX Chief Spencer Sees No Impact From Dodd-Frank Repeal
FOW magazine

Michael Spencer , the chief executive of newly formed Nex Group, has played down the impact that a likely repeal of US regulation Dodd-Frank will …

City Grandee Michael Spencer : President Trump Bump Was ‘Short-Lived’
Evening Standard

The bump from Trump that set financial markets alight before Christmas could be short-lived, City grandee Michael Spencer indicated. Trading …

Euronext To Pursue Alternatives If LCH Deal Falls Through
Reuters

PLY: I still do not follow why, if they had confidence in their deal, LSE would not sell Clearnet unilaterally given the lack of enthusiasm about holding the Paris CCP which apparently originated from Xav’s offices. Equally, Euronext has optionality and can either buy or indeed build its own CCP which would leave Clearnet not quite an empty vessel but certainly broadly bereft of profitability..

Meanwhile Euronext shareholders voted unanimously to agree the Clearnet acquisition if the transaction takes place.

LME Failed To Report Suspicious Trade Orders To FCA For Three Months – Sources
Reuters UK

Sebi Considering Integration Of Intermediaries First, Exchanges Later
Business Standard

Following success of the Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX), equity trading platform …

Morgan Stanley Increases Position In Forex And CFD Broker Plus500 To 6.5%
LeapRate

Private Markets

Vienna Stock Exchange On IWI Study: Listed Companies Need Political Restart
MondoVisione

PLY: Fascinating study insight: “Every new job at an exchange-listed company creates 2.56 new jobs. Every euro invested in a listed company creates EUR 2.33 for the economy.”

Well argued points for the parish in this study.

PSX & Secp Ignore Violations In 2015 Audit Of Mr Securities
Pakistan Today

PLY: This is messy.

The Case For The Chicago SX Acquisition
Traders Magazine

Budget And Agri- Commodity Trading: Searching For A Spot In The Future
The Indian Express

NCX, Reps Link Farmers In 3 Northern States To Commodity Market
Daily Trust
The Nigeria Commodity Exchange (NCX) and some members of House of Representatives in at least three northern states have trained selected …

Oslo Børs : Company Disclosures In New Categories
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

Enforcement Directorate Attaches Financial Technologies ‘ Rs 135-Crore Mutual Fund Investments
BloombergQuint

Technology

BME Receives Mandate To Develop Project For The Modernisation Of The Algerian Stock Market – BME Exports Its Technology And Expertise
BME

PLY: Well done.

MCX Not Exploring Options To Shift To New Trading Software
MCX

PLY: Response to a rumour printed in Indian media.

Products

Budget And Agri-Commodity Trading: Searching For A Spot In The Future
The Indian Express

Sls Includes Two Additional European Markets
FTSE Global Markets

PLY: The Swiss Liquidnet venture has added Italian and Norwegian equities just a week after DB1 closed their jv with Liquidnet largely because of a failure to convince the sell side which clearly is not the cash with the Zurich exchange’s venture in block trading.

Convergex Expands Its European Footprint As It Prepares For MiFID II
MondoVisione

Market : Backbone For Agric Transformation
The Herald

Career Paths

Bursa Malaysia Announced Changes To Organisational Structure
MondoVisione

PLY: TradingScreen, a provider of trading technology and data management solutions, has hired Varghese Thomas as chief strategy officer according to Max Bowie at Waters.

Crowdfunding

Crowd-Funding Revamp Set To Pass Senate
The Australian

City Superwoman On Hook For £250K: Huge Bill Looms For Horlick After She Is Let Down By Us Investor
This is Money

Seedrs is understood to have given her a March 31 deadline to produce the money and to have warned they have the right to take legal action if she defaults.

Other Stories

FBI Says It’s Investigating Binary Options Fraud Worldwide, Invites Victims To Come Forward
The Times of Israel

Singapore To Ease VC Rules To Promote Startup Financing
Bloomberg

ADGM And Malta Financial Services Authority Sign MOU To Strengthen Cross-Border Cooperation
MondoVisione

Have a good day and thanks for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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