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 5 2017

Welcome to Issue 1008 of Exchange Invest, an interesting 512M chassis number corresponds to today’s edition. Sympathies to all in London, another horrific attack at the weekend. I am not in London for IDX today, I hope the event goes safely and smoothly.

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 – perhaps the ‘hot button’ parish topic in derivatives of the moment…

In Today’s Exchange Invest

It’s the end of an era as Ravi Narain steps down from NSE, with the once invincible Indian megabourse looking less stable than it has ever been after recent issues. Cinnober launches new CCP risk system as NASDAQ upgrades the Polish Power Exchange system. Former ICE CFO nominated as Secretary of the Navy.

And as we closed for pixel a press release comes through with NFEx being announced, the Martin Abbott backed non-ferrous metals exchange to launch next year in London.

In BigWorld

After an inspirationally dire muckraking campaign which began spiked with innuendo and ended bereft of sustainable prima facie with spending commitments akin to a footballer’s WAG on crack cocaine, the opposition has been routed in the Maltese general election. The Labour Party won another landslide running a positive campaign on a manifesto of economic common sense materially to the right of, well Theresa May in Britain for a start. As is a contemporary benchmark, English language media broadly failed to predict the result which, come to think of it, will also happen this Thursday when despite her muddled vision and general mediocrity finally being clearly unmasked, Mrs May will win through with a sizeable majority in Britain and thus be empowered to do what she is good at – being dogmatic in the Brexit negotiations.

Public Markets

HKEX To Launch Third Board Consultation In Two Weeks
South China Morning Post

HKSTP & HKEX Launch Road To IPO Platform
PR Newswire (press release)

Why Brexit Could Hurt UK Clearing
MoneyWeek

PLY: In attempting to distill the arguments for hte retail readership of MoneyWeek in the UK, most of the key points are, alas, missed.

Banks Shed Bond Indices As Regulation Tightens
Financial Times

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

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

XTB Owner Zabłocki: “2017 Will Be A Year Of Market Consolidation”
Finance Magnates

Private Markets

New Non Ferrous Exchange Led By Martin Abbott to Launch Q1 2018
EI Download Centre

PLY: Fascinating, says it is fully funded (no backers named), with Autilla tech apparently a driver of the system. Interesting albeit not entirely unexpected development.

SDIX Raises $10M Round Series B+ Led By Vertex Ventures
DEALSTREETASIA

PLY: No news on round value,but a good deal for the expanding Singaporean diamond exchange.

NSE To Launch International Bourse On June 5
NDTV

PLY: Lots of stories saying it will launch over the weekend but as we race to pixel I cannot source any evidence it actually happened today…

CSE Chief Calls For Stepped-Up Listings Of State Entities
The Island.lk (subscription)

IPOs Worth Rs5,000 Crore Lined Up This Month Including CDSL
Livemint

PLY: Beating NSE to the market, is the CSD being spun out of multiple institution’s ownership and expected to raise around 50 million USD.

New Kazakh Bourse Targets IPOs From Country’s Privatisation Scheme
Nasdaq

PLY: Kairat Kelimbetov, governor of Astana International Financial Center discusses the AIFX with Reuters at the St Petersburg Economic Forum. Interesting reading.

SEBI Forms Committee On Corporate Governance
The Statesman

Olive Oil Futures Market Notches Second Profitable Year
Olive Oil Times

PLY: A market we have barely heard of…

Special Section: FTI, NSEL, India at the Crossroads

Mahindra Defence Arm To Probe Rs 5600-Crore NSEL Payment Crisis
Business Standard

PLY: March of the forensic auditing…

Technology

TGE (Polish Power Exchange) Launches New Trading System Powered by Nasdaq
Nasdaq

PLY: Powered by NASDAQ since 2008, TGE remains the growth engine of GPW in many respects.

Cinnober Launches Risk Management System Tailored Uniquely To CCP Needs
Cinnober

PLY: Very interesting, a logical product to add to the Cinnober suite which ought to prove popular.

Nasdaq Corporate Solutions To Expand Nasdaq IR Insight® Mobile App With New Virtual Assistant
NASDAQ

PLY: The NASDAQ IR assets remain a relatively unknown but highly useful element of soft power and revenue.

The Race To Become Islamic Banking’s Fintech Hub
The Economist

Products

Market Makers In Equity Options Are Vanishing
Barron’s

Dealers must post bids and offers in Byzantine market structures that technology has degraded into shooting galleries for ultrafast computers.

JSE Aiming To Add 22 New Companies Within A Year
Jamaica Gleaner

The Jamaica Stock Exchange (JSE) says it’s aiming to add 22 new companies worth an estimated $22 billion to the Junior Stock Exchange.

Career Paths

Ravi Narain Quits NSE Board Amid Sebi Probe
Livemint
How Ravi Narain Built The NSE & Then Lost His Grip
Moneycontrol.com

“Without robust institutions following the highest standards of governance, we will never be able to harness the power of finance for the good of the many.”

Ravi Narain, as CEO of NSE, in Forbes 2010.

PLY: It is the end of an epic era at NSE and I am sorry to see Ravi stand down as he played a key role in the NSE revolution. I wish him well and the parish ought to applaud his many achievements.

Meanwhile in Moscow, the Russian NSD central securities depository, has launched a new strategic business line – Technological Services appointing Alexander Nam as MD of this new business line. Nam joined NSD in 2015, previously managing remote interactions with clients, and was responsible for the strategy and implementation of electronic channels.

In Washington, plaudits to former ICE Vice Chairman Richard Spencer who preceded Scott Hill as CFO until 2007 has been nominated as Secretary of the Navy.

In Colombo, there’s a profile of the new Sri Lankan Bourse CEO Ray Abeywardena by the Sunday Times of Sri Lanka as he Gears For ‘All Or Nothing’

Finally, the controversial Plus 500 brokerage has appointed Penny Judd Chairman while Steve Baldwin Joins As Director according to Finance Magnates as the company announced a buyback programme.

Crowdfunding

Crowdcube’s Revenue Jumps 48% To £3.9 Million (US $5m)
Business Insider

Taking The Crowdfunding Route To Infra Development
The New Indian Express

Other Stories

ESMA Updates Its CSDR Q&As
ESMA

ESMA Publishes Final Report On Product Governance Guidelines To Safeguard Investors
ESMA

ESMA Publishes Framework For Mandatory Benchmarks Contribution
ESMA

SIFMA Statement On ‘Move America Act Of 2017’
SIFMA
Not a huge day of news but interesting nonetheless, have a great week.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

April 2018
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