JANUARY 18 2017


It’s a slight hiatus from the raw emotion of Porsche type numbers generated by 904-910 and beyond as we hit 913 which was a study for a three-cylinder air-cooled dohc engine. Anyway welcome to issue 913 of Exchange Invest.

Events

LME Week will take place from October 30th to November 3rd this year. No mention of what new safeguards have been implemented on LME’s spending side, given other sub judice activities continuing to waft an air of parish concern about the exchange’s opacity pertaining to its ability to manage its accounting department.

In Video

FinTech, PLY, “Victory or Death” – view if you are interested in the future of finance!

In Today’s Exchange Invest

Chinese investment in Pakistan exchange speeding to a close, CBOE and BATS shareholders like their deal. Thesys wins bid to build a US stock Consolidated Audit Trail and there’s much much more, right up to the Chicago Stock Exchange staircase making part of a rather unique fitness programme. Happy scrolling:

In BigWorld

European MPs have been accusing the British PM Theresa May of “whinging and daydreaming” in her desires for a clean Brexit from the EU. This rates as one of the most almighty of insults in the vst Euro-pantheon of slingable mud, as of course, everybody knows “whinging and daydreaming” are the preserve of the profoundly reactionary and protectionist cadre of MEPs who detest anybody encroaching on their turf!

Elsewhere, the French have introduced a special visa for “entrepreneurs.” It’s not only that it appears as if they might know what that wonderful Anglophone word means (sic) but presumably their view is that if you can make a business flourish in the sclerotically bureaucratic command economy of France, then running a business anywhere else (e.g. North Korea) is a mere, well, bagatelle, to deploy another splendid English word.

Public Markets

Bats Global Markets Announces Stockholder Approval Of Merger Agreement With CBOE Holdings
MondoVisione

PLY: Good.

CBOE Holdings Stockholders Approve Share Issuance In Bats Merger
CBOE

Brexit Drives Push For Bigger Frankfurt Role In Exchange Merger
Reuters UK

PLY: This problem is at once sticky and thorny for the merger of equal desperation. A sample of views in the parish suggests trust in the public statements of either DB1 or LSE on this deal are as sub-zero as northern temperatures this morning. Denials are thus falling on deaf ears all round unless your path to profit is somehow cohabiting with this monopolistic deal.

BME Overhauls Its Activities Linked To Technology, Regulation And Innovation
MondoVisione

PLY: Good luck to Ramón Adarraga, executive chairman of BME Market Data and CEO of Infobolsa who will head up this new unit.

MCX Remains A Risky Bet
Livemint

Thesys To Run Massive US Securities Markets Trade Depository
Reuters

Thesys Technologies LLC has been chosen to build the SEC Consolidated Audit Trail (CAT) by the US stock and options exchanges as well as FINRA.
PLY: Gradually getting there…good luck to Thesys with this implementation.

China’s Second Stock Link Is Changing How People Buy Its Shares
Bloomberg

What Next For ASX & Blockchain in 2017?
The Conversation AU

PLY: Very cynical outlook from an Oz academic on what he sees as ASX making a clear wrong turn with Blockchain (building on market stakeholder scepticism which grabbed headlines a few days back).

Private Markets

Chinese Reps To Join Pakistan Bourse Board On Feb 10; Funds To Be Transferred In March
The News International

PLY: 40% Pakistan investment on course for completion.

Regional Stock Exchanges’ Business Model Obsolete: Sebi
The Indian Express

PLY: Sebi is utterly, and incomprehensibly wrong on this account, creating an ugly situation where de facto Indian capital markets will have a hole in their development if not immediately apparent…

Sebi to revamp, tighten stock exchange and trading norms
Livemint

One of Sebi’s top priorities is to tighten surveillance and risk management norms for stock exchanges…

PLY: This bit is sensible, at least as a precept, quite how Sebi implements specific rules could be counterproductive even if they have the principle correct.

NCDEX issues Norms To Address Cartelisation
The Smart Investor – Business Standard
NCDEX Issues Guidelines To Curb ‘Benami’ Account Trading
Economic Times

PLY: From an older Livemint story is as good a definition as any: “Benami trading refers to transactions done in the name of another person—real or fictional. “

Special Section: FTI, NSEL, India at the Crossroads

Nada.

Technology

Millennium Exchange Release 9.1 Oslo Børs – Date For Second Dress Rehearsal…
MondoVisione

Misys Launches P2P Lending Software For Banks
Reuters

Products

MSCI Renames South East Asia Index Offerings MSCI ASEAN Indexes
MSCI

Career Paths

Tom Carey, 62, political savant, numbers genius
The Beverly Review

PLY: As CBOE acquires BATS, it is sad to note the passing of a man whose later psephological genius had first been honed as a numbers whizz without whom the CBOE itself may never have got off the ground, let alone soared to its remarkable successes across the past 5 decades.

NSE senior executive Ravi Varanasi in fray for top job
Moneycontrol.com

William Hague is joining Citi to help the bank understand ‘the forces shaping the world’
Business Insider

PLY: While I think William Hague has benefit to ICE Futures Europe as Chairman, I have to admit that I don’t see much evidence for him being capable of doing more than pooling ignorance when it comes to global foresight with Citibank. Overall Hague is a decent analyst of events but his thought leadership strikes me as non-existent. However he will be within the comfort zone of what a legacy bank like Citi can cope with – as opposed to genuinely giving them a path forward.

FastMatch hires Hotspot FX veteran Trent Beacroft to head sales in Singapore
LeapRate

Crowdfunding

Wellesley CFO: P2P Lender Profitable & Sustainable Despite Pulling Crowdfunding
Business Insider UK

Other Stories

Fast Trader Pulled a Fast One on Some Customers
BloombergQuint

PLY: Readable given the rather (even by my standards) arcane topic.

The Metropolitan Museum of Art Is About to Become Your Favorite New Fitness Destination
Vogue.com

PLY: First deployment of a Vogue story in Exchange Invest but if you want to get fit involving a climb of the stairs built for the Chicago Stock Exchange building, here’s your chance to use a rather unique Manhattan “gym.”

“The SEC After The Financial Crisis: Protecting Investors, Preserving Markets, Speech By SEC Chairman Mary Jo White, The Economic Club Of New York, Jan. 17, 2017
SEC

Securities And Markets Stakeholder Group Response To ESMA’s Consultation Paper On MiFID II Product Governance
MondoVisione

ESMA Issues Opinions On Swedish Pension Schemes To Be Exempt From Central Clearing Under EMIR
ESMA

After 3 days of rain, the sun is shining once again in Malta and I sympathise with those commuting in sub zero temperatures from Moscow, Warsaw, Chicago, New York, London and a series of other wintery cities this AM.

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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