November 9 2016

elb2  Today it seems the whole Lisbon data environment is a tad unstable thanks to all the kids at Web Summit – now that’s what I call BIG data! Or perhaps today, we ought to call it “Yuge! Data!”

In Today’s Exchange Invest

Various very crunchy stories, lots of blurb up top but you need to scroll…


With a Trumpian reboot in the air for US-Russian relations, you must 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


Your worst fears have been confirmed. Finally they chose one of those flawed candidates to be President. Now where’s that Impeachment Index I could do with trading?


Yip Donald Trump has won what even CNN called a “deep and decisive’ victory. Admittedly, they also keep referring to Hillary as “The person who did not win” so their biases remain clear cut.


Overall, The United States of America sits on the cusp of a historic moment. An outbreak of government could be upon the world’s greatest economy come January 20th. (The Impeachment Index may be in abeyance as far as the mid-terms).  The hideously inaccurate American media has been spectacularly wrong-footed, oh and ‘opinion pollsters’ now make real estate agents look like a credible profession (yip that’s a double oxymoron).


Britain is back at the front of the queue in many resects, while the lame duck basketballer in chief is shorn of power. Now Hillary Clinton becomes the ‘has been’ she has been working towards for decades. At least she has the CGI billions to look forward to.


A “yuge” win for “the Donald” places the world on a fascinating new axis and leaves the establishment media a hectoring sycophantic mess on both sides of the Atlantic (we can ignore mainstream European media as they always get it wrong on Presidencies – thus actually their rude scepticism about President Trump is encouraging for a productive Presidency). At the same time, the Communist News Network is struggling to get to grips with the realpolitik. The legacy tv news channels were epic overnight (epic in ALL the wrong ways I hasten to add). The Bolshevik Broadcasting Corporation remains simply delirious at the notion that once again the people don’t share their daft dysfunctional worldview – despite all their best efforts to skew the popular vote (again). CNN was just as bad. I haven’t checked in much to RT yet but may be on their waves later…


Anyway, from a BBC/CNN ‘perspective,’ once again It’s shocking how only listening to your own echo chamber of similar biases doesn’t deliver objective analysis. First time around too – I mean nobody has ever heard of George McGovern.


Fascinating times. The history books will show that taking Wisconsin for granted is just a sign of a much much greater sin of omission…


Of course leaving aside the fact that an overly developed sense of entitlement and her gender assignment was insufficient to deliver Hillary Clinton the White House only makes her, imho, the second biggest loser of the night. For right now, Canada faces the spectre of a rash of immigration led by the likes of Miley Cyrus. It’s not too late, Ottawa: you too can build a wall and keep hordes of American celebrity luvvies away from your delightful nation.


Public Markets


DB1 Expects Deep EU Concerns Over LSE Merger of Equal Desperation
Reuters UK


PLY: It all comes down to a simple binary: Either the EU antitrust authorities are delusional about their remit and application thereof, or the merging parties are delusional they can build an egregious and destructive monopoly.


If you haven’t already, you need to recall the core issue of CCP, as evidenced by the Exchange Invest Twix video.


Euronext Q3 2016 Results


PLY: Disappointing earnings miss from Euronext.


Cinnober Expands Investment In Real-Time Clearing For Banks – Establishes Operations In Separate Company


PLY: Fascinating development from Cinnober, a separate vendor spin-off for improving speed / functionality of clearing in banks and financial institutions – that could revolutionise Cinnober off the back of its EU innovation support for such processes last year.


Flash Crash Trader Sarao, Extradited, in U.S. Custody, Faces Arraignment


PLY: If you are in Florida for the CME conference next week, you are missing vibrant debate at Burgenstock and the 10th anniversary Stuttgart MIFID Conference but at least you have a chance to ask Tony Blair why he, as a professional counsel, thought it wise to give the USA total control over extradition even on the most hysterically overhyped of convoluted allegations? (Up to you if you want to raise how CME looks like an arbiter of good governance by spending a six figure sum on the serial rep of mad bad and dangerous to know dictators and his former finance minister who nearly bankrupted Britain through his hubristic delusion).


CBOE Says Bats Had Potential Other Suitor
Crain’s Chicago Business


PLY: Who was “Company A?” I wonder…


TMX Group Develops Strategic Agreement With Solium Capital
Investment Executive


Mystery Website Claims To Be ‘Hong Kong International Board’
South China Morning Post


PLY: Another day, another fake exchange it seems, this one arguably even more audacious than the DCOEX which I highlighted in August (the latter is now showing a holding page of links and no sign of the awesome exchange the site once claimed…).


Private MarketsEurope To Formalise New Derivatives Rules On Nov 21
Financial Times 

PLY: They should have a bit of pomp for such EU functions, like inviting youths representing all the nations of the EU to wrap the rules in red ribbon before condemning the citizenry of Europe to yet more rules.



‘Change agent’ Jeremy Penn Defends Baltic Exchange Sale In Swansong
Seatrade Maritime News


PLY: The deal wasn’t a bad one at all, albeit it is amazing how it happened to coincide with Jeremy Penn’s retirement.


SEBI’s Capital Norm May Impact Commodity-Specific Bourses
Hindu Business Line


“Fulfilling the capital requirement of ₹100 crore (21 million USD) is a difficult task for Commodity Specific Exchanges (CSEs) and even some of the national multi comexes.”


PLY: Dumb arbitrary rules reduce competition and drain exchanges of focus as they scramble to raise capital they don’t need.


Ethiopia: ECX Sells Five More Seats, Top Bid Declines


China’s Commodity Exchanges Ask Firms To Register Products
China Steps in Again to Restrain Its Commodity Traders


Bursa Malaysia Derivatives & Dalian Commodity Exchange Renew Collaboration Agreement


Namfin-X Court Hearing Nears
Namibian Sun


Namfin-X, once touted as a competitor to the Namibia Stock Exchange, is set to lock horns with Namfisa over its refusal to grant it a licence to operate…


PLY: Discouraging if slightly unsurprising.


With Block Trading On The Rise, Alternative Trading Systems Must Compete To Gain & Sustain Liquidity


PLY: Latest Tabb survey.


Tishman Speyer Announces Lease Transaction For OCC At The Franklin


PLY: New offices for OCC.


Sebon Introducing ASBA Mid-January


The decision to implement the ASBA is a part of the Sebon’s initiative to modernize Nepal’s capital and secondary market.


PLY: System facilitates the IPO process.


How A CISE Listing Adds Substance & Creates Value


PLY: Marketing blurb by CEO Fiona Le Poidevin worth reading.


Special Section: FTI, NSEL, India at the Crossroads

No news, no resolution, Jignesh Shah out of jail too…



Xignite To License Its AWS-Based Market Data Cloud Platform To Exchanges And Data Vendors

Bloomberg’s Chat Function Crashed
Business Insider


PLY: Bad day for an outage especially as benchmarking Blomberg against US voting terminals would be generally considered a slam dunk win for Mayor Mike’s apparatus…


ICE Data Experiences Technical Outage as Charts, Feeds Go Dark
Finance Magnates



Hemp Is Getting Hotter, With Help & Harm From Marijuana

PLY: Overview which concludes with some Seed CX discussion.


Hong Kong ETFs Expected To Be Popular Among Mainland Investors
South China Morning Post


NCDEX Partners With Startup To Create Organized Marketplace For E-Waste News



FTSE Russell & State Bank Of India Partner To Create Indian Bond Index Series
MondoVisionePLY: My own recent Index Musing:

EI: Impeachment Index,


Career Paths

The ICE has appointed former S&P Global Chief Data Officer Jonathan Reeve as Global Head of Connectivity & Consolidated Feed Businesses reporting to Lynn Martin, President and Chief Operating Officer of ICE Data Services.


Bitbond Is The World’s First P2P Lender Using Digital Currency
Crowdfund Insider


PLY: Interesting business I often reference in presentations on the topic…

Other Stories

CME Bans Two Traders For Prearranging Transactions

Inspector General: IRS Needs to Overhaul Bitcoin Tax Strategy


Web Summit manic and fascinating. Meanwhile I hadn’t really thought of a Trump Presidency per se but as of now I remain in the mood for a spot of entropy and look forward to a fascinating period in US politics…



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