NOVEMBER 24 2016

My brief Interview with Steven Maijoor after his speech (speech transcript here) from the Boerse Stuttgart MIFID Kongress can be viewed here.

Overnight the news is the UK Chancellor of the Exchequer is to review stamp duty on share transactions, thus enabling a process which could remove the regressive tax on British trading and thus deliver a Britain free of such daft duties just when the EU has been planning an FTT.

…which reminds me of Otto Naegeli’s brilliant one liner on Brexit during my Crossfire session at the ICDA Burgenstock meeting last week – “I would rather face the wrath of the FT than the FTT.”

Alas, otherwise his autumn statement was a disappointing tilt further to the spendthrift interventionist left for British politics. With a budget further increasing at least FinMIn Phil Hammond can presumably look forward to a lucrative welcome at a future CME Festival of Has Beens following in the footsteps of the discredited autocrats Blair and Brown.

In Today’s Exchange Invest

A profit warning from Nigeria, as NASDAQ looks to its own speed bump chicanery while Clearstream launches a cross border ICSD package.

And there’s more, happy scrolling:


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

It’s Thanksgiving, all the best to readers celebrating today, and salutations on remaining the benchmark economy of the free world. I hope today proves a good moment to reflect that the United States are a unique wonder and that the nation has great times ahead.

Besides those who continue to riot petulantly need to get their strength up for the world’s ugliest day, Black Friday – where some folks celebrate the triumph of consumerism over civilisation.

Anyway enjoy the Turkey, have a great day.

Public Markets

Clearstream Launches Cross-Border Settlement Solution

PLY: ICSD a Go Go.

Deutsche Boerse CFO Warns Of US Dominance If LSE Deal Fails
Reuters UK

PLY: Scaremongering is not a good angle at any time, particularly not when seeking to build egregious monopolies. The defeatism implicit that DB1 is scared of US markets doesn’t sit well either. Despite the swagger of recently drafted banker bosses, DB1 has lost its mojo. This organisation needs wholesale reform and turning it into an investment bankers’ paradise isn’t the solution as we can clearly already see. Myopically pursuing a Merger of Equal Desperation dangerously concentrating monopoly power in the hands of a DB1 which fails to appear sufficiently competent to handle the unprecedented power it seeks, is bad for the parish and isn’t helping DB1 evaluate a world of opportunity.

Nasdaq Seeks Speed Bump In Attempt To Prioritise Retail Orders
Financial Times

PLY: A bit like the newtown movement which brought roundabouts all over the UK and Europe, suddenly speed bump chicanery is arriving a bit like the safety movement added bumps and baubles to many of the best motor racing circuits in the 1970’s when it was anathema to slow cars down on the track…

Deutsche Börse Acquires Stake In Figo

BME And BIG BAN ANGELS Create The First Pre-Market Environment In Spain For Start-Ups – Entrepreneurs And The Spanish Stock Market Operator Launch A Joint Project

PLY: Interesting.

Nasdaq CFO Michael Ptasznik To Present at 2016 Nasdaq Annual Investor Program In London

PLY: Alas cannot make it to this event.

Private Markets

NSE Issues Profit Warning, Blames Tough Business Environment
Business Daily (press release) (blog)

Nairobi Securities Exchange says its 2016 profit will be at least 25 per cent lower than the previous year.

PSE Given A Year To Comply With Ownership Cap, For PDEX merger
Manila Bulletin

The Securities and Exchange Commission (SEC) is giving the Philippine Stock Exchange (PSE) until November 15, 2017 to reduce the ownership of stockbrokers in the bourse to 20% to enable a cross asset merger.

Demonetisation Lesson: Why Linking Of Online Trading To Farmers’ Bank Accounts Must Happen Fast
Financial Express

London-Based Props Eye Amsterdam On Brexit Fears
FOW magazine

At least four major London-based proprietary trading firms are seeking to relocate operations to Amsterdam in advance of Brexit negotiations, the deputy-head of a proptrade body has said.

PLY: Not so much an exodus as a prodigal return to Amsterdam surely?

Irish Stock Exchange Chief Hails First Derivatives Of Newry As ‘Exceptional Firm’
Belfast Telegraph

PLY: All on my home island, good to see.

Bisx ‘Shelves’ Ambitions For Trade Finance
Bahamas Tribune

The Bahamas International Securities Exchange (BISX) has placed plans to create a short-term commercial paper/trade finance market “on the shelf.”

PLY: A pity.

Sebon Delays Nepal Trade Guarantee Fund, Auction Trading

Special Section: FTI, NSEL, India at the Crossroads

Not sure there is a lot of Thanksgiving spirit amongst the creditors owed millions by NSEL but alas, once again there is no news on resolution overnight…


Moscow Exchange: Transaction Fee For Flood Control Errors
Exchange News Direct

PLY: Penallsing those over eating at the data buffet, quite fair.


Dalian Commodity Exchange Rolls Out Measures To Control Market Risks Of Ferrous Products

PLY: The Chinese commodity exchanges are under duress from central government to prick the bubble seen as speculative.

Product Innovation Key Theme In Commodity Exchange Space: MCX
India Today

The commodity market may see product innovations and has huge untapped opportunities in options, indices and derivatives.

PLY: Yip, huge untapped opportunities.

Swiss Bank Vontobel Extends Bitcoin Certificate To Germany, Austria

Japanese Insurer To Offer Coverage For Bitcoin Exchanges
Nikkei Asian Review

PLY: Fascinating…


No news today…

Career Paths

Freshfields Private Equity Head To Take Reins of Global Financial Infrastructure sector group
The Global Legal Post

Heavyweight partner David Higgins is stepping down from the helm of Freshfields Bruckhaus Deringer’s global financial investors sector group.


​Equity Crowdfunding Bill Introduced Into Australian Parliament

Under the new Bill, companies will be able to raise up to AU$5 million in any 12-month period through local equity crowdfunding platforms such as

PLY: Hooray! ….albeit tempered with this being the nation of ASIC and therefore a sensibly balanced rule may be tricky against the serial over-prescribers of the Ozzie regulator.

Other Stories
FIA Welcomes EC Proposals On Capital Requirements

PLY: An encouraging development and step back from disincentivising FCMs to be CCP clearing members.

SEC Announces Agenda For Nov. 29 Meeting Of The Equity Market Structure Advisory Committee

Enjoy the Thanksgiving treat and when you need to make an escape, don’t forget, you have to help the kids find the new amorphous Ditto which was added to Pokemon Go the other day…


Patrick L Young – Executive Director DV Advisors

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