Latest / Exchange Invest / 323 Exchange Invest Weekly Podcast November 29th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure. Bank of England CCP suicide Euronext has 75% of Helex. There's a Slovene shock as BVB celebrates 30 years my name is Patrick Kelly Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 323. 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 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 Notes I have to report there was a week with two magnificent fireside chats. The first one saw the magnificent Richard Sander chat with Ply at IFM Tech Day in association with Connemara, while FIA's Expo Singular highlight was the brilliant Jeff Sprecher discussion with FIA boss Walt look and more on those and Exchange Invest over the course of the last week In Bit Carnage Privacy trumps all is the question we ask in the thesis that everything is always about crypto. The bros are upset because of the XG location feature, which is surely a welcome element in a battle against dubious fraudsters projecting there somewhere else. However, Buterin says X's new location feature riskiest Crypto users flag privacy concerns and Cointelegraph is as good a millennial cry or vanxed as we're likely to get at the same time. Also in privacy, Vaneck Boss is questioning Bitcoin's privacy encryption against quantum technology. Certainly the quantum technology encryption issue I think is going to be a huge issue going forward and could yet be the death knell of the DLT itself. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day and Exchange Invest. Alternatively, if you want to follow Bitcoin to the daily update on happenings in the world of crypto and digital ass, you can find Bitcarnage as a standalone on Substack. The bank of England's spectacularly incapable Secretariat have excelled themselves with a series of CCP proposals which can only be derived from some previously untranslated volume of the cccp, as in the Russian Communist Party regulatory handbook. Britain's insane obsession with becoming a third World country is ramping up, with the central bank now arguably less capable than even that well documented oasis of competence. The British political class CEO Ton Bodzewski drove strong results at GPW this week as the Polish exchange comes alive once again after some relative torpor in recent years. Elsewhere, NZX is said to be eyeing what would likely be a leverage bid for cibo's Australian operations, recently orphaned as part of the Craig Donahue localization Parochialization Back to the loop strategy Euronext surprises with a healthy 3/4 of stock tendered where a week ago they were settling for 50% in a single share. NASDAQ and SDX have signed a new listings cooperation agreement as Bitcoinage has also looked at the crypto questions as to the new CFTC chairman of his nomination hearing. The latter was of course in Bitcoinage, which you can get via substack or alternatively by having a Full subscription to exchangeinvest.com In a shock move, the Slovenian government is objecting to their exchange being rolled into the fina takeover of Zagreb Stock exchange and the 6 CEO was bullish as he looks to build on the BME platform in his acquisition.
- 3:23Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrivativesvision.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 the Bucharest Stock Exchange.
- 3:44Speaker A: Has celebrated 30 years and has markedly improved from even the 25 year old BVB. CCP Global are discussing central bank deposit access and PEMEX in Pakistan is seeking to more broadly distribute electronic warehouse receipts across Pakistan with a judicious acquisition, the Baku Stock Exchange. They've signed an MOU with the Abu Dhabi Securities Exchange to join the Tabadool hub. Another good development for Tab Dabu which added perhaps most notably Warsaw Stock Exchange to its network this year. The St. Petersburg Exchange it's proposing self regulatory association for the commodities market and the Tokyo Stock Exchange has marked a year since its trading hour extension. That extra half to making a five and a half hour trading day is reckoned to yield an extra 5% in stock volume. SGX and MAS in Singapore they are adding measures to boost the Singapore stock market as well as the Nasdaq SGX Global linkage deal. Mass have announced another $2.8 billion Singapore for direct investment through fund managers in listed stocks. CCP Global gave us a grown up position paper on central bank deposit access for CCPs. And as I mentioned earlier, the Bucharest stock exchange marked 30 years since its reopening, plaudits to BVB just finally begun to make recent proper progress. Although fundamental questions remain what amounts to a feudal state as a whole, at the same time having so long struggled to fill a football stadium with investors, the market is broader and better, having grown from nine listed companies in 1995 to over 330 today. The investor tally of 54,000 investors in 1999 looks a bit more healthy with over 274,000 in 2025, albeit that's still barely 1% of the population. Chairman Radu Hanga since 2020 deserves huge plaudits for taking BVB from a politicized shamble store is a much more coherent entity in results this week. A very busy week for results in the parish. All the details for an exchange Invest Daily the newsletter no person could afford to be without in capital markets and market structure. For the sake of this podcast, some edited highlights and all the strong quarter at GPW Group under CEO Tors Bartczylovsky. As I mentioned earlier, sales revenue up 20.5% EBITDA up 39.1% net profit up 29.5% clear customer focus winning the day. Similarly in Manila PSV they posted a 15% increase in nine months 2025 income and actually a quite significant growth in revenues up 93% with the acquisition of the PDX Philippine dealing system over Indeels. Also a very busy week. Eurox announced the success of the voluntary share tender offer to acquire the Athex Group. So therefore the Greek stock exchange they've now got over 75%. It isn't the 100% they've been dreaming of, but at pretty much 3/4 that's a lot better than many anticipated. And even a week ago they would have been happy with 50% plus one share six group. They're weighing a pan European SME exchange and also other acquisitions. The inherited mess of Worldline is clearly an issue for CEO Bjorn Sibirn, but that's not of his making. This upbeat impetus to expand markets for SMEs and look at other acquisitions is inspiring. Coming on the back of the excellent Sibirne purchase of Aquis, whose technology will now power the entire 6 exchange triumvirate of ACWIs, BME and 6 itself. Shock news from Ljubljana in Slovenia. The government there has refused permission for Croatian government agency FINA to buy the Zagreb Stock Exchange while it still owns the Ljubljana Exchange. Ljubljana Exchange have been acquired on July 17, 2015 by Zagreb. Thus the Croatian vertical silo is going to have to make a decision. Either it goes to the vertical silo, deal with FINA and in some way shape or form sells off Ljubljana or the deal may be stymied. New Zealand Stock Exchange they're considering a SIBO bid for that's for the SIBO Aus assets in ASX Challenge, although at the same time that would seem to somewhat leverage the NZX overall. And the SEC of Pakistan has greenlit PMEX of Pakistan's proposed acquisition of ncmcl, an interesting deal to help bolster the PMX and also indeed deliver a wider distribution of electronic warehouse receipts across the country. Don't forget, if you want to catch up with some video moving pictures alongside your ply pith, the opportunity is to join our live stream Tuesdays at 5 o' clock London time, midday New York time the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid now online episodes number 193 the scrappy entrepreneur with verily Pifer and indeed, coming next week, the human factor IPO vid number 19 for a trading journey with Mehmed Belgium. Our finance book of the week this week is the Fabulous Carbon Hunters Reflections and Forecasts of Climate markets in the 21st century by Richard Sandor and Paula Di Perna. It's a unique overview of the launching of carbon markets worldwide and the evolution of those markets as critical tools to manage climate change and other environmental problems. Product News this week Eurex are building a Polish zloty swap market with major banks in response to Emir 3.0 as the gemstone trade in Ethiopia is going to be regulated through ecx, the Ethiopian commodity exchange to combat smuggling. An interesting move to bring gemstones including opals, diamonds and emeralds on exchange. Listeners may recall the attempts at unified diamond exchanges such as SDIX in Singapore have failed previously, although clearly the less formal cash diamond forces continue to flourish in Amsterdam, New York and around the world. In technology news, an outage at Cloudflare disrupt various parts of the Internet. Last week even FIA were slow in printing data expo passes while Bitmex and other crypto exchanges suffered around and about the Parish of Bourses each. The European association of Clearinghouses made a coherent response to the consultation of the bank of England's approach to rule permissions and waivers this week and also the bank of England consultation ensuring the resilience of CCPs. The latest bank of England suggestions on CCP clearing represent such an utterly deranged anti market dose of belt and braces, anti mercantile, anti risk stupidity that even the World Federation of Exchanges Woofie have tried to call them out. The damage to London's financial centre by the searing ineptitude of the bank of England could yet become an even bigger issue for Britain's endeavours to be to be the next Argentina than the pure play blistering incompetence of the political class itself. In career paths, Adrian M. Coloud has joined DTCC as Managing Director and Head of US Equities, Former SGX veteran Nico Torchetti has joined the Qatar Stock Exchange as COO and MSCI have announced that berepetit, their president, is going to be retiring with a week to go before the end of the Caribbean's hurricane season. Actually, it should be pretty much over by the time you hear this. Here's a fun fact to why the water cooler folks with today over the past 113 years a solid 99% plus of all Caribbean hurricanes have moved from east to west. In fact, only one hurricane has been recorded during that time moving from west to east. And on that mysterious and magnificent note, thank you for listening to this, the EI weekly podcast number 323. Join us daily by exchangeinvest.com or if you have a new exchange or marketplace you'd like build, get in touch. My name is Patrick Elliot and I wish you a great week in Life and Markets. Foreign.
- 11:05Speaker 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 programme, 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.