September 1 2016


A busy quarter ahead for events and I will be speaking on a broad axis all the way from Brazil through Geneva (Burgenstock)  to Stuttgart (November 17th, MIFID Congress) and beyond! First up is Warsaw:

Anybody interested in CMU or the achievements of CEE listed companies will need to attend the the 2nd CEE Capital Markets Awards & Inaugural CMU Summit taking place September 15th in Warsaw. The inaugural CMU summit features top line speakers from EBRD, European Issuers and from this parish, leading figures from Vienna, Zagreb, Sofia et al with me chairing the CMU stream. Email me or follow this link HERE to sign up.


Meanwhile in Bigworld, Donald Trump has been meeting with Mexicans about building a wall – clearly all the Polish builders are still busy in London, despite Brexit. Dilma Rousseff has been impeached in Brazil for activity which – even if proven – would have almost been seen as a rite of passage shenanigans for a South American politician in the 1970’s. Anyway, I still look forward to my trip at month’s end.

However the biggest news for many is that the back to school rush has begun. Yes indeed, harassed parents, that season where breakfast ends with a forlorn draining of the gin bottle while the little monsters remodel the garden/hotel room/uproot the car, is coming to an end for another year…

In Today’s Exchange Invest:

Great numbers from MCX and remarkable resilience from Hellenic Exchanges. Perhaps the least famous of MTF super-CEOs stands down and Cinnober hires a top tier GC, Norway seeks Deputy Chairman & Eris Exchange looks for a CFO. Meanwhile Hong Kong specifies 4 CCPs for OTC. NIKKEI arb gaining a Banzai moment from trans-Pacific HFT?


Public Markets

MCX Posts 55% Rise In June Quarter Profit
MCX Q1 Net Profit Up 55% At Rs 33 cr
Business Standard

PLY: Stunning numbers from the commodity markets while exchange bullishness is growing overall as the Indian stock market is at new highs. Oh and incidentally, NDTV posts a picture of MCX-SX (now MSEi) accompanying their story – whoops…


BRIEF – Hellenic Exchanges Athens Q2 Turnover Drops To 7.24 mln Euros

PLY: Alas, or perhaps Hellas! This is a great business entirely let down by the economic machinations of Greece and the EU. Despite the turnover fall, net profits only slipped marginally to  1.33 million euros versus 1.37 million euros y/y.


NZX (Half Year to June 30) Interim Report


Shenzhen HK Stock Connect Benefits From Challenges Faced By Shanghai Scheme
The Asset

PLY: How the Shenzen link is learning from the HK-Shanghai ‘through train.’


Hong Kong SFC Designates Central Counterparties For OTC Derivative Transactions

PLY: HKEx plus CME, JSCC, LCH. No huge surprises but clearly that EUREX is not there must be a blow to prestige at least…


JPX: Status Of Acquisition Of Own Shares

JPX hereby announces the status of matters regarding acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act, which was resolved at its Board of Directors meeting held on July 28, 2016,


Algo Trade Restrictions Disruptive For Markets: StockBrokers’ Forum

New Delhi: A stock brokers’ association has asked SEBI to reconsider proposed algo restrictions.

PLY: Alas pressure of work, in India and elsewhere, precluded my making a submission to SEBI by the deadline yesterday on this topic as the proposal is not entirely sound albeit clearly predicated on a desire to make a better market



Private Markets

Uganda: Securities Exchange Ordered to Refund Shs220 Million to Investor

PLY: Mix up over a block of stock costs Ugandan SE $65000.


Beijing Exchange, Shanghai Clearing House Plan Carbon Swap Market For National ETS
Carbon Pulse (subscription)

The CO2 exchange in Beijing is in talks with China’s major clearing house to develop a carbon swap contract…


Special Section: FTI, NSEL, India at the Crossroads

FTIL flat, MCX up 1% on the back of those excellent numbers…


Sebi Suspects Money Laundering By Brokers In NSEL Scam
Business Standard

According to the audit findings, these five brokers have allegedly sold the products of NSEL with the promise of assured returns of 16 per cent.

PLY: Burden of proof and all that due process is welcome but seriously, it’s taken 3 years to suspect what many might have vaguely discerned from reading newspaper headlines from Exchange Invest, well 3 years ago…


Mumbai Police Investigating Ketan Shah’s Complaint About NSEL Server
Economic Times

MUMBAI: The office of the Joint Commissioner of Police (Economic Offences WIng) of Mumbai police is investigating NSEL investor Ketan Shah’s complaint about NSEL servers.

PLY: Not clear that Hillary Clinton is involved but that won’t stop the Trump campaign drawing a parallel.



Research: A Third of Bitcoin Exchanges Have Been Hacked

PLY: The worrying bit is the scepticism about whether any exchange can be truly made secure…


Indonesia’s Fintech Investment To Reach $8b In 2 Years


Speed Traders In Talks To Build Chicago-to-Japan Microwave Link
Chicago Tribune

PLY: Banzai NIKKEI arbitrage aforethought clearly…


Career Paths

Perhaps the least famous of disruptive CEOs of the past decade, Willem Meijer is stepping down today from the post he took at foundation of The Options Market.  His legacy is enormous, a vastly successful platform (nowadays 25% owned by NASDAQ) with a 40% Dutch market share while pushing tariffs down by 70%

PLY: I wish Willem Mejier every success in the future, his legacy is simply stunning in the Dutch market.

Tom Bendixen, formerly of EUREX/DB1 is joining leading exchange platform vendor Cinnober as General Counsel. At Deutsche Börse’s request Tom will for an interim period continue his duty as their representative on the board of directors at the Indian BSE.

PLY: A brilliant hire for Cinnober which is adding value daily in real time to the execution and clearing / settlement space.

Oslo Bors will hold an EGM by the end of October to elect a new Deputy Chairman replacing Harald Espedal who resigned last week. The Nomination Committee will propose a new board member and is asking for proposals or comments on nominations to be should be forwarded to Chairman of the Nomination Committee Bjørn Erik Næss, DNB, Postboks 1600 Sentrum, 0021 Oslo no later than 8 September 2016.

Current directors with expiry dates of term in brackets are:

Board of Oslo Børs VPS Holding ASA currently:

Benedicte Schilbred Fasmer (Chair) – Executive Vice President, DNB – (2017)
Ottar Ertzeid – Group Executive Vice President, DNB – (2017)
Catharina Hellerud – CFO, Gjensidige (2017)
Widar Salbuvik – CEO, Wisa Holding AS – (2017)

The Board of Directors of Oslo Børs ASA currently comprises:

Benedicte Schilbred Fasmer (Chair) – Executive Vice President, DNB – (2017)
Widar Salbuvik – CEO, Wisa Holding AS – (2017)
Catharina Hellerud – CFO, Gjensidige (2017)
Dag Erik Rasmussen – Partner, Wikborg Rein & Co – (2017)

According to the Singapore Straits Times, The Minister for Finance has appointed four new members to the board of the Inland Revenue Authority of Singapore (Iras), including from this parish Mr Tan Boon GinChief Regulatory Officer of the SGX, with effect from today, September 1st.

Javier Martell who most recently led the legal, compliance and human resources functions for Boku, Inc. has been appointed GC and Corporate Secretary of OANDA.

FOW reports that Alexander Cave, formerly an FX trader with Citigroup in London has become CME Europe’s new head of forex.

FinanceMagnates reports that LMAX Exchange has Promoted Queenie Qilin Wang to Head of Asia Pacific at the forex MTF.

Finally, eFinancialCareers says Eris Exchange is looking for a CFO



Questions Financial Regulators Love to Ask
Crowdfund Insider


Billionaire Guo Guangchang: China’s P2P Industry Is ‘Basically a Scam


Crowdfunded Bonds: An Income Solution for ISA savers?


Other Stories

SEC Proposes Amendments To Require Hyperlinks To Exhibits In Filings – Amendments Designed To Make It Easier For Investors And Companies To Access Information

PLY: Having been in online 2-commerce for 22 years or more, it’s good to see the SEC finally making this leap.


Statement Of CFTC Commissioner J. Christopher Giancarlo Regarding The Implementation Date For Margin For Uncleared Swaps


Treasury Secretary Jacob J. Lew Remarks At The Brookings Institution: From Pittsburgh To Hangzhou: The Past, Present, And Future Of The G-20


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