I am delighted to say that the London Derivatives Exchange is continuing its sponsorship of Exchange Invest now that it is a separate entity from the GMEX technology vendor (moreover I hope we can welcome Hirander and GMEX back amongst our sponsors in its own right soon, too).
James Davies and VJ Angelo have retained their excellent board lead by Sandy Broderick for what remains a very intelligent approach to managing the tricky process of not so much alchemy, more nuclear fusion: creating futures that replicate swaps. It’s a fascinating business and when you have a moment, drop by the London Derivatives Exchange web site for a perusal of their fascinating products.
Today I am in Jordan for the ICA (regional ACI) conference with some 500 forex dealers from across the Middle East for lively discourse today and tomorrow (when I am participating on future trends in finance, tech, fintech et al). Lord Lamont and Rachel Lomax have just finished while in a rave from the grave (and if the Hound of Hounslow only lives to be 400 or so years old he may have this to look forward to:) one Nick Leeson.In Today’s Exchange Invest
BATS & TMX results, data wars, Hound of Hounslow facing 380 years in jail as Blair and Brown head off to enjoy lavish remuneration at CME Conference (how ironic today’s one percenters are yesterday’s spendthrift socialists). As long expected, Chitra Ramkrishna the new Chairman of WFE.
And there’s more, happy scrolling:
Events
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
The UK High Court may have just edged closer to a hot date with some pitchforks judging from the reaction of some as they seek to meddle with the British democratic will. That doesn’t make Brexit any more likely, just messier. Then again the British Parliament could do with a cleanse of the aloof and unproductive, not to say downright dodgy current membership, anyway. Or, various MPs will just show their survival instincts and realise voting to delay Brexit will only end their political careers.
Public Markets
Bats Reports Q3 Net Income Growth of 13%
BATS
PLY: BATS had a good quarter overall.
TMX Q3 Earnings
TMX
Revenue up 3%, encouraging numbers from TMX particularly compared to some lacklustre reports in the parish.
There’s A New ‘Hot-Button’ Issue On Wall Street & Battle Lines Are Being Drawn
Yahoo News
PLY: One thing I got wrong in “Capital Market Revolution!” was a belief that by now basic market data would be free or at least incrementally delivery cost plus. In other words, the line being pushed now by IEX who see data as a free tool (and, it’s also a marketing resource). The battle here is interesting insofar as much market data could be cheaper – and the right of those to give away data must be defended – while at the same time the future revenue, justifiably lies in value added data – especially with quantum computing on the horizon. (Oh and of course fragmented markets delivering a unified tape costs money…that is a justifiable charge…creating an element of swings and roundabouts in market competitive landscapes, as Jeff Sprecher noted in his quarterly call/masterclass the other day). Then again those pushing the “data is too expensive” line from the user side are all too often the highly culpable masters of disingenuity given that they arrogantly expect free (or micro-fees) while lathering on layers upon layers of basis (if not percentage!) points for their own, often rather nebulous ‘services’ which are all too often really only glorified regulatory monopolies.
‘Hound Of Hounslow’ Doomed To Extradition
Daily Mail
PLY: ‘The integrity of the CME is a matter of importance,” wrote judges in their ruling, clearly not realising (or choosing to ignore) the CME paying a six figure sum to have Britain’s worst ever economic managers former PM Tony Blair and his Finance Minister Gordon Brown at their annual client conference later this month. I don’t condone ‘the hound’s’ actions but this is another travesty of justice created through a daft one sided extradition law manifested by that master of disingenuity and abject incompetence, Tony Blair.
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Chicago readers: you have that hangover for a reason, it really did happen.