September 28 2016

elb2Another fine day in Belo Horizonte where I have been enjoying the wonders of Brazil while discussing all manner of elements of cooperative business strategy at the World Co-Operative ManagementConference.


In Today’s Exchange Invest

Jignesh Shah remanded in custody while there are various interesting people moves. BM&F Bovespa subject to anti competitive probe as EU decision seems likely to push merger decision into next year, just as it becomes publicly apparent that DB1 has placed its Asian ambitions on ice.

In BigWorld

Meanwhile in Bigworld: Following the first US Presidential debate, I have no regrets in going to bed and missing the tawdry spectacle. City AM columnist John Hulsman describes it here.

Elsewhere, Elon Musk announced his plan for a manned mission to the moon. Unfortunately in the race to pixel I was unable to confirm the rumour that former England manager Sam Allardyce had been proposed as a candidate astronaut by the UK Football Association.



Public Markets
EU Set For Five Month Probe Into LSE Merger As German Regulator Said It Was ‘hard to imagine’ Group HQ in London and not Frankfurt…
This is Money

PLY: Meanwhile, I forgot to mention yesterday with the CBOE buying BATS excitement that Curve Global (with CBOE investment) launched Monday and apparently 500+ lots were traded on the first day. Underwhelming but hardly surprising.

DB1 Asia Plans Sidelined By LSE Merger Effort
Reuters UK

PLY: Yet more advantage foolishly ceded by DB1, as it appears to be confirmed that their Asian plans have been sidelined by the headlong dash to what I still suspect will be humiliation (again) at the hands of EU anti trust which is unlikely to support a too big to fail monopoly in clearing of derivatives, particularly as that other DB, Deutsche Bank, appears to have significant problems.

Brazil Opens Antitrust Probe Into BM&FBovespa

PLY: BM&F accused of being recalcitrant in enabling competitors to have access to their CSD (it always surprised me that the incumbent monopoly would anyway be openly willing to encourage such competition through rapid access facilitation…).

The Future Of Trading – by Michael Spencer
Financial News (subscription)
Technology Will Bring Tectonic Change To The World Of Trading Over The Next Few Years

PLY: Seems to be the same article, with the second not behind a paywall. Message I agree with but then after 20 years saying the same thing…

A Year After Sebi-FMC Merger, Regulator Plans To Unveil A Slew Of Reform Measures
Timeline Of Commodity Derivatives Market Reforms After Sebi-FMC Merger

PLY: All Sebi reforms welcome which enable better markets.

Nasdaq Entrepreneurial Center Celebrates First Anniversary
Nasdaq’s Greifeld: You Feel Momentum in IPO Market
Yahoo Finance UK

ASX AGM Speeches

The Speeches from the AGM which took place this morning in Australian time.

Hong Kong’s Hated Market Tricksters Are Now A Hot Topic in China


Private Markets

Luxembourg SE launches Green Bond Exchange  
Luxembourg SE

PLY: Interesting move.

CII Organises 2 Day Meeting To Seek Regulatory Framework For Warehousing

PLY: A welcome development in India.

Exclusive: Tradologic Set to Launch Regulated Binary Options Exchange Binarex
Finance Magnates


PLY: Company has had talks with several EU and non-EU regulators – interesting as Binary options are a great product but they have not always been managed sensibly on single dealer broker platforms. Interesting development.

Special Section: FTI, NSEL, India at the Crossroads


MCX-SX Case: Jignesh Shah Remanded To Judicial Custody Till October 10


PLY: Yes, I know, I know, not the NSEL case per se but this section seems an apt place to run this story.




CSD Consortium Focuses On Fintech For Emerging Markets
Banking Technology

PLY: Pooling of distributed ledger approaches led by Russia and South Africa amongst others.

Distributed Ledger Technology Could Damage Financial Market Integration – ECB
Finextra (press release)

PLY: Not sure what to say to this other than that Yves Mensch is either being selectively reported or has lost the plot.

Vienna Stock Exchange Strongly Positioned As Trading System Service Provider For 5 Exchanges
Exchange News Direct

PLY: Isn’t this just DB1 rebadged by Vienna? Anyway first public confirmation I can recall seeing of Zagreb moving to join subsidiary Ljubljana with the DB1/Vienna system replacing NASDAQ.

Congress Now Has A Bitcoin Caucus
McClatchy Washington Bureau

PLY: Good to hear some cross party initiatives seem to be working for the betterment of the future of the USA (Social Impact Bonds amongst them as my other newsletterwould also note).




Boat Adds Innovative Insurance Offering To Increasing Portfolio Of Services

PLY: Good,

CME Group to Transition Dairy Spot Call to CME Direct Auction Platform
PR Newswire (press release)

PLY: Likewise.

Bulgarian Stock Exchange-Sofia: The First Bulgarian ETF Debuts The Stock Exchange

PLY: And thrice good.

Leading Japanese Insurer Testing A Blockchain System For Insurance Derivatives
Brave New Coin

PLY: Interesting…and correlates to one of the topics at the conference in Belo Horizonte this week.
Career Paths

Nomination Of New KRX CEO Stirs ‘Parachute Appointment’ Controversy
The Korea Herald

Reuters reports Bolsa de Valores de Lima appointed Marco Zaldiver Garcia as chairman and Jose Fernando Romero Tapia as vice-chairman. Outgoing Chairman and Deputy Chairman, Christian Thomas Laub Benavides and Pedro Grados Smith, will both remain on the board.

PLY: In other news, I wish Adrian Fitzpatrick all the best as he retires at month’s end as Chief Dealer of KAMES Capital, having worked in our parish since 1973. I am delighted that Adrian will remain on the board of Liquidnet Europe where I had the pleasure of working alongside him during my term as a non-exec.

Meanwhile, CME Europe decision maker Danny Corrigan has left the company having launched and led the Trade Reporting Business. I wish Danny every success. It’s a pity to see both him and David Feltes having left CME in recent times as they added a certain cachet to the Chicago exchange’s international offerings.

NB CME are seeking a Staff Attorney – In house Employment Counsel – in Belfast.

PLY: Moreover, I am delighted to announce that the popular commodities guru Ian Dudden, formerly of LIFFE and the consulting end of the parish has landed a job with a super-synergy to his skills set, joining S&P Global Platts as Global Director of Agriculture, Pricing & Analytics – sounds like a perfect fit!

In the US, Molly McGregor, formerly the head of Marketing & PR at ISE, has become Chief Marketing Officer at Hanweck, a provider of real-time derivatives risk analytics – great to see you back in the parish, Molly.


The Damage Done By The EU’s Revolving Doors
Open Democracy

PLY: Mentions Sharon Bowles and her move of remarkably low latency from the European Parliament to the LSE board.

Nasdaq Private Market Head Departs
Secondaries Investor

The secondaries trading platform has lost Bill Siegel, who joined when Nasdaq acquired SecondMarket Solutions last October.

IEX is looking for a Strategic Communications staffer.

Hire “Courageous” People To Foster Ethical Culture: SGX President
HRM Asia




Zoopla Partners With Landbay For P2P Lending Solution
Financial Reporter

How Tel Aviv’s Tech Ecosystem Thrives
The Network

PLY: The pity being that the early stage looks wonderful, the public market is, as noted last week, mired in potential disaster.

When Will Marketplace Lending Platforms Offer Mortgages?
CFA Institute Enterprising Investor (blog)

PLY: I thought some already do…but it is not remotely enough!


Other Stories


Keynote Remarks Of CFTC Chairman Timothy Massad Before The SIFMA Annual Meeting
Exchange News Direct

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