October 14 2016

elb2Condolences to our Thai readers on the passing of the world’s longest-serving monarch, King Bhumibol Adulyadej of Thailand who Died at Age 88 yesterday.

In Today’s Exchange Invest

HKEX-Shanghai plan a Monday in November for the next through train linkage while BM&FBovespa CETIP takeover gets a further antitrust enquiry. Four big bond platforms unite to create an EU industry association. Meanwhile, in the soap opera surrounding Israel’s exchange, now the acting CEO has withdrawn her resignation as Chairman after what sounds like a memorable board meeting for all concerned.


Claim your discount code now via Exchange Invest: Burgenstock is coming soon (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
Lovers of blob consistency will be simultaneously delighted and horrified to see another spectacular failure in EU budgeting. The Guido Fawkes Blog notes auditors have failed to sign off the EU accounts for the 22nd consecutive year, “claiming that they are ‘materially affected by error.’ Some examples of waste include a project where the team tasked with repaving a 1 kilometre footpath in Italy ended up buying a €4,000 mountain bike, a €3,500 panoramic spyglass and donating €10,000 to a local church from their budget. An agency in Mozambique claimed €874,309 for office and lab supplies but provided no proof the items were ever bought.”

Humour aside, this is simply a disgusting damning indictment. The EU has failed, Europe needs better.


Public Markets


Hong Kong-Shenzhen Stock Connect To Begin Trading On A Monday in November, Says Exchange …
South China Morning Post

Brazil Antitrust Watchdog Demands More Information On BM&FBovespa Deal

PLY: Cetip deal data requested which is hardly surprising given the current political upheaval in Brazil and the desire to ensure a squeaky cleanliness to everything – might the deal be undone or remedies required? Hard to tell at this distance, indeed it was tricky to get much insight on my flying visit to Brazil last month either.

A Talk With Bats CEO Chris Concannon
Pensions & Investments

Bond E-Traders Prepare For MiFID II With New Trade Body

PLY: BrokerTec Europe Ltd, MarketAxess Europe Limited, MTS Group and Tradeweb Europe team up to create a trade association open to anybody meeting the (apparently so far not transparently clear) minimum trading criteria…

ZSE, EBRD Launch SME Growth Market Project

PLY: More progress during a busy 6 months of achievement for newly publicly traded Zagreb which also announced a Funderbeam crowdfunding partnership.

Private Markets


Board Asks Tel Aviv Stock Exchange’s Acting CEO to Stay Amidst Leadership Crisis

PLY: The clearest path to improving revenue at TASE looks to be selling the movie rights to the board minutes. Acting CEO Gal Landau-Yaari was apparently asked to stay on and pulled her resignation letter after the board over-ruled the controversial Chairman Amon Neubach. TASE is now verging on the brink of internecine warfare by the looks of it, albeit the reign of Chairman Neubach now looks tenuous.

Beyond ‘Flash Boys’: Brad Katsuyama Q&A
Bloomberg – 2 days ago

Developing The Capital Market: Stakeholders Call For Intensifying Education
News Ghana

The seminar was organized by the Ghana Securities Industry Association (GSIA) as part of the association’s annual capital market week celebrations.


Special Section: FTI, NSEL, India at the Crossroads

Sebi Writes To FinMin To Shield Staffers
Business Standard

The Securities and Exchange Board of India (Sebi) has written to the Union ministry of finance for approval to establish an institutional mechanism…

PLY: Staff need to be protected from personal attack and it appears Sebi does not have the levers to deliver assistance but at the same time, this shows the inherent problems within the Indian blob and while this case is more pertinent to the cause of the latest incarceration of Jignesh Shah, it is nonetheless another good example of where India needs wholesale reform, as evidenced by the complete failure to resolve the NSEL fiasco.


Ripple CEO Chris Larsen Calls for Next President to Appoint FinTech Advisor

Could Bitcoin Be the Future of Blockchain Post Trade?

PLY: Prof David Yermack of NYU seems to be thinking – which is a lot more than can be said of a lot of the linear me-tooism of the current blockchain bubble.


Saudi Stock Exchange To Trade Government Debt

KRX To Foster ETFs, ETNs For Pension Funds
Yonhap News

Career Paths

Environmental platform operator CBL Markets (Colonial Bourses), has reshuffled its board in the wake of its acquisition of CTX Holdings:

Donald H. Putnam, becomes Chairman while long standing parishioner Larry Leibowitz formerly of NYSE Euronext and a member of the CTXH board joins the CBL board while Jack Klinck, formerly of State Street Bank, has also joined “as a valued Non-Executive Director.”

PLY: Fascinating press release – if Jack Klinc is a “valued” NED can we presume Larry is cabinet bid in valuation then?  (Release here: CBL Markets Bolsters Board of Directors).




Smoke & Mirrors: Who’s Responsible For Greater Transparency In Equity Crowdfunding?
City A.M.

PLY: Opinion piece kind of misses the point, isn’t it a bit of a farce that leading UK crowdfunding platforms include those who don’t actually sell you a share but a sort of limp alpha participation certificate without actual ownership? That’s just one of may flaws – all driven it has to be said by regulatory uncertainty in times past or present.

What Awaits In P2P Lending
The Star Online

In China P2P lending has boomed with some fallout.

PLY: Malaysian perspective.

Other Stories
Statement of Chairman Timothy Massad on Order Extending De Minimis Threshold Phase-In Termination Date

Concurring Statement of Commissioner Sharon Y. Bowen Regarding  Same Order CFTC

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