Latest / Exchange Invest / 283 Exchange Invest Weekly Podcast February 22nd, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure, Korean Competition rising, txse, doa, NCDEX into Stocks, Coin Sparkles, Soul Searching still and the Hanes Presidency. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 283. 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 from the past seven days can be found in Exchange Invest's daily subscriber newsletter, the unique guide to the Bourse business sent daily to your inbox. More details@exchanginvest.com over in Bitcarnage Is it a case of El Salvador diminished? The home of many dubious crypto Bros in Latin America has taken a step away from BTC being its currency, even as it intends to buy more crypto. That's rather a blow for the bros and remarkably one which has not been better highlighted by the crypto media. Clearly the IMF has made an impact. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day on Exchange Invest. Alternatively, if you want to follow Bitcornage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcarnage as a standalone on Substack this week. In Exchanges the world is uninvested in China amid spectacular tech advances, according to the Hong Kong exchanges CEO Bonnie Chan. A fair surmise, albeit the tricky part for American investors, is that the Trump administration is hardly likely to glow with pride at major investments in China right now. Thus, a major conundrum of modern global macro is playing out. Over in Australia, John Wiley is leading the calls for annual director elections in an ASX overhaul. AFR notes that corporate revolt is set to kill off the ASX diversity plan if only it could kill off the management from office. The Australian Stock Exchange deserves a lot more than merely being held accountable by the shareholders, but the spinelessness of many institutions to date amidst an unprecedented shambles of Australian market infrastructural management by an incumbent monopolist, which appears at best clueless. Meanwhile, the BSE Bombay Stock Exchange have settled clearing house charges issues with NSE Clearing, according to sources, does that allow the clearing CSD companies to unite against the assault that's ongoing from sebi? I wonder? Euranex They've announced a collaboration with Euroclear to enhance Euronext Clearing's collateral management offering while the Bombay Stock Exchange is doing a catch up growth in India according to the CEO on CNBC recently. Then again, if catch up growth was easier, one must ask why it has not chanced upon the BSE for, say, the past 15 years or so. Despite endless proclamations by generations of management, the breakthrough was looming. Congratulations to Thomson Reuters. They have won an AI Copyright Fair Use ruling against a one time competitor, which is good news. The despicable copyright thieves of this world are just that, thieves. It costs a fortune to define good content and we endeavor to keep ours well away from rapacious AI as well as those who try to pirate all the content. Exchange investors. Well done Thomson Reuters for defending their domain and inadvertently our domain in court as well. And of course, if you want to get that original content all about Exchange Invest, sign up now@exchangeinvest.com Congratulations to the Kazakhstan Stock Exchange. Under their fabulous CEO Alina Aldenbergian, they have joined the international trading platform Tadable Hub in Results it was a busy week for the Parish. All the details were an 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 some edited highlights. CME all time Record Annual Revenue Adjusted operating income blah blah blah blah. 3 month total revenues were up 6% 12 month total revenues up 10% 12 months net income up 9.3%. I make it overall about a 9% better bottom line. Disappointing that it's still only single digit growth at CME. Proof again, as if any was needed. The monopoly milker strategy doesn't work over asx. Mediocrity is a service. Euronext, on the other hand, did remarkably well. They did burst into double figures despite the fact that they're hamstrung by being European. Elsewhere there were also very impressive bottom lines published by both Coinbase and Robinhood. All the data, of course was in Exchange Invest. New markets this week. Some fascinating events. The most exciting of all was the New York Stock Exchange launching Nice Texas and thus killing the 161 million richer thanks to recent fundraising. Texas Stock Exchange there's no sign of Batman behind this announcement, but I think Nice Ice just delivered a solid kapow to the txse, which now has a large bubble marked splat across its logo. Thus, after a $160 million money raise, an ill conceived attempt to push listing fees down in the NASDAQ NYSE Country Club duopoly is DOA on its current stunted model by moving the Chicago Stock Exchange out of the atrophying slum of Chicago Crime is the new black apparently the messaging is awesome and it's an awesome one for data. For more, the whole Tri State, the northeastern corner of America needs to think hard about what's going on at this juncture with the launch of NYSE Texas. And if you want to understand that, all better ladies and gentlemen, you need to be subscribing to exchange invest exchangeinvest.com over at the Johannesburg Stock Exchange they launched their carbon market and in Korea competition is heating up as Blue Ocean Technology celebrated their new Korean offices. The competition domestically heats up as challenger ATS MTF Next trade that we mentioned last week, having announced a 12 hour trading day from March, saw KRX respond with an extension of regular stock trading Rs and indeed also their derivatives Rs. Competition is game on in Korea even ahead of the next trade launch in March. Meanwhile, as I mentioned at the top of the show, ncdex, the National Commodity Derivatives Exchange of India, never able to turn a profit, largely thanks to the fact that SEBI keeps banning its most profitable segments every time there's any volatility. The board of NCDEX have approved launch of equity and equity derivatives segments. Quite a move as NCDEX looks to be a more universal exchange.
- 7:09Speaker 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 in Deals Quite a.
- 7:30Speaker A: Busy week all round, but the biggest one was probably the news that Deutsche Bursa is seeking pictures for an IPO of ISS stocks. So DB1 are looking to spin off at least the stake in a consolidated Governance analytics division, which in the case of ISS being a report card provider for public companies, I have long argued anyway amounts to a fundamental conflict of interest to a neutral exchange. Exchange Invest itself is proud to have launched a special edition inspired by my visit to ring the closing bell. The New York Stock Exchange July 5, 2024. My best seller. That's me. Patrick L. Young 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 the price of the original shorter print book a quarter century ago. In between reading your Kindle copy of Capital Market Revolution, if you fancy some financial insights with moving pictures, check out our livestream Tuesdays 5:00 London time, midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid this week we had a spectacular show. It was IPO Vid170 discussing multi currency mercantilism with Kathleen Tyson and moving from that to the world of development economics. We've got a terrific guest coming up next week, going to be none other than Sir Paul Collier, well, perhaps the greatest UK development economist of them all. Our finance book of the week this week is the Fisherman and the Rhine How International Finance Shape Everyday Life by Eric Briess and Francois de Varennes. A weird, wacky, wonderful and I have to say, thoroughly readable tome in English to which it was apparently quite difficult to translate because it's a rather philosophical book and the French language leads itself to that much more easily. This is a wondrous tale of shuffling billions of dollars around the world with a series of parables for finance which are as relevant today as they were when it was published 20 years ago. Product news this week Euranext they're expanding into fixed income derivatives with an innovative offering of European government bonds. Very fascinating altogether. Mini Cash Settled AKA non deliverable bonds, which of course use the CCP sold cheap by LSE and the Bolshe Italiana deal and now stand as an opportunity for smaller investors across Europe to speculate in the next EU bond crisis which has got to be coming soon given the abject cluelessness of the grandstanding politicians who remain a standard deviation or three behind the Trump agenda that now shapes the world. Naturally Eurox will be upset and intrusion on what they deem to be their natural monopoly. Perspective not being a thing with the DB1C suite for some time, it seems when it comes to Eurozone bonds we have competition, ladies and gentlemen. Then again, can the Eurozone survive the growing crises of EU incapacity? One footnote to that the European Union needs a permanent CBDC in Euros, according to the Deutsche Business CEO. Frankly, shocking remarks, but then again, DB1 is now trying to be nothing more than the market's arm of the European Commission. Slightly contradictory position of course, that because I'm not sure that the European Union believes in markets, a Euro CBD is a terrible idea given the innate EU concept of precaution and rabid intervention over in regulation. Great news. The FCA are going to be deleting most of their emails after 12 months, while their charges must maintain them for at least seven years as the City Am headline puts it. Imagine if a bank announced this Lawyers hit back against FCA email deleting plan in Korean news this week. First of all, a semi farewell, at least in one sense. The CEO the founder of Aquis, Alistair Haynes, is stepping back, having created Aquis and grown it to significance. With the sale to Six on track for completion, Alistair Haynes, the City of London legend, is set to become President and reuse his workload. Stepping aside as CEO Years back, Alistair had a heart attack but made a full recovery and now has opted to elevate David Stevens as CEO. With Richard Fisher taking on a joint COO and CFO role. Alistair is one of the few remaining risk taking visionaries active in the City of London. His moving from the CEO role of Aquis was all was plausible once Six took control and I wish him unstinting long lived success in his new role as well as applauding his being able to make Aquis happen with such considerable success. Meanwhile in Washington, as the failed chairman Roston Benham exited office at the cftc, President Trump has picked Graham Quintance as head of the US Derivatives regulator. This is both a shock and a concern. The cftc, already in a parlous state after the departure of Chairman Benham, is to be headed by a heavily pro crypto figure who comes directly from significant crypto backing fund, A16 said. The news will presumably come as a hammer blow to Acting Chairman Pham, who'd campaigned long and hard to land the role permanently. And that leaves us in big world. On February 14th this year, we could celebrate an incredible 20th anniversary. Not terribly romantic, although it was originally supposed to be an online dating site. YouTube was originally founded on February 14, 2005. Video upload was integrated on April 23rd with the slogan Chin in a Hookup. The original concept of Chad Hurley, Steve Chen and Jawed Karim was an online dating site. This failed, but the video uploading platform was exceptionally robust. Then Janet Jackson's clothes inadvertently fell off during the halftime show for the Super Brawl. And yet it wasn't on the Internet those days. Those were the days of Internet innocence, I suppose. Sensing an opportunity while the rest is history, YouTube pivoted and ultimately it was sold to Google on October 9, 2006 when it was not even two years old, for $1.65 billion in Google stock. Completing the deal on November 13 and on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 283. Join us daily via exchangeinvest.com or if you have a new exchange you'd like to build, get in touch. My name is Patrick L. Young and I wish you a great week in Life and Market.
- 14:07Speaker 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.