The Daily Newsletter of Market Infrastructure








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Exchange Invest is a free daily email/web newsletter
about the core events pertaining to investment
in financial markets infrastructure such as:

  • exchanges
  • IT vendors
  • brokers
  • MTFs
  • clearing houses
  • etc.

JUNE 15 2017

Welcome to Issue 1016 of Exchange Invest which corresponds to a packed year AD where amongst other events, the Emir of Aleppo, Mansur ibn Lu’lu’ was ousted (how times change) while King Ethelred of England died and was succeeded by his son Edmund Ironside. Meanwhile, the Battle of Brentford (the Danes under Cnut succumbing in extra time to King Edmund’s troops) was arguably a template for later Millwall premiership play offs.

Thanks to Divya Chowdhury and Savio Shetty for another excellent session this morning on the Reuters Global Market Forum chat room where I was delighted to field q’s on all aspects of markets but particularly Brexit and Britain / Europe’s politics etc.

Prosperity UK Video

Prosperity UK Panel – Brexit, Euro Clearing & Financial Market Structure: panel ably chaired by Barney Reynolds headlining parish luminaries Jeff Sprecher and Michael Spencer, with one Patrick L Young lurking in the background.

In Today’s Exchange Invest

Kynetix and Singapore Diamonds Exchange make a fascinating Proof of Concept which could fill in a missing link in the Blockchain firmament for warehousing. Bob Greifeld re-emerges after brief interim NASDAQ chairmanship as Chairman of Virtu while TMR links their data into the blockchain.

And there’s more, happy scrolling:

In BigWorld

Malta enters the final few weeks of its successful EU Presidency just as everybody in Britain who doesn’t believe in democracy is on manoeuvres to kill Brexit – the be careful what you wish for maxim has never been more apt.

Public Markets

City’s Clearing Relief Tempered As EU Details Examined
Financial Times

PLY: Barney Reynolds is right when he notes “there is a deal to be done here” but clearly the EU may be in danger of adopting its usual sneaky death by 1000 cuts approach, gradually using extreme versions of oversight to veto activities and thus steal Euro clearing – albeit as this is the EU, the process will misfire and it will all go to New York or Singapore. Worry remains the UK has been asleep at the wheel of government for a decade and more, especially in financial service.

Brief- Deutsche Boerse CFO Says Open To M&A In The Index Business
Reuters

PLY: A DB1 investor update produced little in the way of palpable wisdom by the sound of it, albeit Carcrash is right in saying the market does not appreciate his shares but then again he and his team fail to understand their company or seek to bolster value through restructuring…so if you don’t take care of yourself why will investors be attracted to you?

Renewal of Euronext Reference Shareholders Agreement
Euronext

PLY: My bad, I omitted this yesterday, apologies. Some cornerstones selling down but the reference shareholder agreement has been renewed underpinning Euronext and its board.

Investors Turn On London Stock Exchange
The Times (subscription)

PLY: Time for some more AIM complaints.

NFA Has Until July 7Th To Respond To Motion To Remove FXCM Complaint, PR From Website
FinanceFeeds (blog)

PLY: Curiouser and curiouser…

Private Markets

Lord Copper: Autilla… Or Something Else
Metalbulletin.com (subscription)

Baku SE Quits Federation Of European And Asian Stock Exchanges
APA

PLY: FEAS is now facing an even greater crisis then the moribund WFE. 7 membrs have resigned including Istanbul (miffed at the move of the HQ to Armenia.

Expect To Trade In Option In 45 Days: Mrugank Paranjape, Mcx
Economic Times

IEX One? IEX Two? The Speed Bump Must Go
Seeking Alpha

PLY: Not sure Kurt Dew isn’t jumping the shark a bit here.

Brighter Future For The Malta Stock Exchange – Edward Scicluna
Malta Independent Online

FX Connect, Currenex Platforms Garner Fca Approval To Operate As Mtfs
Finance Magnates

Tax Incentive Big Boost For Companies On Jse Junior Market
Government of Jamaica, Jamaica Information Service

Misys Boss To Lead Fintech Giant After Merger With DH
Telegraph.co.uk

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

Kynetix Builds SDiX Blockchain for Diamond Trading
Kynetix

PLY: Fascinating development for both Kynetix and the growing Singapore Diamond Exchange. Both are interesting developments at the right time methinks.

Oslo Børs Selects Scila Surveillance Delivered By Cinnober
Scila Surveillance

PLY: Good.

Thomson Reuters Makes Its Market Data Blockchain-Friendly
Reuters
Thomson Reuters To Provide Market Data Through The Ethereum-Compatible Blockone Iq Tool
ETHNews

PLY: Another good tangible move on the blockchain alongside the Kynetix news.

BME Reaches An Agreement With The Colombian CCP To Use BME’s Technology
MondoVisione

The Colombian central counterparty (Cámara de Riesgo Central de Contraparte de Colombia – CRCC) will use BME’s technology in the clearing and settlement of Interest Rate Swaps (IRS) in the Colombian market, a service that will begin at the end of 2017.

PLY: Interesting.

Products

Baltic Exchange Exploring New Freight Indexes For Grains
Reuters UK

Career Paths

Former Nasdaq Chief Greifeld To Take Over As Virtu Chairman
Reuters

PLY: Interesting news for the parish and good for Virtu, as part of the KCG deal, Bob is back after that remarkably brief period as Chairman of NASDAQ – now all is a lot clearer. Albeit where does Vinnie Viola go next?

CME Group Chairman Terry Duffy Back At Work After Recovering From Collapsed Lung
Chicago Tribune

PLY: All the best to Chairman Duffy on returning to work.

UK Government Appoints Brexit Backer As City Minister
Nasdaq

PLY: Mixed picture in government about Brexit while opponents maintain gibberish about soft Brexit which is a euphemism for remaining.

Michael Lynton Joins Iex Group Board Of Directors
Business Wire (press release)

Snap Inc Chairman waxing lyrical about joining the board of IEX – could a massive change of listing be on the cards when IEX expands its trading platform to primary markets soon?

Nasdaq Appoints Mattias Hammarqvist As New CEO Of Nasdaq Broker Services AB
MondoVisione

Mattias Hammarqvist has been appointed New CEO of Nasdaq Broker Services AB, effective June 14, 2017 while current CEO, Peter Ekström has opted for a role as Head of Business Development at Nasdaq Broker Services with a specific focus on future business opportunities.

Crowdfunding

Online Lenders Haven’t Been Verifying Income And Employment On Their Loans…
Business Insider

PLY: #Worrying.

Other Stories

Best Execution Under Mifid Ii And The Role Of Transaction Cost Analysis In The Fixed Income Markets
Tradeweb
Off to the EU Digital Assembly – which presumably means Brussels bureaucrats wielding Powerpoints which looked outdated before Windows 3.11 was introduced.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

April 2018
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