October 11 2016

elb2

In today’s exchange invest, loss making Mongolia exchange may be privatised while parish IPO fever is growing in India and much more…
Events

In the public domain coming soon, there is Burgenstock (see banner on left) and likewise the Stuttgart SE 10th Anniversary MIFID Conference also advertised to your left… Various private briefings for me in the meanwhile with clients and amongst other trips, the Middle East beckons.

In BigWorld

Beyond the soap opera of the fabulously flawed Presidential elections, real life is still happening and therein a master storyteller has sadly passed away. Vale Andrzej Wajda, whose impact on cinema reverberated around the globe from his native Poland where he was rightly judged a hero. Wherever you delve into his marvellous cinematic canon, such as “The Promised Land,” “Katyn,“ “Man of Steel” or his awesome biopics of “Danton” and “Walesa,” you will come away with a thought provoking experience from a celluloid genius who helped undermine the evils of Communism from within in a remarkably elegant fashion.

 

 

Public Markets

Four-Party Agreement For Shenzhen-Hong Kong Stock Connect Signed
MondoVisione

PLY: Just in as Exchange Invest raced to pixel.

Euronext War Chest Could Top €900m – RBC Analysts
Financial News

PLY: Good to see Peter Lenardos and his growing team at RBC gaining headline recognition. That said, the skew of this story treatment fits a narrative which strikes me as overly conditional. The notion that the end story is a unified DB1-LSE and thus Euronext picking through some M&A crumbs offered as an appeasement sop which results in an acquisition of the unloved by its current owners Clearnet, is not overly plausible.

The analysis itself includes the simple but clear outlook from Peter Lenardos: “In the exchange space, it is our opinion that ICE (ICE US), CME (CME US), Nasdaq (NDAQ US) and Euronext (ENX FP) are all seeking acquisitions.”

I couldn’t agree more. That also suggests acquisitions may have to be outside the direct parish…and also of course raises the spectre of the limitation on new markets being built…but that’s a completely fascinating story in itself.

Why It’s A Good Time For Stock Exchange IPOs
Livemint

PLY: Useful analysis from Mint.

With The Pound In A Post-Brexit Vote Slump It’s Time For May To Halt Foreign Bids
This is Money

PLY: Another sideswipe at DB1-LSE which the merger folks ignore at their peril. This does feel akin to a stuck record (younger parishioners can consult anybody who recalls analogue music for this metaphor) but the Daily Mail is a stuck record people listen to… Realistically, the GB government lives in hope the EU (or Hesse regulators) will kill the deal first so they don’t have to risk more “post Brexit” tutting from those media outlets stuck on the b side of the record…

Brexit Brings Headaches For Regulation-Weary Traders
Financial Times

PLY: A deft syllogism, Brexit is causing headaches – well only insofar as the Brexit is part of a long-term plan which ought to ease the pain of the random overreach of Brussels whereas anyway EU28 are still at the coal face of trying to make MIFID II a reality…

DFM Invites Experts To Advise On Hedging
gulfnews.com

Private Markets

Sebi Allows 2000 Firms On Bourses’ Dissemination Boards To Raise Capital
Livemint

PLY: A huge dollop of capital raising which may deliver a fillip to both SE and NSE as well as, clearly, a large bunfight between the two major national players to add as much of this listing content as possible.

Mongolian Stock Exchange To Be Privatised
News.mn

PLY: Cabinet proposal to sell off the Mongolian exchange which last year lost 613 million MNT (270,000 USD) and with a value estimated between 5.45 to 20 billion it seems. (USD 24-100 million).

ASEAN Works Towards Single Stock Exchange
VnExpress International

PLY: The idea of one ASEAN exchange strikes me as having as much foresight right now as those slow-moving British cities which removed their tramways within a few years of the renaissance of the medium. Unification of big caps perhaps but to deliver the potential for capital market development, big exchanges are just leaving a gap for Private equity to behave as monopolists, battling crowdfunding…

Channel Islands Securities Exchange Goes International By Opening Up Membership
MondoVisione

PLY: Interesting move from the generally low profile but interesting CISX.

Special Section: FTI, NSEL, India at the Crossroads

Who Regulated Spot Exchanges, Gujarat High Court Asks RBI
Livemint

PLY: Judge goes all quis custodes ipsos custodes on proceedings – a dash of exasperation at the slow moving blob would not go amiss either. RBI rapidly passes parcel to FMC (nowadays part of Sebi). Expect more moves akin to “House of Cards” but with more ceiling fans.

Exit Financial Technologies, Says Avinash Gorakshakar
Moneycontrol.com

PLY: Certainly FTIL looks exposed to the kind of base erosion which does not necessitate profit shifting.

Technology

Opening Cross: Three Angles To Every Story
www.waterstechnology.com

PLY: A Pythagorean point pithily pushed by Max Bowie who with typical understatement concludes “Any fool like me can draw lines on a map and call it a Golden Triangle. But only granular data can determine which individual property will be the next luxury lofts, and which is a tumbledown tenement.” Well worth reading.

NSE Organises First Market Data Workshop …Celebrates X-Gen At 3
Exchange News Direct

NASDAQ Files Patent For Blockchain Transaction Recordation
EconoTimes

PLY: Hmmm, the introduction mentions distributed ledger but the rush to claim IP nodules on the blockchain suggests action in the opposite direction. It will take me a while to digest but we appear to be on the cusp of the “closed ledger” …which I think is what people used to call a database?

LMAX Exchange Chooses Metamako For Matching Engine Monitoring
MondoVisione

 

Products

Brazilian Real Swaps Trading Begins On TrueEX
GlobalCapital
Indexes

Nasdaq Dubai & IdealRatings Launch Benchmark Indices To Track Performance Of Sukuk
Menaherald.com

Vietnam To Launch VNX Allshare Index
Nikkei Asian Review

A total of 388 stocks will be listed on the VNX Allshare, comprising 208 from the Ho Chi Minh Stock Exchange and 180 from the Hanoi Stock Exchange

 

Career Paths

Tel Aviv Stock Exchange Loses Second Chief in as Many Months
Bloomberg

PLY: Well there’s no escaping it, the most pithy pertinent remark comes not from a member of the faith but Irishman Oscar Wilde who would have doubtless noted something on his theme of ‘To lose one parent may be regarded as a misfortune; to lose both looks like carelessness.’

In a statement chairman Amnon Neubach, noted TASE is experiencing a “challenging and complex time,”

NASDAQ has appointed Stacie Swanstrom and Bjørn Sibbern to EVP of the firm’s Corporate Solutions and Global Information Services businesses, respectively.

Contineo, an industry-backed messaging network for equity-linked structured products, has appointed Celine Dong, previously Asia Pacific Business Head for LME to drive business growth.

 

Crowdfunding

 

Smart Benches Look For Investors At Zagreb Stock Exchange
Total Croatia News

Ivan Mrvoš, inventor of the first smart bench in Europe, will be the first who will try to raise money for his startup through the Zagreb Stock Exchange.

The Regulatory Framework For Peer-to-Peer Lending Industry In Thailand : A Consultation Paper
Crowdfund Insider

Commerce Minister Must Clear The Way For P2P lending
Scoop.co.nz (press release)

“Badly-drafted red tape and an overzealous regulator is threatening the growth of peer-to-peer lending.”

 

Other Stories
SEBI Paper Wants To Curb Stock Tips On Social Media & Online Games
MediaNama.com

…Have a great day and when you want to switch off from the parish, remember to stream an Andrzej Wajda movie, you won’t be disappointed…

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