NOVEMBER 17 2016

elb2Burgenstock wrapped up yesterday for the final time in Geneva with the excitement building ahead of a return to the (rebuilt) Burgenstock next September 11-13. Plaudits to Dan Day-Robinson, the indefatigable Loulou and team for their diligence in keeping continental Europe’s one major forum for derivatives going forward.

Today I am in Stuttgart and just about to head to the convention centre for he 10th annual Boerse Stuttgart MIFID Conference. Last night a splendid reception at the exchange brought many major players from German speaking markets along with some interlopers such as yours truly. A packed house awaits today, hence the early despatch of Exchange Invest…

In Today’s Exchange Invest

Michael Spencer notes Trump means opportunity for the parish. And there’s more…

Events

As noted above I am in Stuttgart for a session today at the 10th Anniversary MIFID Conference where I will be chairing a discussion with ESMA supremo Stephen Maijoor on MIFID et al. A sell-out audience of 300+ from around Germany and further afield is expected.

Then I head straight to Brussels for the European Issuers / FESE SME Awards, their 3rd event and now increasingly a fixture in the EU calendar.

The MOEX Annual Forum in 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.

In BigWorld

Latest YouGov poll notes 68% of British people want to leave the EU – keep the dream alive for a second referendum. I mean polls have been wrong all year, right (er, yes, but by about 5%)…

In even better news for Britain, Deloitte say they will take staff out of the UK if the UK stays in the EU.

Public Markets

ICAP CEO Spencer Says Trump Is ‘Undoubtedly’ Good for Business
Bloomberg

PLY: Parish hero Donald Trump, who would have thought that just a few weeks ago? (Okay okay, apart from the several hundred prescient readers of this journal whose foresight I applaud).

NZX Limited (“NZX”) – Trading
NZX Limited

PLY: NZX stock was suspended for 15 minutes to enable the market to digest the following which appears a pretty encouraging judgement all round for NZS:

NZX Ralec Judgment
NZX Limited

NZX welcomes the judgment released today by the High Court of Wellington in respect of the long-running NZX Ralec litigation.

“NZX welcomes the judgment released today by the High Court of Wellington in respect of the long-running NZX Ralec litigation. The litigation related to the acquisition of the Clear Grain Exchange (Clear) from Ralec Commodities Pty Ltd (Ralec) made by the previous management of NZX in 2009.

No damages or compensation were awarded to either party. It is clear from the judgment that NZX should not expect costs to be awarded against it. However, it does leave open the potential for NZX to seek costs from the Ralec parties.”

Investors, Institutions Ready For Imminent Launch Of Shenzhen-Hong Kong Stock Connect
Global Times

London-Shanghai Stock Connect Will Address Time Zone Difference
South China Morning Post

ASX Argues Medical Records Are Ripe For Blockchain
ZDNet

ASX group executive for operations Tim Hogben extols the use of the Blockchain….Incidentally, the pioneering parishioner in the business of reducing medical costs overall is another Australian, Professor Michael Aitken of CMCRC.

Private Markets

NSE Could Sell 25% Stake In Its Proposed IPO: Report
International Business Times, India Edition

LSE ELITE Signs Agreement With Budapest Stock Exchange
MondoVisione

Establish Commodity Exchange To Spur Productivity
The Herald

For Zimbabwe, the need to establish a commodity exchange is inevitable … A good example is the Ethiopian Commodity Exchange (ECX),

African Securities Exchanges Association (ASEA) & CISI MOU
MondoVisione

Special Section: FTI, NSEL, India at the Crossroads

Fadnavis, Meghwal Review Progress In NSEL Scam Probe
Moneycontrol.com

Technology

XBRL In India’s Regulatory Reporting: Today & Tomorrow
Banking Technology

Products

CFTC Swaps Report Update
MondoVisione

Singapore To Test Digital Currency
Chicago Tribune

The “proof-of-concept” project, which also involves the city’s stock exchange and eight banks, is aimed at simplifying the payments process.

PLY: I recall the SIMEX 20th anniversary dinner many years ago included a present of an early smart card loaded with cash…

Indexes

Bats Europe Expands Reach Of New UK Indices – Bats’ Real-Time Benchmark UK Indices Now Available Via Leading Market Data Providers
MondoVisione

Career Paths

Apparently somebody called Rudiger Assion who was Group Communications MD of DB1 is leaving the company. Given the utterly dismal state of DB1’s IR, PR and any other form of communications/messaging, I doubt this can make anything worse at DB1. Can things improve? One must live in hope.

Former NYSE Executive Announced As CEO of Conotoxia, Inc.
PR Newswire (press release)

Prosper CEO Steps Down As Fintech Tries To Find Footing
San Francisco Business Times

Crowdfunding

Indiegogo Enlists MicroVentures For Investment Platform
TechCrunch

PLY: Major player in rewards crowdfunding, Indiegogo enters the equity crowdfunding marketplace.

Digital Media In Latin America Increasingly Fund Their Projects Through Crowdfunding
Knight Center for Journalism in the Americas (blog)

P2P Lending — Balancing Investor Supply With Entrepreneur Demand
Forbes

Frustration with the traditional lending process appears to be the major driver of all forms of alternative lending, P2P included.

Other Stories

Giancarlo Not Trump Can Make Regulation Great Again
GlobalCapital

Examining The Dodd-Frank Act And The Future Of Financial Regulation, Rick A. Fleming, Investor Advocate, U.S. SEC, Keynote Address, University Of Maryland, Robert H. Smith School Of Business Center For Financial Policy
MondoVisione

Former UK Regulator Urges Trump Not To Scrap Wall St. Reform
Reuters

PLY: Big government advocate Adair Turner has maintained a doggedly consistent stance through 2016 of being on the losing side of arguments.

G30 Think-Tank Casts Doubt On EU Plans For Reviving Securitized Debt Market
Reuters

EU emphasis on reviving securitized debt markets to help fund small businesses is wrong.

PLY: The concern here is that a group of clear bank advocates appear to be fighting a rearguard action against the future by endeavouring to maintain control of the banker oligopoly. It is not immediately clear that they are concerned with helping the economy, more that they seek to disingenuously bolster a creaking system of financing which happens to prop up their reactionary approach to government as a whole.

Delighted to be in Stuttgart, excited about the Boerse Stuttgart 10th MIFID Conference but at the same time somewhat distraught that my schedule doesn’t permit a visit to either Mercedes or Porsche Museums… #firstworldproblems indeed but frustrating nonetheless.

Patrick

Patrick L Young – Executive Director DV Advisors

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