Latest / Exchange Invest / 274 Exchange Invest Weekly Podcast December 7th, 2024
Transcript
- 0:01Speaker A: This week in the parish of Bourses and Market structure. Eurex U turn cburn to head six as you goes from HKEX and the first 23 are US venue gets regulatory. Go ahead. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 274 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 ExchangeInvest's daily subscriber newsletter, the unique guide to the Boris business and daily to your inbox. More details@exchangeinvest.com over in Bit Carnage Crypto folks will see it as a massive win, but I suspect the net net end result will still disappoint them. However, in a hardly surprising move given oncoming Trade Secretary Lutnick has said little else but this for months, the Trump administration is eyeing the CFTC for the majority of crypto regulation, planning to weaken the SEC's role. Net net I think this distributes a message of Be careful what you wish for. If you enjoyed 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 big world of legacy exchanges, Euronext have strengthened their position as the leading stock exchange for European tech companies. Tricky part about that is that while it's great that Euronex is leading the European package, the problem is the USA is an entirely different league so far ahead that Europe can barely envision how successful the USA is from amidst the imperial red tape of the EU blob. There's a new direction in Warsaw with a multi year plan. Will the government allow it to come to fruition? GPW Group's new Development directions here's hoping the Polish capital market can continue to flourish and the GTW can freely develop. It's an interesting plan each the European association of Clearinghouses. They've underlined the fact that they are pretty much the most efficient industry body around at the moment. Their manifesto, Keys for Efficient and Resilient Capital Markets is a must read on the EACH CCP website. A simple efficient manifesto which, like CCPS themselves, reflects an efficient and organized industry association delivering remarkable collateral value to the parish. Elsewhere, the Financial Times bemoans how to end Europe's backwater investment status. Einstein's alleged definition of insanity. Doing the same things repeatedly and expecting a different outcome is perhaps most applicable to the tragedy which is the EU's decade and more failure to deliver any form of capital markets union. Now, with France on the cusp of a truly ugly collapse, it seems semi inevitable. I'm just not sure what form the collapse will take. Perhaps President Macron will resign and that'll be the end of it. Who knows. But the outlook is AAA coyote on the ugly ratings. The realpolitik is the EU to any advantage it had. But then again, perhaps with its back to the wall, the Blob can finally affect the sort of reforms from Brussels that are pro business, pro innovation, pro prosperity. That said, the tragedy looks to be an unfolding of ever more decline. In South Africa, there's a spirited attempt to launch the ZA Capital market against a backdrop of dreadful government, leading to a dwindling in South Africa's economic might. Welcome to the operation. LME London Metals Exchange, Hong Kong Exchange's subsidiary. They say they're going to be hiking fees in 2025 by an average of 4.7%. Not many results this week. One highlight Athens Exchange Hellenic exchanges their nine month results. They're up 15.9% on total revenue EBIT plus 33.7% very decent numbers by Helix and well above the European Union average. Over in new markets, the US regulators have approved the first round the clock stock exchange Dmitry Galanov gets a two stage rollout launch plan for 24 exchange approved by the SEC. Deal news this week. Six they've invested in OpenBreak, a platform of digital tokenized securities for real estate projects in Spain. Very interesting move from the increasingly dynamic six team. And of course we'll be hearing about the new head of the team in just a moment. Meanwhile, 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 July 5, 2024. My best seller Patrick L. Young that's me. Capital Market Revolution was the first breakthrough book in fintech, a decade before that word held common currency. It is 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 it's now available as an e book 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. While you're waiting for that to download. You can always check out some of our financial insights with moving pictures. You can even watch it live. Our live streams on a Tuesdays 5:00 London time, 12:00 New York time the IPO Video Live Show Catch the back episodes on LinkedIn and YouTube via IPO vid coming this week is going to be Highlights of the Year in show number 160 for part two. And that of course is the sequel to the show that we've just recorded this week. IPO Vid 163 Highlights of the Year Part 1. Our finance book of the Week this week is Multicurrency Mercantilism the New International Money Order by Kathleen Tyson the world is shifting from 80 years of dollar dominance in US hegemony to a pluralist multi currency Mercantilism. Multi Currency Mercantilism the New International Monetary Order by Kathleen Tyson explains why the shift is happening now and explores what the new monetary order may bring over in product news Eurex have done well a big U turn. They're planning EU bond futures in 2025 in a boost to the European Community's goals of issuing more centralized debt. Ice, on the other hand, must be hugely flattered they can still make Eurex do in a bite turn in just three weeks. As we discussed in Exchange Invest issue number 3121, Eurex were unconvinced about the notion of such features until I said they definitely would list them. It would appear vision and management continue to be in short supply within some areas of the DB1 empire, despite their recently refreshing the management team. Elsewhere, Deutsche Bose trumpeted the fact that their cash market has launched a new trading feature with Zetra Midpoint. Back to the future, in other words, as DB1 is launching a dark pool tool they could deploy a decade or more ago. But then some chippy brokers got antsy and the spineless DB1 management essentially throttled their deal with Liquidnet to offer more block matching.
- 7:20Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickderivativesvision.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.
- 7:40Speaker A: In technology news this week the ASX have announced implementation plan for at least two of the chess project targeting 2029 another five years away. Ladies and gentlemen, we had at one stage I thought of running a poll and Exchange Invest on who might believe the ASX can actually deliver to one of their timelines. But then again, giving themselves another five years demonstrates how the ASX is now a kind of salary rentier enterprise where the aim is for the management to get paid as long as possible for delivering as little as possible. Elsewhere, the Indian regulator Sebi they have introduced a fascinating knitting piece of redundancy. In the event that the National Stock Exchange of India goes down, then the BSE will be expected to pick up the trading slack. In the event the BSC goes down. Yes, you've guessed it, NSE are going to be the trading platform when the other is failing. It's an essentially logical concept, Sebi mandating redundancy. When one stock market falls over, the other must replace it. It's not unreasonable. But then again, with Sebi's attention to detail essentially involving governance by Diktat, the risks may yet prove considerable Regulatory News Not a great week for the fca. They've been slammed by the crowdfunding industry for over regulated, they've been slammed by MPs for over regulating and incompetence and apparently they've now said they're going to raise the bar when it comes to the naming and shaming of companies. The only thing I worry is presumably it could become illegal to name and shame the incompetence of the fca, such as the swaggering hubris of the British Blob under the current Labour government. Much more exciting news in Career path. Six have appointed Bjorn Siburn as their new CEO after a remarkable transition of the Six with the acquisition of bme. Jos Disselhoff hands over after seven years the reins of a very different Six to Bjorn Siburn. I wish Jos every success in the future and I'm intrigued to hear of his new Middle Eastern appointment at the same time. Six is now in fabulous hands and I believe Bjorn will drive the company forward more dynamically than ever. This week alone a Spanish property trading platform has seen a significant investment. As we heard earlier. Well indeed a few weeks back, the deal to acquire Aquis really is adding huge additional potential to the 6 Enterprise. Good luck to both Jos and Bjorn. Bjorn incidentally was our guest on two previous IPO vids, most recently IPO vid 151 talking about six, the Swiss Paradigm and IPO vid 005 the view from Nasdaq's European HQ when Bjorn was running Nasdaq in Europe one major retirement this week. Hong Kong Exchanges Deputy CEO Wilfred Yu is retiring. That's clearly the final chapter in the succession tale post Charles Lee, which saw Yu pipped to the CEO role by Bonnie Chan when both were joint COOs. Finally this week, Saturday, November 30 marked a big event in Big World, the 150th anniversary of Winston Churchill's birth. He was a man of magnificently pithy quotations amongst many other fine fe I want to consider two for the end of this podcast. Success is not final. Failure is not final. It's the courage to continue that counts. And we make a living by what we get, but we make a life by what we give. And on that mysterious and magnificent note, ladies and gentlemen, thank you for listening to this Exchange Invest weekly podcast 274. Join us daily via exchangeinvest.com or if you have any Exchange you'd like built, get in touch. My name is Patrick Elyon and I wish you a great week in Life and markets.
- 11:28Speaker 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.