November 11 2016

elb2 It’s a sort of peace through exhaustion today in parish news after a frantic week. All the better moment to sit back and reflect that today at the 11th hour of the 11th day the First World War came to an end. We remember the veterans who across the world have fought to defend their people, all too often making the ultimate sacrifice for the maintenance of our society.

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.

Events

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).

In BigWorld

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..

 

Public Markets

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
Bloomberg

 

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.

 

Private Markets

TOCOM Halts During Heavy Trading After Trump Victory
Reuters

A TOCOM spokesman said the interruptions came despite recent introduction of a new trading system developed by a unit of Japan Exchange Group.

 

Finance Committee Confirms TASE Week Won’t Change
Globes

 

Shabbat stays, no Monday to Friday for TASE.

 

Cameroon-Côte d’Ivoire: Cooperation Through Financial Markets
Business in Cameroon

 

Abel Noser: Abel Noser Launches Ambitious Expansion Program
Mondovisione

 

PLY: Interesting news from the equity industry analytic business.

 

Liquidnet Virtual High Touch™ Arms Buy- Side Traders For The Future Of Institutional Trading
MondoVisione

 

Special Section: FTI, NSEL, India at the Crossroads

No news, no resolution, Jignesh Shah out of jail too…

Technology

Millennium Exchange Release 9.1 Oslo Børs – Go-Live Postponement
MondoVisione

PLY: a disappointing delay for the Millennium installation.

 

Kenyan Share Trading Set To Move Towards Same-Day Settlement
Reuters
Bourse Set To Begin Day Trading With New CDSC Software
Business Daily (press release) (blog)

 

PLY: Kenya gets a new settlement system from ZA vendor Perago.

 

Products

Cannabis REIT Gets Initial ‘Yes’ for NYSE Listing
Marijuana Business Daily

 

PLY: I may be repeating this story from a weeks ago but, hey short term memory issues and all that…

 

Indexes

…Nothing much to report. If you need some index stimulus:

 

EI: Impeachment Index,

EI: PCLI

Career Paths

So Phupinder Gill will retire from CME at year end, with Terry Duffy wearing the twin hats of Chairman & CEO, so far as I am aware for the first time in CME history. Bryan Durkin is being elevated from Chief Commercial Officer to President of CME Group.

 

PLY: Again I wish 28-year CME veteran Gill every success and happiness after his remarkable career at CME. The incoming team have many challenges ahead, I hope they can focus CME and harness the sprawling potential going forward.

 

Crowdfunding

Russian Marketplace Lending Startup Blackmoon Financial Secures $2.5 Million in Equity Funding
Crowdfund Insider

 

 

Other Stories

ESMA Finalises Advice On Future Rules For Financial Benchmarks
ESMA

 

Web Summit has ended, the bandwagon moves on again. By Monday, it’s Geneva with Crossfire Tuesday Morning and then a fabulous session Thursday in Stuttgart at the 10th MIFID Conference organised by Boerse Stuttgart.
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