FEBRUARY 23 2017

Issue 939 of Exchange Invest completes the trio of Porsche 924 GT machines. The 939 was the 1980 924 Carrera GTP prototype built for Le Mans. While the cars at one time ran a remarkable 6/7/8, they finished 6, 12 and 13. The 13th placed car incidentally was driven by Derek Bell and Al Holbert both of whom figure more in the story in a few weeks time…

In Today’s Exchange Invest

Cinnober raising funds for its push into bank clearing market. Euro Clearing skirmishes as rhetoric hots up over EU threats to have its cake and protect it don’t wash with free markets.

And there’s more, happy scrolling:

In BigWorld

In Queens, a rampaging bull was chased by police for 2 miles around the New York borough. At the time of going to pixel we were unable to confirm if any NYSE or NASDAQ staff were encouraging it to keep going at the time of its capture. (NB News that the bull escaped from imminent demise in a slaughterhouse may have dismayed Wall Street’s more superstitious algorithms).

Of course, had it escaped in New Jersey, it would have been captured much faster as Chris Christie’s staff could have closed all the bridges in an instant. Allegedly.

Public Markets

Cinnober’s Board Decides On A Directed Share Issue Of Up to SEK 180 million
Cinnober Is Investigating The Possibility To Carry Out A Directed Share Issue In The Amount Of Approximately SEK 100 Million
Cinnober Year End Report 2016

PLY: Great idea by Cinnober to seek to raise a bit over $11 million up to $20 million to fund the standalone real-time customer clearing arm. A very intelligent approach to exploit technology which is ahead of all other vendors, at the same time significantly expanding the reach of Cinnober’s existing global client base.

BOE’s Cunliffe Says Euro-Denominated Clearing Should Not Be Forced Into Euro Zone
Reuters UK
Clear Off: City of London Steps Up Fight To Retain Euro Clearing After Expert Warnings Against “Currency Nationalism”
City AM

Joint Response From The European Association Of CCP Clearing Houses (EACH) And CCP12 To FSB Guidance On ‘Continuity Of Access To Financial Market Infrastructures For A Firm In Resolution’

Schauble Sees FTT Riddled With Exemptions

ASIC: BGC Partners Pays $90,000 In Infringement Notice Penalty

Private Markets

IEX Challenges Rivals With Free Web Data Feed
Wall Street Journal (subscription)

Upstart stock exchange IEX Group Inc. has begun distributing a key market-data feed free over the internet, throwing down a gauntlet to rivals such as …

NSE May Redraft Its Algorithmic Trading Norms

Special Section: FTI, NSEL, India at the Crossroads



Murex And Tullett Prebon Information (TPI) Sign Partnership Agreement To Enhance Client Experience – Collaboration Grants Murex And Its Clients Access To TPI’s OTC Data

Regulators Have a “Wait and See” Attitude About Regulating Fintech
City AM

Northern Trust Uses Blockchain For Private Equity Record-Keeping

PLY: Good to see the historic Chicago private bank keeps innovating, as is its wont, rather quietly, and without a fuss.


Non-EU Firms Unclear Over Mifid Status – Panel
FOW magazine

Career Paths

Convicted Libor Trader Tom Hayes Sues FCA Over Industry Ban
City AM


Nothing really crunchy to report.

Other Stories

How I Saw It: Dr. Richard Sandor’s Newest Book Released In U.S.

PLY: Some excellent insights from the columns of the ever inventive Richard Sandor.

World Federation Of Exchanges Publishes Report Into SME Financing & Equity Markets

Office Of Financial Research Update Measuring Systemwide Resilience Of Central Counterparties
US Gov

UK’s Financial Conduct Authority: Operation Of The MoU With The Bank Of England For Market Infrastructure – 2016 Performance Statement

CFTC Swaps Report Update

Global Pipes – Challenges For Systemic Financial Infrastructure – Speech By Sir Jon Cunliffe, Bank Of England, Deputy Governor, Financial Stability, Member Of The Monetary Policy Committee, Member Of The Financial Policy Committee And Member Of The Prudential Regulation Committee

PLY: …The speech where Sir Jon fires a shot across the bows of the Euro-petulance about protecting clearing within the Eurozone.

Enjoy your Fat Thursday if you are observing calorific pre-Lenten indulgence.

Best wishes,


Patrick L Young
Executive Director DV Advisors

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