In Today’s Exchange Invest
Michael Spencer discusses RMB (his ICAP was doing as I recall 500 yards a day what seems like eons ago…) while ICE may be selling the managed services end of IDC. Tullett revamps top tier ahead of what will be management by ‘night of the long knives’ for many months to come presumably. Tick size debates in the USA, NZX CEO standing down and Chi-X launches Kai-X broker neutral platform in Japan. Plus there’s more…
I am headed to Malta to join a panel at the EY Annual Attractiveness Conference on FDI alongside amongst others Joe Portelli the Malta SE Chairman. Elsewhere don’t forget about Burgsenstock (see banner on left November 14-16) and likewise the Stuttgart SE 10th Anniversary MIFID Conference also November 16th…
Meanwhile in Bigworld, I am feeling, well, a touch mature… I can recall when the focus of the movies was on the forces of law & order protecting Wells Fargo from the bandits. In the digital wild west of modern banking matters seem to have somewhat reversed.
Renminbi Internationalisation Attracts Foreign Service Providers
South China Morning Post
Speaking exclusively to the South China Morning Post last week, ICAP chief executive Michael Spencer, on his way to a further meeting with CFETS to which ICAP is providing technology and expertise.
PLY: Easy ways to wind up American equity market makers: ask “a penny for your thoughts” and they usually launch into a passionate diatribe… not about the 1% but the one eighth of a dollar, you understand.
HKEx Needs To Look Again At Delisting Mechanism
South China Morning Post
PLY: There is a certain delicious irony in that classic bastion of capitalism Hong Kong being called out by the Shanghai Stock Exchange on a relatively unsophisticated approach to delisting proceedure…
MCX Applies For Clearing Corporation
MCX Unit Applies To SEBI Seeking Recognition As A Clearing Corporation
Xavier Rolet Has Changed His Tune On Brexit
This is Money
PLY: While it is good to see Xav on the side of progress (qv yesterday) after his embarrassingly clod-footed advocacy of the old world anti-enterprise culture prevailing in Brussels… some might like to see a spot of contrition as he executes a rather staggering U-turn, which is almost shameless even for an investment banker. I suppose his argument is that the road to Damascus is currently a touch clogged.
ICE Mulls Sale Of Interactive Data Managed Solutions Biz
ICE is planning to sell off the Managed Solutions division of Interactive Data, which the exchange acquired last year .
Opening Cross: Making A Clean Break
PLY: Another excellent, perceptive read from market data media maven Max Bowie.
Lessons From The ASX, Census & Other Aussie Tech Outages
The Australian Financial Review
But the recent ASX outage wasn’t a sign of confidence in Australia’s role as the “smart nation”…This latest tech failure shows the ASX did not have adequate testing measures in place.
Given this, questions remain over whether Australia’s financial regulator, ASIC, has the teeth it needs to regulate in the digital trading environment. Would it be appropriate if it was to regularly audit and review the ASX’s disaster recovery plan? Such an audit and review would, in my opinion, be appropriate.
PLY: Consultants seeking more audits can induce a certain cynicism on my part but it is clear the ASX is just part of a wider story of tech failure in Australia which is worrying. Is it nationally unique? Probably not but it is a dispiriting story as the analogue remain the people in political and often executive power while the world is digital. Oh and regulators may like the notion of auditing anything they can but is their expertise materially sufficient to allow them to really opine beyond the edges of the sandbox? I am not convinced. Neither is HFT:
PLY: Everybody understands why regulators would like to be able to peek at computer code & better understand algorithms but the idea of a single repository of all HFT is simply unworkable on every level, even if the SEC/CFTC/ESMA/whoever had the budget to afford such a luxury which they demonstrably have not.
NMCE Looks At M&A Option To Comply With SEBI Norms
Hindu Business Line
Junior Minister Endorses Stock Market Game
STATE minister for Education, Youth & Information Floyd Green has hailed the efforts of the Jamaica Stock Exchange (JSE) to promote financial education.
PLY: Interesting geopolitical perspective amongst other angles.
PLY: An excellent move, marking the first major launch since JC Flowers bought Chi-X Asia in January and Tony MacKay took over the running of the business.
Special Section: FTI, NSEL, India at the Crossroads
PLY: No news, no resolution.
Moscow Exchange: Migration To New Data Center Near Completion
The DataSpace1 data centre will become the focal point of data processing for the MOEX trading and clearing platforms on 7 November 2016.
LCH Spider Plans To Cross-Margin Bond Futures
…to include German bond futures later this year or early in 2017.
Oslo Børs: Now You Can Trade The Shipping Index
The Disruptor: Alasdair Haynes, Aquis Exchange
PLY: In a parish dominated by the linear, it is always interesting to hear what Alasdair has to say.
PLY: Quite the upheaval it seems of late at NZX, recently COO Mandy Simpson also announced her departure.
SGX has hired former Credit Suisse European derivatives head Alex Lenhartaccording to FOW.
SMN Weekly (blog)
PLY: Total raised now just over $63 million, no valuation given.
P2P Lender Apologises Over Debt Error
The Times (subscription)
P2P lender Saving Stream has apologised after it failed to inform investors that the beneficiary of a loan on its site was in receivership.
ESMA Proposes Threshold For Non-Equity Consolidated Tape Rules
Threshold for trading venues will determine which are subject to consolidated tape rules.
UK ‘Bitcoin Isle’ Amends Law for Digital Currency Exchanges
PLY: As you grow so you shall be regulated says Jersey. As an aside, I thought the UK “Bitcoin Isle” was the Isle of Man…
PLY: As the author Louis Kleyn is a parishioner: a member of the Colombian Derivatives Market, and supervisor of the Guarantee Fund of Colombia’s Stock Exchange, I thought this was an interesting aside, if only the upcoming Colombian hosted WFE conference had anything like this much spark to the debate, I am sure folks would be flocking to the event.
Interactive Brokers founder Thomas Peterffy, a Donald Trump supporter, on Monday blasted The New York Times…
PLY: And a second political story from the mouth of parishioner Thomas Peterffy. Regardless of what you think of Trump that when it comes to the New York Time, that moniker “all the news that’s fit to print” has biodegraded to sadly become little more than “all the news that’s printed to fit…” it’s part of the mass media malaise which is blamed on digital incursion but is more a crisis of content and context (or lack of either). More politics anybody, here’s a parish-related hat trick to end the day:
A think tank run by the European Parliament recently released a discussion paper on the use of bitcoin and blockchain technology in elections…
PLY: The problem is that still involves democracy which goes against the very core of the project.