MARCH 8 2017

Issue 948 of Exchange Invest ushers in comparison to the aluminium bodied 928 based experimental Porsche which was not produced…

In Today’s Exchange Invest

Lunchtime breaks back on the agenda for discussion at SGX while BSE looks to 25-30 thousand SME listings within 2 years. No, that’s not a typo.

And there’s more, happy scrolling:

In BigWorld

A Happy International Woman’s Day to one and all.

Public Markets

Banks Set To Win Derivatives Relief Under New EU Trading Rules

The Wholesale Market Brokers’ Association, which represents inter-dealer brokers and trading platforms including BGC Partners and Tullett Prebon …

Comment: LME Needs To Open The Lines Of Communication If It Wants To Drive Business (subscription)

We Are Planning For The Next Financial Year: Mrugank Paranjape, MCX
Economic Times

BSE Expecting 25000 To 30000 Smes In Its SME Platform In Next Two Years: Ashish Chauhan
Knn India

PLY: No, not a typo. 25K-30K SME listings in 2 years – AKA (allowing for holidays) up to 600 a week! Could the bourse yet wear out their listing bell?

BSE Asks Sebi To Increase Investment Ceiling In Depositories

Bombay Stock Exchange has asked Securities & Exchange Board of India (SEBI) to cap the ceiling price for stock exchanges, in the depositories.

Singapore Exchange Proposes Bringing Back Lunch Breaks, Widening Bid Sizes

From Trading Floor Into App Store – By Carsten Kengeter, Ceo, Deutsche Börse Ag
Exchange News Direct

PLY: “Our guiding principle is the key word “Börse 4.0”.” The only tricky bit being I don’t believe that keyword has been mentioned outside of the German media…(this article is translated from something delivered to the good folks of Boersen Zeitung). Perhaps a restructuring back to ““Börse 1.0” might be a good idea first before moving ahead?

Then again maybe “Börse 4.0” is strategy code for the result after another failed bid for LSE?

(A bond trading wag writes: “What’s the difference between Arsene Wenger and Carsten Kenegeter? Well, at least Wenger won something before his string of humiliating defeats.” …for American readers immune to the concept of kickball, fret not, I don’t get the joke either).

The Benefits Of Good Governance
Yorkshire Post

PLY: Article by David Harris, Head of Sustainable Business at LSE, a title which clearly raises the question valid for a bourse under short-termist investment banker management, who heads up Unsustainable Business?*

*Cue a full inbox of folks claiming it’s akin to a ponzi scheme over at Paternoster Square… However you regard that opinion, clearly maintaining that frothy LSE PE multiple is now a challenge.

Private Markets

ASEAN Exchanges CEOs Meet For 26th Time Ushering In 6 Years Of Collaboration – 26th ASEAN Exchanges CEOs Meeting

Sebi Asks Rbi To Review Commodity Hedging Norms: Source

Misys Explores New York IPO After Scrapping UK Float
Financial Times

Misys is exploring New York as a listing venue after the financial software developer pulled the plug on a planned £5.5bn London float…

Amman SE Accounts Now On Social Media
Jordan Times

Special Section: FTI, NSEL, India at the Crossroads

Time To Clean The NSEL Stalemate
Times of India (blog)

PLY: Yip, yip, and thrice yip.


Scila Surveillance For Real Time Market Surveillance Goes Live At Börse Düsseldorf

PLY Plaudits to Scila.

TradeEcho To Provide Trade Publication For Swiss Exchange

PLY: Another good deal for the Cinnober backed TradeEcho.

Sebon To Launch Semi-Online Trading System Soon
The Kathmandu Post

NEO Urges Regulators To Mandate Access To Consolidated Market Data – Canadian Investors And Public Companies Are Entitled To Transparency And Complete Information

Uganda Securities Exchange Launches Easy Portal
Financial Age

Uganda Securities Exhcange launched EasyPortal, an online customer self-service portal in a bid to ease information access for investors.


IOSCO Finds Little Evidence Of Declining Secondary Corporate Bond Market Liquidity

PLY: Fascinating.

SGX Mandates Minimum Allocation Of Mainboard IPOs To Retail Investors

Alrosa Postpones Investment Diamonds Trading Start Until Summer

Small Firms, High Hopes
Handelsblatt Global Edition (subscription)

PLY: The DB1 successor to Neuer Markt is born and of course now likely bereft of any tie up with LSE which means DB1 is somewhat on its own and the platform will be at the whims of who can champion it when the economic cycle turns down. Last time every executive director saw short-term career implications as better than the long-term benefit of DB1. What has changed under the investment banker CEO Carsten Kengeter to make anybody believe this time it’s different?

Career Paths

Neil Walker is standing down as a non-executive director of LCH’s SA and Group boards, effective immediately, in order to focus on executive commitments elsewhere. Neil has been a non-executive director for LCH since 2012 and has served as a member of LCH’s risk committees.

Ontario Securities Commission Announces New Commissioner Appointments

John Melby Joins CBL Markets Board
Business Wire (press release)

NSE Shareholders Approve Vikram Limaye As MD & CEO


Crowdfunding Innovation: It’s Backers—Not Money Raised—That Predicts Market Success

Other Stories

“Inherent Conflict Of Interest” Existed In Overseeing Of LIBOR, Court Told
City AM

What Is A Bitcoin Dark Pool ?
The Merkle

Why The Futures World Welcomes Tax Season

Many thanks for reading Exchange Invest.


Patrick L Young
Executive Director DV Advisors

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