JANUARY 20 2017


Celebrating the numbers in the run up to EI Issue 1000: Porsche 915 was a long wheelbase 4 person passenger 911 study (see nothing new in the Panamera) as well as a variety of transmission related designs. Good in way that it’s not a couple of issues later in the EI pantheon as we wouldn’t like to overshadow the Prsidential inauguration – that’s clearly the job of BBC, CNN and other legacy media.

BTW if you fancy a bit of retro 70’s/80’s ‘chic’ and have the stomach for both repairs and ego-draining unreliability, a genuinely ex-Magnum Ferrari is coming up for auction.

In Video

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

In Today’s Exchange Invest

TP issues notes, US exchanges work up a heli-lather seeking Snapchat, SGX profits +5%, Indian media sceptical about BSE offering as HKEx goes back to looking at dual class shares…

…and there’s more, happy scrolling:

In BigWorld

Today’s the day, leadership of the free world passes on from somebody who often plays golf to somebody who often builds golf courses. Expect change.

Public Markets

SGX Cautious After Modest Rise In Quarterly Profit
Nasdaq

PLY: I fear SGX being cautious is not enough…

NYSE Cuts Fees to Lure Listings From Rivals
Wall Street Journal

The New York Stock Exchange is cutting fees for companies that move to the Big Board from rival exchanges, a move that intensifies competition with …

US Exchanges Rent Helicopter, Drape Banner In Pursuit Of Snapchat IPO
Reuters

PLY: To be fair, NASDAQ was the earlier adopter with Snapchat… (@FrontierFinance is me on said platform) and both are offering interesting content via what is a super platform.

HKEx Seeks To Shed Old-Economy Dependency
Breakingviews

The Hong Kong bourse wants to shed its overdependence on real estate and finance.

What’s At Stake For Chicago Exchanges As Trump Takes The Oath
Crain’s Chicago Business

PLY: At least this time around the CME Chairman isn’t in the excruciating position of jumping from his party to the opposition to support she who was not of the Chicago team only to see the “home” team win.

Mnuchin Says He Supports Dodd-Frank’s Volcker Rule
Morning Consult

“I think the concept of proprietary trading does not belong in banks with FDIC insurance,” Mnuchin said.

Volcker Rule & Dodd-Frank Are Here To Stay & Banks Need To Get Used To It: Barclays CEO
CNBC

“I think the Volcker rule is very clear, they want to move Wall Street from managing proprietary and trading desks to being agents and broker dealers…”

Hong Kong’s Securities & Futures Commission And Stock Exchange Of Hong Kong Issue Joint Statement On GEM Initial Public Offerings
Mondovisione
HKEX Proposes New Board
Nasdaq

Longer, term, HKEX is also considering creating a Nasdaq style private market where delisted companies would effectively be tracked.

Bank Execs In Davos Privately Say London Clearing Probably Safe
Bloomberg

PLY: Somewhere doubtless a journalist sighs with relief that even if he can’t get them on the record, he seems to have justified his expenses.

HKEX mulls over plan for dual-class shares again
The Straits Times

Both HKEX and SGX have lost out on big-name IPOs previously as they could not bend rules on share structure.

PLY: Still an ugly prospect…

Fitch Rates TP ICAP’s Bond ‘BBB-(EXP)’
Reuters
BRIEF-TP ICAP announces execution of 500 mln stg notes due 2024
Reuters

Futures regulator fines Citigroup $25 million for spoofing in US Treasury market
MarketWatch

PLY: Not a huge fine by this week’s standards throughout the banking/financial firmament.

Private Markets

Message from Chairman, Divestment Committee of Pakistan Stock Exchange
Business Recorder (press release) (registration) (blog)

PLY: Announces the very prompt closing of Chinese investment in Pakistan exchange.

Should You Subscribe To BSE IPO Or Wait For NSE ?
Moneycontrol.com
Why BSE IPO May Still Fail To Enthuse Dalal Street
Economic Times

As BSE gets ready to list this year, it is perhaps worthwhile to compare Asia’s oldest bourse with the National Stock Exchange, a 24-year-old upstart…

Path Clear For A New Stock Exchange
Moneyweb.co.za

After battling the mighty JSE over the Financial Services Board (FSB) licence that paves the way for the launch of a new stock exchange, 4AX looks ready to move forward in South Africa.

Freddie Mac To Delist From Luxembourg Stock Exchange
MarketWatch

PLY: confirming the toxic stupidity of some recent EU rules which are hurting competition. This awful cluster of rules needs to be abolished immediately, it is substantively hurting bond issuance and listing and will only hinder securitisation growth. In other words it is a disaster for Europe just when Europe faces ongoing economic disaster.

Special Section: FTI, NSEL, India at the Crossroads

Nada.

Technology

Palestine Exchange Launches its E-IPO System “IKTITAB”
Mubasher Info

PLY: Good to see this from PEX. Given I had one of these sketched out a decade ago and was ready to install it in SIBEX years ago, it’s remarkable how long it has taken many exchanges to catch up here.

Products

Sebi Issues Discussion Paper For Commodity Options Contracts
Livemint

APX & CBL Markets Partner for US Renewable Energy Trading
Yahoo Finance

CBL Markets will connect into the APX’s Environmental Management … our new multi-product exchange connects buyers and sellers around the world …

Fine Wine Investment: Petrus & The Fire Rooster
The Drinks Business

Liv – ex is the principal market place for the transaction of fine wines, and although there are still plenty of over the counter trades conducted off market, …

PLY: Interesting to see Liv-ex being noted as the principal exchange for wine…

Career Paths

PLY: SGX has announced the appointment of Seah Kim Ming Glenn as company secretary of company, with effect from 1 February 2017.

SEC Chief Of Staff Andrew J. Donohue will leave the agency while Jennifer Diamantis has been Named Chief Of the Office Of Market Intelligence.

Meanwhile Enforcement Director Aitan Goelman will Leave the CFTC.

The FIA in London has employed the popular Myriam Condon as VP of Member Services & Business Development, I wish her every success.

HKEX: Listing Nominating Committee Seeks Listing Committee Candidates
HKEX

Meet the People Inhabiting Trump’s New Boardroom
TheStreet.com
Trump’s Government: The People Who Will Matter For Markets
Financial Times

Crowdfunding

Inauguration Parade Groups Use Crowdfunding To Pay For Experience Of A Lifetime
Fox News

Other Stories

How The City Of London Hopes To Navigate A Hard Brexit
The Economist

Gateway To A New Business Order: Why Crowdfunding Is Just The Start Of The Next Era Of Organisations
City A.M.

PLY: Yip, yip and thrice yip, we’re barely scraping the surface of the “Capital Market Revolution!” agenda elsewhere too, points I noted when addressing the Global Coop Congress in Belo Horizonte, Brazil last year.

And so to my first weekend resident in Malta. It’s a bit windy but the sun is shining, the temperature is scheduled to remain in double figures throughout and if it does happen that the clouds empty then they are pretty much guaranteed to do so by delivering liquid (as opposed to solids) onto the ground.

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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