NOVEMBER 23 2016

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If your day is slowing down, here’s an energetic, brief reminder of what you missed at the 10th annual Boerse Stuttgart MIFID Kongress last week in Stuttgart.

Interesting mailbag this week, essentially it increasingly incorporates “LME” and “transparency” or words to that effect in almost every email. Certainly to have a parish institution which is so heavily regulated end up the victim of an alleged fraud, is in and of itself, remarkable. Confidence is a fragile thing, LME needs to act publicly to clarify and restore confidence ASAP.

What we can discern is that the Crown Prosecution Service noted Friday to Reuters that an accountant at LME Annmarie Norris was charged with two counts of fraud by abuse of position between December 2012 and December 2015 and that LME has refused to comment. Indeed sub judice proceedings are tricky but then again the confidence of the market is at stake here, so LME needs to say something – fast – to at least reassure the market on what it has done to safeguard systems going forward.

The story is itself not that new it seems insofar as Annmarie Norris appeared in court on Tuesday November 1st and was apparently dismissed in October.

One constituency actively reading Exchange Invest above and beyond the world’s leading parish executives and investors in market structure, are journalists. I know many of you find inspiration in this newsletter for your work, so here’s a tiny tip I hope you have already realised. It strikes me the person who gets to the bottom of the LME story has a career leap forward ahead of them. Go forth and shine transparency on the situation!

Meanwhile LME has a clear problem now as the organisation must immediately work to explain to the parish what has gone wrong and the approaches being made to rectify what is an enormous embarrassment for management in LME and in the Hong Kong parent company alike. Nobody wants to lose face but where an accountant (not, I note the CFO) has been allegedly able to take money from the coffers of a highly regulated entity is a matter for considerable concern.

Markets work on transparency and trust – the parish correspondence received by me is that LME has to clarify where the problems arose and most importantly, how they will not happen again.

In Today’s Exchange Invest

New push to oust TASE Chairman, DB1 expects EU statement of objections mid-December.

And there’s more, happy scrolling:

Events

Most of my events before Christmas are private but as a reboot with Russia appears in the Trump governmental, The MOEX Annual Forum in London on Tuesday December 6th is surely a must attend event like its sellout US counterpart in New York last week. Join the event free via Exchange Invest here.

In BigWorld

I’m pondering: If Mitt Romney becomes Secretary of State which world leader will he want to bolt to the roof rack of his car?

Public Markets

DB1 CEO Expects EU Objections Mid-December
Reuters

PLY: A list whether long or short on the precise objections, merely needs to be resolute and clear, showing that the Merger of Equal Desperation is fundamentally bad for markets, bulking up monopoly power in the hands of one entity…

Nasdaq’s New CEO Prepared Years for the Job. Then Trump Happened
Bloomberg

PLY: It strikes me Adena Friedman just wants to get on with the job and this is causing an issue for the media who are desperate to follow a variety of (often flawed) narratives on the parish (not to mention that many have been clearly triggered by – as they see it – ‘the great unwashed’ choosing Brexit and then Trump).

HKEx Chief Says Shenzhen Trading Link Within Weeks
Hong Kong Standard (press release)

BGC Brokers’ Capitalab Extends Its Portfolio Compression Service
MarketWatch

PLY: BGC’s version of ICAP’s TriOptima.

FINRA Moves To Speed Up Market Manipulation Crackdowns
Reuters UK

PLY: FINRA worried about high latency issues when it comes to their clamping down on market manipulation. What fascinates me is that just recently the US agreed a guilty plea with the Hound of Hounslow yet as I recall previously US exchanges had denied market manipulation was taking place? (Maybe it’s just my hazy memory after so much travel).

Private Markets

NSE To File IPO Document By 2017
The Hindu
PM Modi to Unveil Bombay Stock Exchange International Trading Centre on January 9
NDTV

PLY: PM Modi to inaugurate the opening of the BSE venture in the PM’s GIFT City IFC project. No news yet if the audience will wave old 500 rupee bills at the PM on the day.

trueEX Launches First Platform For Trading And Novation Of Non-Cleared Derivatives
MondoVisione

PLY: Interesting.

PSE’s ‘Plan B’ Is Setting Up Its Own Depository Unit
BusinessWorld Online Edition

THE PHILIPPINE Stock Exchange, Inc. (PSE) will seek to establish its own depository system should the longstanding soap opera masquerading as a merger with the Philippine Dealing System not happen.

Ghana CSD Migrates IPOs Onto Electronic Platform
Graphic Online

Citizen Database Opened To Help Indonesian Capital Market Investment
Jakarta Post

A Regulatory Solution To Canada’s Market Data Problem – NEO Exchange Calls On The Canadian Securities Administrators To Mandate Consolidated Market Data For Retail Investors And Investment Advisors
MondoVisione

PLY: One tape, one vision, many attacks on the TMX monopoly.

Wax Museum set to close its doors in less than two weeks
thejournal.ie

PLY: The long running saga of the Irish SE’s additional office space mired in rental confusion between previous landlord and tenant. It’s a lovely building to add to the historic facade and interior of the main Dublin exchange building.

Plato Partnership Announces Support Of Leading Academics
MondoVisione

PLY: Plato lives! Well kind of. Disbursing money to academia now – maybe they will have free parish newsletter providers on their list soon for some of this funding.

BSX & CISE Sign Cooperation Agreement
MondoVisione

PLY: In the wake of a highly expensive trip to Cartagena Colombia, could this be a good opportunity to justify expenses? Pardon my cynicism but maybe this is an MOU with potential.

Special Section: FTI, NSEL, India at the Crossroads

Jignesh Shah Moves HC To Evade Arrest
Free Press Journal

PLY: It has been weeks since anybody arrested Jignesh Shah – surely between Diwali and Christmas they can get another quick round of charges filed and maybe even squeeze a few days on remand in as well?

Oh dear that really does read like #Shahdenfreude.

Technology

Euronext Selects Strategic Insight’s Liquidmetrix For Its Best Execution Analytics Platform
Euronext

PLY: Another good incremental move as Euronext seeks to push the quality of its execution for all investors (building on last week’s announcement of Best of Book facilities for retail).

Products

TOCOM and S&P Global Platts Sign MoU
PR Newswire (press release)

GPW GBP Futures Launched
GPW

PLY: Warsaw adds GBP futures at a time of considerable volatility in GBP/PLN and with a natural market of over 800,000 individual Poles in the UK alone, let alone corporate activity.

Singapore’s SGX, Japan’s TOCOM To Jointly Develop Asian LNG Market
Reuters

HKEX Announces Results Of Annual Review Of Trading-Fee Tiers For Stock Options
MondoVisione

Indexes

No news today albeit a bit of benchmarking above…

Career Paths

Tel Aviv Stock Exchange Board Weighing Ouster of Chairman
Haaretz

The Tel Aviv Stock Exchange’s board has resumed efforts to try and oust chairman Amnon Neubach.

Chief Accountant James Schnurr is to leave the SEC and Wesley R Bricker has been announced as his replacement.

Crowdfunding

WeSwap Currency Service Raises £2.4 Million ($3M) Through Crowdfunding
Tnooz

Better, Boring Banking Has Always Been The Aim For Edgy ‘P2P’ Lenders
GlobalCapital

Zopa’s application for a banking licence is a clear vindication of a long recognisable trend…

PLY: Akin to those South African pavement merchants who prevent you getting into the shops and then once they have enough money, they buy the shop…at which stage somebody else occupies the pavement outside with their wares.

Other Stories

Dinosaur Merchant Bank Limited Deploys Ancoa Surveillance To Meet MAR

PLY: It’s dubious branding week here in the “Other Stories” section. Following on from FINCONS yesterday, today I see the excellent folks of Ancoa have sold a surveillance system to this rather amusingly (arguably genre appropriately) named merchant bank.

FESE Response To ESMA Discussion Paper On Trading Obligation For Derivatives
MondoVisione

Rwanda To Hold Africa’s Major Bourses Meeting
Global Times

Experts in global and regional capital markets are set to gather for their flagship Africa Securities exchanges conference in Rwandan capital Kigali next week, the 20th such annual meeting.

PLY: I hope the event goes well.

Still not reduced my email backlog…but getting there…

Patrick

Patrick L Young – Executive Director DV Advisors

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