September 13 2016

elb2In Today’s Exchange Invest


A crunch day of news-y features ranging across Curve, DB1-LSE, various interesting Bicoin asides including a first FCM accepting crypto…just as Italy taxes it. Worries about DB1-LSE while SIPS are never far from acrimony.  Take a scroll, enjoy the views on the way:




Last call for the Inaugural CEE CMU summit will kick off the day of the 2nd CEE Capital Markets Awards this Thursday, September 15th in Warsaw. 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, they announced the launch of the PS4 pro last week and then yesterday former British Prime Minister David Cameron announced he is resigning as an MP (to spend more time with his trust fund). Coincidence? Or does he hope to replace Hillary on the Democratic ticket in November? He is healthy after all…


Public Markets


UK Key Unknown For DB1-LSE Takeover
Financial Times

PLY: FT says “There is not the same killer argument against the deal as there was with the NYSE Euronext-Deutsche Börse merger four years ago.” Clearly there is a lot to be done to educate on CCP clearing alone despite it being rather a hot topic during the past decade.


London Doubts Not Core to German Ruling on LSE Takeover, Minister Says

PLY: HQ location immaterial apparently…


Market Needs To Hear Everyone’s Views On Reforms To Make Consultation Process Meaningful
South China Morning Post


London’s Newest Derivatives Exchange Defies Brexit Curveball

PLY: I retain my doubts that Curve can do anything but mimic NLX’s failure.


Nasdaq Plan For Key Stock Exchange Data Draws Rebuke From Bats
PLY: I remain curious why they refer to these data processors as SIPs, as actually they ought to be referred to as SPATS as that’s what they invariably provoke?


Op-Ed: Imagine if Gold Exchanges Were Treated Like Bitcoin Exchanges
What if Xetra-Gold had been a Bitcoin exchange? Every time a Bitcoin exchange is hacked, it makes the front page of the aforementioned publications.


PLY: Bitcoin Op-Ed hoovered up by the NASDAQ feed and raises questions on the festering problem of the DB1 listed ETC on Gold run by Deutsche Bank where gold convertibility has been denied to unit holders. It’s an ugly spat with ongoing media coverage such that it is just impossible to ignore any longer. Doubtless there are ramifications for the parish and clearly DB1 is in the direct firing line.


Fastest Guys in Stocks Are Becoming a Force in Currency Markets

Global banks are stepping back from the $5.1 trillion-a-day currency market, or refocusing on their highest-margin clients, in response to stricter regulation. … run by Thomson Reuters Corp., Bats Global Markets Inc. and FastMatch.



Private Markets


BSE’s Shrinking Share May Worry Potential Investors
Economic Times

PLY: An interesting piece thinking about the BSE story – you know that inevitable tale that like a Rocky sequel, the venerable BSE will bounce back… Yet whatever punches they throw, the NSE has always elegantly maintained or grown share – not as much as they did when provoking the Capital Market Revolution in India during the 1990’s but the BSE’s inability to make any consequential inroads in market share despite the huge management revamp of the past decade must be a cause for concern.


Swiss Bourse Looks For Alternative EU Gateway As Brexit Looms

PLY: Reuters sees the story as being a wide-ranging alternative to just the London EU gateway post Brexit whereas FT sees a lens fixated on DB1 (well that has been the deal flow ex-Zurich for years I suppose).


Special Section: FTI, NSEL, India at the Crossroads


PLY: No specific news as FTIL is down 2% and MCX down 2.5%.




The Bizarre World Of Bitcoin ‘Mining’ Finds A New Home In Tibet
Washington Post


Bitcoin Technology Harnessed to Push Electricity Revolution




CME’s New EU Wheat Futures Trade In Debut Session


Career Paths
Craig Donohue is extending his spell as Executive Chairman of OCC for three additional years,  while other leadership enhancements include Scott Warren being promoted to Chief Administrative Officer.
Deputy Governor of the Bank of England Minouche Shafik will leave the Bank at the end of February 2017 to become Director of the London School of Economics.

The RBC exchange analyst team under Peter Lenardos is expanding further. In addition to Andrew Bond who joined the team to cover the USA last year, Eliott Broadbent has joined the London team from RBC’s FIG IB team while Daniel Bergicourt has joined as the junior member of the team.

Kate Eged will head LME’s precious metals team from October 12, The Bullion Desk notes while LendingClub has appoints Thomas Casey as CFO (Reuters) in the wake of much management upheaval of late

Former Nairobi Securities Exchange (NSE) chairman Edward Njoroge is today in the running to be elected as Chairman of the International Standards Organisation ISO

While also in Kenya, the state has begun the search for a commodities exchange consultant to help launch their regional agricultural market.




CreditPlace P2P Lending Marketplace Has Raised $1.6M Seed Funding

Red Newswire

CreditPlace is based in Israel.


Meet Watsi, The Crowdfunding Platform That Is Revolutionizing Healthcare
Global Citizen


Other Stories


Federal Reserve Governor Lael Brainard, At the Chicago Council On Global Affairs, Chicago, Illinois, September 12, 2016, The “New Normal” And What It Means For Monetary Policy



ISDA Publishes New Academic Paper On Single-Name CDS Market


First US FCM to Accept Bitcoin via BitPay
Finance Magnates

Straits Financial now accepts Bitcoin deposits…


Italy Wants to Treat Bitcoin as Currency And Tax It

Gosh I can hardly wait until Wednesday!…Wow, just one more sleep and it’s the EU State of the Union address by President Juncker…

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