MAY 30 2017

RIP Chris Keith a man who juggled genius with delightful eccentricity (as anybody subjected to the office opera snippets – Chris was a keen composer – will recall). In the parish, Chris Keith made a remarkable impact on the nascent exchange technology stack in line with various other pioneers, such as Rory Collins, Chris’ counterpart at ASX who also died earlier this year. RIP to an original in New York’s markets.

A delightful long weekend, albeit shame that Ferrari gerrymandered the Monaco GP result. However the focus of the US post a cracking Indy 500 was on Memorial Day, a welcome day in the calendar to reflect on the sacrifice of the armed forces across the world making a better, free, world.

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

In today’s issue, NASDAQ win big with Astana IFC exchange contract, LSE bulks up on bond analytics/indices to chase ICE’s IDC integration while the kerfuffle around NSE and its co lo festers on but may be close to a denouement, no matter how ugly.

Finally, a quick parish note, I am likely in London mid week next week to deliver client briefings on understanding the dynamics of Euro Clearing (and why it isn’t leaving London without a serious fight) – it’s a 1-3 hour module and if anybody wants the briefing, available through the usual channels or direct on reasonable commercial terms. Email me for details if you are interested in receiving the tutorial briefing.

And there’s more, happy scrolling:

In BigWorld

Over in Bigworld it was a busy long weekend. Mrs Merkel wants Europe (well the EU actually) to take its future in its own hands – that is presuming that the USA pay for NATO and the UK pays for Brussels. Plus ca change as they say in Berlin. Elsewhere in the great German capital, the curse of DB1 myth gained some credibility as Carcrash turned up to watch the latest DB1 brand cleansing endeavour fall flat on its face as Eintracht Frankfurt lost the German cup final. Meanwhile BA suffered an IT systems implosion which ruined many a UK bank holiday weekend even before the traditional Monday rainstorm.

Manuel Noriega’s demise is a footnote to the passing of the South American dictator caste while British readers will naturally mourn the passing of John Noakes who, with Shep, Valerie Singleton and Peter Purves defined a generation as Britain engaged “the white head of technology” from black and white to a nation of colour, tv.

In sport, Tiger Woods had an expensive weekend losing sponsors thanks to DUI (will celebs be early driverless adopters to avoid such embarrassment I wonder?) while Takuma Sato was the hero of the hour at the Brickyard winning a historic first Indy 500 with a Japanese driver powered by Honda. Terrific drive especially after he came so close in 2012.

Have a great day.

Public Markets

LSE To Buy Citi’s Yield Book Bonds Analysis & Indexing Business
Reuters

PLY Interesting deal as LSE looks to bulk up FTSE Russell by adding more fixed-income content for $685 million. Presumably a deal which was already in the offing before the Merger of Equal Desperation fell apart?

Nasdaq And Shanghai Exchange In Talks Over Kazak Bourse Stake
FT

PLY: Henry Foy now Moscow correspondent after a spell in Warsaw, visited Astana and presumably heard something on the grapevine or just instilled quantitative easing into the traditional 2 plus 2 equation and thought, as NASDAQ took equity in Istanbul, so too with Astana… Shanghai seems to have appetite for most everything at the moment on a grand scale but again no confirmation a deal will happen.

Poll Results Of The Annual General Meeting Held On 25 May 2017
HKEXnews

SGX Still A Viable Tech Market
The New Paper

Updated: Where To, Baltic Exchange?
CMJ Rieff & Sons, Ltd

London Stock Exchange Group Signs Memorandum Of Understanding With Kenyan Ministry Of Energy And Petroleum
MondoVisione

HKEX Plans To Introduce Phase 2 Of Securities Market’s Closing Auction Session
MondoVisione

London Stock Exchange Group Plc Transaction In Own Shares
MondoVisione

Private Markets

Sebi Examining Nse Directors’ Role In Algo-Trading Investigation
Livemint

NSE Sets Up Panel To Probe Charges In Algo Trading Case
Livemint

PLY: Two stories from consecutive days, both quoting one Patrick L Young…

Sebi’s Show-Cause Notice Means Nse Co-Location Probe May Be Headed For Closure
BloombergQuint

RBI, Sebi Step Up NSE Algo Probe, Top Officials Under Scanner
Economic Times

IME Holds AGM
Mehr News Agency – English Version

Stock Exchange Expels 67 Stockbrokers
The Streetjournal

The Nigerian Stock Exchange (NSE) has expelled 67 stockbrokers from the stock market,aimed at weeding out unscrupulous operators.

Kazakhstan Stock Exchange Announces Decisions Of Agm
KASE

Special Section: FTI, NSEL, India at the Crossroads

PLY: No specific NSEL stories today. Festering HFT NSE co lo case hogging the headlines…

Technology

Astana International Financial Centre JSC & Nasdaq Sign Technology Deal For New AIFC Exchange
Nasdaq

PLY: Great deal for NASDAQ.

European Energy Trading Firms Test Peer-To-Peer Trading Over The Blockchain
CoinTelegraph

Sebi Raises Concerns Over Location Of MCX’s Disaster Recovery Site
Livemint

Citi Launches Blockchain-Based Payments Service With Nasdaq For Private Equity
IEEE Spectrum

Changes In Structure Of Files With Trading Results At MOEX Web Site And In ISS Web Service
MOEX

Products

New PSE Head Plans To Reinvigorate Real Estate Investment Trust Push
BusinessWorld Online Edition

The new head of the Philippine Stock Exchange (PSE), Ramon S. Monzon, is leading the revival of the real estate investment trust (REIT) market.

Derivatives-T3 Launches EM Currency Index
International Financing Review

Data for the E8 indices is provided by Tullett Prebon Information, part of TP ICAP. T3 Index is a specialised provider of research-based volatility …

FTSE Russell And Bursa Malaysia Launch Two New Indexes
MondoVisione

Career Paths

PLY: Global Investor Group reports that ESG expert Kevin Bourne has left the LSE after 5 years.

Meanwhile Finance Magnates reports Tal Zohar is joining LSE to run the ELITE Connect network.

Departures Signal A Changing Of The Guard In HFT reports the FT in a useful piece wending together the departure of Cameron Smith as president of Quantlab Financial, as well as former KCG head Daniel Coleman, and Eric Noll of Convergex.

MondoVisione notes that US sales boss Michael Grecoff has left Cinnober To Found a Start-Up DAHU Technologies, in the surveillance space – good luck Michael.

Finally, plaudits to John Detrixhe whose quiet spell at Bloomberg of late appears to have been gardening leave as he is now the “Future of Finance” reporter at Quartz… Congratulations and to think that when I published “the future of finance” book “Capital Market Revolution!” in 1999, I was broadly laughed at for suggesting there would be ‘future of finance’ correspondents in the media. Gosh it feels after a fashion like a coming of age…

Crowdfunding

European Crowdfunding Network Schedules General Assembly For June 21st
Crowdfund Insider

Peer-To-Peer Lender Wellesley & Co. Publishes Financial Results And Loan Book, Cfo Resigns
AltFi

PLY: Another CFO bites the dust around at Wellesley & Co. which may not inspire widespread confidence.

Lendingclub , Ex-CEO Must Face Us Shareholder Litigation: Ruling
Reuters

Why You Should Keep Funding Kickstarter Projects That Don’T Deliver
WIRED

‘RBI Guidelines On P2P Lending Platform Likely By June-July’
Economic Times

Other Stories

Asset Managers Looks To Overcome Cash Collateral Challenge
GlobalCustodian.com (subscription)

Derby Pub Introduces ‘ Stock Exchange ‘ Style System
Daily Mail

PLY: Not unique but it has the usual cabal of the social media angry all in a ruffle that folks might drink more… qv the anti-capitalist Daily Mirror: Bar That Lets Price Of Pint Fall To £1.20 Due To ‘ Stock Exchange System’ Slammed By Alcohol Campaigners.
A shorter week but the sun shines and there is much to do in building the future of finance, have a good one.

Patrick

Patrick L Young
Executive Director DV Advisors

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