September 14 2016

elb2In Today’s Exchange Invest


As The ICE goes ex-div today, the seismic news is another shift in Canada’s precarious tectonic plates. The latest Jos Schmitt initiative Neo, has just scooped a first parcel of 12 ETFs straight from TMXs clutches. Spectacular stuff…

Elsewhere IEX doubles down and opens a second front, this time it’s data (hardly surprising) while Africa seems to be in the grips of another commodity exchange rush while Mobis Philipose of Livemint discusses the interesting issue of BSE investors selling for hard currency losses…




I am already in Warsaw and preparing for tonight’s 2nd annual CEE Capital Markets Awards jury dinner where the winners will be chosen under scrupulously secret conditions (no hanging chads here) ahead of tomorrow’s gala awards dinner. Meanwhile, tomorrow morning I will chair the Inaugural CEE CMU summit discussing the EU’s proposals to make a coherent fist of SME funding in the 27 ongoing EU members. I look forward to seeing many readers at the event!




Meanwhile in Bigworld, there’s a yield bonanza: lessthan 50% of all Eurozone government bonds are back below 0%! Wow, rest easy pensioners, bring those handfuls of basis points on! Or, some might say (those killjoys), there’s a huge bubble being built just as soon as the Central Banks get caught out / see common sense / gravity reasserts its traditional top down approach.


Public Markets


BlackRock Canada Intends To Switch Some ETF Listings – NEO Exchange Prepares To Welcome 12 iShares ETF Listings


PLY: As has been my concern for months, TMX looks exposed with a leadership vacuum at the very top. This is the first switch in Canadian ETFs  as Neo gains another advantage over TMX which looks very very exposed. There is great talent in the organisation but, even presuming rumours are true that Lou Eccleston is not seeking a renewal of his contract, the TMX really needs to get a grip now on this situation. Great work by Jos Schmitt and his team in so destabilising the TMX while also showing his Neo can win business straight from the incumbent’s mouth.


Floor Disruption Hits LME Volumes

PLY: Was it really the move to the backup floor when it became clear rogue builders may have played a part in the new LME offices? (I wouldn’t like to be the building or the surveyors in the middle – somebody’s due diligence went awry and I do not blame LME). Anyway, this summer saw a slew of volume downturns across every other market I can think of – it’s difficult to scapegoat the LME floor move as the problem per se. Maybe I ought not to complain, it’s good to see something not being blamestormed erroneously onto Brexit.


FXCM To Transfer Stock Exchange Listing To Nasdaq From NYSE

PLY: Could be a poisoned chalice but so long as NASDAQ don’t try billing in Swiss Francs FXCM ought to be fine for their fees.


CME Announces Q3 2016 Earnings Release, Conference Call

PLY: Thursday October 27, gosh is it that time already in the quarter?


Private Markets


Will The Rush Of Exits In BSE’s IPO Put Off New Investors?

PLY: Good article by Mobis Philipose quoting two overseas experts in Indian exchanges, Hirander Misra and some bloke called Patrick Young, whoever he is.


America’s Newest Stock Exchange Is Now Going After ‘One Of The Touchiest Subjects’ On Wall Street
Business Insider

PLY: It’s time to debate market data charges and access issues. Hopefully the same will soon be centre stage in the antirust discussions about DB1-LSE too.


Bill To Restore Junior Stock Exchange Incentives To Be Tabled
Government of Jamaica, Jamaica Information Service


Commodity Exchange Plan Is The Way To Go
Business Daily (press release) (blog)


Tanzanian Mercantile Exchange: A New Dawn For Commodity Trading In Africa?
Clyde & Co


Goods Exchange Platform To Be Up In 2 Years
Daily Nation

UK-backed online commodity exchange G-soko targeting grain farmers across East Africa has already been successfully piloted and launched.

PLY: Building on yesterday’s discussion about a consultant being sought.


Special Section: FTI, NSEL, India at the Crossroads


PLY: FTIL down 2%, MCX up 3%, no NSEL news.




SGX Must Do Better At Reducing Frequency Of Trading Outage: Ong Ye Kung
Channel NewsAsia

PLY: Yip, yip and thrice yip say the folks who would like to see a sound decision tree to avoid future problems. A rebuke in Parliament from an acting Minister will only increase the acute pressure on SGX.




Why the ‘Flash Boys’ Are Fighting Opaque Gold Markets With Blockchain

PLY: More on IEX’s gold initiative, first mentioned last week while tales of LBMA and WGC et al can be found for instance here.


Career Paths
Thomson Reuters veteran Peter Moss has been named CEO of the SmartStream Reference Data utility formed by Goldman Sachs, JPMorgan Chase, Morgan Stanley and SmartStream.

Russia’s CSD, the National Settlement Depository (NSD), has approved a series of regulations governing the operations of its Valuation Center, including the Regulations on NSD’s Valuation Center and the Regulations on the Expert Council of NSD’s Valuation Center.

The Expert Council of NSD’s Valuation Center now includes the following members:

  • Nikita Boiko, Agency for Housing Mortgage Lending
  • Aleksey Buzdalin, Interfax
  • Evgeny Golovin, Moscow Exchange
  • Oleg Evdokimov, Otkritie
  • Alexey Kitaev, Sberbank CIB
  • Dmitry Murzinov, NCC
  • Alexei Orlov, Bank of Russia (non-voting member)
  • Varvara Ponomareva, Region
  • Alexander Tkachenko, VTB
  • Georgy Uryutov, NSD

Georgy Uryutov, Head of General Economic Department, NSD, was unanimously elected Chairman of the Expert Council of the Valuation Center at its first meeting last week. The Expert Council also approved the Method for determining the value of a bond to be accredited with the Bank of Russia and considered the Center’s Action Plan for 2016-2017 which included the development of the new bond valuation method for use in repo transactions.

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