NOVEMBER 28 2016

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Lest you missed it, my brief Interview with Steven Maijoor after his speech (speech transcript here) from the Boerse Stuttgart MIFID Kongress can be viewed here.

Thanks to the excellent team of Startup Weekend FinTech in Wroclaw, (Poland) who produced a brilliant event where I was honoured to deliver the results of the judging panel while Mrs Young did some excellent, one might call it, “God’s work” as one of the mentor team. The best part imho was a rather radical reworking of the mortgage business resulting in a few, abjectly conflicted mentors, doing their best to try to kill the innovative streak in that team (“Mortgage Penguin” finished second eventually). Nearly 20 years on, the Revolution continues, despite the stifling reaction of the incumbents.

In Today’s Exchange Invest

December 5th looks like the big day for HK-Shenzen Connect while CME is apparently bidding for Clearnet, albeit significantly below the rather overhyped prices mentioned previously in the media.

And there’s more, happy scrolling:

Events

The MOEX Annual Forum in London is a little over a week away: Tuesday December 6th. Strikes me as a must attend event like its sellout US counterpart in New York last week. Join the event free via Exchange Invest here.

As Monday Morning dawned I was already en route to Malta via Poznan (there’s a Malta joke of sorts in there somewhere) where tomorrow evening I will be a keynote speaker following the Finance Minister at the Malta Stock Exchange Annual Dinner.

In BigWorld

A dreadful year for the Bolshevik Broadcasting Corporation (BBC) continues with the death of the aging cigar smoking lothario marxist tyrant Fidel Castro adding to the woes of a broadcaster which is still mourning electorates endorsing democracy reject the EU and endorse Donald Trump on different sides of the Atlantic.

Public Markets

Hong Kong-Shenzhen Stock-Trading Link to Start on December 5
Bloomberg
What to Know About the Shenzhen-Hong Kong Stock-Connect Plan
Wall Street Journal

PLY: HKEx to link with tech heavy

Chicago Joins Race For Clearnet
The Times (subscription)

CME has tabled a £340m-plus ($400m) bid for Clearnet

PLY: Doubtless the AMF/BoF are overjoyed at the idea of selling Clearnet under their suzerainty to an American bidder after that NYSE Euronnext project worked out so well. At least it’s interesting to see CME bidding for some core financial markets infrastructure, it has been a while. Then again given that the Times of London has been arguably even less accurate of late than its New York counterpart, readers may be discounting this story.

Singapore Files Charges In Penny Stocks Market Manipulation Case
Reuters

Bankrupt Malaysian businessman Soh Chee Wen, known as John Soh, and former IPCO CEO Quah Su-Ling were charged for orchestrating a “massive fraud” to manipulate the market in shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd between August 2012 and October 2013, alongside the senior finance and administration manager Goh Hin Calm.

Nasdaq Proposes Alternative to Speed Bumps
Wall Street Journal

Other exchanges have explored similar features. In August, the tiny Chicago Stock Exchange proposed its own version of a 350-microsecond speed

Financial Bloggers Meet-up With SGX.
SGXcafe

Blog Post: On Wednesday evening, financial bloggers were invited to meet up with SGXover an informal dinner session.

Yes, I’m a bit of barrow boy, says Cameron’s broker buddy
The Times (subscription)

The founder of broking giant Icap says he is delighted that Theresa May has ditched her plan to give staff seats on company boards…

PLY: Interview with Michael Spencer who appears on rather ebullient form…

Private Markets

Govt Readies Norms For GIFT Exchanges
Business Standard
Borsa İstanbul Inks MoU With Islamic Development Bank
Finance Magnates

BSE To Come Good On Sebi Queries On SECC Norms Soon
Economic Times

PSX To Open Bids Invited For Stake Sale Next Week
The Express Tribune

The Pakistan Stock Exchange (PSX) is scheduled to open on Wednesday the bids submitted in response to its offer of 40% stake…

NSE To Allow Digital Submission For Membership Change Request
Business Standard

Blockchain: Disrupting, Disrupted, Or Self-Destructed?
Seeking Alpha

SEC Inaugurates Capital Market Journal
Nigerian Stock Market Analysis

The Securities and Exchange Commission (SEC) is set to improve the financial literacy of Nigerians, as poor financial literacy has been identified as

High Commissioner-Designate Encourages Investment
Jamaica Gleaner

“The Jamaica Stock Exchange (JSE) provides an ideal opportunity for members of the Jamaican diaspora to help Jamaica while helping themselves.”

Special Section: FTI, NSEL, India at the Crossroads

Once again there is no news on resolution overnight…Then again India is a bit busy shuffling currency:

Technology

India’s Currency Ban Will Push Fintech and Bitcoin Adoption
Live Bitcoin News

Products

102 SMEs Debut On New Third Board
Shanghai Daily (subscription)

The New Third Board, or National Equities Exchange and Quotation “NEEQ” had 102 new listings last week…which was (read this and really weep at the maths of scale, all other bourses:) DOWN from the 156 listings of the previous week.

In other words, while the USA gave thanks, NEEQ listed 20-odd stocks. You have to admire the Chinese concept of scale.

Indexes

No index news…

Career Paths

Mustafa Baltaci – formerly deputy CEO of BIST and latterly in charge of FEAAS, has been appointed a director of the Istanbul FinTech Park project.

Lawyer Anthony Shanil Fernando has been appointed to the CSE (Colombo) Board

Crowdfunding

Lending Club Should Become A Bank As Fast As It Can
FT Alphaville (registration)

Lending Club’s Q3 2016 earnings call was a strange affair. Despite a second consecutive quarter of losses and a year-on-year loan volume decline

Spanish Debt Crowdfunding Platform ECrowd! Raises €307900
Crowdfund Insider

Jill Stein formally Requests Wisconsin Vote Recount After Crowdfunding Campaign
National Post

PLY: When it comes to masochism, the hippies and lefties have opened up clear green (red?) water between themselves and reality with a fairly ridiculous attempt to overturn the Presidential election result just because they cannot come to terms with democracy. The Clintons are bandwagoning this silly charade now which was begun by Jill Stein, the electoral rounding error also known as the Green Party candidate.

Finnish Laptop Makes European Crowdfunding History – 1300% Over Target In 4 Days
Business Insider Nordic

PLY: A rather spectacular result which deserves mention in despatches.

Other Stories

The On The Ground Impact Of India’s ‘Earth-Shattering’ Currency Purge
Forbes

PLY: I had a fascinating conversation during the Wroclaw Startup weekend with an Indian national who sees the short term purge and pain as entirely worth it to bring a vast chunk of the black economy into the light of transparent taxation. This is certainly an amazingly audacious moment which may well be the moment where either the Hindu rate of growth looks optimistic or the BJP government achieves an incredible Thatcher moment of breakthrough from what is a hyper-Schumpeterian manoeuvre.
Apparently it’s cyberMonday – when will the shopping frenzy end?

Have a great week and congratulations to Nico Rosberg on his first F1 world championship.

Patrick

Patrick L Young – Executive Director DV Advisors

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