JANUARY 11 2017

Welcome to issue 908 of Exchange Invest – in the ongoing Porsche theme counting down to issue 1000: 908 is a classic Porsche in many terms – for me the elegance of the 908/2 represents a divine flowing open sports prototype albeit 908/3 was the classic machine still competitive in major international events (thanks in part to to rule changes) well into the 1980’s. Then again the original 908 was the car which caused Porsche er, ‘heart-brake,’ when the decision to save time and not change pads allowed Jackie Ickx to slip his Ford GT40 past veteran Hans Hermann’s 908 in the final moments of the 1969 Le Mans 24 hours.

The cars have awesome history and a broad range of sales prices but ceteris paribus (I’m a touch macro bearish) the values are interesting, albeit originality is not uber-common in this model, particularly those endlessly upgraded (but wonderful) 908/3’s.

…Enough of the motoring history sidebar, today in Exchange Invest:

In Today’s Exchange Invest

The Amex is approaching the final curb, ladies and gentlemen, as the Indian NSE gets a blunt responsibility warning from Sebi and the Israeli regulators (At Last!) issue a Fairtrade warning which suggests a full scale crackdown on dodgy brokers may be nigh. Not sure that helps the dwindling TASE but at least the new CEO is in situ, albeit with another management exodus apparently taking place. And there’s more, much more, after yesterday’s lackadaisical news feed, today is a tad crazy…

In BigWorld

“My mother thought journalism frightfully low, like a trade. She didn’t believe anything journalists wrote and thought they were only fit for the tradesmen’s entrance.”

The late, great Claire Hollingsworth OBE

Sadly the above quotation seems to have come full circle in one remarkable lifetime but not through any fault of her impeccably high standards…

Claire Hollingworth may be remembered as a pioneering woman in the media but she was first and foremost a brilliant journalist whose legacy overshadows the many pygmies populating too much of legacy media today. Famed for being the first to report the imminent Nazi German invasion of Poland in 1939, her death at 105 in Hong Kong, while not unexpected, leaves a void over the media. May she Rest In Peace.

Public Markets

Nex CEO Michael Spencer Sells Majority Of Shares In TP Icap
City A.M.

PLY: Things can only get better go electronic, Michael Spencer makes clear he is concentrating on NEX – excellent news for shareholders!

Sibex Shareholders Decided To Merge By Absorption With The BVB

PLY: Tough to know who to precisely finger there have been so many singularly incompetent, and indeed downright dodgy, folks with a finger in the declining SIBEX pie. What a pity, it could have been a 100 million business by now but thanks to local ‘inegnuity” it is being sold for scrap to cover up the inadequacy of various investors and (sic) managers since they ousted founder Chairman Ancuta. BvB meanwhile is wasting its cash and resources on a deal into which it has been essentially coerced.

MCX India – Exercise Of Options Under MCX Employee Stock Option Scheme

Shenzhen Connect Beats Shanghai In First Month

PLY: We don’t do monthly data per se but this crunch from FOW is interesting – Shenzhen SE data shows the latest stock connect did more business in month one than the original Shanghai through train…

NYSE MKT (AKA AMEX) To End Floor Trading

PLY: A floor curbed at last, the Amex is to close. The media legacy spectacular for eager campanologists will continue on the NYSE floor all the same.

Private Markets

Tel Aviv SE Acting CEO To Step Down

Sebi Puts Onus Of Corrective Action On NSE

PLY: A big pushback from Sebi and a smack in the face for NSE, especially as it begins the IPO push. Did perhaps this enquiry also have an impact on Chitra Ramkrishna’s decision to stand down as CEO? Not clear but this is for NSE an unparalleled issue with the regulatory nexus.

BSE IPO: Shares May Be Priced At Rs800-850

PLY: IPO expected to launch in 30-60 days according to unnamed sources.

IDX Lures Young Investors With Stock Trading Games
Jakarta Post

Card-based game called Stocklab and a smartphone app.

Israeli Watchdog Warns Against Binary Options Exchange for the First Time
Finance Magnates
Israel’s Regulator Warns Fairtrade P2P Binary Options Exchange, Gives It 7 Days To Halt Activities
SMN Weekly (blog)

PLY: Rather seismic: Israel is at last willing to take on the scamsters who have been plaguing overseas retail investors for some time – good news!

Meanwhile, readers may muse on the notion that something labelling itself “Fairtrade” might ever be anything but a paradigm of virtue – perish the thought!

IG Group Shrugs Off Fears Over French Online Trading Rules
Financial Times

Chicago Stock Exchange Responds To ‘Fake News’ Over China Deal

The Chicago Stock Exchange has asked the U.S. Securities and Exchange Commission to remove a letter from its website that fraudulently claims to be from a journalistic organisation calling for a halt to the exchange’s sale to a China-led consortium.

Special Section: FTI, NSEL, India at the Crossroads

PLY: Nada news it’s all Ra Ra GIFT City for now in government.


Tradeweb to Launch APA Services Supporting MiFID II Reporting
PR Newswire UK (press release)


The Creeping Revolution In Industrial Metals Trading

PLY: LME v Shanghai v CME v the undiscussed elephant in the room: who best makes a market which balances customer interests with producer-related interests?

Sandra Ro On CME & Bitcoin

NSE Launches 13-Year Govt Bond Futures
Economic Times

Career Paths
Tel Aviv SE’s Acting CEO To Step Down

PLY: Acting CEO Gal Landau-Yaari had already tendered resignation months back as a result of tensions with the Chairman, Amnon Neubach. With new CEO Itai Ben-Zeev in situ, she is resigning, along with Igal Bareket, SVP & CMO.

Frankly former Bank Leumi head of capital markets Ital Ben-Zeev needs to look far and wide for ways and means for the Israeli Exchange to prosper as it is currently mired in crisis. I wish him every success.

Index provider Solactive has appointed Fabian Colin as Head of Sales starting in January 2017.

NYSE President’s Advice for a Successful Career

Fortune Unfiltered podcast features one of the youngest NYSE presidents’, Tom Farley.


China P2P Lenders Braced For Regulatory Crackdown
Financial Times

Other Stories

Exchanges Sector Ends 2016 With FTSE Mondo Visione Exchanges Index Closed Up 0.1 Per Cent In December And 7.7 Per Cent On Year Outperforming MSCI’s World Index

PLY: A flat year for exchanges in investment terms while the model continues to pay dividends…

ESMA Publishes Extract On Enforcement Decisions On Financial Statements

Canadian Securities Regulators Seek Input On Potential Impacts Of Discontinuing Embedded Commissions

Remarks Of CFTC Chairman Timothy Massad Before The London School Of Economics

PLY: Swansong remarks from Chairman Massad at the London School of Economics, probably manna from heaven for the fabian interventionists who started the college but not so compliant with the views of its most famous professor Friedrich Hayek who famously noted:

“A claim for equality of material position can be met only by a government with totalitarian powers.”

Edition 909 tomorrow (remember that one Porsche fans?), have a great day.

Thanks as always for reading Exchange Invest.

Best wishes,


Patrick L Young
Executive Director DV Advisors

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