JANUARY 16 2017


It may be Blue Monday for many today, “the bluest ever,” some suggest but in the Young household we’re quite chipper. As of today, we’re relocating to sunnier climes, having arrived at the weekend in the delightful island nation of Malta. Presuming the current plan all works out, we’re intending to stay here through thick and thin, including recent weather (where the lows in temperature just about got down to the highs in temperature in Poland during our final week there)…

Besides, how can any reader be “blue” on the day when our countdown to Issue 1000 corresponds to Porsche type 911 – the name given to the once 901 (Peugeot complained) which is surely one of the most iconic machines of all time? Original 2 litre 911’s – especially the lightweight “R” have always been a delight in my view although at the same time, what a shame nobody could have a GoPro in 1973 to record the Targa Florio win driven by Herbert Muller and Gijs Van Lennep. (That said if any Exchange Invest reader wants to send a 911 my way to say thanks for Exchange Invest being produced free – I’m not fussy, any variation will be welcome!).

In Video

Yours truly speaking about FinTech from Wroclaw, Poland in December – the speed is deliberately slow for non native English speakers but the message is a crunchy “Victory or Death” – enjoy!

In Today’s Exchange Invest

Quite the butcher’s picnic of news from the weekend – BSE IPO a go amongst others, happy scrolling:

In BigWorld

With a UK academic making headlines about a Trump impeachment potentially within the next year or so, a friendly reminder that exchanges can still licence the Exchange Invest US Presidential Impeachment Index from our good offices. Email me with licensing propositions.

Public Markets

AIM Reaches £100 billion Raised
LSE

PLY: Huge plaudits to LSE albeit of course there was that odd backchat last year where it seemed Xavier had inferred AIM Never made any money… Like so many cloudy assertions in the merger of equal desperation, this was never clarified.

MCX Q3 Net Profit Zooms 94% To Rs 34 cr
Moneycontrol.com
MCX Q3 net profit zooms 94% to Rs 34 cr. (5,000,000 USD.

PLY: Stunning rebound in profit for MCX.

BSE IPO Scheduled For 23-25 January, Could Raise About Rs 1,350 crore
Livemint

PLY: Sale of existing stock targeting up to $200 million US in receipts at 800-850 per share for up to 15.4%.

Draghi Looks into the Clearing Business
Handelsblatt Global Edition (subscription)

PLY: More on “super Mario” making a comment about fully investigating the proposed DB1-LSE tie-up.

NB there has been confirmation of the of Wiesbaden ‘summit’ by the Hesse government on the Merger of Equal Destruction as scooped by Reuters last week.

HK-Shenzhen Stock Link Running Well
Shanghai Daily (subscription)

“When the time is ripe, the Shenzhen Stock Exchange will include exchange-traded funds in the link to enhance investment options,” Wang Yixuan, director of Shenzhen Stock Exchange’s Hong Kong subsidiary, said.

PLY: Turning over around $258 US per week so far is very encouraging.

SEBI Notifies Rules To Boost Foreign Investment In Stock Exchanges
BloombergQuint

SEBI has amended regulations to increase the limit of shareholding of foreign entities like stock exchange, depository, banking and insurance

Director of Bucharest Stock Exchange Sobolewski: Hope For 2017…
Nine O`Clock | Nine O`Clock

PLY: Ludwik looks for big privatisations. My worry is that Romania is fundamentally over priced as QE drags itself to a conclusion and hot money goes back towards commercial civilisation leaving Romania fundamentally exposed alongside other fascinating but frustrating emerging markets which need to get their infrastructure and government standards to at least a second world level.

Private Markets

NSE To Introduce e-ETF Facility Under The e-IPO Module
Indiainfoline

NSE Nudges SMEs To List
India Today

SEC Acts On Pittenger Request To Extend Chicago Stock Exchange Comment Period
Congressman Robert Pittenger

Brokerages To Benefit From Eased Business Restrictions: TWSE
Focus Taiwan News Channel

Government To Revive Commodity Exchange, Seals Equity Deal With NSIA
Guardian

The Federal Government has completed arrangements to inject the approved strategic equity investment by the Nigeria Sovereign Investment Authority (NSIA) in the Nigeria Commodity Exchange (NCX) for a period of up to five years.

MCX Board Approves Acquisition Of 24% In Proposed CDSL Led Commodity Repository
Equity Bulls

Special Section: FTI, NSEL, India at the Crossroads

Whose Interest Does The NSEL-FTIL Merger Serve?
Tumblr

PLY: A book called “The Target” by ShantanuGuha Ray on the potential repercussions of the forced merger of NSEL into FTIL sounds interesting although this Tumblr leaves me a tad suspicious it is a front for supporters of Jignesh Shah / FTIL. At the same time, while I have little sympathy for Mr Shah and FTIL in this affair (particularly given their failure to deliver promised restitution), defenestrating the Indian corporate governance code is a suicide note for India Inc as it tries to internationalise its economy on another front…

Maharashtra Ropes In Expert Auditors To Crack Economic Offence Cases
The Indian Express

Officials said that the pace of the probe in the National Spot Exchange Ltd (NSEL) case…

Technology

Bats Auction Mechanism (BAM) Launches Successfully On EDGX Options Exchange
MondoVisione

Products

BME – Spanish Stock Exchange: IBEX 35® Celebrates Its 25th Anniversary
MondoVisione

PLY: Plaudits to an index which has on occasion been seen as Telefonica and beta rounding factors, depending on the year…

‘New Products, Services On NCDEX In 2017’
Hindu Business Line

Career Paths

PLY: Plaudits to parishioner Derek West who having left the longstanding employ of the AMF in Quebec, Canada, has found a splendid role closer to his Chicago home, as Executive Director & Chief Compliance Officer, DDRL at DTCC. I wish Derek every success.

NSE To Interview CEO Candidates This Week
Business Standard

Crowdfunding

Wellesley To Freeze Crowdfunding Campaign As It Courts City Investors
Telegraph.co.uk

PLY: Eponymous founder Graham Wellesley himself was defending the company earlier this month over survival concerns for his hybrid business model in property.

Other Stories

US Justice Department And State Partners Secure Nearly $864 Million Settlement With Moody’s Arising From Conduct In The Lead Up To The Financial Crisis – Settlement Involves Significant Commitment By Moody’s To Improve Business Practices
Justice.gov

PLY: Moodys Could have bought Athens and Warsaw if they had dodged the fine.

FIA: December 2016 SEF Tracker Now Available Online
MondoVisione

SEC: Citadel Securities Paying $22 Million For Misleading Clients About Pricing Trades
SEC

And now into the arms of realtors…oh joy….

Thanks as always for reading Exchange Invest and have a great day.

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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