JUNE 7 2017

Good Morning and welcome to Issue 1010 which corresponds to a plethora of fabulous chassis numbers but I’ll choose a 1951 Lancia B20 GT which raced in the Mille Miglia, at Le Mans and in the legendary Carrera Panamericana, the race now perhaps best known for delivering the Carrera name to a great many Porsches…

I’m on a flying visit to London briefing clients on Euro clearing, alas just have no time to make it across town to IDX.

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

Focus on one panel at IDX as Jeff Sprecher jetted in, starred and then headed off to New York for the Sandler O’Neill conference tomorrow. Remarkable paucity of news elsewhere from IDX.

And there’s more, happy scrolling:

In BigWorld

News from Spain: after saying a few days ago it was in the best of health, it transpires repaying loans wasn’t as er, popular, amongst the clientele, as Banco Popular may have hoped in Spain…being rescued from an apparent bankruptcy trajectory by Santander. Santander is raising 7 billion to shore up capital.

Public Markets

UK Must Speak Up To Preserve Global Markets Role After Brexit: ICE CEO
Reuters

PLY: It is noticeable that all other parties have, at best, been mentioned in asides from the IDX panel yesterday morning. Matt Chamberlain the one spirited participant not reported, broadly because the Euro clearing farago etc was the media headline topic. At the same time, Jeff Sprecher sparkled once again. At the same time, the interesting takeaway appears to have been how everybody talked product apart from Jeff who was focussed on data and networks…

In this story it remains worrying that UK government as an institution is fixated on nitpicking intervention everywhere and yet absurdly laissez faire without any engagement to major investors which has long been the achilles heel of Britain’s poor focus on business as a whole.

Bourses Say Big Bang Mergers Sidelined By “Quiet” Hunt For Content
Reuters

PLY: “The collapse of Deutsche Boerse and London Stock Exchange’s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday.” A fascinating statement which underlies a lot of the vision failure as the likes of DB1 only expect to buy new product not grow it.

ICE Boss: Does The UK Even Want Us In London?
Financial News (subscription)

PLY: Again, worrying but a symptom of British governmental indolence and lack of focus going back decades.

Private Markets

India’s NSE Aims To Settle Unfair Access Probe With Regulator -Sources
Reuters

PLY: Clearly NSE is under duress all round to settle the problem and the departure of Ravi Narain this week must be seen in that context.

All You Need To Know About NSE IFSC
Economic Times

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

CBOE Holdings Announces Road Map Of C2 Exchange Switch To BATS Technology
Finance Magnates

GMEX Group Places Mauritius IFC At Heart Of Global Expansion Plan
GMEX

Private Capital Market Ecosystems Meet The Blockchain
Nasdaq

Research Market Startup Revs Its Engine Of Curation
Financial News (subscription)

Products

Solutions For A Complex Credit Marketplace
Tradeweb

PLY: Q&A with Tradeweb CEO Lee Olesky.

Taking A Second Look At The Maker-Taker Model
Financial Times

PLY: An attack on maker taker and rebate culture? A restructuring is overdue to the egregious rebate system certainly.

Bats Launching New Regional European Indices
Bobsguide (press release)

Career Paths

ICAP Ruling Gives UK Employers The Advantage In Non-Compete Fights
Institutional Investor

Crowdfunding

Crowdfunders Trying To Create Elizabeth Warren Action Figure
NECN

PLY: As good an example of any as to how crowdfunding encourages human creativity in boundless ways…

Seedrs Secondary Market In Crowdfunded Securities Launched
Crowdfund Insider

Other Stories

No other stories of note today, a remarkable paucity of press releases from IDX overall (thankfully).
Have fun and I hope it’s sunny wherever you are, I’ll be back tomorrow on UK general election day…

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors