NOVEMBER 29 2016

elb2Greetings from a slightly stormy Mediterranean. I look forward to giving a keynote tonight following the Finance Minister at the Malta Stock Exchange Annual Dinner.

Tomorrow I note we hit edition 888 – hope that will be a lucky omen for the parish!

Incidentally, AnnMarie Norris, formerly of LME, is at the Inner london Crown Court today for Plea and Trial Preparation while her husband Michael Norris is in court for charges related to the case (handling stolen property I believe) with His Hon Judge Davies QC presiding in Court 5.

Still stony silence from LME on the fraud which is alleged to have been 7 figures apparently.

In Today’s Exchange Invest

Today in EI, the Brussels Bugle notes the EU is targeting too big to fail clearing houses – would that by any chance include say attempts to create egregious monopolies in the space? Various job moves as ICE appoints influential new Singapore Chairman and the Warsaw Exchange pretty much completes the destruction of the ancien regime with a new CEO at their commodities arm.

And there’s more, happy scrolling:

Events

The MOEX Annual Forum in London is 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.

My upcoming are mostly fintech events, many of them private including tonight’s august line-up at the Malta SE Annual Awards Gala.

In BigWorld

There is a fascinating, if informal, tussle in opinion poll ratings currently between France and South Korea. “Mr Flanby” AKA President Hollande, whose paramours are spectacularly more memorable than his inconsequential self, is determined to run for re-election despite recent polls suggesting at best, 5% of the French electorate approve of his spectacularly inept leadership. (NB this is Europe so we’re benchmarking alongside some real doozies like the holistically imperfect Angela Merkel). However over in South Korea as a result of a really whacky scandal with psychics and all manner of weird stuff (even Psy of “Gangnam Style” fame was somehow mentioned), President Park Gyun-Hye’s popularity, is, like Monsieur Hollande’s, on a downward swing from a similarly minuscule level of popularity.

Such all but nonexistent popularity brings a whole new meaning to being “in the cabinet” I suppose.

Public Markets

EU Proposes Rules To Stop ‘too big to fail’ Clearing Houses
Reuters
EU Targets ‘too big to fail’ Clearing Houses
Financial Times
European Commission – Creating A Stronger Financial System: New EU Rules For The Recovery And Resolution Of Central Counterparties
European Commission – Fact Sheet – Central Counterparties Recovery And Resolution Proposal: Frequently Asked Questions

PLY: So the word on the Brussels street when I was there was that the Antitrust authorities don’t perceive market safety as their concern… In which case, if they cast aside their previous common sense on monopoly issues, who will step in to preclude the egregious ‘tbtf’ monopoly proposed by DB1 acquiring LSE?

Special Report: CME, Eurex & LCH To Hold Coordinated Test Of Default Management Procedures
FIA

The exercise, is still in the planning stages…

PKY: Alas not much bandwidth to consider this on my part so far today…

DNA Exclusive: CBI Probes Mauritius Co’s MCX Exit
Daily News & Analysis

Launching An Open-Outcry Trading Floor? How Very 21st Century
Crain’s Chicago Business

Private Markets

NSE To Set Up International Exchange At GIFT City
Business Standard

PLY: Following the commitment of BSE to the PM’s International financial centre project.

Special Section: FTI, NSEL, India at the Crossroads

FTIL Questions ‘Forced’ Merger With NSEL
Times of India

Mumbai’s Economic Offences Wing Gets Additional DCP To Probe NSEL Scam
Hindustan Times

Technology

Deutsche Boerse and Bundesbank Launch Blockchain Settlement Prototype
The Trade

Virtu Financial (VIRT) to Acquire Telecom Assets From Teza Technologies
StreetInsider.com

Millennium Exchange Release 9.1 Oslo Børs – Further To Sold Out State, RFQ And Micro Auctions Functionality
MondoVisione

Products

Traders Cut Positions On MCX Due To Policy Uncertainty
Business Standard

Open interest in non-farm commodities on the Multi Commodity Exchange (MCX) has declined sharply in the last three weeks following uncertainty

PLY: Normal day to day shufflings are not eligible for inclusion here but there is a fascinating macro playing out with the Indian currency change – and that is impacting exchanges in the short term, particularly in the commodities end (so far). It is absolutely not clear that the IPO valuations of BSE and NSE will be affected come next year but at the same time, I am sure management are paying very close attention to the ramifications of this incredible shift. There is useful background here in Quartz: Timeline: 20 days of demonetisation, Narendra Modi’s biggest gamble with the Indian economy

Euronext: Successful Issue Of Portuguese Treasury Bonds Dedicated To Retail – “OTRV NOVEMBRO 2021” Demand Exceeds €2 Billion
MondoVisione

PLY: A stunning success for Euronext Lisbon. A cynic might be a tad concerned as to how Portugal’s rather unreconstructed spendthrift government can repay its debts…or we might just call it Eurozone business as usual. However that’s not to detract from the exchange’s success here in listing a pretty significant bond size from a small market base. Well done Maria Carioca and team.

East Africa’s Booming Camel Trade
The Economist

PLY: The sort of coverage The Economist does well…

Indexes

Unscheduled Updated Coefficients For Moscow Exchange Indices To Come Into Force
MondoVisione

Career Paths

Intercontinental Exchange Announces Appointment of Lee Yi Shyan as Chairman of ICE Singapore

Mr. Lee is a Member of Parliament in Singapore and previously served in the Singapore government over a ten year period as a Senior Minister of State in the Ministry of Trade and Industry, the Ministry of National Development and the Ministry of Manpower.

MCX India: Update on Appointment of Director
Moneycontrol.com

Multi Commodity Exchange of India Ltd has informed BSE that :”This is further to our letter dated October 25, 2016, intimating about the Board .

PLY: In Poland the defenestration of the ancient regime is pretty much complete. Having ousted the founder of PolPX Ireneusz Łazor some weeks back, Paweł Ostrowski has become CEO after the latest of the seemingly interminable EGM cycle at the GPW group.

Pavel has more than 15 years of experience in the capital market and has worked with financial institutions including PKO Bank Polski S.A., Societe Generale, Deutsche Bank Polska S.A., BNP Paribas Polska S.A. I wish him every success in the new position.

Stock Exchange Chairman’s Authority & Pay Halved
Haaretz

Amnon Neubach, the Tel Aviv Stock Exchange’s embattled chairman, will have his responsibilities – and compensation – cut by half starting next year,

PLY: In terms of hefty hints, some might think their masculine intuition lacking if they didn’t feel the board was sending a message to the combative Mr Neubach.

The 20th African Securities Exchanges Association (ASEA) General Meeting (AGM) And Conference included elections to a new board – congratulations one and all.

Cinnober subsidiary Boat has appointed Carl Nilsen As Director Of Sales from Oslo Bors to further develop the company’s fast growing RegTech business, focused On MiFID II transparency.

PLY: Another interesting talent investment from Cinnober’s Boat following their hire of Per Loven earlier this month.

Crowdfunding

…nothing made the cut today…

Other Stories

EuropeanIssuers Voices Issuers’ Vision Of The Capital Markets Union (CMU)
MondoVisione

How to Kill the Volcker Rule? Don’t Enforce It
Wall Street Journal

DRW Set For Court Showdown With US Derivatives Regulator
Financial Times
Don Wilson is a boldfaced name in derivatives markets, a place where … his trading career in 1989 on the floor of the Chicago Mercantile Exchange.

JPMorgan Boosts Speed Trading Veteran’s $1 Billion Quant Fund
Bloomberg

James Miles on Bloomberg: What Drives The Price Of Wine?
Liv-ex Blog

Liv-ex MD, James Miles interviewed on Bloomberg’s “What did you miss?”

Hope you didn’t get crushed in the Cyber Monday queues, and I look forward to seeing various readers tonight at the Chamber of Commerce in Valetta.

Patrick

Patrick L Young – Executive Director DV Advisors

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