Latest / Exchange Invest / 311 Exchange Invest Weekly Podcast September 6th, 2025
Transcript
- 0:01Speaker A: This week in the parish of Bourses and market structure, ETFs exceeds stocks, the crumbling Amex, CEE SE Corporation, IBKR joins the S&P 500 and NCDX is funded. My name is Patrick Allyoung. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 311 Foreign 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 of the many events and happenings for 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 BitCarnage, it's been a case of the sword of AI Damocles. I couldn't agree more with Brian Armstrong, the boss of Coinbase that employees need to learn AI, but just threatening dismissal is management becoming only a crypto boss? If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every day on Exchange Invest. Alternatively, if you want to follow Bit Carnage, 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. Here's a wacky statistic via Bloomberg. It shows the extent of index mania. There are now more listed US ETFs than there are stocks in Qatar. The Sukuk primary dealer network is a go go as India looks to nudge more female investors into the market in the metaphysical world of crypto. See also in Big Carnage Every day there's a growing indignation that a two tier market with the crypto bros indulged in legacy markets shouldering the burden market integrity, the reputation of the previously intelligent Chairman Atkins and SEC as a whole is at stake. The CFTC is now a Nino chairman that's nominee in name only, who looks more likely to marry Taylor Swift than get approved. As I noted during the course of the last week in Exchange Invest, which you can subscribe to@exchangeinvest.com the CFTC itself is now just one frenetic acting chairman who will presumably be humming all by myself from the middle of this week as she walks the corridors of power. In between racking up the air miles, there's been a palpable feeling of decay around, albeit offset by moex yet again defying the Russian sanctioned economy to deliver sign growth. Yes, moex, the Moscow exchange remains buoyant with better growth and a great many free markets and open democracies. Well, presuming we can still call the people's monarchy of Sir Keish Rat Pak a free country, which may be a moot point amidst the palpable fester of decay. And of course, as you might imagine, Exchange investors officially delighted that Taylor Swift is engaged. We wish her every happiness from all the team, at least some stable routes are being built for the future as trailed last week. Central Eastern European cooperation endorsed by seven finance ministers and the EBRD took place in an Zagreb signing ceremony. In other good news There's a plethora of good news during the course of the last week, with the NSE legal cases ending all the way to a fascinating new US Energy marketplace regulated by the cftc. Let's get to it. Hong Kong Exchange aims to fight off international rivals with longer trading hours. In Brazil, the government has opened a probe over alleged anti competitive practices as the vast B3 monopoly comes under unprecedented competitive threats. And in the physical world of architecture, alas, the Amex building in New York is biodegrading into the curb. A rather sad state of affairs, some might say. This is the cyclical economy in action. It's a shame to see this monument to our parish history being wantonly abandoned and reflects badly on New York's leadership, let alone certain property developers. Over in results I tagged earlier the Moscow Exchange. Their second quarter results of 2025 saw an operating income increase of 12.68%, net profit in rubles up 16%. Given the tricky issues of operating in Russia right now due to Comrade Vladimir's Ukrainian offensive. Once again MOEX delivers remarkable results pointing to a strength and coherence in management in which it's just a pity that it's so constrained by sanctions due to the nation's headstrong and pugilist leader. Another shock result this the Palestinian Stock Exchange announced their first half results for 2025 with a six month profit of $489,000 compared to $181,000 for the same period in 2024. That's an increase of 170%. It amounts to a very unsubtle gauntlet drop to those who, without ongoing war in their nation, struggle to increase their financial position. New Markets this week the London Stock Exchange gets the go ahead to run the Pisces Stock Market. That would be the FCA run by the guy who used to run the lse, not lseg, giving permission to LSE to open a new market. Hmm. Some might call that incestuous, others might say even Australia hasn't been quite that bad.
- 5:15Speaker 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.
- 5:32Speaker A: Find this podcast in Deals not such a wildly busy week, but one key standout the NCDEX and National Commodity Derivatives Exchange is expanding into equities. The pivot is on with a rapid completion to their $58 million 500 crore rupee funding round. And we're back ladies and gentlemen. If you fancy some financial insights of moving pictures, check out our live stream Tuesdays 5 o' clock London time. That's 17 o' clock midday New York time. It's the IPO Video Live show. We're going to be coming live from London this week, albeit our guest is in the good old Ufa. You can catch the back episodes on LinkedIn, YouTube via IPO vid. And our guest coming up on Tuesday from D.C. to Argentina is none other than the esteemed academic and policy wonk Dan Mitchell. Check in for that show show, which should be an epic start to the new season. Our book of the week this week is the The Story of McKinsey and its Secret Influence on Business by Dolph McDonald shows just when it's worth hiring these gurus and when they're full of smoke. Product News this week China has issued guidelines to strengthen the national carbon trading market, the BSE Bombay Stock Exchange. They announced that they were going to roll out a pre market trading system almost immediately followed by NSE who propose to roll out a pre open trading session for index and stock futures. That's all going to be happening on December 8, pending Sebi approval in technology. The Nepal Stock Exchange are going to be constructing a data center. The JSE Johannesburg Stock Exchange is leaning into AWS and AI for a competitive edge, while America makes GDP data immutable by publishing it on Bitcoin, Ethereum and Solana. I know politics is a huge, huge element, but really this is surely toxic masculine dogmatic buffoonery masquerading as government. Will the blockchain records of GDP be available as a backup on Betamax? Or I suppose more aptly, the sort of tape drive used in IBM X whatsit server boxes from the 1980s. Heck, why not use those fabulous open tape drives beloved 1960s spy movies? The only significant reason you use a DLT for something is because you want to induce trust. Hence you don't need it for say security securities in a primary leading global economy as it's clunky and we trust the system of market structure interacting inherently with the regulatory nexus as it does think this through and launching a DLT of US government stats leads to the clear conclusion that American government data can't be trusted. I doubt that's what the US government was eager to do. Nevertheless, they evidently seem to be eager to be seen as blockheads. Meanwhile, the Bourse Istanbul they are looking to shorten the settlement cycle for instruments traded there in cash markets on 12-31-2026, meaning BIST Istanbul will go T1 ahead of the UK and the European Union in regulation news, the US appeals court has ordered the SEC to review short selling rules and Acting Chairman Pham produced quite a, well, quite a remarkable breakthrough. Announcing an FBOT advisory to provide regulatory clarity for non US exchanges, La Femme Fata has rewritten the rule book on what was once a passive, arguably even supine concept Acting Chairman. Given her travel schedule, she can't ever be accused of being ready to hand over a pre warmed chair to a chosen successor. Then again, I'm Brian Quintence is resolutely Nino as in nominee in name only. Hopefully he can keep the a 16 day job. If Le Pham's sublime campaign to be the next CFTC chairman is not successful, I have no idea what the consequences will be. But somewhere some family members need to be prepared. The alleged Hillary meltdown when she got Trump to the presidency is likely to look like a microtiff by comparison. Over in Korean news, Alex Gurkho earned 682 million pounds. That's a handy $833 million from his trading firm xtx in 2024. And then there was one commissioner Christian Johnson announced her departure of the CFTC with a stirring speech about warnings in what could be the risk coming up. At the same time, questions are being asked. How much longer will Joe Longo remain chairman of ASIC, the Australian regulator and Dr. Is Azzam has been appointed Executive chairman of the Egyptian exchange. Single year terms seem altogether too short to make a difference. Methinks the last chairman lasted two years, his predecessor, as I recall, just one. Over in Big World, as the tabloids desperately sought readers, it was a massive summer of clickbait. Sydney Sweeney's jeans jeans. Apparently some folk may be deemed more naturally beautiful than others. Who knew appeared to be the peak. But I think the NYPOST brought the archetypal summer headline back to a new life, albeit instead of Man Bites dog. We had High New York a headline alerting us to Realtor Bites Child Truth Objectivity. As always in summer MSM they took to the back of the medicine cabinet far behind the after sun. And on that mysterious and magnificent note thank you for listening to this EI weekly podcast 311. Join us daily vixchangeinvest.com or if you have any Exchange Marketplace you'd like build, get in touch My name is Patrick L. Young and I wish you a great week in life and markets.
- 11:02Speaker 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.