Latest / Exchange Invest / 298 Exchange Invest Weekly Podcast June 7th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and market structure celebrating UST + one day at T + one years old NSE IPO talk harms private markets, Sino commodity internationalization is coming, AMX trades tatable and there's a Kenyan CEO pickle my name is Patrick L. Young. Welcome to the bort's Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 298 Foreign Ladies and gentlemen, this is a very brief reduction of highlights amongst the 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 and daily to your inbox. More details@exchangeinvest.com Happy Birthday T +1 Where It Matters aka the USA, Canada and Mexico almost so moved on the same Memorial Day last year a while after India amongst others. True, we had earlier interlopers at T plus 0, but the Belgulux CSD monopoly in Europe had killed that move by Kazakhstan and Russia years earlier when Almaty and Moscow tried T plus something. Less than 86,400 seconds a year on and the US ticks along elegantly in the multifaceted committees of DTCC are to be applauded for a remarkably smooth transition. The big loser year on is the declining continent of Europe UK plus EU27 which had led much of the work getting from forever to a much more finite time spell decades ago, but since then has lagged the us. Alas, Europe is now years away from harmonizing with the dominant North America insecurities trades. True it remains a moot point, just why we needed T +1 in many ways. But here it is now. The biggest winner from T1 may be the overnight trading platforms covering Asian daytime as Wall street sleeps. Certainly they have grown enormously and deliver a lot more settlement fle for the time being. With the SIP not yet open outside US daytime trading hours, the window of a T longer emulating a local T2 helps traders in Southeast Asia. Over in bitcoinage we're back to Netflix the First Law of Crypto Young's first law of crypto is the lawyers always win. The second law of crypto is that the TV companies get a lot of content, hence TV series on Sam Bankman Fried and crypto firm FTX heads to Netflix. The name era adage of Picture it or it didn't happen is the last writ large over the crypto scams even as the bros try to push it all under a very large carpet of a scale ME thinks even Turkey or Iran might struggle to make in a single rug. If you enjoyed this excerpt, you may be interested to know you can read Bitcornage every day and Exchange Invest. Alternatively, if you want a full of Bitcornage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on substack this week in Exchanges is an NSE IPO finally coming soon? The SEBI chief Tuhin Khanta Pandey has dropped a hint, at which point the private markets proved why they are erratic with NSE stock leaping 60% in thin trade. That leaves the National Stock Exchange of India still a privately held entity at a whopping market capitalization of $58 billion. Meanwhile in Dhaka and Bangladesh, a key CSD could also be headed for IPO soon if the broker's voices are heard. At the same time, the maiden Bangladesh Commodity Exchange will get visible shape as its rules have been finalized and in the conference World Confess 30 took place in Yerevan, Armenia last week and a highlight was the addition of Exchange AMX to the ADX led Thabodon network. That happening as Hong Kong exchanges opened a Riyadh office as cooperation deepens between Saudi Arabia and the SAR of China.
- 3:54Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrevativesvision.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.
- 4:13Speaker A: It was a busy week for results in the Parish. All the details were in the Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let's look at one piece of edited highlights. Malta Stock Exchange Record financial results, but at the same time it's pretty insipid in growth terms. Operating profit, fair enough, went up 10.25% on a revenue growth of 4.26 and that is no doubt progress will come as good news to the chairman who is under duress. Joseph Portelli eagerly seeking to point out the record profit as MSC manages a double digit gain in new markets. Accout d' Ivoire has launched West Africa's first agricultural commodity exchange, while the Vietnam Ministry of Finance have issued a plan to develop carbon markets over Indies. Couple of highlights there Aquus Exchange PLC acquisition by Six Exchange Group is nearing completion, while Rakuten securities have invested in 24X holdings, the aim being to realize, well, 23R a day stock trading by 24 24X as it hopes to become an exchange license to provide that service. But of course it's far behind the market leader ATS Blue Ocean as 24x will need an exchange license and therefore when it needs its exchange license, or at least it's sort an exchange license and that exchange license it's seeking will have to be backed up by a sip, which is going to take some time. Speaking of sips and speaking of American exchanges, Exchange investors proud to have launched a special edition inspired by my visit during the closing bell at the New York Stock Exchange July 5, 2020. Patrick L. Young's original bestseller that's Me Capital Market Revolution, the first breakthrough book in fintech a 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 a ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. In our Book of the Week. Well, a couple of books to catch up with the week of May 31 to June 6, we had the Hare and the Tortoise, an informal guide to business strategy by the brilliant Sir John Kay, who was our guest on IPO VID just recently. Well, this week's Book of the week is progress. 10 reasons to look forward to the future by another IPO Vid alumnus, Johan Norberg. Don't miss either of those tomes. You can get links to buy them via Amazon, for which we might even get a few sense of introducing commission on the Exchange Invest website. When you're on the Exchange Invest website, don't forget to sign up for your free trial to Exchange Invest. The water cooler of the boars business Ghana Stock Exchange. It's set for its first IPO since 2018, while the Shanghai Futures Exchange is in the vanguard of opening wider to foreigners in a bid to internationalize renimbi commodity trading. We got excited about RMB internationalization in the early years of AI over a decade ago, and then the whole project stalled. However, it's gearing up again and the commodity market element is a key aspect where I suspect at least those in the nearby regions will adopt more Chinese commodity trading, even if it still proves tricky for many Western entities to think that far. In the SAR Hong Kong exchanges, they're outlining preparation work for the transition to usm. Good to see the phrase unlisted securities market being adopted for their private markets platform. The Battery Metals battle is on. Meanwhile, there's both a battle with the mainland of China, but also more acutely in the USA between Intercontinental Exchange and cme. CME announced record volume and open interest across their battery metals complex this week, while ICE has launched its first futures contracts based on battery metals during the course of the last seven days in technology use. Korea Exchange launches a cloud service for large scale data Downloads Connemara Technologies EP3 is going to power an innovative new market for figure markets Another winning announcement for the Connemara EP3 team. It's an interesting everything infrastructure which will be apparently partially decentralized which EP3 can flexibly power in India. Leading stock exchanges NSE and BSE are in Iraq race to ramp up colocation capabilities as demand soars and WAMID and BMML are bringing advanced analytics to the Saudi markets. Bravo Cebu have announced the departure of Global President Dave Howson and also I'm very sorry to see the departure of Adi Cordell, President of Asia Pacific at Cebu Global Markets, who has retired from the parish far too prematurely. Six Chairman Thomas Weller will conclude his term at the AGM in 2026 and stockbrokers are in a kerfuffle in Nairobi. They're demanding ouster, the ousting of their CEO Frank Mowitty at the local stock exchange. Let's just drop into big world five nations with the greatest population declines in 2024 San Martin minus 4.92% the Cook Islands minus 3.47% the Marshall Islands minus 3.38% and the least decline of the five was the Northern Mariana Islands at 1.76%. But perhaps most scary still, EU nation Greece lost 1.77% of its population during the last year. And on that mysterious and magnificent note, thank you very much for listening to this EI weekly podcast 298. Join us daily vixchangeinvest.com or if you have any exchange you'd like build, get in touc. My name is Patrick Kel Young and I wish you all a great week in life and markets.
- 9:42Speaker 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 sourced from copyright free sources. Thanks for listening to Exchange Invest Weekly. The exchange of information.