JANUARY 12 2017


And welcome to Exchange Invest issue 909 celebrating the surreal ultimate Porsche Bergspyder which weighed in at 375 kgs, or significantly under half a contemporary Smart car (in the age before composite unobtanium, some of the weight saving included good old fashioned balsa wood). The 909 Bergspyder marked the end of Porsche’s involvement in the awesome European Mountain Hillclimb championship which itself never recovered the prestige it held in the 1960s when the likes of Gerhard Mitter became household names.

In Video

Above a video of yours truly speaking about FinTech in Poland in December – the speed is slow for non native English speakers but the material is pretty crunchy methinks: all wrapped into a user friendly title “Victory or Death” – enjoy!

In Today’s Exchange Invest

Concern about NSE under pressure from Sebi mounts – this is a potentially seismic rift at the heart of the Indian exchange establishment, Nex data deal with Tradition, and above all SuperMario wants the ECB to have a long hard look at DB1-LSE’s merger of equal desperation…

And there’s more, much more, happy scrolling:

In BigWorld

Volkswagen will pay $4.3 billion to assuage their diesel dystopia to US authorities…or to put it in parish terms, the equivalent of buying TMX plus Warsaw, Athens and New Zealand as well as a broad portfolio of the SEFs plus change…

Public Markets

Draghi Calls for ECB Scrutiny of Deutsche Boerse Takeover of LSE
Bloomberg

The European Central Bank needs to “carefully” analyze the proposed merger between Deutsche BoerseAG and London Stock Exchange Group Plc

PLY: Mr Draghi would be wise to do “whatever it takes” to prevent this ill-considered merger from creating an ugly monopoly.

Somewhere in the merger bunker anticipate tempers flaring and paranoia growing – let’s face it DB1 is still fighting the last antitrust war as well as this one. I suspect there’s a big bill for management therapy coming up on this one when it finally falls apart.

NYSE To Expand Floor Trading To All U.S. Equity Securities In 2017
MondoVisione

PLY: “Would you like your Apple stock handcrafted through the venerable NYSE floor, sir?”

Interesting offensive move by NYSE.

ASX Revenue At Risk from Need For Likely Technology Updates
AFR

PLY: The bloated, aged, decaying ASX technology needs investment and the management can’t seem to cope without depleting the bottom line. Gosh, who saw that coming?

LME Electronic Trading Platform Fails To Open
Reuters UK

PLY: Story updated to say there was a five hour delay… Was the delay correlated with the recent fraud within LME HQ? Probably not, but it’s as good a place as any to mention the deadly silence hanging over LME management practices as the exchange needs to get its act together and learn the merits of transparency.

Voice Brokers Still Making Themselves Heard In Hi-Tech City
Evening Standard

PLY: Portrait of the new post merger TP-ICAP.

Private Markets

NSE Global Bourse Operations At GIFT To Begin In February
Times of India

LuxSE’s Robert Scharfe: Opening Doors
www.waterstechnology.com

PLY: Lux CEO opines, unchallenged.

Saudi Exchange CEO In Full Pursuit of Emerging-Market Prize
Bloomberg

PLY: The quest for those investment billions goes on…

SEBI To Scan Historical Data To Pin Brokers In NSE Access Breach
Moneycontrol.com
Weeks Before Its Blockbuster IPO, NSE Faces Heat From SEBI
Dalal Street Investment Journal

PLY: There could be a book or miniseries in just how the relations between SEBI and NSE managed to go from remarkably proximate and on the same page to this level where there appears to be a brooding distrust and a clear threat to the NSE IPO progressing smoothly.

Special Section: FTI, NSEL, India at the Crossroads

PLY: Nada news.

Technology

NEX Data And Tradition Agree Global Data Distribution Partnership
MondoVisione

Millennium Exchange Release 9.1 Oslo Børs – Dress Rehearsal In The Production Environment 21 January 2017
Oslo Bors

Exchange Data International Announces The New Worldwide Cost-Basis Service
MondoVisione

PLY: Interesting addition to the Exchange Data offering.

Products

Victory Of The titans! “Regulators Want Small Firms Closed Down” Says Senior FX Industry Executive
FinanceFeeds (blog)

PLY: I am not so sure the issue is closing down small entities as desiring transparent centralised markets and centralised clearing which is guaranteed by more than ‘a lick and a promise’ as the old saying goes.

CBOE Vest Launches CBOE Vest S&P 500 Enhanced Growth Strategy Fund (ENGIX)
MondoVisione

MSEI Introduces Trading In SGB & New IRF Contracts
India Today

PLY: Interest rate markets and Sovereign Gold Bonds, the Indian push into yield curve ETD is clearly on (at last!).

Tokyo Commodity Exchange Launches Physical Oil Market
Reuters

PEGAS To Launch Time Spread Products On Its Futures Markets In January
MondoVisione

Career Paths

Ed Eger Out, Vatsa Narasimha In As CEO Of Retail Forex Broker Oanda
LeapRate

We understand that Oanda had brought in Mr. Eger with the hopes of growing the company toward an IPO…

National Stock Exchange Receives Over 90 Applications For MD & CEO Post
NDTV

More than 90 persons have applied for the post of Managing Director and CEO at the National Stock Exchange (NSE) left vacant by Chitra Ramkrishna’s shock resignation in December.

PLY: Unsurprising so many would fancy the prime Indian exchange post.

XTB’s CEO Jakub Maly Parts Ways With Group
Finance Magnates

X-Trade Brokers (WSE:XTB), a foreign exchange (FX) brokerage and recently listed addition on the Warsaw Stock Exchange, has dismissed its longtime CEO.
PLY: It strikes me XTB did a great job of hyping themselves to a hefty IPO value at what may have been “peak forex broker.” There may be significant issues ahead as its model is under considerable pressure, particularly from the regulatory domain.

Crowdfunding

How Will Donald Trump’s Presidency Affect Crowdfunding?
Entrepreneur

PLY: He’ll make Crowdfunding…”yuge!” methinks.

P2P Lending Unicorn Funding Circle Raises Another $100M Led By Accel
TechCrunch

Other Stories

TheCityUK Sets Out Key Industry Priorities For Brexit Negotiations
MondoVisione

Edition 910 tomorrow, have a great day.

Thanks as always for reading Exchange Invest.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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