JUNE 29 2017

Good Morning, welcome to Issue 1026 of Exchange Invest and yes, seeing as you asked, we’re still trying to work out how many fingers and toes account for the big figures in a quadrillion (following NEX’s epic optimisation milestone of yesterday).

Meanwhile it’s the 10th anniversary of the first iPhone today while in 1927 American aviators Lester Maitland and Albert Hegenberger completed the first TransPacific filght in the “Bird of Paradise” – perhaps appropriately on the birthday of Antoine de Saint-Exupery.

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

In the main, lots of product news rumbling around today. From Wibor to a potentially very very wide index indeed.

And there’s more, happy scrolling:

In BigWorld

Real Clear Markets taunt “Shades Of Neville Chamberlain In Yellen’s Crisis Prediction” …which indeed comes 96 months into a US expansionary economic cycle…

Elsewhere the financial realpolitik of Brexit is worrying the Brussels blob as various troughing parties are even suggesting new pan-European taxes to make up for the shortfall when Britain leaves the EU. Of course closing that €10bn hole in EU finances through cost cuts is anathema to the blob which always wants more, mimicking the governance principles of Jabba the Hutt.

However things work out you can’t call either of these “a big nothingburger.”

Public Markets

”Phiz” Confident That Interdealer Brokers Haven’t Lost Their Voice
Financial Times


HKEX and The Chinese Gold and Silver Exchange Society (CGSE) today (Thursday) signed an MOU to consider cooperation on matters ranging from product promotion to storage vaults.

EBRD And Zagreb Stock Exchange Present SME Project For Croatia And Slovenia

London Stock Exchange Group Plc Transaction In Own Shares

Private Markets

Dalian Commodity Exchange Takes Measures To Deepen Integration Of Futures Market And Real Economy

NSE Inks Pact With Andhra Pradesh Govt To Boost MSMEs

Ethiopia : ECX, Birhan Bank Go For Modern, Reliable Payment System

Special Section: FTI, NSEL, India at the Crossroads

No news today.


ESMA Seeks Volunteers For Field Tests Of The European Single Electronic Format (ESEF)

PLY: Open to companies and vendors to help test the ESEF.

Nasdaq’s Directors Desk® And Boardvantage® To Introduce Board Assessments And Compliance Questionnaires – A Unique Collaboration Between Nasdaq Corporate Solutions And The Center For Board Excellence


GPW Benchmark Is The WIBID And WIBOR Fixing Organiser As Of 30 June 2017

Nasdaq Offers Dark Pool Workaround For Trades Forced Into Light

Kicking The Can Down The Road: FCA Delays Decision On Spreadbetting Reforms
City AM

PLY: UK ceding ground to ESMA which is both frustrating in timescale as well as likely to see more knee jerk punitive moves, albeit on an area where there are questions of abuse. The FCA statement is here.

HKEX & CESC Explore New Belt & Road Index Initiative
Exchange News Direct

PLY: An ambitious index project.

ETF Are Being Unfairly Blamed For One Of The Market’s Biggest Problems
Business Insider

Hong Kong’s Securities And Futures Commission Consults On New OFC (Open-Ended Fund) Rules And OFC Code

Career Paths

Congratulations to Amy McCormick, formerly of NFA who has been Appointed First Vice President Of Financial Risk Management at OCC.


After Success On Kickstarter, A 3D Printing CEO Started His Own Crowdfunding Platform

PLY: Some interesting small print in this story.

Other Stories

ESMA Updates Co-Legislators On MIFID II Implementation

Swiss Finance Museum Opening In Zurich Today AT New HQ Of SIX At Hard Turm Park
Enjoy your Thursday, and in many parts, don’t forget to arm the kids with presents for their best teachers…


Patrick L Young
Executive Director DV Advisors

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