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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:

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JUNE 9 2017

Welcome to Exchange Invest, issue 1012. You can scintillate at the water cooler today by noting that in 1012 BC, Acastus, Archon of Athens, died after a reign of 36 years and was succeeded by his son Archippus.

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

LBMA futures beauty parade looming, Chinese confirm stake purchase in Astana IFX. New BIST CEO (again) and Ravi Narain’s resignation accepted by NSE.

And there’s more, happy scrolling:

In BigWorld

Clearly we can ignore yesterday’s rather inaccurate election prediction. In the comfort of the ballot box voters decided they couldn’t hold their noses and endorse Theresa May’s dismal interventionist manifesto after such a blitheringly inept campaign which laid bare her failings. As I have long noted, Mrs May just cannot help being a stubborn politician of average ability at best. At least it ought to have laid bare the myth of centre left triangulation as a winning strategy. Now Mrs May is another deeply flawed minority leader, just like Angela Merkel. The Conservatives are a whisker short of a genuine overall majority: Sinn Fein are traditionally abstentionist at Westminster and they won 7 seats, making the benchmark 322, not 326. The other NI party elected, the DUP, can be enticed to support Mrs May. Clearly this marks a degree of potential Brexit uncertainty which the BBC are already ruthlessly exploiting to advance Brussels’ agenda.

Mrs May is entirely responsible for this mess with her close cabal – how long she can last is not clear – she probably staggers on which is good insofar as her stubbornness will be reinforced against a Brussels political machine which foolishly thinks this helps its agenda.. Thank goodness I have the political stability of Malta to return to today! Thus I’ll leave behind Britain’s punditry to draw incorrect conclusions on Mrs May’s campaign fiasco. Meanwhile the vast majority of voters endorsed Brexit through the two main parties, albeit how much either party can be trusted in this new paradigm remains to be seen, they are, after all, politicians.

Public Markets

Exclusive: ICE, LME Vie For Control Of London Silver Benchmark Price
Reuters

PLY: LBMA Beauty parade set for June 15 replacing CME.

LSE Eyes More Index Deals After Agreeing To Buy Citi’s Yield Book
Reuters

PLY: David Warren takes a trip home to speak at Rich-Fest. Jeff Sprecher is up today with live coverage on the ICE IR web site…

Europe’s Slow-Moving Capital Markets Plan Gets Brexit Reboot
Europe Reboots Capital Markets Project As Brexit Looms
Reuters

PLY: Sadly it strikes me the usual forces of inaction have struck CMU and the problem of Brexit leaves champions of investment few and far between in Brussels.

Private Markets

Shanghai Exchange To Own 25.1 Pct Stake In Kazakhstan Exchange
Xinhua

PLY: After rumours of NASDAQ and Chinese investment, confirmation that Shanghai is investing…

NSE Accepts Vice Chairman Ravi Narain’s Resignation, May Settle Probe With Sebi
Livemint

PLY: Confirmation of the week’s most notable parish departure.

Bill To Allow Nigerian SE To List Own Shares Scales Second Reading
BusinessDay (satire) (press release) (registration) (blog)

Are Europe’s Dark Pool Days Numbered?
FinanceFeeds (blog)

PLY: With MIFID II still being implementing on the suicide schedule, why bother with “Dark Pools” in this headline?

The Neeq: A Stock Market For SMEs In China
China Briefing

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

No news today of note either.

Products

Remarkably no exciting news here either…

Career Paths

New CEO Named To Borsa Istanbul
Hurriyet Daily News
Erdogan’s ‘Tank Man’ Spreads Turkey’s New Patriotism
Bloomberg

Halk Investment CEO Murat Çetinkaya was elected as the new CEO of Turkey’s main stock exchange Borsa Istanbul , replacing Osman Saraç.

PLY: Hurriyet links are to put it mildly, erratic in their reliability, apologies but now we have another CEO for BIST which I think is the fourth if not the fifth in the past few years… Second article delivers some colour with reference to BIST on the current political situation in Turkey.

Meanwhile in Washington, the SEC announced Acting Director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin as Co-Directors of the Division of Enforcement.

Over at London DX all the best to Vijay Angleo who is back at work only weeks after his beloved Ducatti was destroyed in an accident where he nearly lost his leg: Exchange Boss Back To Work After Motorbike Crash (Financial News)

In Frankfurt Christian Altvater will become Head Of Deutsche Börse’s Newly Created Tax Department effective September 1st (LeapRate).

Crowdfunding

How Crowdfunding Is Guiding Films To The Screen
MicroVentures

Other Stories

Factbox – Europe Reboots Capital Markets Union Ahead Of Brexit
Reuters UK

LONDON The European Union set out plans on Thursday to “reboot” its project to strengthen markets that raise funds for companies because London, …

EU’s Fintech Task-Force Seeks Feedback
ETHNews

The European Commission’s Financial Technology Task-Force is seeking feedback on four policy objectives.
All the best for the weekend and if you’re emigrating from the UK, I do recommend Malta.

Patrick

Patrick L Young
Executive Director DV Advisors

April 2018
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