JANUARY 10 2017


Exchange Invest Issue 907 marks a classic but largely unknown Porsche, the 1967 right hand drive car which in 2.2 litre long tail form won the Porsche’s first 24 hour race, at Daytona. That victorious 1968 car was sold for $3.63 million at auction in 2014 incidentally.

In Today’s Exchange Invest

A paucity of news: PM launches new GIFT city exchange in India, CBOE prices notes, DTCC selects vendors for Blockchain project and more…

In BigWorld

The City of London is suffering today as Britain seems to be regaining the striking disease… Underground workers are amongst many rail workers (sic?) making life a misery for commuters in mid winter.

At least that cannot be blamed on Brexit, nor can the decision by Snapchat to invest in London as its international HQ. (I am FrontierFinance if you happen to be amongst the small number of parishioners on the service, such as NASDAQ and NYSE).

Public Markets

CBOE Holdings Announces Pricing Of Senior Notes Offering
CBOE

PLY: Priced an underwritten public offering of $650 million of its 3.650% Senior Notes due 2027, expected to close on January 12, 2017, subject to customary closing conditions. CBOE estimates net proceeds will be approximately $643 million, after deducting the underwriting discount and estimated offering expenses.

Private Markets

Narendra Modi Inaugurates India International Exchange
Economic Times

Indian Exchanges Want Commodities Transaction Tax Scrapped
Business Standard

Saudi Bourse To Start T+2 Settlement in Q2
Gulf Business News

Special Section: FTI, NSEL, India at the Crossroads

PLY: Pomp and circumstance at GIFT city but no progress on clearing up the festering mess of NSEL it seems.

Technology

Ipreo Successfully Executes First Electronic Order Submission And Allocation In Fixed Income New Issue
MondoVisione

DTCC Selects IBM, AXONI And R3 To Develop DTCC’s Distributed Ledger Solution For Derivatives Processing Firms To collaborate On Leveraging Distributed Ledger Technology To Build The Next Generation Trade Information Warehouse
MondoVisione

Products

Myanmar Gold Exchange To Open in 2017
The Irrawaddy News Magazine

RANGOON: The Myanmar Gold Entrepreneurs Association plans to open a gold exchange market in Rangoon this year.

Career Paths

V. Balasubramanian To Head India International Exchange
Livemint

Interim Chairman since October 1st (following the departure of Alexandre Zeller last September), Romeo Lacher has been confirmed as the new Chairman of SIX with immediate effect. Lacher will himself depart Credit Suisse in February 2017 once a handover of his duties has been completed.

Arran Rowsell has joined BGC as Head of Credit Strategy in London. Mr. Rowsell will report to Tony Warner, Executive MD & Head of BGC’s London brokerage business.

BrickVest, the London based online real estate investment platform, has appointed Jean Romain Lhomme, former head of Colony Capital Europe, to its board.

Crowdfunding

Chinese P2P Lending Bubble Quietly Bursts
The Epoch Times

Other Stories

Lame Ducks And Good Advice
Seeking Alpha

PLY: Kurt Dew on the unenforceability of the Volcker Rule, one of his better missives.

New York Governor Cuomo Announces The 6th Proposal Of The 2017 State Of The State: Banning Bad Actors From The Financial Services Industry For Egregious Conduct
MondoVisione

PLY: Presumably that includes former governors of neighbouring states – albeit the CFTC beat Gov Cuomo to it…

Lobby says City of London Should Be Priority In EU Divorce Talks
Yahoo News

Britain’s financial services sector must keep its unfettered access to the European Union’s single market…

PLY: Problem here remains the utter lack of perspective from City folk who see the world revolving around a square mile. In some senses it may be but in the eyes of the other 60 million or so British citizens, there is not a lot of interest in how Brexit affects British finance when the City itself gambled (horribly badly) on being ‘Remainian’ amongst the sorts of corporates whose dire predictions of Brexit woe didn’t occur.

ICMA Quarterly Regulatory Report
ICMA

Edition 908 tomorrow although news flow probably still slow until at least after Orthodox New Year methinks…

Thank you for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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