MARCH 29 2017

Welcome to Issue 963 which remarkably doesn’t seem to be a mainstream Porsche design – perhaps just as well so we can get into the crunchy business of today as it looks like a watershed in the parish and BigWorld too…

In Today’s Exchange Invest

Today looks like the day when the EU says a resounding NO to the “Merger of Equal Desperation” and LSE appears to have already signalled the deal’s death overnight with a repo expansion from the Paris CCP.

Elsewhere, many fascinating snippets to be had, including a surprise move by Dan Gallagher and a sighting of parish veteran Bernie Dan, happy scrolling:

In BigWorld

At 1330 today CET, the British letter triggering the Article 50 process will begin perhaps the most complex divorce proceedings in history, as Britain announces it will leave the EU (effective therefore on March 29th 2019 ceteris paribus).

The issue for both parties is one of how to avoid mutually assured destruction. Interesting times.

Public Markets

Margrethe Vestager, EU Commissioner For Competition, To Hold Press Conference On Wednesday, 29th March – LSEG/DB1 Verdict Expected

PLY: Not sure of the time but ironically the news will be broadly secondary to the Brexit letter in the bulletin’s methinks…

IHS Markit Reports Q1 2017 Results
Business Wire (press release)

Letter To Shareholders – ASX Interim Dividend

Moscow Exchange Recommends Dividend Of RUB 7.68/shr For 2016

PLY: Agenda for April 27th.

LME Hit By Regulatory Delay To Plan To Cut Margins

Both the Bank of England and the European Securities and Markets Authority (ESMA), which regulate the exchange’s clearing house, LME Clear, declined to comment.

PLY: EU entities being blamed by sources here…

Singapore Not Ready For ‘Radical’ IPOs Like Snap, Says Local Exchange

Snap’s controversial “no vote” shares have spurred a debate over the merits of dual-class stocks.

EBS BrokerTec Announces New Internal Structure For EBS To Better Serve Customers

Private Markets

Second Stock Exchange Bid Fails
Namibian Sun

PLY: NAMFIN-X looks to be losing the battle to be licensed albeit a supreme court appeal has been filed.

Special Section: FTI, NSEL, India at the Crossroads

Can 63 Moons Technologies Turnaround Its Fortunes Just With A New Name?
Economic Times

PLY: A new, silly name at that…


Options Exchanges Resume Routing To CBOE After Connectivity Issue

Update Of Trading System Eurex T7 To Version 5.0

Solium Partners with Nasdaq Private Market
GlobeNewswire (press release)

Solium Capital Inc. (TSX:SUM), has signed an agreement to provide its SaaS equity administration, financial reporting and compliance solution enabling Nasdaq Private Market, LLC (NPM). to manage their cap tables and share plans through Solium’s Shareworks platform and access Nasdaq Private Market’s secondary liquidity technology.

DAT RateView to Be Used as Data Foundation for Trucking Futures Exchange
Yahoo Finance

TransFX, formerly known as TransVix, recently announced a strategic partnership with DAT deploying their spot data as the basis for the proposed futures exchange.


LCH SA Offering Repo Clearing On German Debt

PLY: The LCH’s French arm offering German Bund Repo clearing is just about as clear a sign as is required that the LSE Group clearly anticipates the EU’s anti trust to refuse permission to the “Merger of Equal Desperation.” Why make such an announcement when there might be a sale of the Paris CCP and indeed where it is bond repo CCP which has been linked with MTS as a perceived key reason for the refusal of the deal in the first place?

SEC Rejects SolidX Bitcoin ETF Listing On NYSE
Finance Magnates

PLY: A second rejection of a Bitcoin ETF weeks after the Winkelvoss twins COIN was refused permission by the SEC (now subject to a CBOE-BATS appeal).

Baltic Exchange Sets Out Index Changes
TradeWinds (subscription)

The Baltic Exchange has announced changes to its dry bulk indices in its effort to meet IOSCO standards.

Career Paths

New PSE Chief

PLY: Ramon Monzon expected in office circa April 1 a month before the AGM, while Hans Sicat steps aside to look after the integration of the PDS bond platform once that deal is finally completed.

EBS BrokerTec Announces New Internal Structure For EBS To Better Serve Customers

PLY: Subject to regulatory approval:

Tim Cartledge has been appointed Global Head of FX and Head of Product
Jim Iorio: Global Head of Sales & Head of FX Americas
Darryl Hooker: Global Head of Metals and Spot & Head of FX EMEA
Jeff Ward: Global Head of NDFs and Forwards & Head of FX Asia

ED&F Man Hires A Dozen In FX Expansion
FOW magazine

PLY: If they keep hiring financial brokers will they spin out a company called MF Global and then…hold on a moment, is this deja vu one more time?


PLY: ESMA is appointing two new board members with a third appointment to take place soon: Sebastián Albella-Amigo, Comisión Nacional del Mercado de Valores, Spain; and Birgitte Søgaard Holm, Finanstilsynet, Denmark will serve a 2½ year mandate until 30 September 2019.

China Exchanges Services Company Limited (CESC), a joint venture (JV) of HKEX, Shanghai SE and Shenzhen SE for the development of financial products and related services, is pleased to announce Liu Fuzhong and Ye Guoyu, both from SZSE, have joined its Board. Mr Liu replaced Fu Decai as Co-Chairman of CESC while Mr Ye replaced He Jibao as Director of CESC.

Elsewhere on the fringes of the parish, news reaches me that Bernie Dan has resigned after less than a year from the board of the power entity the New York Independent System Operator.

And finally, in a move that will surprise many, Dan Gallagher, former SEC Commissioner and current Irish SE board member is leaving Paul Atkins’ Patomak advisors to become CLO of the healthcare company Mylan.


P2P Lending Marketplace Relendex Receives Full FCA Authorisation

Relendex, does commercial real estate lending directly connecting creditworthy borrowers to investors.

BitBond & Bitpesa Target P2P Loans For African Businesses
Brave New Coin

The partnership connects borrowers in Africa with the German peer-to-peer (P2P) lender, Bitbond.

PLY: Great move for both parties methinks…

Other Stories

Japan’s Financial Services Agency: Amendment To The Letters Exchanged With The Financial Regulatory Commission Of Mongolia

CFTC’s Market Risk Advisory Committee to Meet on April 25, 2017

ASIC Remakes ‘Sunsetting’ Class Order Providing Relief To Foreign Financial Services Providers With A Limited Connection To Australia

Thanks for reading Exchange Invest, it’s probably a day to bring popcorn to the office. Sit back and wait for the reverberations from the confirmation Brexit is happening and the Merger of Equal Desperation isn’t…


Patrick L Young
Executive Director DV Advisors

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