JANUARY 30 2017

And so to issue 921 of Exchange Invest which correlates with a fabulous but stillborn Porsche design, the 921 being a study in 1969 to create a 4×4 gas-turbine-powered sports-racing coupe. It would have been fascinating to see Porsche’s take at the height of the gas turbine boom when Lotus had produced the stunning Indianapolis 56 single seater and of course BRM had pioneered the concept at Le Mans some years earlier.

In Video

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

In Today’s Exchange Invest

Great news that Lamon Rutten will run Indonesian ICDX while CME have disposed of their entire stake in BM&FBovespa. Israel to reform ETN market which may presage greater things, while Japan Exchange issues bonds and Zagreb looks ahead to privatisation issues…

And there’s more, happy scrolling:

In BigWorld

In BigWorld, an epic weekend for tennis as the brilliant Rafael Nadal was edged out by the simply magnificent Roger Federer in the Australian Open.

Meanwhile Donald Trump is pushing ahead with his efforts to make the USA the world’s largest gated community.

Readers may be dismayed by the Trump security ban (which is apparently similar but much broader to some policies of predecessors). However it reminds me of an issue which affected various parishioners in the wake of the horrors of 9/11 when the US issued all manner of major passport controls…. As I hazily recall, the good folks from EUREX Zurich used to often travel across the Atlantic with their colleagues from Frankfurt only to be subjected to a raft of security checks not afflicting the Germans.

Anyway rumour has it, the Swiss complained to their embassy and word came back many months later that the problem was resolved. Allegedly, a gnomic diplomat confidentially intoned that an American apparatchik had made a typing error in some part of the security edict, mixing up Swaziland with the Helvetic Confederation when inputting the restriction data.

Elsewhere in Bigworld, the French have adopted a socialist nominee who is even more left wing than the incumbent President – frankly an achievement by French standards where the right is left, the centre very left and the left normally almost out of sight on the socialist spectrum of developed nations.

Public Markets

Japan Exchange Group, Inc. And Consolidated Subsidiaries Consolidated Financial Results For The Nine Months Ended December 31, 2016
Japan Exchange Group: Status And Conclusion Of Acquisition Of Own Shares

PLY: Revenue down, expenses up…

Brief- Japan Exchange Group To Issue 10-Yr Bonds For 20 Bln Yen
Japan Exchange : Jan. 30, 2017 Disclosure Decision On Issuance Of Corporate Bonds

Bm&FBovespa Says CME Fully Divests From Bourse Shares

Hellenic Exchange New Market Model

Will The CFTC Or The SEC Determine The Rules Of Trading?
Seeking Alpha

PLY: I find the question raised fascinating although I struggle to agree with many things Kurt Dew says, thought provoking…

Zagreb Stock Exchange Looking Forward To Hep Privatization
Total Croatia News

Ivana Gažić, CEO of Zagreb Stock Exchange , said on Friday that the IPO of Croatian Electrical Company (HEP) would again popularize the capital markets…

PLY: I hope Croatia can get rid of its multiple state assets and find a way forward which helps Ivana Gazic and her indefatigable team progress the local capital market. At the same time, clean breaks are required, as otherwise former Communist nations (non-aligned or not) are struggling to move forward, as we can see clearly in Poland with the gerrymandered stock exchange and indeed over the weekend the news from Romania was profoundly disappointing:

Romanian Government Asks State-Owned Companies To Pay Higher Dividends

Five of these companies are listed on the Bucharest Stock Exchange while Hidroelectrica should be listed this year.

TP ICAP’s Data & Analytics Division Completes Asset Acquisition From Research And Analytics Specialist Burton-Taylor And Hires Douglas Burton Taylor

Why It’s Time To Reconsider The Indian Commodities Transaction Tax
The Wire

LME Regroups After Chief Drops Out Of Electronic Trading Battle
Financial Times

PLY: FT catches up with last week’s events.

Nasdaq Corporate Solutions And Euroland IR Partner To Provide Enhanced Features For Investor Relations Websites

Private Markets

BSE To List On NSE On February 3
The Indian Express

Asia’s oldest bourse BSE, recently concluded its Rs 1,243-crore initial public offering.

IEX Boss Brad Katsuyama On How He Built A New Exchange And How He’ll Fix Wall Street

Budapest Bourse Brings Roadshow To Warsaw
Budapest Business Journal

PLY: Until recently it would have been rather unthinkable for a rival exchange to make much headway promoting itself in the Polish capital but with recent regimes determined to undermine the stock exchange, it is now a sad fact of life – Warsaw SE looks becalmed and the crew has mutinied.

Jamaica Stock Exchange Regional Conference Starts Strong
Jamaica Gleaner

Jamaica SE Crowdfunding Platform Postponed
Jamaica Gleaner

Jamaica Stock Exchange says its crowdfunding platform that was set for launch at this year’s capital markets conference will be unveiled at a later date..

Special Section: FTI, NSEL, India at the Crossroads

No progress.


Introduction Of Eurex Co-Location 2.0 Service & Related Changes
Eurex Exchange

Percival To Deliver DEPEND & HUBBLE To Icelandic CSD

New P2P & Marketplace Lending Fund Launches Using Blockchain & Robo-Advice Strategy

Thomson Reuters Organizes Blockchain Hackathon In Switzerland


ICE Applies To Re-Launch Large Fx Futures
FOW magazine

Israel’s Exchange Traded Notes Set For Reform

PLY: Interesting.

European Sector Indices On Oslo Børs
All About Shipping

Why Hong Kong Exchange’s Qianhai Metal Plan Won’t Fly Without Physical Delivery
Asian Breaking News

Do Sebi’s Suggestions On Commodity Derivatives Make The Cut?
Hindu Business Line

Career Paths

PLY: I am at once delighted and excited that Lamon Rutten has a new exchange to power forward, namely ICDX in Indonesia (itself powered by GMEX). Formerly with UNCTAD, he was CEO of MCX and has subsequently been active in promoting the parish throughout the world’s emerging economies.

CFTC Chair Giancarlo Picks New Division Heads
FOW magazine

…Meanwhile the COO of the SEC, Jeffery Heslop, is leaving the agency.

Market Maker: Qatar Exchange Ceo Rashid Bin Ali Al Mansoori

Al Mansoori, who has served as CEO of Qatar Stock Exchange (QSE) since 2012, is frank about the issues facing it.


Crowdfunding & Blockchain: A Perfect Match?
Huffington Post

European Crowdfunding Networks Calls For Members To Assist With EU Crowdfunding Regulatory Review
Crowdfund Insider

Other Stories

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 week…

…and congratulations to the retiring Max Angelelli plus Jeff Gordon, Jordan Taylor and Ricky Taylor on a magnificent Wayne Taylor Racing victory in the Daytona 24 hours with their Dallara Cadillac a the weekend.

Best wishes,


Patrick L Young
Executive Director DV Advisors

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