October 13 2016


ICAP buys regulatory provider, ICE confirms 5 for 1 stock split, just as the shares anyway seem to be breaking out of the recent range to the upside.

Oh and as I rushed Exchange Invest to pixel this morning the WFE announced a report with Oliver Wyman on emerging markets liquidity. At a first skim the headline prognosis look blindingly obvious but there’s probably something of depth in there: Click here to read Enhancing Liquidity in Emerging Market Exchanges. At least it’s not one of those tortuous one-size fits all position papers where Gavin does his level best to do the old camel needle eye repo trade, trying to weave the dubious notion of a single position amongst a diverse parish of members, let alone the exchange industry as a whole which is anyway not exactly reflected in WFE membership.


In the public domain coming soon is Burgenstock (see banner on left- and use this discount code “YOUNG15” to get 15% off the delegate fee).

The Stuttgart SE 10th Anniversary MIFID Conference also advertised to your left looks most interesting and I am delighted to be chairing a session there November 17th.

In BigWorld

In an epic moment for sports bribery – which has recently even seen the England soccer team’s manager usurp the players’ normal role of shaming the country – Rome has decided it is not bidding for the Olympics in, er, sometime. This has presumably caused massive concern amongst the panjandrums who cannot expect a hefty payout for the arduous, er, due diligence, required to deliver the vote of their jurisdiction.



Public Markets
ICAP Acquires Abide Financial

PLY: Last minute addition to the bulletin: ICAP buying a regulatory boutique based in the UK.

Chi-X Welcomes ‘Transparent’ Reforms As ASX Reacts To New Code
The Australian

PLY: A certain mud-like opacity still hangs in the air around what exactly the Treasurer of Oz was saying yesterday but it does seem he wants change and given that the ASX welcomed it – that’s always a feasible sign that they didn’t like it at all…in the perverse way politicking seems to happen nowadays.

Yet Another Stock Market Speed Bump Divides Some Top Traders

PLY: CHX proposal announced in August is drawing a mixed reception.

ICE: Approval of 5-for-1 Stock Split
Business Wire (press release)

Private Markets

Shenzhen Stock Exchange Releases Rules On Shenzhen-Hong Kong Stock Connect Program

Exchanges Ready For GIFT City But Unclear Rules Pose Hurdle

National Stock Exchange of India Ltd (NSE), BSE Ltd and Multi Commodity Exchange(MCX) have all expressed interest to start operations at GIFT.

Beyond ‘Flash Boys’: Matt Levine Interviews IEX’s Brad Katsuyama

Commodity Exchanges & the Art of the Auction

PLY: Interesting interview with Perfect Channel CEO Phil Bird.

DGCX To Tap Algo Traders, Market Makers
FOW magazine

Estonia’s Funderbeam Is Building A Blockchain-Based “Stock Exchange” For Startups

Headed up by Kaidi Ruusalepp, who was previously CEO of the Nasdaq Tallinn stock exchange, Estonia’s Funderbeam is on a mission.

This Startup Is Using A.I. to Speed Up Financial Compliance

PLY: Comply Advantage a fascinating new project from MarketInvoice Co Founder Charles Delingpole with $8.3 million in funding from Balderton Capital.

US-Run Firm Targets FX takeovers, Floats On London Stock Exchange
City A.M.

Boston International is targeting takeovers in the foreign exchange sector is to float on LSE.

Europe Exchanges Curb HFT

Technology, Leadership Key In Stock Exchange
Mmegi Online

The CEO of Botswana Stock Exchange (BSE), Thapelo Tsheole has reiterated the significance of technology in the stock markets

Over 40000 Pounds Of Produce Sold In Q1 Of Virtual Agricultural Clearing House
St. Lucia News Online

The Saint Lucia Hotel and Tourism Association on May 19th 2016 launched the Virtual Agricultural Clearing House (VACH)…

PLY: Interesting venture, procurement exchange for domestically sourced product. Very hyperlocal with significant potential globally.


Special Section: FTI, NSEL, India at the Crossroads

Jignesh Shah’s Bail Plea To Be Heard On Oct 15
Economic Times

PLY: Jailbird Jignesh has been in jail since September 21st, a move which continues to evince a stunning level of ‘Shahdenfreude’ from across the parish.



Technical Glitch Hampers Trading At Greek Stock Exchange

Greenkey To Launch Mobile ‘Turret’ App For Traders And Brokers



Euronext To Launch Fertiliser Futures Nov 14


Winner Takes All in the World’s Biggest Index Options Market

PLY: India…where of course you can soon buy into not one but two exchange IPOs.


Career Paths

HKEX has appointed Guo Xiaoli,  the former general manager of the Zhengzhou Commodity Exchange, as CEO of the commodity-trading platform it is building in the Qianhai Shenzhen-Hong Kong Modern Zone on the mainland which was announced in June.

Crowdfunding Platform Crowdcube Taps Simon Williams as Chairman
Finance Magnates

Britain’s biggest crowdfunding platform Crowdcube has selected former Citigroup and HSBC executive Simon Williams as its new chairman.

Sr. Manager / Manager Job at MCX in Mumbai

Raining ex-Babus In Dalal Street
Business Standard

PLY: The worrying issue of revolving doors between Indian civil servants and the private sector, most particularly the financial infrastructure. Folks in Europe are a bit peeved meanwhile that the former student Marxist turned EU President Barrosso took up a post as non-exec trougher & fixer at the table of Goldman Sachs, or something like that (I forget the precise title) recently.




Funderbeam Raises $2.6 Million To Propel Startup Financing
Finextra (press release)

The new funding round comes just a week after Funderbeam announced an alliance with the Zagreb Stock Exchange (ZSE) to create a joint venture in Croatia.

Ruth Hedges: Crowdfunding Will Be Ubiquitous
Crowdfund Insider


Other Stories

Interview: Amelia Kyambadde, Minister of Trade & Industry
East African Business Week

PLY: Ugandan Minister highlights “We initiated the National Commodity Exchange so that we can have warehouses for agriculture produce.  We already have a number of warehouses about 38 now, but we need to have more so that we can control the quality and quantity of products like cereals, coffee and others. We want these to be traded through the commodity exchange and it will be easier to control the quality.

Hillary’s Clinton’s Leaked Speech Excerpts Show She’s Embraced Wall Street’s Dark Side

PLY: Makes mention of Hilary’s being booed at the NYMEX and asserts it was a mere 31 trillion to one chance or something that her rookie trading career was as successful as it was.

…Don’t forget to book your trips to Burgenstock and / or the Boerse Stuttgart 10th anniversary MIFID congress, both look to be brilliant events in their particular fields.

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