JANUARY 31 2017


Exchange Invest Issue 922… curiously, alongside the cute but by compare rather gutless 912 car, there was also a 912 number given to the 4.5 litre engine of the epic 917…which redefines anything but gutless (makes a remarkable noise too from the flat 12). Anyway this Exchange Invest commemorates the 4 valve upgrade to the 917 engine which was under type 927 in the Porsche pantheon of perfection.

In Video

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

In Today’s Exchange Invest

Today in Exchange Invest, Jeff Sprecher notes the”fundamental change” to regulation of Mr “2 out one in,” President Trump while Lee Olesky of Tradeweb muses on the future of bond trading.

And there’s more, happy scrolling:

In BigWorld

In Bigworld, it’s “two regulations out, one in” which is a quantitatively eased improvement on the parity trade I was hoping for. Clearly in the wake of Dodd Frank et al, the parish is simply oozing with potential to exploit this opportunity as a result of the last 8 year’s legislation alone. If only the EU could introduce such a move, the Brexit move may have been entirely stymied.

Elsewhere in the world now dominated by Trump, the water cooler question is “ Does a sacked acting Attorney General equate to a collective of dismissed air traffic controllers?”

Public Markets

ICE CEO Says Trump to Bring ‘Fundamental Change’ to Regulation
Wall Street Journal

PLY: Absolutely. It was never clear quite how the next major deregulatory wave would occur but it was clear years back it would happen (if you were reading Exchange Invest) and Jeff pragmatically notes that President Trump runs against the prevailing thrall that big government cures everything (as empirically unproven now for some time). Meanwhile, the rumours continue to grow and if it’s true, huge plaudits to NYSE and a great disappointment to NASDAQ:

Snap Selects New York Stock Exchange for IPO: source
Reuters

Hong Kong Gets Support For New Board For Startups But It’s Still Thumbs Down For Dual Shares
Asian Breaking News

PLY: Good news on both counts.

LME Volumes Plunge As Liquidity Falls During Chinese New Year
Financial Times

PLY: World’s largest metals buying nation goes on holiday and market volumes shrink – that this is regarded as news shows how far the Brussels Bugle has fallen.

European Energy Exchange Opens 15th Global Office In Madrid
LeapRate

PLY: “Global” here being used in the parochial sense that the world revolves around the EU/EEA/EFTA. It would perhaps be more accurate to suggest EEX has an extensive European network of offices (source: EEX web site). Moreover when you count the discrete number of locations – even including Madrid, EEX actually has 11 offices (around Europe).

Tricky to tell if this is standard neuer-investment-bank model DB1 hype or just plain incompetence. Pity, I thought EEX were doing a pretty good job overall.

ESMA Calls For Tougher Vetting Of Foreign Clearing Houses
Reuters UK

PLY: Clearly there are worries that this may be protectionism by the back door albeit I would be surprised to see ESMA play the sort of dirty politics being suggested by some of the more manic Europhiles, as a European market without the UK looks more like a jumble sale.

DFM Plans To Introduce Central Counterparty (CCP) Clearing In Line With International Best Practice
MondoVisione

JSE Accused Of Nitpicking To Rule Out Competition
Moneyweb.co.za

Private Markets

LedgerX Files In US To Trade Bitcoin Options
FOW magazine

Bitcoin exchange LedgerX has applied for approval with the US futures regulator to run a swap execution facility and clearing house.

Special Section: FTI, NSEL, India at the Crossroads

NSEL-FTIL Merger – Is It Really ‘For The People’?

blogspot.com

PLY: I am less and less convinced this web site is more than some form of blind NSEL support site but the points raised remain pertinent – corrupting the entire corporate code for the sake of stitching up a settlement for NSEL is ludicrous and a significant sign of government failure.

Technology

Speed Traders’ ‘Stupid’ Plan for Fast Network Halted in U.K.
Bloomberg

PLY: Dover a city famed for its white cliffs, and in some parts of the exchange parish, high latency.

Misys CEO Targets New IPO, Machine Learning and P2P Lending
Bloomberg

Before Misys tackles the public markets, it is targeting new products such as machine learning and peer-to-peer lending.

Tokyo Stock Exchange Takes On Juniper Networks To Bulk Up Economic Infrastructure
Data Economy

Products

Give Farmers Access To National Regulated Markets
Hindu Business Line

PLY: Opinion piece by NCDX CEO Samir Shah

Fixed Income Trading Is Primed For An Evolutionary Leap
Financial Times

PLY: Tradeweb CEO, Lee Olesky discusses how data science will drive an evolutionary leap in bond markets… who knows it might even drive forward the media

The Battle For Bitcoin’s Shifting Exchange Volumes is Escalating
CoinDesk

Career Paths

TMX has named Alison Simpson senior VP of Marketing and Branding, a new position reporting to CEO Lou Eccleston.

Josh Drobnyk Joins FINRA As Senior Vice President, Corporate Communications
FINRA

Wenchi Hu, Associate Director In The Division Of Trading And Markets, To Leave SEC
OCIE Director Marc Wyatt To Leave SEC
SEC

PLY: with so many staff departing, will POTUS extends the “two out one in” regulatory rule to staff hiring?

Kaidi Ruusalepp Interview. CEO of Funderbeam, Global Blockchain Startup Stock Exchange
Irish Tech News

Another Key Executive Has Left Online Lender Prosper
BuzzFeed News

Crowdfunding

Will It Be The Year of P2P Lending In India?
Economic Times

Other Stories

Remarks Of CFTC Commissioner Sharon Y. Bowen Before The Commodity Markets Council – “Transitions Present Opportunities”
SEC

Did The Modi Govt Fulfil Budgetary Promises For Capital Markets?
Livemint

ESMA Advocates Common Principles For Setting Up Share Classes In UCITS Funds
ESMA
Thanks as always for reading Exchange Invest and have a great week…

Best wishes,

Patrick

Patrick L Young
Executive Director DV Advisors

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