JULY 5 2017

Good Morning and Welcome to Issue 1029 of Exchange Invest Daily, refreshed after a day celebrating American Independence, even if from somewhat afar. A century of issues ago you will recall that we were just getting into the stride of the remarkably popular Porsche 900’s in issue terms. Well if you have $13-16 million to spare (and who knows it might yet be more!), the place to be is Monterey, California in mid August when David Gooding’s eponymous auction company will be selling chassis number 024 of the 917 gere, a short tail (K for Kurz) car which when owned by Jo Siffert was leased to Solar Productions to be one of the stars of Steve McQueen’s movie “Le Mans.” “Can it really have been as well preserved in a French barn for 30 years as the stories say?” That will doubtless be the question enthusiasts ponder before bidding on what is now an elegantly restored bolide of note…

I will alas miss the auction but then again I am looking forward to Glyndebourne enjoying a very different experience in musical sound than a 917’s remarkable flat 12 whine.

Euro Clearing Essentials

1) Prosperity UK Panel – Brexit, Euro Clearing & Financial Market Structure: panel with Barney Reynolds, Jeff Sprecher, Michael Spencer and one Patrick L Young lurking in the background.

2) My CapX article explaining The EU’s Euro Clearing Plan Is An Act Of Protectionist Self-Harm.

In Today’s Exchange Invest

BATS BIDS LiS showing a spectacular growth pattern in European block equity trading. Michael Spencer selling paintings, buying NEX stock. Indian commodity exchange merger in the works to create a larger third player.

Just as EI closed for pixel, GMEX has sold software to create a Lebanese CCP. Interesting.

And there’s more, happy scrolling:

In BigWorld

Finally I cannot help but share my heated agreement with President Juncker of the EU whose exasperation in Strasbourg (that white elephant where the EU drains money once a month for no useful purpose) led him to remark that the European Parliament is “ridiculous.”


Public Markets

Director Dealings: NEX Group CEO Michael Spencer Buys 765000 Shares
Interactive Investor

PLY: Making a bargain of roughly 4.6 million which might not be unrelated to news in this Telegraph story “Up And Down; The Stories Behind London’s £439 Million Summer Auctions” where Michael’s Modigliani “Cariatide” sold for £6.9 mto Russian art dealer, James Butterwick, who bought it for a UK based Russian client.

3rd July:
London Stock Exchange Group Plc Transaction In Own Shares
London Stock Exchange Group Plc – Total Voting Rights
July 4:
London Stock Exchange Group Plc Transaction In Own Shares

Moscow Exchange To Establish Subsidiary Focused On Innovative Projects

PLY: Interesting initiative mostly aimed at the tech as opposed to product stack by the looks of it.

Plus500 Defeats ‘Gloom Mongers’ With Significant Trading Boost

Private Markets

India’s NSE May Need To Refile IPO Application: Regulator

PLY: The NSE’s painful year continues.

NMCE, ICEX To Merge Creating Third Biggest Commodity Exchange

PLY: Pending regulatory confirmation but given SEBI’s ongoing bludgeon against small independent markets as opposed to the national mega-bourses their flawed policies require, this deal would appear likely to be nodded through.

Former Glencore Traders Launch Metal Trading Platform
Financial Times

In May, Martin Abbott, the former head of the London Metal Exchange , launched a digital platform for metals trading. Large commodity traders are also …

PLY: Open Mineral the latest new metals platform. CEO Boris Eykher, the former CFO at a Glencore-owned zinc producer in Kazakhstan is quoted above saying: “Just as eBay revolutionised retail purchasing by bringing buyers and sellers together directly, we aim to do the same for the physical commodity producers.” Go live is due in August with the platform open only to miners and smelters. Interesting.

Zamace Will Boost Zambia, East Africa Trade Relations
Zambia Daily Mail

Special Section: FTI, NSEL, India at the Crossroads

No news today.


Midclear Selects GMEX Group To Deliver Derivatives CCP For Lebanon

PLY: Interesting deal for the Avenir product of GMEX, good to hear Lebanon returning to the financial front line closer to where it say 40 years ago…

Deutsche Börse: New T7 Trading Technology Goes Live On Xetra

Eurex Plans Q4 Launch For Electronic RFQ Service


Bats Europe Reports Record Month For Bats LIS With Over €2 Billion Traded On Platform

PLY: I am not much minded to simply trumpet volumes but there is something fascinating here happening at the heart of European block trading. It always struck me, especially when serving on a rival platform board, that BIDS launched properly in Europe could be spectacular. Turquoise to some degree cloned the BIDS approach but through the BIDS-BATS LiS model of direct cooperation, it would appear that BATS is making a stunning breakthrough and that must presage better markets..

ESMA Sees Continued Decline In Number Of Prospectus Approvals

PLY: Chicken / egg / irony failure. The financial crisis gets tarred with blame while the ridiculous level of EU regulation which has made the EU look like it is waging a war on free markets can’t be to blame. Of course not.

Nadex Halted FTSE 100 And Germany 30 8-Hour Spread Contracts Listed On July 3, 2017

PLY: D’oh! Somebody launched contracts that would have been trading during July 4th, cue red faces all round.

Europex Position Paper – MiFID II: Need For An Equal Regulatory Treatment Of Long-Term Transmission Rights (LTTRs) To Enable An Efficient Regime For Secondary Trading

Metropolitan Stock Exchange Of India (MSEI) Extends Equity Trading Hours

The Metropolitan Stock Exchange of India or MSEI has extended its equity trading hours from 9 am to 5 pm.

PLY: Will it make a material difference to the struggling third national bourse in India?

Career Paths

PLY: David Hodge has joined Oanda as CEO, EMEA and Chief Marketing Officer, based in London.

According to All Africa, former Dar Es Salaam manager Manager Patrick Misana Mususa has been Appointed the New Boss Of the Tanzanian Institute Of Bankers.

Congratulations to both gents on their appointments.


Opportunities Being Lost As Crowdfunding Debate Rumbles On

Fsb Misses Its Own Crowdfunding Deadline

South Africa’s Financial Services Board (FSB) has missed a June 30 deadline on considering whether to regulate equity crowdfunding or not.

European Innovation Council Will Trial Blended Finance, Crowdfunding Competitions
Science Business

PLY: Good idea.

Other Stories

FSB Reports To G20 Leaders On Progress In Financial Regulatory Reforms

PLY: Rem it’s high season for rioting NGOs in Hamburg this weekend as the G20 meets to be hectored by Mrs Merkel.

ESMA Provides Interim Transparency Calculations For MiFID II

Powering The Capital Market Through Financial Literacy
The Punch

As part of efforts to boost capital market literacy, both the Securities and Exchange Commission and the Nigerian Stock Exchange have been working on improving investor literacy.

PLY: Good thing too.

Know Your African Exchanges (KYAE)

PLY: An African stock exchange primer…
Enjoy your day, for those in north America, we hope your digestion is abating after recent celebrations.

Thanks for reading Exchange Invest.


Patrick L Young
Executive Director DV Advisors

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