Latest / Exchange Invest / 290 Exchange Invest Weekly Podcast April 12th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure. Saving the CFTC is a big deal as CME launches CFDS XYT bids for the EU consolidated tip as KRX looks to host its own market overnight My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 290 Foreign Ladies and gentlemen, this is a very brief reduction of highlights amongst key headlines from the week in Market Structure. All the analysis of the many events and happenings from the past seven days can be found in Exchange Invest Daily subscriber newsletter. The unique guide to the Boris business sent daily to your inbox. More details@exchangeinvest.com over in parish Note this week we had a lot of news. A hearing took place in Washington D.C. recently which deserved a lot more attention as the CFTC celebrates its 50th anniversary. Some drum beats have begun in that endless quasi endless it seems, and indeed quiz I misinformed recurring cycle which suggests better value would eventuate from a unified SEC CFTC regulator. The hearing in this case had a magnificent lineup on the hill. Leading the field was the Derivatives OG Professor Dr. Richard Sander. Richard deserves the acronym goat alongside PhD. His goat qualities are evident when it comes to the polyglot cross section of his abilities, including but not limited to envisioning, inventing, building, creating, delivering, operating, trading, including arbitraging and hedging. Plus perhaps most vitally in this context, painlessly educating after a mellifluous fashion about the wonders of markets. It's a joy to watch and I thoroughly recommend it. The message time and time again from all participants remained how CFTC helped to deliver liquidity, accessibility and transparency. I hope it is another 50 years as a broadly successful regulator, as the first half century of the CFTC has proven. Meanwhile, also in Parish notes applauded to ICE, who broke the $100 billion market capitalization at the top of Yonge's pyramid. In late March, just before the world stock markets headed for a correction elsewhere, we had a brief dose of perspective. In markets the only thing we have to fear is fear itself, noted Franklin D. Roosevelt presciently in its 1933 presidential inauguration speech, at a time when the US economy was in a very much more acute predicament to today. Thus began Exchange Invest, parish notes on Monday 7th of April over in Bit carnage. A fascinating story. I spotted my favorite daily newspaper, the South China Morning Post the other day noting US Cryptocurrency Exchange coinbase sees the worst quarter since since the FTX collapse. Once again I feel forced to ask where is this new age uncorrelated asset they call cryptocurrency? Asking for a Friend? If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day and Exchange Invest. Alternatively, if you want to follow Bitcarnage, the daily update on happenings in the world of crypto and digital assets, you can find Bit Carnage as a standalone on Substack this week in exchanges Hong Kong hkex It's considering a new OTC stock market for delisted companies. Great idea which can add a new dynamic around private market. Positive possibilities. The Korea Exchange will convert the night trading derivatives market into its own operating system from June. Quite a move as KRX will deliver its own marketplace for a full 12 hours in place of the current 11 hour session available on its URX related marketplace? It would appear KRX are gradually moving away from their reliability on DB1.
- 3:48Speaker B: Thanks for listening to Exchange Invest Weekly.
- 3:50Speaker A: We welcome your feedback.
- 3:52Speaker B: You can contact me directly Patrick Derivatives vision.com with any comments. Meanwhile, if you enjoyed this show, we would welcome you giving us a thumbs up. Or if you have time, A positive review will always be welcome wherever you find this podcast over in results no.
- 4:09Speaker A: News this week, nor in new markets, nor indeed in deals. But of course let me add ladies and gentlemen, Exchange Invest is proud to have launched a special edition inspired by my visit to ring the closing bell at the New York stock exchange on July 5, 2024. Patrick L. Young's original bestseller Capital Market Revolution, the first breakthrough book in finte decade before that word held common currency, has over 10,000 new words of additional pith, placing the past quarter century in perspective alongside the original text, which has proven remarkably successful through the years. Capital Market Revolution 25th Anniversary Edition is published by Exchange Invest and is now available as an ebook via Amazon Kindle at the ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. Meanwhile, don't forget, if you fancy some financial insights with moving pictures, check out our live stream. Tuesdays 5:00 London time, midday New York it's the IPO Video Live show. Catch the back episodes on linked and YouTube via IPO Vid now online, a gripping episode this week. IPO Vid 174 Beyond 21st century corporations with the magnificent English economist Sir John Kay. Coming up next week we're going to have IPO Vid175 how floors help Markets what an interesting discussion that'll be too with Dominic Rush Our Finance Book of the Week this week, Street Smarts Adventures on the Road and in Markets by Jim Rogers takes us through the highlights of his life in the financial markets business. Rogers offers surprising, often very surprising in fact, observations on how the world works and what trends he sees in the future, while he explains why Asia will be the dominant economic force in the 21st century. Don't forget if you want all the news on the Vorx business sent delete to your inbox. Subscribe to ExchangeInvest via exchangeinvest.com $499 per annum to join the exchange of information and indeed stay ahead of your understanding of market structures beyond the rest of the herd. Our next book of the week will be unveiled on Saturday in the Free Exchange Invest Weekend Edition. Product News the CME grabbed some headlines this week. They're launching what they call spot quoted futures, in Essence Exchange traded CFDs launched under a new name by CME with financing additional costs etc being added. The CCP makes the regulators understandably more relaxed than the trad broker CFDs which had been broadly banned in the USA previously on exchange. Incidentally, Sydney Futures Exchange had them ages back, launching on November 5, 2007 while others flirted with them. Indeed I myself ply Cybex CEO was looking at the concept before ASX launched their product. Anyway, it's another interesting retail centric development for CME, albeit describing them as CFDs might have been a little bit more transparent that other exchange that originally launched CFDs, the ASX. They're celebrating this week 25 years of s and P ASX indexes. Congratulations all round. In technology news this week, Big xyt they announced a formal bid for the European Consolidated tip provider with widespread industry support they claimed. Very interesting last minute move this with the Aqua Cebo bid disappearing in the wake of six acquiring the London Exchange Group. Now we appear to have two core bidders unless I missed anybody for the equity tape. With Big XYT up against the exchange laden Euro CTP alliance in India, NSE and bse, they're planning an alternative trading platform that's going to be the backup system for market resilience amid disruptions in the Indian stock market. Relief for brokers as the stock exchanges have eased those technical glitch norms and hopefully a mono platform as a disaster recovery mechanism will assuage SEBI concerns too. As always, the Indian regulator has demanded a belt and braces style approach unknown in other nations for their disaster recovery. So far as I'M aware esma, meanwhile they got well, very trendy and dine with the kids facilitating access and use of data from their public registers. ESMA is now on GitHub. Before you rush off to download your esma apps from GitHub, bear in mind in Career Path this week Chundamani Chap again has been appointed CEO of nepsi, the Nepal stock Exchange. Wishing them all the very, very best. Meanwhile, in Big World for those licking their W trends in the stock market over the course of the last couple of weeks, hat tip to Warren Buffett I see, who was already out of a huge amount of investments in recent times. For those pointing out how Donald Trump has impoverished them, not so fast I would hasten to suggest. Thank you Hamburg for pointing this out. When first inaugurated as POTUS 45 on January 20, 2017, the S&P 500 stood at 2271. The Dow Jones average was at 19804.72 on the afternoon before Trump was inaugurated. And actually, therefore even in the course of the previous couple of weeks, it was precisely double that amount during the Trump regime too. Those are based on the close of the market on 19 January 2017, and indeed there'd been already a rally of around 8% in stocks since Trump was elected the previous November. So still, the stock market as I record this, is something like double the level of where it was when Trump originally came to power. And on that mysterious and magnificent note. Thank you for listening to this Exchange Invest weekly podcast number 290. Join us daily via exchangeinvest.com, or if you've a new exchange or marketplace you'd like build, get in touch. My name is Patrick EL Young and I wish you a great week in Life and Markets.
- 9:35Speaker B: This show relates to the business of bourses. It is not to be construed as investment advice, nor are we making any investment recommendations. Please consult an investment advisor before you make any investments. And for goodness sake, do your due diligence and do not make investments without complying with the regulations in your home state. Exchange Invest cannot be held responsible for any investment decisions made as a result of our program, which is for entertainment purposes only. The material herein is copyright Patrick L. Young at the date of publication while our music and sound effects are are sourced from copyright free sources. Thanks for listening to Exchange Invest Weekly, the exchange of information.