October 26 2016

elb2 In Today’s Exchange Invest

Blockchain mania in settlement from Sino-Russo cooperation to forex-SETL, JSE proxies and more, while academia and the ECB heart HFT. London bankers dinner prepares logical deregulatory and cooperative message for the future while FOW informs that Vijay Angelo and James Davies are today announcing the launch of the London Derivatives Exchange (which used to be the GMEX marketplace). And, naturally, there’s more, happy scrolling:
EventsComing Soon: Burgenstock returns, slightly later than usual due to Swift invading Geneva in September. Time to Claim your discount code via Exchange Invest: (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

The Roman Catholic church has banned the scattering of ashes as it apparently promotes pantheism. Well timed, as it will also hopefully discourage fanatical Manchester United supporters from using this course of action on manager Jose Mourinho.



Public Markets


MCX To Appoint New Chairman; Q2 Net Up 23%
Business Standard


PLY: Very encouraging numbers as MCX continues to bounce back as the NSEL impact declines on the business now it has clearly made the break with FTIL.


Plus500 Slips Despite Brexit Boost To Customers
Evening Standard


Revenues at spread-better Plus500 slipped in the third quarter as nervous new punters wagered less cash.


Shares In Plus500 Are Crashing
Business Insider


“It’s likely, although Plus500 doesn’t say, that customers don’t show significant revenue in the quarter they sign up because the platform brings them in with loss-leading offers. Trouble is this means you can’t tell if they’re high-value or not — just have to take Plus500’s word for it.”


PLY: A month ago various Plus 500 founders sold stock somewhat aggressively while Odey used to still like it but it was somewhat controversial last year with Jacob Ma-Weaver of Cable Car Capital and others.


Nasdaq’s Jochumsen To Move To Vice Chairman Role In Europe


PLY: Reuters reports what I highlighted yesterday.  Lest, you missed it: Hans-Ole is returning to Europe as Supreme Commander of Allied Forces Europe. Or, in NASDAQ terms, Hans-Ole is Eisenhower to Bob Greifeld’s FDR. After a day’s cogitation on the topic, the only downside I can see is that NASDAQ HQ will miss only seeing Hans-Ole about a week per month. Everybody else gains.


ECB Calls For Light Touch On HFT


Unity In Strength: Tullett & ICAP Join Forces To Raise The Bar In OTC Markets
South China Morning Post


PLY: Somewhat kissy kissy sponsored editorial but if you are not following IDBs, it’s a useful refresher.


City of London Calls For Post-Brexit Banking Rules That Aid Competitiveness

PLY: The upcoming dinner may be banker-centric but the regulatory emphasis must clearly be on markets – there is a significant difference, akin to the chalk/cheese index. Mature input on freedom and delivering economic growth from the City in the 30th anniversary week of that inspired Thatcherite revolution “the Big Bang” is welcome, particularly at a point where the EU has embarked on a course closer to Mutually Assured Destruction both with free trade itself, let alone the maniacal ravings of its apparatchiks who all sound about as credible as spurned telenovela characters when faced with Brexit realpolitik.

Wall Street’s Speed Demons Are Heroes 


PLY: Academia may not have had a low latency response. However, after due consideration, greed may not be the flavour of the month but to paraphrase Gordon Gekko “Speed, is good.”

Private Markets


GMEX’s Angelo & Davies To Launch LDX
FOW magazine


PLY: The scoopsters of FOW inform us of a launch this morning by the former Gmex senior managers Vijay Angelo and James Davies plan to launch the London Derivatives Exchange (LDX) following the separation with GMEX last week.


…on a trivia note, parishioners may recall that the LDX moniker won somebody (I cannot recall whom) a bottle of champagne for the “new” title for LIFFE when it acquired the LTOM (equity options) platform from the LSE. This was back in that era when foresight and LSE were mutual exclusives. Fortunately common sense prevailed at LIFFE and the bottle of champagne and a newsletter pic were the only record of the name change that never was.


I wish James and Vijay every success with their newly independent platform.


(JSE) – Shareholders Approve Stock Split
Jamaica Stock Exchange


Rwanda Govt Moves To Regulate Warehouse Business For Commodities Exchange
The New Times


Vietnam Designs US-Style Commodity Exchanges
VietNamNet Bridge


Scottish Stock Exchange Group Says It Has Landed Big-Name Adviser
Financial News (subscription)


PLY: Whatever that means…


Malta Stock Exchange Newsletter Q3 2016



Casablanca SE & Maroc PME Sign Partnership Agreement

Special Section: FTI, NSEL, India at the Crossroads


It’s been a whole three days and nobody has arrested Jignesh Shah for anything…


Percival Win Project To Deliver DEPEND & HUBBLE To Nasdaq Baltic CSDs

Russian & Chinese CSDs To Co-Operate On Post-Trade Blockchain


SETL Partners With Cobalt DL For FX Post Trade Solution – Distributed Ledger FX Post Trade System Will Reduce Costs And Alleviate Reconciliation Issues


PLY: Interesting and progressive move. There is much to reconcile in forex clearing.


SA To Launch Blockchain Based e-Proxy Voting In 2017


PLY: Moscow started testing earlier this year while Abu Dhabi had a similar initiative launched at GITEX the other week.


Final Testing Of MOEX Migration To New Data Center


We would like to invite you to participate in the final testing of the MOEX infrastructure migration to the new data center DataSpace1…


Smart New Rules for Smarter Order Routing?
Finextra (blog)
Smart Communications & IHS Markit Extend Partnership
Business Wire (press release)



Derivative Financial Instruments To Be Available In Armenia In 2017


PLY: Good news for NASDAQ Armenia.


CMA Mulls NSE Window For Stock Borrowing
Citizen TV (press release)


Investors at the Nairobi Securities Exchange will soon be able to borrow and lend their shares to other investors.


PLY: Cool.


India & China’s Love Affair With Gold Turns Financial
Financial Times

CBOE Launches Smile Index Based On Implied Volatilities Of S&P 500 Options – CBOE Launches Smile Index Based On Implied Volatilities Of S&P 500 Options
MondoVisionePLY: Interesting, something to get your head around over a coffee during a few quiet moments today.


Thomson Reuters/SGX SFI Series Selected As UOB’s Recommended Fixed Income Benchmark


OTC Markets Group Launches OTCQX Canada Index
PR Newswire (press release)

Career Paths


Given the convention on public interest directors becoming Chairman, the appointment of  Arun Kumar Bhargava as public interest director at MCX effective November 19 infers the next board meeting may be deciding to promote him to the top seat.


NZX has appointed their head of markets,  Mark Peterson as interim CEO effective January 1st 2018 while Stuff reports: NZX says ‘good progress’ made in search for new boss after incumbent Tim Bennett resigned early October.



Brady Fletcher has been Named CEO of TSX Venture Exchange



Crowdfunding: The New Buzzword For Academics Needing Research Money
The Guardian


Scottish Enterprise Partners With P2P Platform
Herald Scotland


SCOTTISH Enterprise is to make £2.75 million of funding available to small and medium sized enterprises via the P2P platform LendingCrowd.


La Banque Postale Takes 10% Stake in Debt-Based Crowdinvesting Platform WeShareBonds
Crowdfund Insider


PLY: New French SME lending platform.

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“Siri, Catch Market Cheats”: Wall Street Watchdogs Turn To AI
Reuters UK

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