It’s Issue 920 of Exchange Invest AKA the day to celebrate that masterpiece of the 1960’s, the incredible spaceframe of the 917 which is Porsche design type 920.
As I mentioned a few days back, there was a habit of gas pressurising the 917 later in its career to ensure rigidity. A dial to one side of the exquisite mechanical rev counter noted when pressure fell on the ‘chassis barometer.’ Drivers would promptly pit, at which stage the elegant solution from Porsche’s engineering department was to despatch a mechanic into the pit lane (not unadjacent to large stacks of fuel and sundry flammables given endurance racing was being undertaken) and deftly wave a lit cigarette around the chassis. A flaring burn off flame would identify the source of the leak.
Fortunately this never resulted in a moment requiring Red Adair to cap a blaze at a race circuit but it does suggest that a modicum of regulation may be advisable even if ‘elf’n’safety’ is now at an extreme moment requiring vigorous paring back.
Nowadays they use tiny cameras to explore the inside of the spaceframes of 917s to look for cracks…I suppose if I had spent 15 million on my classic Porsche I would want my restorer performing a full colonoscopy of my 917 tube frame too.
Incidentally, in response to parishioners noting that I have just moved to Malta and suddenly there’s a vacancy for Grand Master of that historic order, the Knights of Malta, two points:
…Besides, the Knights of Malta have been headquartered in the Vatican State since 1798, a bit north of these sunny islands…
PLY on FinTech, “Victory or Death” – the future of finance.
In Today’s Exchange Invest
Quiet day perhaps a modicum of peace through exhaustion from all the Indian IPO excitement or a hangover from Burns Night and Australia Day but a few nuggets all the same, such as yet another GPW EGM, BM&FBovespa and Brokertec on the acquisition trail, new trading system in the Caribbean…
And there’s more, happy scrolling:
Desmond Tutu the South African ArchBishop and indefatigable hero of the battle against Apartheid memorably told a story in his autobiography of a fishing trip to Lake Pretoria with the then PM FW De Klerk. When De Klerk’s hat blew off in a gust of wind, attempts to row to the hat proved unsuccessful. At the point where he was about to abandon the quest, Desmond Tutu stepped out of the rowing boat, elegantly wandered across the surface of the water, picked up the hat and returned with his feet still miraculously gliding across the lake surface.
The following day the South Africa newspapers (all apartheid cheerleaders) led with the headlines:
“Tutu can’t swim!”
I was reminded of this joke when I foolishly turned on legacy television last night and found myself witnessing the CNN channel ‘reporting’ on President Trump.
Brazil’s BM&FBovespa Buys 8.59% of Lima Exchange For $15 million
Brazil’s BM&FBovespa buys 8.59 pct in Lima exchange for 49 mln reais … In a Thursday securities filing, BM&FBovespa said Roberto Augusto
PLY: BM&F Bovespa continues their approach to creating a Brazilo-centric South American empire of markets (AKA what BME could have done a decade and more ago, much more cheaply). The 8.59 percent of Bolsa de Valores de Lima SA for about 49 million reais ($15 million), follows the acquisition of 10.4 percent of Chile’s Santiago Exchange, 9.9 percent of Colombia’s financial bourse BVC SA & 4.1 percent of Bolsa Mexicana de Valores SAB .
We Haven’t Had One For A Month So Let’s Call Yet Another Extraordinary General Meeting of the Warsaw Stock Exchange (“Giełda Papierów Wartościowych w Warszawie S.A.”)
PLY: The once dominant GPW is now a tragi-comic cabaret of government meddling. The last government were micromanaging, the current government appear to be ‘nanomanaging’ with yet another reshuffle of the board being demanded. This is everything you need to know about why governments are rubbish at managing businesses or being shareholders therein and indeed emphasises that dual class shareholder structures just do not work.
NB I May have slightly changed the GPW source headline above.
BrokerTec Europe To Acquire e-MID SIM SpA – Acquisition Would See BrokerTec Expanding Further Into The Italian Financial Markets
PLY: Interesting deal.
ZAR X Files Competition Commission Complaint Against The JSE
PLY: To describe the blood as bad in ZA sounds like an understatement but clearly the JSE needs to clean the air as it looks to many like a leaden monopolist.
ZAR X CEO On Switching On, & The Battle With JSE
Ethiopia Commodity Exchange Deepens Electronic Trading With Three New Centers
Africa Business Communities
SET Targets Moving Toward T+2 Settlement Cycle In Q1/2018
Special Section: FTI, NSEL, India at the Crossroads
Regional Exchanges To Adopt New Platform Next Month
The stock exchanges in Jamaica , Barbados and Trinidad & Tobago will migrate to a new Web trading platform.
PLY: Plaudits to STT of South Africa who are supplying the solution.
TASE Blames Basel, Market-Makers For Options Dip
The Tel Aviv Stock Exchange has blamed the Basel capital rules on banks and the reduction in market-making for a drop in options trading last year…
PLY: Alas TASE remains deeply exposed to potential failure.
Mifid Reforms Could Accelerate ETF Growth
CFTC reports CFTC General Counsel Jonathan L. Marcus To Depart Agency.
PLY: In a world riven with fake news and/or just plain lousy reporting, both in legacy and new media, there is a fundamental misunderstanding. Top officials in government agencies are generally nominated by the president. Thus while there have been many executive resignations and retirements in recent months, the likes of the General Counsel of the CFTC fully expected to move on at the end of the Obama regime. (Tragically in Bigworld across the spectrum from the Bolshevik Broadcasting Corporation to the Communist News Network to the Daily Mail and Telegraph, inaccurate information, “fake news” if you will, is being habitually repeated by rote).
Ontario Securities Commission Announces Fintech Advisory Committee Members
Bitcoin Whizzkid Returns: Jaron Lukasiewicz Joins Rhodes Corporation
After selling Coinsetter and CaVirtex to Kraken in January 2016, Jaron Lukasiewicz took time out in California.
Crowdfunding Platforms Expand Financing To Regions That Suffer From Venture Capital Drought
UK Financial Regulator Calls For New Global Market Access Regime
PLY: The FCA finds its voice to look at global mutual recognition and access as opposed to being narrowly focussed on the EU window now that Britain is clearly on a fast track to Brexit.
Thanks as always for reading Exchange Invest and have a great weekend I hope the Daytona 24 hours is as gripping as always, awesome entry list…
Patrick L Young
Executive Director DV Advisors