September 2 2016

The Inaugural CEE CMU summit will kick off the day of the 2nd CEE Capital Markets Awards 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, next to the unalloyed joy of the children returning to school, the second most exciting thing must be the dead tree dudes having a better news flow than their dismal summer holiday fare. In their latest wondrous exclusive (sic), the WSJ has discovered that the hyperactive property developer Donald Trump may have encountered people with mob ties in New York and Atlantic City! Who’d have thought the city of Boardwalk Empire could be remotely tied in with any criminals!! Coming next week: Pope spends many of his days with sinners shock…



It’s Labor Day Monday in the USA. I wish all readers a happy day and reserve the right depending on news flow to have a day of publishing indolence myself, depending on news flow…


In today’s Exchange Invest:


Plaudits to Zagreb SE on its self-listing as NASDAQ Dubai launches Single Stock Futures market,  HKEx looking at a third market board while the LME ends its Essex vacation now the builders have actually finished their building to a suitable standard (landlords, eh…).
…and there’s more…


Public Markets
Pain of Alibaba Loss Prompts HKEX To Examine New Measures
South China Morning Post
Hong Kong Gets Support For New Board For Startups But It’s Still Thumbs Down For Dual Shares
South China Morning Post


PLY: HKEx consider something smaller than GEM for listing SMEs and dynamic startups… Note too that the South China Morning Post is owned by Jack Ma of Alibaba…(as SCMP clearly notes in its reportage).
HKEx CEO Dismisses Conflict Of Interest Charge
Nikkei Asian Review

PLY: The idiocy of the notion that exchanges will let anything list and thus bend their self regulatory arm’s to fit more stock at any price remains akin to a restaurant which willfully serves its customers tainted food.
LME To Resume Ring Trading At Usual Venue On Monday

PLY: After summer in Essex, the autumn season of trading at LME reverts to the ‘new’ floor where the property owners have clearly effected the repairs from their earlier oversights.
Nasdaq Dubai Launches Single-Stock Futures
PLY: Having been a champion of Single Stock Futures back in the early 1990’s*, it’s great to see  another exchange join the SSF fold.


*At the time Single Stock Futures proponents numbered pretty much just a clutch of folk at HKEx – the trailblazers – led by the late Ivers Riley and Mark Beddis along with elsewhere Richard Sandor, Brian Williamson, myself and not many others).
Zagreb SE First Regional Self-Listed Exchange
PLY: Congratulations to Ivana Gazic (who will attend the inaugural CEE CMU summit in 2 weeks time) on making her shares publicly listed. At last evening’s closing price of 20.71, the Zagreb SE is worth approximately $13.5 million.
Nordic Bourses That Have Dethroned London Pile On Post-Brexit
PLY: NASDAQ”s distributed ledger of Nordic and Baltic bourses are on a new issue roll. I am not convinced the idea that Britain gets defenestrated as a leading financial centre is anything more than wishful thinking amongst the protectionist rump Continental blob albeit there will be some movement around.
Sebi May Relax Norms For Firms Eager To List On National Bourses

PLY: A pragmatic move by SEBI would be a welcome attempt to roll back some of their earlier slightly more prescriptive fiat and trying to help smaller cap stocks go from defunct regional bourses to list on the national exchanges.


Bursa Malaysia Seeks Public Feedback On Consultation Paper On The Establishment Of A (New) Market For SMEs


Private Markets


Dark Pools’ Record Share Signals Looming Market Shock in Europe
John Detrixhe Bloomberg

PLY: A 9.1% number which doesn’t really get broken down is a frustrating statistic – difficult to tell what is systematic internalisation and what is useful blocks… At the same time, mention is made of the counterproductive MIFID II regulations coming into use soon around dark pools which just bind markets in more red tape for no benefit to investors.


LBMA’s RfP shortlist whittled down to three but bidders still in dark
FastMarkets Metal News

PLY: Some might say not unsurprisingly, LBMA finds it tricky to cope with transparency even in this bidding process it seems. ICE rumoured to be in pole position. Meanwhile LME have transparently teamed up with the World Gold Council.

Volumes Rise on SDiX Diamond Exchange

PLY: $1.1, $3.1, $3.1, $6.7 million in monthly turnover since launch in May – great trajectory. SDiX is growing and looks promising for initial investors such as the legendary Jim Rogers. SDiX is powered by technology from MarketGrid in Australia.


Special Section: FTI, NSEL, India at the Crossroads


MCX up 1%, FTIL down 1%, news hiatus on resolving the NSEL scam.



SWIFT Discloses New Attacks And Bank Thefts In Private Letter

PLY: This news will strike parishioners as even less shocking than the idea that an American property magnate in a casino city may have rubbed shoulders with mobsters.
BRIEF – McKay Brothers Receives Investment From IMC

PLY: Hot on the heels of “Go West” yesterday, I am beginning to wonder a little about this bulking on the actual infrastructure. How many pipes can anybody own before antitrust starts poking around? IMC are doubtless not crossing any threshold with this transaction but it is fair to ponder when we have industry consortia seeking to build connections. It raises interesting points particularly as there are likely to be differing legal precepts depending on the different ends of the longer connections…

For Thomson Reuters, Cloud Scale Isn’t Enough

LAS VEGAS — Most of us consider the scale of public clouds to be vast, but for a company the size of Thomson Reuters, it’s not nearly enough…

PLY: While on the topic of big data, data centres et al, this blog post: discusses the Chicago situation including CME’s expansion plans.
Relaxed Online Behaviour By Staff Is The Weakest Link In The War Against Global Cybercrime, Says CISI

PLY: Finance is full of Malware clickers…




New Market Launched Thursday With 21 Contracts On 7 stocks
FOW magazine

PLY: More detail on a new SSF market which clearly I welcome. Gosh long long ago I even wrote a book on Single Stock Futures too…

Ken Griffin’s Citadel Securities Is Muscling Into Credit Derivatives

PLY: 11.5% of the CDS market. Despite all manner of shenanigans from some incumbent oligopolists, Citadel is breaking the market open.

EEX To Launch German Wind Power Futures on October 4


Career Paths

The suave, dapper man about towns (Berlin, Stuttgart, Vienna etc) Dr Christoph Boschan has made a smooth video to launch his career as CEO of the Vienna Stock Exchange. It marks a great departure in approach from the previous management team and the  new top team includes the excellent Petr Koblic, CEO of Prague SE as CFO alongside Ludwig Nießen as COO/CTO. Make no mistake, the Vienna Stock Exchange is back on the agenda, after a challenging few years. I wish Christoph, Petr and Ludwig every success in bolstering the perceived ebbing fortunes of the VIenna SE / CEESEG.

The chief derivatives dervish of NASDAQ, Thom Wittman, whose remit runs the gamut of multiple platforms under the NASDAQ banner (Nasdaq’s investment TOM MTF as well as CEO of the Nasdaq Stock Market, PHLX, BX, Ensoleillement Inc., ISE , ISE Gemini, LLC and ISE Mercury, LLC.has joined the board of the OCC, filling the seat left vacant by the retirement of Gary Katz as CEO of iSE.

ESMA Announces Vacancy For Legal Team Leader




Crowdfunding Platform CoAssets Readies for AU$6.55m  (US $4.8m) ASX IPO
Other stories


CFTC Issues No-Action Letter To Swap Dealers To Extend Collateral Rule Deadline Due To Limitations With Custodial Accounts – Swap Dealers Given Until October 3rd To Comply

PLY: The standard regulatory rote – disaster postponed, panic ongoing…

Statement Of CFTC Chairman Timothy Massad Regarding 30 Day No-Action Relief From Compliance With Custodial Arrangement Requirements Under CFTC Uncleared Swap Margin Rules

Institutional Investors Urged To Participate In Stock Exchanges

Collectively, pension funds in Swaziland have over E24 billion assets under management…

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