September 5 2016

elb2Enjoy the holidays if you are in India or the USA.


Turns out it was a busy weekend for news flow so here’s an added bonus – having said there wouldn’t be an Exchange Invest Daily… Happy reading.


Inaugural CEE CMU summit & 2nd CEE Capital Markets Awards are coming up 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.


In Bigworld, Angela Merkel took a pasting in the German regional elections in Mecklenburg-Vorpommern, her party finishing only third… In Brexit Britain the biggest PMI jump month on month in the 21 year history of the index adds grist to prove that not only was the Bank of England’s panic utterly misplaced but Britain is going well after the vote to abandon the crumbling European facade.

In Today’s Exchange Invest:
Great profits from Irish SE, worries about cattle in Chicago and dual class shares on SGX as there are musings on IEX and much more besides…


Public Markets


Exchanges Are National: Time to Drop The Deutsche Boerse – LSE Merger

PLY: Former WFE Secretary General Tom Krantz outlines his opposition to DB1-LSE. Makes for interesting reading.

Why Dual Class Shares On SGX Matters
The Straits Times

IEX Grabs Attention In Wall Street Debut
New York Post
Flash Boys Site Becomes A Stock Exchange
Three online brokers catering to retail customers—TradeStation, InteractiveBrokers, and Lightspeed Trading–have signed on as initial members…
FT Explainer: Keeping Up With HFT
Financial Times
How Algo Trading Can Make Or Mar Your Day In The Market & How Retail Investors Should Handle It
Economic Times

ASX – Blockchain Defiant
Financial Times
PLY: New CEO Dominic Stevens defends the money spent on Digital Asset Holdings which could have delivered a new Chess system much faster…

Moscow Exchange Shareholders Approve Corporate Restructuring

Urbana Corporation: Re-Filing of Interim Financial Report for the Six Months Ended June 30, 2016
Marketwired (press release)
Urbana Corporation (TSX:URB)(TSX:URB.A)(CSE:URB)(CSE:URB.A) has re-filed its interim financial report for the six months ended June 3.



Private Markets



Irish Stock Exchange Reports ‘Exceptional’ Year As Profits Rise 25pc
Irish Independent
Iseq chief A Voice For The Needs Of Indigenous Companies
Irish Times
State Could Miss Brexit Breaks, Stock Exchange Chief Says

Irish Times
PLY: Stunning numbers from ISE – a great result by the excellent FESE Chairman Deirdre Somers in her day job working with her highly focussed and capable team.

South Africa’s Newest Stock Exchange ZAR X Gets A Trading Date
Study Backs Barron’s Critique of Flash Boys


Special Section: FTI, NSEL, India at the Crossroads

Indian markets closed Monday for Ganesh Chaturthi

You Must Be Joking, Mr Ravi Shankar Prasad
Hindu Business Line

PLY: A backlash to some recent ministerial advocacy for an Indian International Arbitration hub. Nope, I checked, it’s not April 1st.




Millennium Exchange Release 9.1 Oslo Børs – CDS Upgrade And Confirmed Dates For Dress Rehearsals (DRs

Thousands Of Jobs At Risk Unless Scotland Embraces Financial Technology
Herald Scotland




Citadel’s Swaps Vision is Too Bleak for Wall Street

PLY: Very interesting piece building on discussion from last Friday about Citadel and CDS.

Commentary: There’s No ‘Future’ In The Futures Market
Springfield News Sun

Additional Risk Management Norms For National Commodity Derivatives Exchanges



ICE Benchmark Administration Launches Crowdsourcing Facility for ISDA SIMM
Investors & Media – ICE


Career Paths

Alexandre Zeller will be stepping down as Chairman of the Board of Directors at SIX at the end of September 2016. The current Vice ChairmanDr. Romeo Lacher, will serve as acting Chairman from first of October 2016 until a successor is appointed.

Tullett Prebon seeks a Programme Manager (LinkedIn)

CME seeks an Associate Director Marketing & Communications in Chicago (LinkedIn)



Crowd Investors Need Secondary Market Liquidity
BusinessZone (press release) (registration) (blog)

So far, only two equity crowdfunded businesses have unlocked returns for their shareholders – Camden Town Brewery, which sold to AB InBev,

Why Debt Crowdfunding Platforms Must Evolve To Support Scaling Businesses
City A.M.
EU Commissioner Talks CMU, Alternative Finance Following Brexit
Crowdfund Insider

Other stories

Sorry, Folks, But Wall Street Won’t Predict the Next President
CFTC Extends Comment Period On Proposed Amendments To Regulation 4.22 Regarding CPO Annual Reports
World Federation Of Exchanges Responds To ESMA DLT Discussion Paper
Fintech Startups Face Dilemma on Banks: Are They Friend or Foe?
Wall Street Journal (blog)
When it comes to partnering with banks, financial technology upstarts find themselves damned if they do, damned if they don’t…
PLY: Fried or foe? I think banks are faux friends…

How Policymakers Can Support Innovation in Financial Technology And Services
World Federation Of Exchanges Responds To ESMA DLT Discussion Paper

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