November 7 2016

elb2 Thanks to the fabulous team at the ICA who organised a magnificent 41st conference in Jordan at the Kempinski Palace, Ishtar over the weekend. It was a pleasure to discuss future trends in tech and indeed fintech as well as markets.

Now I have arrived in Lisbon, where the wonderfully entrepreneurial Mrs Young is doing more of the heavy lifting this week and promoting women in tech/entrepreneurship too. Thus I will be around, on the sidelines of Web Summit.

In Today’s Exchange Invest

Presidential elections nearly over – soon we can look forward to open litigation and bad mouthing season (plus ca change in other words…).

TNT ICAP deal nears completion, Reuters looks to buy bank stakes in Tradeweb, suggestions TMX may be long term stable, LME Shield facing competition in China…

And there’s more, happy scrolling:

Events

Don’t forget to book your place for the MOEX Annual Forum which 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.

Burgenstock: one week to go! 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

Dunno about you but clearly I feel a lot more confident that the likely next leader of the free world is a technological incompetent from the analogue age whose pathological persistent lying is presumably viewed by the FBI as being standard operating procedure for the political classes. Phew! Thank goodness being a totally arrogant technophobe with an incapacity to speak the truth doesn’t disqualify you from having your bombastic fingers on the red button. We can all sleep easily on that one I am sure! Can she win the election and give an inauguration speech that resounds “read my lips, no truth here?” I wonder…

To think only 8 years ago the narrative was “hope and change.” With this Presidential election I fear the requirement now is to “Make America Credible Again” as opposed to a nation perceived to have a fetish for ‘red line’ dancing (sort of boot scootin’ and hollerin’ but never cross that red line…no siree). Whatever the FBI say, I make the  EI Impeachment Index a play from the short side.

Public Markets

“To give you an idea of how complex it has been getting this deal over the line, Andrew Baddeley [chief finance officer] and I had to send photographs of our wives to the Colombian regulator the other day,” said Mr Phizackerley.

PLY: The mind boggles.

Thomson Reuters Looks At Raising Majority Share In Tradeweb
Financial Times

PLY: As rhe bankers cash out, it makes sense for TMR to be increasing its stake as it needs a new line of cash cows now that Money.net appears to be ready to violently undercut the Bloomie-Reuters oligopoly in terminals.

TMX ‘steady-as-she-goes’ Approach Paying Off Despite Nasdaq & Aequitas Competition
The Globe and Mail

PLY: The ice always looks perfect for skating until the first crack leads to a second and then another in quick succession, before the waters emerge sucking the hapless skaters into the freezing lake.

Tech Firm To Challenge LME’s New Electronic Warehousing System
Reuters UK

PLY: The pilot LMEShield programme has a competitor from Malta headquartered essDOCS. Very interesting.

Government Of Azerbaijan, World Bank Conclude Implementation Of Capital Markets Modernization
AZERTAC News

European Banks Face Collection Costs for Financial Transactions Tax
Bloomberg BNA

PLY: Given the semi-endless hectoring pursuit of Google by the EU and given that Google’s motto is “Don’t do evil” can we conclude that the EU’s motto is by osmosis “Just do evil?”

Financial Regulations Have Become The Modern Day Frankenstein’s Monster
South China Morning Post

PLY: Good headline but still an understatement. #“MakeAmericanCredibleAgain.”

Private Markets

China’s Top Securities Regulator Urges Closer Monitoring Of Agricultural Futures Amid Overheating Concerns
South China Morning Post

Tougher ‘Dark Pool’ Rules Trigger Race For Alternative Venues
Reuters

Misys: Sign Of IPO Crisis Or A Deal That Went Wrong?
Euromoney magazine
Blame Game: 19 Reasons People Give For Why The Misys IPO Failed
Euromoney magazine

PLY: Many may find it remarkable that a fairly average legacy oligopolist vendor would not be welcomed back on the public stock market at a frothy valuation in an era of light, nimble, innovative technology companies.

CMA Seeks Public Opinion On Second Market Listing Rules
Saudi Gazette

Special Section: FTI, NSEL, India at the Crossroads
Technology

Testing Environment For Bitcoin Exchanges
Banking Technology

PLY: Interesting article.

Blockchain: RBS Builds Ethereum-Based Distributed Clearing House
International Business Times UK

Products
Nothing wildly exciting on the product front so far today…oh apart from yet another new index from my product development unit:
Indexes

PLY: In addition to the Impeachment Index, I propose the first spin-off in the family: The EI PCLI to monitor the extent Presidential Crowdfunding Litigation. If Hillary gets in, the Donald will be raving his way through IndieGogo or wherever, demanding money to impeach whichever frothing raving madman/woman is occupying the White House.

Crowdfunding platforms open to funding political litigation may apply. Trading will be quarterly settlements to the level withstanding on the index of sites in US dollars at 1100 EST on the last trading day of the month.*

I am investigating other similar index products in this series in the future. All indexes are open to licensing.

Career Paths
Crowdfunding
Eureeca Receives First Equity Crowdfunding License from Dubai Financial Services Authority
Crowdfund Insider

Eureeca recently received approval from the Netherlands Authority for the Financial Markets. Eureeca was launched in Dubai in 2013…

Other Stories
Thomas Peterffy: ‘American Dream’ Imperiled by Move Toward Socialism
Newsmax

PLY: How we got from 1989 being a seminal moment where good triumphed over an evil system to the current mess of economically illiterate madness is difficult to understand. Having fled the disgusting Communists of the Warsaw Pact, Thomas Peterffy is one of the most enduring poster children of how the American dream works.

New Rule Won’t Require Subpoena For Automated Trading Data
The Hill

PLY: US regulators are already drowning in their own data. Behaving like fat kids at the data buffet will yet leave them more imperiled when they try to claim ignorance in the future when in reality their budgets didn’t pemit the analysis they required.

From Open Outcry To Exchanges
Hindu Business Line

The Place Capote, Carson and Cronkite Called Home
Wall Street Journal-03/11/2016

PLY: I caught this in the printed Journal over the weekend somewhere between Amman and Lisbon (a multi-leg extravaganza of travel). Lovely article about an amazing apartment block and highlights one owned by IEX Chairman William Donaldson & his charming wife, Jane.
Onwards, upwards, into a pile of emails and then perhaps a little hint of Lisbon too.

 

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