October 5 2016

elb2In Today’s Exchange Invest

Australia adds more laws to make it, er, even more illegal to do what was previously, well, illegal.

Nope, I don’t understand the logic of that either, so let’s scroll forth and endeavour to multiply our knowledge…



En route to Malta to join a panel at the EY Annual Attractiveness Conference on FDI alongside amongst others Joe Portelli the Malta SE Chairman (that they have historic car racing on the weekend makes it an even more attractive place to visit right now). Elsewhere don’t forget about Burgenstock (see banner on left) and likewise the Stuttgart SE 10th Anniversary MIFID Conference…


In BigWorld
Meanwhile in Bigworld, it was the US Vice Presidential debate on TV last night. Two men the world has never heard of are running alongside two flawed folks many might wish they had never heard about. Mike Pence won the day, demonstrating that at least one party has a potentially cool hand to hover over the levers of power if the boss has an issue…Interesting statistic I gleaned somewhere was that 20% of VPs have stepped up to the plate to replace their boss at some time or another. That’s a big number. (While broadly underwhelmed by the basketballer in chief, thank goodness he has been in robust health, as Joe Biden in charge (the first Biden to have his finger on the button in a 1000 generations, as one could put it) is a scary prospect).



Public Markets

Will Criminal Penalties For Benchmark Riggers Dry Up Markets

The Australian Financial Review

PLY: Hardly Australia’s finest hour as ASIC gets more power to criminalise those who can already be found guilty of criminal charges anyway. We have reached a feudal tipping point in many regulatory environments reminiscent of burning the corpse of the culpable for good measure after first hanging them. Witch hunts could be more structured than the game plan of those modelling financial regulation on the Spanish Inquisition management handbook.

Oh and does this make better markets? Well where do you want to invest today? A jurisdiction which welcomes your capital or one which wishes to imprison you?

(No need for a low latency answer, feel free take your time to percolate that one).


MOEX Increases CCP Capital

Moscow Exchange has increased the dedicated capital of NCC Clearing Bank, its central counterparty (CCP), to RUB 9.5 billion (from RUB 6.5 billion).

PLY: A welcome bolster for a rainy day of, say, German bank failure. CCP capital increases from circa $150 million to a shade over $150 million.


ICE Completes Takeover Of S&P Pricing & Data Units

PLY: Completes deal signed in March adding useful additions to the IDC porftolio.


Interview: MCX CEO Mrugank Paranjape
Economic Times


New TMX Innovation Panel Aims To Give Canadian Startups A Boost
The Globe and Mail


Private Markets

NSE Market Share Improves In 1HFY17
Business Standard

PLY: The NSE appears to relentlessly prosper no matter what BSE throws at it…good work on their part and ahead of the IPO which could sparkle.


Qatar Exchange To Introduce Margin Trading This Week


ZSE Works On Market Data Policy


Tanzania: Stock Market to List Ten Public Entities In 3 Years – Treasury


PLY Continuing a theme every day this week so far about Africa moving to privatize and expand listing content – all good news.

Special Section: FTI, NSEL, India at the Crossroads


FTIL Receives ED Attachment Order Of Rs 1065 cr ($160 million)
Times of India


Stepping up action in the Rs 5,600-crore NSEL money laundering case, the Enforcement Directorate had on September 30, 2016, attached assets attaching bonds and securities worth Rs 1,065 crore (Rs 1,140 crore market value) and Rs 30 crore balance kept in a private bank in Mumbai of FTIL.



TSX Company Services Announces Agreement With Ipreo – Market Open Ceremony Marks New Agreement Between TMX’s Listed Company Support Division And Global Provider Of Market Intelligence, Analytics And IR Workflow Tools




MarketAxess Moves Into Leveraged Loans Market
MarketAxess Holdings, Inc.


PLY: Tradeweb and MarketAxess are 2 fascinating properties with interesting expansions hither and thither.




After War & Tumult, The Palestine Stock Market Joins The World


Career Paths


NZX Undertakes Worldwide CEO Search
Finance Magnates


Departing NZX Boss: The Market Rates His Performance
New Zealand Herald

Tim Bennett was appointed CEO of NZX in May 2012. He replaced Mark Weldon who spent more than a decade in the role.

PLY: Mark Weldon defined the modern NZX as an entity with a right to retain independence from that big dessert island the other side of the Tasman Straits. The legacy of Tim Bennett is less clear although he worked assiduously but is now announcing his departure a year before the end of his contract.


Credits & Debits — WSJ

CBOE Holdings Inc., the Chicago securities exchange, said Alan Dean will remain finance chief of the company after its pending acquisition of Bats.

CME Senior Speech Writer

PLY: Given how much CME spend on technology, I am shocked this job still exists. Why not just write an algo which blocks out certain former Chairmen and CEOs and then praises in every third sentence a handful of grandees while mentioning the rich tapestry of CME history and how sponsoring golf makes it a better business and, er… Well at least thank goodness the good Mr Gill does not stick to the scripts, that is what makes him interesting compared to the average CME speech I suppose.



Prosper Shutting Down Secondary Market For Loans Later In October


PLY: Disappointing but it shows the difficulty inherent in secondary markets. While many have glibly presumed crowdfunding could conquer all. It’s a tad trickier than just scaling down the legacy behemoth exchanges, as Prosper have now discovered (and I thought they were the ones with a serious early breakthrough chance).


China’s Outstanding P2P Loans Hit Record High In September
Shanghai Daily (subscription)

OUTSTANDING peer-to-peer (P2P) loans in China soared 153.5 percent year on year to hit a record high at the end of September.

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