Latest / Exchange Invest / 313 Exchange Invest Weekly Podcast September 20th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure NSE IPO timeline Quintens hits back, a new MIAX floor opens and DB1 CEO calls to end the promise Ponzi pensions My name is Patrick Kelly Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 313 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 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 Bit carnage it was a case of Q hitting back, although not in the James Bond sense of the word. Timed for seemingly maximum impact Just as the Winkle V were trying to list their Gemini Exchange, the man we labeled Nino as in nominee and name only for CFTC Chairman has hit back. Brian Quintence delivered allegations that he reckons the Winkle V were seeking to compromise him. All timed just as the Gemini IPO was coming to head for the loss making Crypto Exchange. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day and 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 this week in exchanges, Euronext is joining the CAC 40 index while claiming a lineage back to the IPO in 2014 when ICE divested post NYSE acquisition. The reality here is this is a huge tribute to CEO Stefan Bujner and his acquisitive trail of value additions since its appointment in 2015. Congratulations all round on a worthy new addition to France's blue chip index, the CAC Currente Interactive Brokers. Meanwhile, they've been stiffening account opening rules for Chinese mainlanders amidst the tax clampdown, and the NSE window is open. Listing is possible in the next eight to nine months, according to CEO Ashish Kumar Chauhan. It's a longer time frame than recent excitement had suggested, but after a generation waiting, it's barely a flicker in the overall timeline. I suppose a delay for some, but eight to nine months wait on top of 20 years is perhaps not that long for the NSE to finally achieve its IPO in Miami, something we do not hear often. In fact, something we don't hear at all nowadays. The massed ranks of Hispanic builders of Southern Florida have returned to building the soccer stadium and the Miami Exchange options floor has been inaugurated at the opening of the new Mayax HQ in Miami. Albeit it has to be remembered, there is an ongoing significance CEO Tom Gallagher's C Suite offices rest in New Jersey Great words supporting the parish from Taste shareholder Bill Ackman. He announced he was a voice for Israel, a leader in the market. Bill Ackman rings the opening bell at Taisy last week in support of Israel's economy, remarking owning an exchange is like owning a royalty on the success of a country. Speaking of success of a country, apparently the IPO pipeline in London is building, says the London Stock Exchange Group CEO. That was an interview with Fox Business. Hopefully One of those IPOs is an app company delivering driverless tube trends over in Frankfurt. Europe needs a social capital markets economy it was a Rare missive from DB1 CEO Stefan Leitner advocating for a pension shakeup with a sociale capital market verschaft, a social capital markets economy. In essence, it's a move to finally providing retirement accounts as opposed to the current Ponzi of promise as practiced in too many nations. Meanwhile, on account of local political unrest, NEPC have extended their market closure all the way through September 18th during the course of this week amid political unrest Rest in Nepal, no results this week and a positive new markets for once, although some exciting things in the pipeline deals. However, it was a busy week for deals in the parish. All the deals were in exchange Invest Daily the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, a few edited highlights the Winklevoss backed Gemini. That's despite the comments of Quintance, the chairman nominee for the CFTC as the IPO was pricing turned into Gemini as the latest IPO market win opening 32% higher. However, the spectacular revaluation of the week was Polymarket. They're eyeing a valuation apparently of some 9 to 10 billion dollars as the prediction market preps a US comeback. A vast valuation leap being anticipated by Polymarket as the prediction venue on the blockchain is looking at nine to $10 billion, up from a billion dollars as recently as June. Don't forget, if you fancy some financial insights with moving pictures, check out Our livestream Tuesdays 5 o' clock London time, midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Our finance book of the week this week is the greatest Ponzi scheme on how the US can avoid economic Collapse by Dan Mitchell and Les Rubin and in fact Dan Mitchell was a very recent guest on IPO Vid. What's that? We had a great conversation going all the way from Washington D.C. to the Milei revolution in Argentina. Epic stuff. They make the case that the American public is being swindled by a federal government whose never ending out of control cycle of wasteful spending is putting the US economic stability in grave peril. They also ask question what would happen if the world's greatest economic powerhouse went bankrupt? You can get to the book online at Amazon and other sources. We have links on Exchange Invest on our website if you want to click through and get yourselves a copy. Our next book of the week will be unveiled Saturday in the Exchange Invest Weekend edition, which is of course free of charge. If you'd like to join the number of people who enjoy our macro read on a weekend. And don't forget, if you want all the news on the Boris business sent daily to your inbox, subscribe to Exchange invest via exchangeinvest.com it's only $499 per annum to join the exchange of Information Product News this week CBOE are planning to launch continuous futures for Bitcoin and ether beginning November 10th. Long term particular offering to retail contracts with funding elements I fear will not end well over a full economic cycle. At the same time, CBO are also planning to launch Cash Settled Future and Options on New York index tracking tech and growth oriented US Stocks In Singapore, the SGX is launching an index that tracks companies beyond the blue chip sti. Vietnam has opened their stock market for higher foreign participation and expedited IPOs. Technology News this week the Thai stock market has launched a new partnership with nasdaq, somewhat of a seismic move I suspect after frenetic debate Set has gone for a NASDAQ upgrade which will obviously disappoint a great many other competing vendors. Also at NASDAQ, NASDAQ, VeriFin and Biocatch have formed a strategic partnership to accelerate the global fight against financial crime. Advent down under have acquired the Atomic group in a $725 million deal. The truth writ large ladies and gentleme ASX sucks. There, I said it. I know I've been diplomatically hinting at it for a while. However, think about this. Automiq is a nearly exclusively Australian domestic business serving ASX listed companies and other non listed entities. Thus the obvious place to discern its value and sustain its future investment cycles would be a well run national exchange. However, this is Australia so Automic has sold itself to private equity Boses Stuttgart Group. They've launched a first digital pan European settlement platform for tokenized assets called Seturium Blood Blood Blood. Passive aggressive undertones here if you work at Clearstory, Stream or Euroclear, I suppose. But the difficulty is the insistence on using utmost overhyped of technologies least oriented to commoditization. A blockchain the SEC's Office of Inspector General was eating a modicum of humble pie. Their special review, avoidable errors led to the loss of former SEC Chair Gary Gensler's text messages. Traditionally the SEC has had no truck with people losing data from the commercial world. So what's it worth to Gazza? I don't know. A few million and ritual humiliation. Chairman Gensler can't blame his IT department and not therefore have the entire SEC fined, clearly to keep up with SEC practice on the private sector. And indeed, no sooner had we noted that in Exchange invest via exchangeinvest.com, the SEC having left itself in a tricky position, having blithely sanctioned firms for data lost, and seeking to more or less shrug off its own vast loss of Chairman Gensler's data, finds itself being dragged into a US court by Coinbase, which has thus somewhat gone for the jugular.
- 8:31Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrealty derivativesvision.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.
- 8:50Speaker A: Finally this week in technology in Nigeria, the Nigerian exchange and the regulators are looking to shorten the settlement cycle to two days. It's a rapid fire series of settlement cycle moves, T +2 happening this year. T +1 anticipated next year. Gosh, how that makes Europe look so sudden and slow moving. And even T plus one is being confirmed considered in regulation the asic, the Australian securities and Investment Commission have signed an MOU with the International Financial Services Center Authority of Kazakhstan. ASIC have been signing a lot of agreements recently. Not sure who needs to better bolster their regulatory holdover exchanges et al Sebi. Meanwhile they've mandated two executive directors onto the boards of market infrastructure institutions. Some say it's curbing powers of stock exchange chiefs. It's certainly quite a tweak in how Sebi sees exchanges operating with the mandating of two executive directors of sufficient stature and independence to head critical operations and regulations, military compliance and risk management functions. Over in career paths, Tzero appointed market innovator Alan Swimmer as Chief Strategic Relations Officer. An interesting move by Alan swimmer to the T0 cup with their considerable base building for digital asset trading. Alan was indeed Our guest on IPO Vid number 56 Big thinking on Inflation. However, at the same time this masks a fascinating mega announcement in the T0 story. T0 Pushing out the former ICE chief strategy officer David Goon, who moved to run T0 when ICE invested in the platform. He's now been replaced by one of the co founders and it's a very interesting dynamic having been pushed out by another significant shareholder which is now the remnants of Bed Bath and Beyond. And that leads us to wonder what's the future of the ICE stake as well as where the impressive David Goon will land next over in Big World the South China Morning Post spells it out elegantly here in a headline in China's Crippling Price Wars, An Old Law's Revision Seeks Sustainable Equilibrium. There's vast overcapacity and a stunning price war in China currently for many products. Is it the breakdown of the Chinese model or a huge Schumpeterian movement of creative destruction, presuming the Chinese government would even permit such upheaval? And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 313. Join us daily via exchangeinvest.com or if you have a new exchange you'd like build, get in touch My name Patrick L. Young and I wish you a great week in life and markets.
- 11:27Speaker 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.