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Frankfurt Emerges as Biggest Banking Winner After Brexit; State Street Exits Its Dark Pool, Selling BlockCross to Instinet; U.K.’s Euro Clearing Business at Risk as ECB Requests More Powers John Lothian Newsletter,Newsletter

First Read Making the Johannesburg Stock Exchange a Global Player JohnLothianNews.com “The JSE, for eight years in a row now, was rated number one, two or three in the world by the World Economic Forum for the quality of financial market regulation.” The Johannesburg Stock Exchange is in the process of adjusting much of its infrastructure. It already transitioned from T+5 settlement to T+3 settlement (with no failed trades thus far); the derivatives trading technology is being replatformed; Cinnober is supplying a new clearing system that will be live at the start of 2018; and London Stock Exchange Group’s MTS…

PDQ’s Don Ross: Why Speed Kills Equities Markets And How Auctions Can Save Them Feature

The future of stock markets is becoming less about speed and more about trading securities in different environments, particularly auctions. Several exchanges have introduced new auction models aimed at slowing the market down in different ways for different participants, including PDQ Enterprises, which is rolling out its new on-demand auction process for stocks. CODA Markets (Centralized On-Demand Auctions), the wholly-owned broker-dealer entity which was previously named PDQ ATS, will launch the the block trading facility called CODA Block in the next several weeks. John Lothian News Editor-in-Chief Jim Kharouf spoke with Don Ross, who took over as CEO of PDQ…

The Life of SCI: John Rapa Looks at the SEC’s Reg SCI Interview,Regulation,Video

After several high-profile market disturbances, from the 2010 “flash crash” to the Knight Capital algorithmic meltdown in 2012, the SEC considered a new set of rules to tighten up system compliance and integrity. The rules, known collectively as “Reg SCI” became effective in February 2015. John Rapa, president and CEO of Tellefsen & Company and a 30-year veteran consultant to exchange market structure, walks us through the new rules and what they mean for exchanges, dark pools and market participants. “It’s making mandatory what’s been voluntary up to now,” says Rapa. “Identification of mission-critical systems, testing processes, procedures, and testing…