MAY 22 2017

Good Morning and welcome to Monday’s Exchange Invest. It’s Issue 999…smart money may now even be banking on a big figure change (apart from the HFT fraternity who naturally see a million milli-chances before we have to actually change a big digit).

At the same time, our delightful 900 series review of many of the greatest Porsche models has now alas, concluded… I’ll miss it too. Thanks for all the feedback throughout – pics of readers’ Porsches and those spotted around and about were wondrous – the highlight being pics of Mark Finburgh’s Gulf coloured 917 from one parishioners trip to the UK National Motor Museum at Beaulieu. Perhaps most interesting of all, amidst the overwhelmingly favourable and enthusiastic feedback, not a single parishioner complained…

Prosperity UK Video

As relevant as ever in the current climate: 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 – the ‘hot button’ parish topic in derivatives of the moment…

In Today’s Exchange Invest

Remarkably mellow Monday (in story volume terms at least!). DB1 are ‘doing a deal (what else!?) about insider dealing charges while the festering debate (often without much coherence or context) dominates the stories today….

And there’s more, happy scrolling:

In BigWorld

Cloud Computing has truly reached the big time – amazing 13/1 winner of the Preakness over the weekend.

Public Markets

Sources: Deutsche Börse Seeks Deal Over Insider Trading Allegations
Handelsblatt Global Edition (subscription)

PLY: Herein the problem of DB1’s current trajectory is writ large. The company has descended into what I can only describe as a situation akin to a Romanian concept of perma-transactional existence. Everything has its price, everything must be a deal.

…Whereas reputation is fragile, intangible and reacts badly to an obsession with wheeler dealing at all costs.

Baltic Exchange Outlines Its Growth Plans
The Straits Times

PLY: The Baltic Exchange with ambition is a rather new and exciting concept… I hope this momentum bears fruit.

France Tried A Robin Hood Tax, & It Did NOT Work Out Well.
Adam Smith Institute

PLY: On the follies of FTT, ASI has been perma-prescient…. Meanwhile I don’t believe anybody has juxtaposed FTT and Euro clearing in the public domain – yet it is key to understanding why any EU machination will fail. Again, as per DB1 above, a transactional mindset does not by and of itself induce confidence.

INTERVIEW Germany Eyes Softer Sacking Rules To Tempt Brexit Banks To Frankfurt
Reuters

PLY: Today’s theme is clearly transactions and trust yet the issue is much more than just pure employment flexibility, Germany has its own wodges of hidebound daft bureaucracy and it’s all in German too, none of which encourages British bankers, let alone those with children seeking English language education et al (at least in the scale to which Frankfurt deludes itself that a throng of Londoners will settle in the fairly quaint but parochial, town.

Euronext Boss: City Will Lose Euro-Clearing Battle
Telegraph.co.uk

PLY: Clearly Mr Boujnah has to keep his political masters happy in interventionist France but the concept that 90% of the business is an “anomaly” represents a whole new realm of absurdity as the EU presses on with its willful desire for a trade war with the US (and likely, others too).

Regulators Ask Deutsche Bank For Brexit Trading Rethink – Source
Reuters

PLY: Will the EU break its own trade aid rules to deliver the massive shot of capital Deutsche Bank would require just to be an agent to clear in the Eurozone’s crazed dreams of funnelling a business which does not want to move into a remarkably protectionist (and under-capitalized – from the agent side) construct?

EU Should Not Meddle With A Safe, Transparent System
The Times

Relocating London’s euro-denominated clearing could cost €100 billion over five years…

PLY: Money and practicalities a forethought in transactional thinker Xavier Rolet’s view on clearing while sensibly noting:

“If Europe insists on trying to implement an artificial, inefficient location policy, it will only hurt the European capital markets and real economy. The rest of the global market will carry on.”

London’s Trading Infrastructure Retains Edge Despite Brexit
FT

PLY: The tired, redundant epithet “Despite Brexit” is the only stick with which the FT can beat the British citizenry’s bubble-perceived ignorance from the master race of pink media producers but here even the FT has to admit, just picking up the City of London and rolling it out somewhere else is tricky – especially in cities where they would have every man, woman and child, pensioners included, working just in financial services to replicate the bulk of the City of London’s strength. Besides the status quo works well, as those quoted here note…

Japan Exchange Group: Status And Conclusion Of Acquisition Of Own Shares
MondoVisione

Japan Exchange Group: Notice Of The 16th Annual General Shareholders Meeting
MondoVisione

Bulgaria’s Capital Markets “Promising”, EBRD Says
MondoVisione

PLY: Good to see Ivan Takev and team promoting Bulgaria with EBRD.

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

JSE Regulator Denied Injunction … Court Defers To IDT Hearings
Jamaica Gleaner

PLY: The case of Wentworth Graham who is subject to disciplinary hearings due to his intervention over some internal financial issues… This story continues to develop.

Private Markets

Turkey Working On New Project To Establish Real Estate Stock Exchange : Deputy PM
Hurriyet Daily News

PLY: Property is a hot new exchange potential, Turkey joining IPSX while a multitude of other projects are planned across the world.

Pace Of Demutualisation Slow In Africa
Nigeria Today

The first Vice President of the Nigerian Stock Exchange , NSE, Mr. Abimbola Ogubajo, has said that there is an uneven pace of stock exchange demutualisation in Africa.

Abu Dhabi Global Market Joins R3 Consortium On Distributed Ledger Technology
MondoVisione

PLY: A new wave of joiners despite the stories that R3 was struggling just a few weeks back.

NRI And JPX Embark On Project To Formulate Strategy For Money Market And Capital Market Development In Mongolia
MondoVisione

Open Learning Opportunity On Lao Securities Exchange
:: KPL :: Lao News Agency

Malta Stock Exchange In Discussions With Thomson Reuters
Gov.mt

PLY: Interesting news for Malta SE with a possible education (and more?) partnership with Reuters. Elsewhere, here is some more reporting on the Malta Gaming Authority mooting an exchange for betting (as a cofounder of GSX/Tradesports/Intrade and thus somewhat of a pioneer in the field of prediction markets and suchlike I find the MGA concept very interesting).

Special Section: FTI, NSEL, India at the Crossroads

No news today.

Technology

EU Executive Asks Bank Watchdog To Rethink “Screen Scraping” Ban
Reuters

LONDON The European Union’s financial services chief said on Friday he will ask the bloc’s banking watchdog to rethink its proposed ban on “screen scraping” or financial technology firms directly accessing bank accounts.
“European Commission Vice President Valdis Dombrovskis said he wanted a level playing field between banks and fintech firms in supplying new financial products and services to customers.”

PLY: Excellent move by VP Dombrovkis, perhaps listening to the many payments providers in his native Baltic states who were endangered by this fundamentally protectionist move by the banking sector.

Russia’s Largest Exchange Is Using Blockchain To Lure Global Investors
CoinDesk

As Russia slowly emerges from a lengthy recession in the wake of collapsing energy prices, the Moscow Stock Exchange may have discovered a …

Codel Partners With GMEX To Deliver A Paradigm Shift For Commodity Trading – Codel Board Of Directors Strengthened With Key Appointments
MondoVisione

LME Delays Third Tech Upgrade In A Month
Global Investor Group

New chief executive of the LME Matthew Chamberlain is keen to be seen to be listening to customers…

PLY: Sometimes agility has its limits methinks.

Morgan Stanley: Only A ‘Handful’ Of Robo-Advice Startups Will Survive
Business Insider

Brief- NZX Announces Changes To Market Announcement Process
Reuters

Products

Irish Central Bank Examines Regulation Of ETFs
Financial Times

The US makes up more than three-quarters of the market but Ireland is the most popular domicile for ETFs in Europe.

Single Stock Futures: Introduction Of Six Ssfs; Single Stock Dividend Futures
Eurex Exchange

Are These ‘ Options ‘ For Us?
Hindu Business Line

The Securities and Exchange Board of India (SEBI), at its board meeting last month, approved the proposal to introduce ‘ Options ‘ on commodity products.

Career Paths

Urs Beeler Joins The Board Of Directors Of SIX

Appointments And Re-Appointments To Hong Kong’s Securities And Futures Commission Advisory Committee

NZX: Senior Managers’ Relevant Interest Notices

Crowdfunding

Hard To Identify Crowdfunding Platforms Financing Terrorism
Toronto Star

Canada’s money-laundering watchdog is studying the use of crowdfunding platforms by suspected terrorists.

How To Tell If Someone Will Repay Their Loan
The Week Magazine

Three economists recently examined loan applications submitted to the peer-to- peer lending site Prosper, as well as borrowers’ payment histories…

Other Stories

No Movie Could Capture The Crazy Details Of Bernie Madoff’s Story
The Atlantic
Madoff’s Closest Prison Chum? Colombo Crime-Family Boss, Carmine Persico Jr.
MarketWatch

There’s An Exclusive, Invite-Only Restaurant Inside The New York Stock Exchange Where Only Listed Companies & Employees Eat
South China Morning Post

There’s an exclusive, invite-only restaurant inside the New York Stock Exchange where only listed companies and employees can eat.

PLY: More from how NYSE entered the makeover business and emerged with bounteous PR…

How More Agri-Traders Can Improve Liquidity In Africa At The Exchange Entry Point
AFKInsider

So after Issue 999…a whole new world awaits but farewell again to the “Porsche 900’s” it’s been emotional.

All the best,

Patrick

Patrick L Young
Executive Director DV Advisors

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