Latest / Exchange Invest / 291 Exchange Invest Weekly Podcast April 19th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and market structure. SEC chairman Atkins confirmed as Zimbabwe moves to T +2, clearing tales of woes at ION and happy 100th birthday to the Great Gatsby. My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 291 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 sent daily to your inbox. More details@exchangeinvest.com in celebration of the Great Gatsby this week we had the joy of an Exchange Invest with guest if last Thursday provided by the cast of F. Scott Fitzgerald's classic American novel, I'll hand over to the narrator of The Great Gatsby, Jr. Bond dealer Nick Carraway. And let's start in the capital of Capital, the world's greatest financial center, New York City. As he noted in Chapter four, the city seen from the Queensborough Bridge is always the city seen for the first time in its first wild promise of all the mystery and the beauty in the world. Meanwhile, in Parish Notes, I'm delighted to applaud the fine folks of fayas on their 30th anniversary this year, and to commemorate the milestone, their annual conference, CONFEAS 30, will take place in Yerevan, Armenia, where the organization is based. Even more excitingly, PLY is going to be delivering a keynote at the event on May 30 at the National Gallery of Armenia in downtown Yerevan. It promises to be a fascinating event and I look forward to meeting many subscribers there. Meanwhile, in bit carnage, well, it's a question of where's the beef? In the latest episode of say Anything to Take the Price up, we have the recently pardoned Bitmex finder Arthur Hayes saying China's tariff response may mean more capital flight to crypto. The only tricky part of this otherwise impeccable thesis is, apart from further confusing the ownership case for bitcoin, the evidence that anybody thinks, oh, the world is volatile across markets left by crypto as a hedge is scant. Or maybe it's because servers will be more expensive due to tariffs. AskingForAFriend if you enjoy this excerpt, you may be interested to know you can read Bitcarnage every day in Exchange Invest. Alternatively, if you want to follow Bitcarnage, the daily update on happenings in the world of crypto and digital assets. You can find Bitcarnage as a standalone on substack in the mainstream world of exchanges, the AFR revealed a scathing report this week on the asx, the Reserve bank of Australia, saying it has lost confidence and I quote from the letter to Helen Lofthouse, the CEO of asx, the ASX needs to significantly uplift its risk management culture over time. The bank has steadily lost confidence in ASX's ability to proactively manage its operations and risks in a manner commensurate with the bank's expectations. Meanwhile, the US is starting to look like an emerging market after the tariff shock, said the CEO of Euronext this week. However, it's important to put this in context. Remember, the job Description of Euronext CEO begins with the key points 1 Be French 2 At all times toe the line of the EU of the European Union being sophisticated and superior interior in markets overall despite an incredibly volatile week as CNBC was convinced there was going to be a crash happening. Well, the Warsaw Bourse briefly suspended trading and there are certainly some limits in place in relation to selling in markets such as China, but overall it was a pretty impressive week in markets. As we head through Passover and into Easter, please can you also note ladies and gentlemen, the offices of Exchange Invest will be closed Thursday, Friday 17th 18th of April and exchange invest is not publishing on Good Friday or Easter Monday while the weekend edition and podcast well here it is are appearing as usual over the weekend.
- 4:03Speaker 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 Results Nothing.
- 4:24Speaker A: Much to report this week. Not a lot of new markets either. The appearance of something called the Exidian Stock Exchange opening an exchange office in Malawi actually a full on exchange apparently. Nope, no record of the Exidian Stock Exchange myself in China, but apparently it does have a Malawian second marketplace in deals. Reasonably busy in deals actually in the run up to Easter, Passover et al. And given the fact we were coming off the back of eid, nonetheless all the deals were in Exchange Invest Daily, the e newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, looking at some edited highlights. Well actually let's take one key edited highlight which was KKR buying Austra OSTTR from CME and S and p for a $3.1 billion consideration. Elsewhere, the Philippine Stock Exchange is continuing to increase its stake in the PDS bond market. It's now over 90%. That's been a long road to acquire. Speaking of long roads, Exchange Invest is proud to have launched a special edition inspired by my visit to ring this closing bell at the New York st. Exchange last July 5th. Patrick L. Young, that's Me is best seller 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 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. Meanwhile, while you're waiting, you read your copy of Capital Market Revolution, getting that downloaded onto your Kindle. If you fancy some financial insights with moving pictures, don't forget, check out our live stream Tuesdays at 5 o'clock London time, midday New York time. It's the IPO video live show Cats, the back episodes on LinkedIn and YouTube by IPO vid now online High Floors help Market There's a fabulously counterintuitive tale for the digital age for you. That was IPO vid number 175 with Dominic Roche. There's no IPO vid on the 22nd of April due to the fact that it is April. We'll be back the following week. Our Book of the week this week, 23 things we're telling you about capitalism Tim Worstel's examination of Ha Joon Chang's 23 things they don't Tell youl About Capitalism and refuting the silly socialist legacy of that tome. One big piece of very interesting product news. Tradeweb Launches Portfolio Trading for European Government Bonds first institutional marketplace to offer electronic portfolio trading for both credit and government bonds in technology, some shocking news coming out of Italy. The Italian government is seeking $1.3 billion in back taxes. Well, it's taxes and interest from Fintech Group Ion. It's a tax evasion probe and it has to be said, however you look at it, $1.3 billion is quite the number. Prosecutors in Bologna claim widespread tax evasion over a decade from 2013 to 2023 in the city of Bologna, from which, of course founder of Ion and its boss Andrea Pinotaro hails, wasn't a Great weekend actually last weekend in the media for the traditionally reclusive Mr. Pinataro, either with Airmail magazine focusing on his property dealing in the Saint Vincent and Grenadine Islands, a headline running on Canawan, the Caribbean island, a battle between Homeowners and Andrea Pinataro career Paths this week I am optimistic that Paul Atkins richly deserved accession as the SEC chairman will prove for the better for markets, albeit a little bit concerned what madness may ensue around crypto and digital assets in the meantime. However, at the core of markets, I believe he will do a great job and deregulate the SEC out of many rabbit holes it was never mandated to dig in the first place. At the same time, somewhat disappointing, Nikhil Ratti has been reappointed as Chief Executive of the UK Financial Conduct Authority for another term in office. Much better news from Nasdaq. I'm delighted to learn that Rodri Preece Jones has been elevated to Senior VP at Nasdaq in Stockholm. What excellent news. Meanwhile, eye on them again. Yes, several stories in one week. They're planning to hire an Italian veteran spy in a major security push. Of course, they had a huge hacking problem. Last to Bloomberg Ion Groups, Andrea Pinataro is planning to hire one of Italy's former top spies in a bid to boost the company's offering of financial security services. That brings us to bigwell. Ladies and gentlemen, the Great Gatsby, the brief but turbulent F. Scott Fitzgerald novel set in 1922, was published on April 10, 1925 by Charles Scribner's Sons in New York. We devoted a special EI weekend to celebrate the centenary of this remarkable work just the other week. And indeed, as I mentioned earlier, on Thursday, April 10, Ply seated the editor's Chair to allow the pith to come from the cast of this magnificent tome. And on that mysterious and magnificent note, ladies and gentlemen, thank you for listening to this EI weekly podcast number 291. Join us daily via exchangeinvest.com or if you have a new exchange or 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.
- 9:37Speaker 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.