|In Today’s Exchange Invest
It’s the end of an era as the likeable Phupinder Gill retires from CME. Eyebrows may be raised across the parish at the unprecedented centralisation of power in the hands of Terry Duffy.
The Trumpian reboot in the air for US-Russian relations is just one amongst many reasons you must book your place for the MOEX Annual Forum. New York is already full but the event in London on Tuesday December 6th still has space. Join the event free via Exchange Invest here.
For those interested in MIFID, the biggest forum of the past decade in Germany is back November 17th when I look forward to chairing a session at the 10th Anniversary MIFID Conference. A sell-out audience of 300+ from around Germany and further afield is expected.
…and I look forward to seeing you at Burgenstock for cocktails Monday evening and Crossfire Monday evening. (Last minute bookers can still Claim your discount code via Exchange Invest: (see banner on left- and use this discount code “YOUNG15” to get 15% off the delegate fee).
The media in review:
Blah Blah Blah Trump; boo boo boo lock her up, Europe being morally superior as their economies atrophy…sensible entrepreneurs (hat tip “Gary Vee” at Web Summit) just get on with life and exploit opportunities. All nations suffer angst over their “special relationship.” Oh and if you are going to turn on the tv to watch BBC, CNN, Deutsche Welle or similar, have the Samaritans on speed dial: the end of the world narrative continues unabated in the tortured (cosseted) legacy media mindset..
CME CEO To Retire at Year’s End
Wall Street Journal
PLY: Parishioners may deem it a year or two sooner than they had anticipated while the new management team may surprise too. I will be sorry to See Phupinder Gill step down (there had been tales of somewhat distant relations between the Chairman and CEO in recent times). “Gill” has always been a charming, diligent and constructive force for markets. Equally, there will be fears internally and externally about Terry Duffy unprecedentedly holding both Chairman and CEO positions. Internationally in particular, internal fears may be that he will simply jettison the European exchange. Externally, it is challenging to see that Terry has a convincing worldview beyond the Chicago-Washington corridor.
Moving forward, CME needs to demonstrate that it is not merely the “massive passive” of the parish. Right now it has indeed just recorded some stunning volume figures but the business per se looks at best, flaccid as an enterprise. Part of that problem has been the perhaps counterproductive split in some responsibilities between Duffy as Executive Chairman and Gill as CEO. Now the acid test will be whether reunifying executive management in one position under Terry Duffy will help the company move forward in what promises to be challenging and exciting times with President elect Trump already making deregulatory noises.
London Takes Step Forward With Shanghai Stock Link
PLY: China-LSE “through train” may have taken a small step forward. That Chinese banks prefer London to the rest of the EU seems to surprise the media but is hardly a shock to those with a vestige of business acumen given the vastly superior experience to global capital markets that can be found in the UK as opposed to flaccid, increasingly anti-enterprise, Europe.