MARCH 23 2017

Exchange Invest Issue 959 correlates to the 4 wheel drive Porsche supercar built for Group B competition and homologated through limited production. Amongst the lucky purchasers of a 959 was the legendary conductor Herbert Von Karajan who memorably managed to spin his newly acquired 959 in his driveway! This is both a testament to the length of Austrian driveway a renowned maestro can afford, as well demonstrating the lightning speed of this remarkable machine.

In Today’s Exchange Invest

Merger of Equal Destruction expected to be finally put out of its misery circa March 29th apparently – hopefully by now it has learnt to love Big Brother. Meanwhile the US and Thailand set dates for the move to T+2 settlement. BM&F Bovespa acquisition of Cetip gains key government approval.

In BigWorld

Clearly our thoughts and sympathies are with all of those, including the innocent policeman murdered by the lone wolf terrorist attacking Westminster yesterday. Terrorism and terrorists can never be condoned, only condemned without reservation.

Public Markets

EU To Formally Veto DB1 LSE Merger Shortly: Sources

PLY: My longstanding prediction that the Merger of Equal Destruction would fail was shared by a modest few of us at the inception of this ill-considered deal. Now it appears confirmation is imminent. The final news will end a distinctly damaging period for the parish after which both DB1 and LSE would be advised to make amends for their egregious behaviour over the past year or more.

NB It is also hilarious to watch the rank hypocrisy of many who tacitly supported the tie up until they realised the antitrust die was cast.

Brazil Approves $3.9 Billion Bm&F Bovespa – Cetip Tie-Up

PLY: Brazi’s monopoly provider (until ATS enters the market) is bulkier with CETIP but has a whole new realm of potential means to reduce costs and reduce collateral requirements powered by the real time clearing system they licensed from Cinnober.

China, Hong Kong Exchanges Jointly Tackle Cross-Border Speculation: Paper
The Business Times

CBOE Sells Equities & Options Execution Platform
The Trade

CBOE’s Livevol X platform has been acquired by Sterling Trading Tech.

SGX-Listed Companies Can Electronically Transmit Shareholder Documents
Channel NewsAsia

Private Markets

SEC Adopts T+2 Settlement Cycle For Securities Transactions

PLY: With enormous trumpeting, the US catches up with much of the rest of the world…US equities go T+2 September 5th, 2017. Half a year later, so will Thailand:

SET To Launch T+2 Settlement Cycle On March 2, 2018

Vietnam To Start Futures Trading In May To Lure Foreigners
Gulf Times

Forget Bitcoin . The Blockchain Could Reveal What’S True Today And Tomorrow

PLY: Wired discusses the fascinating prediction markets concept Augur which is in Beta.

New York State Department of Financial Services (DFS) Authorizes Coinbase, Inc. To Provide Additional Virtual Currency Products And Services – Second Ethereum and First LiteCoin approval in NYC

PLY: Readers with long memory may recall the breathless excitement when the NY Bitlicence appeared to be the future. So far not remotely as popular as once hoped thanks to the over prescription of the New York authorities.

Special Section: FTI, NSEL, India at the Crossroads

No news today.


Investors To Start Lending To State Via Phones This Week
The Star, Kenya

PLY: You can now use your mobile phone to buy govt bond issues in Kenya.

Ullink Launches MiFID II Trade Reporting Solution – Multi-Asset Solution Will Enable Firms To Comply With Post-Trade Transparency Rules Set To Come Into Force In 2018


Market Makers Grow Frustrated With US Options Exchanges
The Trade

ICE To Offer First US Gulf Coast LNG Futures Contract

NSE To Add 15 Stocks To F&O Segment From March 31
Economic Times

Dalian Commodity Exchange: Innovation In Delivery System Improves Functions Of Corn Futures Market

Career Paths

NEX Traiana Parts Ways With FX Head Jill Sigelbaum
FOW magazine


Ed Husic And Fintech Australia In Boxing Ring Over Equity Crowdfunding Legislation

Shadow minister for the digital economy Ed Husic has ripped into FinTech Australia over comments it made to StartupSmart a day after equity crowdfunding legislation which essentially doesn’t help startups, was launched.

Jail Sentences For P2P Lending Scam
Shanghai Daily (subscription)

Other Stories

ESMA Statement To ECON Hearing On CCP Recovery & Resolution

Statement At Open Meeting Regarding Amendment To Shorten The Trade Settlement Cycle – SEC Acting Chairman Michael S. Piwowar

Teza Sells High-Speed Trading As Lucrative Business Sours
Financial Times

Onwards to meetings on all manner of fields!

Thanks for reading Exchange Invest,


Patrick L Young
Executive Director DV Advisors

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