JANUARY 25 2017

Exchange Invest Issue 918… Porsche planned a mid-engined production car for 1973 in the late 1960’s with a new engine under the same designation but it was never built as the 911 grew into its tearaway teens with the 2.7 Carrera among other variants…

In Video

FinTech, PLY, “Victory or Death” – the future of finance.

In Today’s Exchange Invest

BSE issue already fully subscribed as SEBI wants to see a national cash commodity exchange. Thoughts from IEX and a dagger is deftly drawn against Blythe Masters.

And there’s more, happy scrolling:

In BigWorld

Lovers of really stunning public works SNAFUs can be fascinated by the Berlin Brandenburg airport which is already an eyepopping 6 years late and has just been delayed until sometime in 2018. In this case apparently the doors didn’t open or something. This project has been failing so long, it’s 4 years since I made a quip about it at the FESE Convention and we’re still nowhere near seeing the project open. It has only been in the planning process for 15 years, has had a mere half dozen delayed opening and the original $2.1 billion budget has soared to almost $7 billion (NB despite the Euro weakening). Mismanagement, shoddy construction and fraud are amongst the allegations whizzing around for what is surely Germany’s national shame that it now has the British disease of the 1970s in its utterly incompetent government (at least in the lefty fiasco which is the capital city anyway).

Of course the hubristic pillocks passing as elected stewards of the public interest (sic) closed Tempelhof in the meanwhile to create some hippy indulgence leaving only the monstrously outmoded Tegel which delivers the arriving flyer to Berlin that curious feeling – you are left to question just what economic system won when the Berlin wall fell.

Public Markets

At 34, LME’S Newest Leader Ranks As One Of The Youngest Ceos

PLY: Acting CEOs albeit Matt Chamberlain could be deemed a cheaper and more pliant option by the Hong Kong parent, to run the LME.

National Settlement Depository of Russia Reports 2016 Results

SGX’s Brighter Outlook Tempered By Competition

Blackrock’s Hildebrand Sees Euro Clearing Leaving London Post-Brexit

PLY: Continuing a theme where it seems Blackrock’s management simply don’t get the future in any way. First it was Larry Fink’s whacky comments at the DB1 reception, then they appointed the hyper-average George Osborne to an advisory post now their Deputy Chairman, the former Swiss Central banker Hildebrand seems to have lost the plot too. #MegaScary.

Euronext Targets Family Businesses With New Initiatives

PLY: Good idea.

Energy Trading Platform Welcomes Exchange Merger
Handelsblatt Global Edition (subscription)

PLY: I fully admire the excellent work Peter Reitz, has done as CEO of EEX, creating a powerhouse business in more ways than the purely obvious! However that Handelsblatt seeks to breed fake news with a minuscule blithe passing mention that actually EEX is part of DB1 demonstrates the decline of German rigour which has left, well Berlin airport with the lights on in Germany’s eco-hippy city but nobody able to land. As a stockholder and senior manager of DB1, what else is Peter going to say?

Nasdaq, Inc. Provides Financial Calendar

Romanian Billionaire Dies While Serving Prison Sentence

PLY: All you need to know about Romania Inc. Billionaire who owns the building housing the Bucharest Stock Exchange dies in prison serving sentence for bribing judges…

Private Markets

BSE IPO Fully Subscribed On Day 2

PLY: Offer for 28.26% of BSE’s pre-share sale capital was 1.01 times subscribed by Tuesday afternoon, according to data from National Stock Exchange where (due to SEBI fiat against self-listing) BSE shares will be traded.

John Ramsay of IEX, A Former Regulator Talks Speed & Special Interests In The Stock Market
Business Insider

Sideways: A Hillary Clinton Moment For Blythe Masters
Euromoney magazine

PLY: Painful but pertinent point – DAH didn’t get the DTCC mandate and that worries Jon Macaskill.

Deutsche Börse : Edison And Morningstar To Provide Research Reports For New Sme Segment

PLY: Still unclear if DB1 will manage to go a whole economic cycle supporting their SME market after the management summarily abandoned the Neuer Markt.

Special Section: FTI, NSEL, India at the Crossroads

SEBI Moots Spot Exchange For Agri, Non-Agri Commodities

There is no spot market for commodities at present following the implosion of the National Spot Exchange Limited ( NSEL ) over the payment default crisis.

PLY: Great idea BUT if I was the government, I would suggest SEBI first sort out the NSEL crisis (even if it was not then under its suzerainty) and then it gets the right to be regulator to a new cash commodity market?


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Exchange Data International’s Worldwide Corporate Actions, Closing Prices And Reference Data Services Available Now Via The Beast Apps


The Rise Of America’s Hottest Investment Product Is Changing Trading
Business Insider

Bond trading platform Tradeweb is pushing a type of trading known as RFQ, or request-for-quote trading, for US ETFs…

Belgian And Dutch Day-Ahead Markets Successfully Run On Epex Trading System
Satellite PR News (press release)

Career Paths

PLY: Plaudits to former OMX and SGX CEO Magnus Bocker on his appointment as Honorary Chairman (source: Channel NewsAsia) of the Singapore Investors Association (SIAS). Magnus takes over from Mrs Lim Hwee Hua who has completed her 3 year term, next Wednesday.

Condolences to the family of Former Lahore SE Chairman (Business Recorder) Group Captain Naeem Ahmed Khan who died on Tuesday after a protracted illness.

Timothy L. Warren, Associate Director Of Enforcement In Chicago Office, To Retire After 30 Years Of Service


Misys Prepares For Alt- Lending’S Collapse

PLY: Interesting angle. The notion Misys is betting on P2P to collapse while elsewhere in the parish, a great many others are betting that legacy vendors like Misys will collapse – a fascinating binary option for the long term methinks.

Zopa Ceo Jaidev Janardana On Partnerships, Banking Services & P2P Lending Trends
Crowdfund Insider

Other Stories

Canadian Stock Exchange Blocked Megaupload 2.0 Plans

PLY: Interesting.
Happy Burns Night to all those enjoying said supper ce soir.

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

Best wishes,


Patrick L Young
Executive Director DV Advisors

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