Latest / Exchange Invest / 301 Exchange Invest Weekly Podcast June 28th, 2025
Transcript
- 0:01Speaker A: This week in the parish of Bourses and Market Structure, an ASX clearinghouse split as ASX marks a staggering new benchmark for corporate tone deafness. EU consolidated tip bidding opens no perceived hurdles to NSE IPO Nicee Texas finds a spacious new home. And then there's the best borse marketing idea in ages. The Gong show rolls in Hong Kong My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 301. Good Day 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 on Exchange Invest Daily subscriber newsletter the unique guide to the Boris business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage so there was shock and surprise this week as Elon Musk's ex was to start offering investments and trading soon. Which was precisely what Elon always intended for x and thus x 0. Shock for all @ least if you're reading our sister publication Exchange Invest, X has always been marked out as a super platform and for X money, the math is simple. 106 million monthly users in the US alone, 645 million worldwide. Modest conversion rates will create a truly incredible business and deliver incredible value. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day on Exchange Invest. Alternatively, if you want to follow Bitcoinage the daily update at home happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on Substack this week in Exchanges Celebrations in Hong Kong with Hong Kong's Finance Minister urging Hong Kong Exchanges to galvanize and internationalize and gear up for the next phase. It was a fabulous 25th anniversary celebration with the Hong Kong Finance Minister providing a stirring speech to all parties to push forward. Let's lead the region in T +1 was one key rallying cry. Let's that's encouraging Hong Kong exchanges to maintain the truly incredible success of the past quarter century. And as nobody else is saying it, I'll remind you of a key PY call for the future that dates back several years. Now with Hong Kong Exchanges, the best is yet to come. That leads us to the coolest Bourse marketing tale of the year, an absolutely brilliant move by Hong Kong Exchanges. It's the Hong Kong Exchanges Gong Mobile taking on the Gong tour. The Hong Kong sir may not be that huge as a geography, but it's big enough. And with a population of 7.5 million people, this is a fantastic opportunity to mark the 25th anniversary of Hong Kong's unified exchange and trumpet the incredible benefits of owning stock. Including, it has to be said, Hong Kong Exchange is listed at 3.88 HK dollars and now worth something around $400. If only the news could be as good down under D Day news for ASX is Clearinghouse split mulled by regulator that went the headline in the Australian all parishioners bar. Apparently the ASX management are aware that the Sydney based monopoly silo is a management fiasco with a side order of procurement implementation disaster area. And that's on a good day. Now it looks as if that move to swish new offices might require a new floor plan. Will the CCP also get access to the harbor views Overall it was a dreadful week for asx. There was a call for defenestration, lose the CSD rights or de facto nationalization of the ASX even appeared in the letters pages of the Australian Financial Review encouraging the rba, the central bank, to take over management for the company. Of course at that point in time ASX managed their most tone deaf move yet and produced a rebrand. If Rudyard Kipling was a branding consultant he might have written if all around are losing their minds, watch for their imminent rebranding. ASX managed to mark a staggering new benchmark for corporate tone deafness and indeed employed consultants to do it. They didn't even have the good sense to buy a package or a license to Australia's own Canva. Nicey Texas have leased an HQ at Harlan Crow's old Parkland campus. 28,000 square feet of office space confirms significant commitment of NYSE to Texas entitled to this. It will build a healthy bridge ahead for ICE 2 in the energy capital state of the USA. It is a useful reference point for the many listings and with the estate being described as a veritable office country club, it's a good locale for Nice. A key half of the US country club listings duopoly with some $3.7 trillion in nicely listed market cap bank being contributed by Texas companies. Over in West Africa, BRVM is eyeing real time settlement, a great leap forward from T3 to T0 which will be an overstep to cause apoplexy to the likes of Euroclear and Clearstream as the world's original T0 Markets with international ambitions Kazakhstan and Russia discovered before they leapt back to T2 to allow more international investors over new markets this week Somalia have launched the first national stock exchange. Hooray. Another new national exchange in Africa. Just a few weeks after the Ethiopian esx, whose COO was our guest on IPO vid the other week, the national securities exchange of Somalia was officially launched. But the problem is even with operations planned from early 2026, the bit which confuses me about NSES being the first national stock exchange in Somalia is that the Somali Stock Exchange SSE began sell selling its first shares on 1 September 2015 at the exchange's offices in Garraway, Mogadishu and Hargez. Good news from Croatia. Zagreb is going to be hosting a new regional stock exchange hub, a fascinating development building on an EBRD led MOU which exchange investor reported on last year between Bratislava, Budapest, Bucharest, Bulgarian Stock Exchange Ljubljana, Warsaw and Zagreb, which was signed originally in November last year. Over in deals, a couple of very very interesting ones. Tmx, Vetify buying again. They've acquired ETF Stream, a handy media purchase, of course, the mega IPO we're all salivating about. Apparently the NSE IPO has cleared the final regulatory hurdles. SEBI chief Tuhin Kantapande says no obstacle remains. Let the listing excitement commence. The prospect of an IPO of a proper exchange that jumps straight into tier one of Yunk's pyramid is something to relish. Meanwhile, former Hong Kong Exchange CEO Charles Lee, he's aiming to list his startup and small firm financing. One staggering statistic actually, which came out of that particular article. Hong Kong Exchanges has a hopeful spool of companies filing for IPOs which numbers 200. I think that's more than either the continent of Africa or even the continent of Europe put together. Anyway, the mastermind behind StockConnect, Charles Lee and the Connect ecosystem, which continues to expand in multiple directions, is now listing as MicroConnect International Finance Company. Make no mistake, what Charles V is doing with his MicroConnect initiative is fabulous. One final interesting deal potential the Tel Aviv Stock Exchange are considering a strategic sale or international collaboration in the indices field, presumably not with the Tehran Stock Exchange. 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 last year. July 5, 2024. Patrick L. Young's original bestseller 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 pithb, 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, if you fancy some financial insight to the moving pictures, check out Our livestream Tuesdays 5 o' clock London time, midday New York time It's the IPO Video Live show. We're having a hiatus this week because unfortunately the guest is had to cancel, but there's a magnificent show now online IPO vid 180 introducing the IPO vid panel and a fabulously lively discussion was with guests Mark Bettis Anberg, Peter Randall and yours truly, Patrick Elyon. Apologies we missed the Book of the Week last week. The Anxious Investor was last week's Book of the Week by Scott nations, offering readers history's hard earned lessons about greed, volatility and value while demonstrating secrets to excellent investing which lie in mastering the quirks of human psychology. This week, well, it's best to delay a bit before you master those quirks of human psychology. Frank Partnoy's book the Useful Art of Procrastination weaves together findings from hundreds of scientific studies and interviews with wide ranging experts to craft a picture of effective decision making that runs counter to our brutally fast placed world. The procrastinator in all of us will delight as part Noya Count's celebrity delay specialists from Warren Buffett to Chris Effort to Steve Croft, underscoring the myriad of ways in which delaying our reactions to everyday choices large and small can improve the quality of our lives over in products Interesting new index being calculated ICE has launched the Average Prime Offers Rate Index appor. It's an interesting benchmark for mortgages. A weekly published data point used to determine whether a mortgage loan qualifies to be packaged by Fannie or Freddie ICE determined to add more confidence to the mortgage market which can only help the housing business. Meanwhile Nasdaq they've announced the first trade in their custom basket futures. It was by none other than the University of K Cambridge Investment Management. A fascinating suite of products there being brought to life to allow multiple possible outcomes. In technology, ESMA have launched, as we said at the top of the show, the selection process for the consolidated tape provider for shares and ETFs. The mega move begins as the EU finally actually looks to create a unified stock ticker. Also in technology Market access has become the first platform to provide fully electronic workflow for the trading of e Indian government bonds to international investors over in career paths the new chairman of the Colombo Stock Exchange is Demutu Abayasekara. He's CEO of Asha securities which is affiliated with Philips securities and he's taking over from the Term Limited Dilshan Wirasekara, also a new general manager has been approved in Romania. The ASF regulator approving Remus Vulpescu to be the general manager of the Bucharest Stock Exchange. Over in big world stablecoins, lots of people are going positively ballistic. The whole idea of them and how they're going to take over the world, whereas I think they're a niche with risks at best. Anyway, the Latest stats show 17% growth in stablecoins this year according to Cryptoquant, and a total market size of $228 billion. To put that in perspective, it's about the size of Canada's government bond market in 1997. The US bond market is worth about $50 trillion in a global bond market of about $120 trillion and stablecoins amount to 228 billion with double figure growth. But it's actually no bagatelle compared to many exchanges in recent years and their growth rates. And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast 301. Join us daily via exchangeinvest.com or if you have a new exchange you'd like build, get in touch. My name is Patrick Gilliang and I wish you a great week in life and markets.
- 12:16Speaker 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.