November 2 2016

elb2  Huge parish plaudits overnight to the indefatigable Streets Consulting Team. With a team of brilliant standup comedians (including La Streets herself – photo below – in her moonlighting pose as doyenne of financial comedy and many other quips aside…)

Julia Streets leads the Streets Comedy Evening At the BT Auditorium, London
Julia Streets leads the Streets Comedy Evening At the BT Auditorium, London
Thanks to BT donating the auditorium and Streets paying the food and drink tab (I am not sure if that defines generosity or foolhardiness given the audience of City professionals) plus an array of sponsors, the evening raised a stunning 16,700 Pounds on the night!


The sponsors were Ancoa, Bats, BT, Calastone, Streets Consulting, Swift Institute, Volante Technologies and Quendon Consulting.

Award winning performers apart from La Streets herself were Sally Phillips, (the inimitable “Shazzer”” in Bridget Jones diary), Ayesha Hazarika (who as former special advisor to Ed Miliband and chief of staff to Harriet Harman clearly has a unique gift for comedy) plus Suzy Bennet, Lucy Frederick and Lara A King.


I am putting 100 Pounds into the ‘tin’ (the equivalent of over 2 years of primary education for an Afghan schoolchild incidentally) as an apologia for not being able to make the glorious evening. Any parishioners fancy joining me in making up that 200 Pound margin to get Streets to a round 17000 Pounds?


Brilliant job ladies!

You can help push the total to 17K Sterling via this web site:
In Today’s Exchange Invest

In the parish, it was the best day of every quarter. The one where Jeff Sprecher sets the agenda for himself and his competitors for the next three months during the ICE results call.

And there’s more, happy scrolling…


The MOEX Annual Forum will visit New York Tuesday November 15th and London Tuesday December 6th. 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.

Anybody not booked for Burgenstock yet? You 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). Crossfire kicks things into gear on the AM of 15th with cocktails the evening before. As always, “the right crowd and no crowding” is the mantra of the modern ICDA events borrowed from the heyday of Brooklands.

In BigWorld


Meanwhile in Bigworld, Cleveland has never seen the like of it, after the Cubs bounced back in game 6 to make it a World Series cliffhanger – thus helping tv networks who haven’t made as much from presidential ads in the targeted social media age. Given the line up of serial anti-democrat Tony Blair and the perennially wrong Gordon “Jonah” Brown as speakers at the CME’s client summit in Florida in a fortnight, perhaps the CME has assumed the curse of the Billy Goat as part of their conference in order to help the Cubs win?


Public Markets


Intercontinental Exchange Reports Solid Q3 Earnings Growth
Intercontinental Exchange Board Approves Q4 $0.85 Dividend
NYSE-Owner ICE’s Profit Rises As London Calls


PLY: After a series of parish disappointments in recent weeks, it wasn’t just that ICE (yet again!) didn’t disappoint. Rather, in the masterclass of exchange management which is this conference call, Jeff Sprecher neatly tore apart the ditherbots of the UK CMA antitrust, rather embarrassed a few competitors and then neatly once again outlined a masterclass in marketplace management.


For Christmas, don’t worry about buying yourself a boxed set, or pondering what to stream from Netflix. First, listen to the ICE conference calls over the years. Great entertainment and vastly more educational than anything else in the parish.


Thomson Reuters Reports Q3 2016 Results


PLY: It may sound harsh but flat revenues and operating profits is good news in the bell curve of results from the Reuters organisation…


FIS Reports Q3 2016 Results
Business Wire (press release)


PLY: Encouraging numbers for a legacy dinosaur of market technology.



XavRol Warns Moving Euro Clearing Away From UK Could Cost Banks $77bn
City A.M.


PLY: … Er, says the man predicating his next moves based upon selling a majority interest in the main London CCP to Germans who clearly intend to move the HQ out of London. Sorry, your point with this scaremonger was?


CME Expands In Asia, To Open 5 Warehouses For Lead Storage


PLY: Interesting to see CME expanding in lead storage just as their annual conference resembles a lead balloon.


New York Stock Exchange Is Courting Millennials With Snapchat Filters and Vertical Video

Over the past couple of years, the New York Stock Exchange, which was founded in 1792, has been trying to fit in with the cool kids, honing its social media.


PLY: Interesting content, albeit NYSE strikes me as having been behind the Snapchat ball (I am @FrontierFinance btw) compared to NASDAQ but the possibilities are massive in what is a very engaging and user friendly multimedia product (unlike the rather shorter lived – in all senses – Vine which is closing). Anyway both NY exchanges are stealing a march in the parish with content where there is considerable potential and nobody else seems to be much interested in Snapchat – more’s the pity…if I have missed you please connect on the App!


Goldman Sachs Hands Over its Dark Pool Operations to Nasdaq
Wall Street Journal


PLY: Confirms story breaking yesterday. NASDAQ will clearly hope to avoid taking over the fines Goldmans dark pool once attracted.


BM&FBovespa To Book $58 mln Provision In Brazil Brokerage Case


PLY: Filing provision against a court case so far not in BM&F’s favour concerning a failed securities brokerage.


CME To Pay Interest Rate Of 40 bp/annum On Overall Cash Margins


Nasdaq’s Jochumsen: ‘2017 is big year for European Exchanges’
Financial News (subscription)


PLY And we are delighted that Hans-Ole is back in Europe to spearhead NASDAQ’s strategy in the EU and indeed Europe too.


LME Warehouse Reforms Distort Aluminum’s Fundamental Picture


LME Pauses Fund Charm Offensive To Calm Traditional Members


Urbana Corporation Increases Its Investment in Real Matters Inc.


Bats Completes Acquisition of Javelin SEF
Business Wire (press release)


Private Markets
Droit Secures $16 Million Investment In RegTech Transformation


PLY: Interesting venture, interesting shareholder list too.


Australian Startup-Funding ‘Accelerator’ Looks To ‘Huge Opportunity’ In China
China Daily


PLY: Emlyn Scott recently of this parish as CEO of the Australian National Stock Exchange, discusses his new venture trying to funnel funding and expertise to accelerate startups.


Liquidity Set To Go Up With Depository Plan For Nairobi SE
Business Daily (press release) (blog)


Nairobi SE Partners With Chamber of Commerce To Spur SME Listings
Citizen TV (press release)


The Nairobi Securities Exchange (NSE) has partnered with the Kenya National Chamber of Commerce to boost listings on the bourse.



Special Section: FTI, NSEL, India at the Crossroads
NSEL Scam: Govt Orders SFIO Probe Against FTIL, 18 Associate Companies
Zee News


The Corporate Affairs Ministry has ordered the SFIO probe after further facts came to their attention about the entities’ alleged involvement in NSEL scam.


PLY: I doubt this information originated in Anthony Weiner’s collection of emails from Hillary’s server but anyway, the plot thickens on NSEL once again.



Nasdaq Announces Launch Of The “Nasdaq Trading Insights” Product Suite

PLY: Interesting analytics to tell you how you could do better…


LMAX Exchange Joins IPC’s FX Hub
PR Newswire (press release)


No More Stock Tips On Social Media? Twitterati Hits Back At Sebi


#SEBIkidadagiri must stop. They have no right to regulate social media & curb our free speech. SEBI should instead focus on scams like NSEL…


PLY: It has to be said quite how SEBI can cope if say a million or two all tweet some market analysis remains to be seen (let’s face it a million is not even 1% of the Indian population!). The old analogue bludgeons just don’t work in a digital world but SEBI is in some degree of denial about modernity, preferring to see it as a term relating to the roaring twenties…


Could Blockchain Technology Put Co-Ops At The Front Of The Digital Revolution?
Co-operative News


PLY: Similar to my own views expressed at the international CoOp forum in Belo Horizonte, Brazil last month.


CME Group Announces New Precious Metals Spot SpreadPrint
PR Newswire
CME To Start London Gold Contract In Challenge to ICE, LME


PLY: Interesting. Seems it’s the “Diff” for Gold alongside NYMEX London contracts. Not just the usual proxy war then (as per oil) but a real live alternative product in the midst of the other markets, as it were.


MCX Plans Options In Gold, Mock Trading In A Month
Business Standard


PLY: All the world’s markets have eyes only for gold, or so it seems right now…


Saudi Capital Market Tadawul Is Planning To Launch “REITs” Before Year-End


World’s Leading Rubber Market Isn’t Fulfilling Some Basic Functions
Wall Street Journal


The world’s leading rubber market isn’t doing its job.



No news but lest you missed it, here is my proposed EI Presidential Impeachment Index as outlined yesterday.

“I have created a new product just in time for a spot of post Presidential Election rsk transfer. The “EI Presidential Impeachment Index” has a maximum value of  2922 (distance between inauguration on January 20th 2017 and maximum term to January 19th 2025). It has potential to be hugely volatile and indeed with the way Hillary Clinton is going, if she gets elected, the index may trade negative ahead of some FBI clarity over what her latest batch of not very secret emails may have said. Thus a Clinton presidency risks impeachment even before she is inaugurated during the lame duck sessions pre next January (a sort or pre-emptive strike I suppose) while it will probably take at least a few months for a President Trump to witness an impeachment movement against him. Who knows, it might even take longer to see the new President impeached depending on who controls Congress… However, the potential is clearly there.”


Career Paths
As mentioned yesterday, former LSE CEO Dame Clara Furse, has been appointed Chairman of the newly ring-fenced HSBC UK retail bank.


Euroclear Secures New CEO
Asset Servicing Times





No news per se but let’s crowdsource a few more pounds for Streets Consulting’s Comedy endeavours:


Other Stories


CFTC Further Implements Trade Execution Requirement


From the Polish Day of the Dead yesterday, next stop for me is the Dead Sea: Ishtar, Jordan for the ICA Conference, I’ll be travelling tomorrow so Exchange Invest may be slightly earlier or later depending on where you are in the world!


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