November 3 2016

elb2 Congratulations to the Chicago Cubs, presumably the CME will soon put out a press release attributing the success to curse transfer via Billy Goat Diff futures… Anyway, now I have lived to see the Boston Red Sox win the World Series again (under the ownership of parishioner John Henry) and the Cubs beat the curse of the butting billy, it feels like the end of an era. Or, I need to learn more about baseball to work out just which teams are the wrong side of the long-term world series statistics.

Exchange Invest is a little earlier this morning and may miss some London open stories, as I am en route to Jordan for the ICA Conference where I will be speaking Saturday, mostly on topics pertaining to fintech, the future of finance and more!

In Today’s Exchange Invest

LCH to offer clearing services for non CCP products – great idea but their technological prowess may be a drawback. Meanwhile LME under fire from at least one major member while HKEx profits sink. Euronext open the day announcing a fascinating  “win win (and thrice “win”- this time for customers)” cooperation with Algomi in corporate bonds.

And there’s more, happy scrolling:


As I said above, I will be speaking Saturday at the ICA Conference in Ishtar, Jordan by the Dead Sea.

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, news emerges that  yields in government securities in Azerbaijan’ have fallen below 19% on the Baku SE. Ladies & Gentlemen, where will the malign hand of QE land next?


Public Markets


HKEX Q3 Net Profit Slumps 33% On Lower Trading Volumes


PLY: #Ugly.


LCH To Launch LCH SwapAgent, A Centralised Service For The Non-Cleared Derivatives Market
Major Swap Dealers Back LCH Service As Costs Rise
Financial Times


PLY: Interesting and logical idea for an advanced technological service provider. Only flaw is this is LCH so technology is not the strongest point. Phillip Stafford describes the concept well in his FT article.


Euronext & Algomi To Launch New Trading Facility To Improve Liquidity In Pan-European Corporate Bond Trading

PLY: Super deal and a potential “win win” for Algomi and Euronext.

Major Floats Adjusted Under New ASX Minimum Listing Rules
The Australian
ASX Tightens Listing Requirements
The Australian
ASX Tones Down Tightened Listing Rules
The Australian Financial Review


PLY: so not as tight as once suggested but a straitjacket nonetheless for the development of the Australian economy. That is a lost opportunity as ASX continues to scrabble to remain within its comfort zone as opposed to delivering a progressive marketplace. (Elsewhere I see Alex Frino of CMCRC has a report out discussing the potential for mid cap IPO fundraising ex-US).


Red Kite’s Farmer Says LME Risks Damage From HFT & Rising Fees


PLY: LME has been under pressure in a metals week where the members – admittedly not overly prone to ever praising anything at the exchange – appear to have been very volubly critical by their own high standards.


TMX Group Introduces Four Letter Trading Symbols
The Globe & Mail


PLY: I think the Queen’s English may be showing a trans Atlantic division here insofar as four letter trading symbols as a headline inspired titters pertaining to swearing in London upon publication of this release…


First Derivatives Charts Sales Growth In Smart Metering
Belfast Telegraph


Newry (Northern Ireland) financial software firm First Derivatives is aiming to boost future sales by adapting its technology to new uses.


Stock Connects Can Act As Perfect Hedge Against Yuan’s Fall
South China Morning Post


PLY: But can they overturn the 33% profit decline?


Urbana Corporation NAV per Share At New All-Time High Above $4

Private Markets

“Making The Case For Smarter Regulation Of Centrally Cleared Markets” By Craig Donohue, OCC Executive Chairman & CEO


PLY: An interesting argument for qualitative improvement in regulation where much of the action has been predominantly quantitative in recent years.


National Multi Commodity Exchange Looks For Merger To Achieve Net Worth Requirement
Business Standard


Alarmed by strict regulatory action, the Ahmedabad-based National Multi Commodity Exchange (NMCE) is looking for merger with an existing exchange…


SET And TPEx Sign MoU To Enhance Capital Market Development

Mongolian Investment Pitch Met With Skepticism
Nikkei Asian Review


Altai Khangai, CEO of the Mongolian Stock Exchange, was met with harsh criticism from investors at the annual investment forum in Hong Kong.



New Registration Procedure For Non-Regulated Subjects With The Secretary For The Prevention …
Mondaq News Alerts (registration)


PLY: I include as much because it mentions Paraguay’s Asuncion Stock Exchange which I don’t believe has ever had a mention in Exchange Invest to date.

Special Section: FTI, NSEL, India at the Crossroads

No news overnight…


Blockchain To Be Used On Myanmar Stock Exchange

The Stack

Daiwa Securities Group, has announced that it intends to implement blockchain technology for trading on Myanmar SE.


Pakistan Mercantile Exchange: Paddy Rice Futures
The Express Tribune


PLY: Quips pertaining to the Editor’s nationality will be deemed permissible if not entirely amusing. Actually rice futures have enormous potential, the tricky bit is ending the subsidy Raj not to mention protectionism in many nations.


Futures Exchanges Shift Rules on Block Trades in Win for Energy Companies
Wall Street Journal


CME Group Inc. and ICE are loosening block trade requirements to get big energy companies to use their markets more…


No news in the broader index world but lest you missed it, don’t forget my proposed EI Presidential Impeachment Index as outlined on Tuesday.

Career Paths

New HOSE Chairman Appointed


Deputy Minister of Finance Tran Xuan Ha appointed Tran Van Dung, general director of Ho Chi Minh Stock Exchange (HOSE) as HOSE’s new Chaiman.


The early bird has clearly gone to pixel before the crowdfunding worm has arisen…

Other Stories

The Best Bet in Crowd Prediction
Scientific American


PLY: Always interesting to read (and of course as you doubtless already know, I was a co founder of Tradesports / Intrade.


WFE Holds Emerging Market Liquidity Roundtable With Oliver Wyman & The World Bank


PLY: Working through the recently published report.

Exchange Invest will return tomorrow floating on the Dead Sea…
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