November 8 2016

elb2  For those seeking elucidation on tonight’s result, let’s be clear: the next occupant of the White House looks destined to be a remarkably flawed individual with many question marks over their fitness for office. For those hoping for a missed ticket Parliamentary gridlock, it is hardly a huge endorsement of democracy. For the market parish, it is unclear that either leading Presidential candidate can bang rocks together in the first place let alone fail to be surprised that a spark may emit. John Hulsman crushes the concepts neatly in his latest City AM column.

In Today’s Exchange Invest


Various interesting snippets from discussing crude futures to a final 4 new bankers for the NSE IPO.

And there’s more, happy scrolling:


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 is next week: 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

For those in need of cheering up, ahead of one or other semi-satanic semi-dysfunctional blond figures taking control of the world’s sole superpower, Father Christopher of Lower Silesia, Poland, has cheered my faith in humanity immensely. He has adorned that one time bastion of the Polish motor industry, a priestly black 1970’s Polski Fiat 126 with stickers and unique canonical adornments plus his phone number. Any parishioner can call this hotline and the throbbing 650cc rear engined thoroughbred will whisk a priest to your door for some low latency delivery emergency prayer and pastoral care.


What a delightful contrast to what may be happening elsewhere beyond the exchange parish.


Photo here: Parish Emergency Prayer Vehicle. More in Polish here.


Public Markets


Update On SGX’s Acquisition Of The Baltic Exchange


PLY: All going to plan but the blob always takes time to acquiesce to even the most logical of transactions.


Bats Global Markets to Provide Bats One Quote, Trade Data to Morningstar
Business Wire (press release)


PLY: Extending previous arrangements.


Ready Set Rocket Hosts “Defining Tomorrow: Lessons in Disruption” Financial Services Summit


PLY: Pardon the snark but is this really becoming of the name “Defining Tomorrow.” Would “Lipstick on Pigs-fest” not perhaps be more appropriate? (Or maybe the CME client conference already has that term given its shady anti-democratic fiscal incompetent on the speaking list). I mean, seriously, the first thing some of these brands know about “tomorrow” is when the alarm goes off and they awake with a jolt to a thought of “omg is it Tuesday already? Arghhh!”


Brands include New York Life, Morgan Stanley, Credit Suisse, Thomson Reuters, IBM and, remarkably NYSE – good company in the bad old days of “DvD” ‘management’ but to call this a progressive posse is to frankly, unsubstantiated. Not where ICE would want to be positioned certainly and while I get it that the Big Board is an old thing, that’s different from old-fashioned.


CME Takes Emergency Action To Prepare For Election Day Volatility


PLY: Hysterical headline for what is a sensible volatility range expansion as results come in and markets anticipate a Hillary-QE friendly status quo coalition which keeps their bonuses flowing (clearly none of them have priced in the Elizabeth Warren / Bernie Sanders access that will drive the parliamentary agenda),


Private MarketsNSE Hires 4 More Bankers For Its IPO
LivemintPLY: Appointing IDFC Bank Ltd, ICICI Securities Ltd, IIFL Holdings Ltd and HDFC Bank Ltd are the final 4 banks appointed on top of the previously named (August 23rd): Citigroup Global Markets India Pvt. Ltd, JM Financial Institutional Securities Ltd, Kotak Mahindra Capital Co. Ltd and Morgan Stanley India Co. Pvt. Ltd


EGX Signs MoU with BM&F Bovespa


The EGX has signed an MoU with Brazil’s BM&F Bovespa on technical training, capital markets information and investor awareness.


PLY: Signed at the WFE conference which seems to be about the only tangible result from the event apart from the widely anticipated election of Chitra Ramkrishna as Chairman who hopefully can steer the increasingly irrelevant organisation back to being beneficial for the parish as a whole as opposed to a narrow clique.


Special Section: FTI, NSEL, India at the Crossroads

Sebi Issues Show-Cause Notices To Brokerages On NSEL Scam
Economic Times


PLY: An interesting dance in the Kafka of time: It seems the brokers are culpable for selling products which weren’t permitted but that the regulatory blob did nothing to stop (cries of “oh well it was not our turf” will now reverberate). Hmmm, a defence of mass ignorance then isn’t worth much without a demonstration that somebody may have learnt from their errors, surely?

TechnologyFrankfurt’s Fledgling Fintechs Show A City Racing To Catch Up
BloombergPLY: Throughout the world many are going penile with fintech envy while London has adopted the same approach as its myopic domestic media to the England soccer team before international competitions: “of course we’re going to win!” (Prior to another national humiliation).


LAmman SE Launches RSS Service


In Battle of World’s Biggest Oil Exchanges, One Gets Turbo Charge From Exports


PLY: Useful breakdown of the crude oil benchmark battle between the original big two contracts.


Commodity Options Will Help Bring Offshore Business Back To India: Samir Shah, NCDEX
Economic Times


Moscow Exchange: A New Approach To The Long Codes Of Options On Derivatives Market


PLY: Despite my feverish recent work on Presidential risk transfer, no other news in the Index parish overnight.


QV: Impeachment Index,


Career Paths

Laura Zinanni has been named VP in the CBOE Office of the CEO having formerly been Special Assistant and Lead Counsel, also to Ed Tilly at CBOE.


From FXCM & Boston Technologies To Stand-Up Comedy & FX Industry Consultancy In Poland
FinanceFeeds (blog)


PLY: Profile of Jonathan Baumgart who has relocated from the US to advise on retail forex in Europe from a new base in Poland. He also has a sideline in standup comedy, joining parish doyenne of good humour, Julia Streets whose fabulous endeavours raised 20000 dollars for charity in London last week. Can the offices of Exchange Invest help facilitate a parish double header stand up engagement?


For those who have a good sense of humour, you may also be interested in this job, which doubtless also may expand your vocabulary of rude words too:


Client On-Boarding and Contracts Specialist


Role Summary: The GBS Client Function is a dynamic, multi-faceted division that partners with all areas of the firm to support ICAP business divisions.

You Too Can Invest In a Startup Likely to Go Bust
BloombergPLY: In some ways true in some ways a sad reflection of the formerly progressive Bloomberg having lost its mojo somewhere around the Brexit referendum where they all took to their bedrooms for a few months and became bitter. A sad contrast with the good oil article above but rather too typical of recent Bloomberg output veering towards the negative. Oh well I suppose if I saw about to eat my lunch I might go all 1990’s on Reuters permadepression too. 

Wake Me Up When Online Lenders Are Done Turning Into Banks
FT Alphaville (registration)


One of the fun things about UK “peer-to-peer” lending is how far it has travelled from the idealism of its early days.


PLY: I must say the kids at Alphaville are demonstrating a lot of snark even if I don’t always agree with them. At least it makes up for the currently dull as ditchwater newspaper they are associated with.


Other Stories

Britain Is ‘The Only Adult’ In Room For Financial Services
Irish Times


PLY: Irish SE CEO and FESE Chairman Deirdre Somers was clearly in blistering, realistic, form as she noted that the “Idea that the City of London is going to disappear is ‘delusional’” during the Irish Times Brexit summit in Dublin.


IOSCO Consults On Other CRA Products And Their Use By Market Participants


PLY: Another round of sovereign messenger shooting or a sensible process to allow ratings agencies to expose naked emperors?


The word from WebSummit is positive…
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