Latest / Exchange Invest / 294 Exchange Invest Weekly Podcast May 10th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure, Hong Kong Exchange dazzles as TMX impresses and there's hope. CBO is rising with news of good results and a dynamic new CEO. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 294 Foreign Ladies and gentlemen, this is a very brief production 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 and daily to your inbox. More details@exchangeinvest.com over in BitCarnage, the new SEC chairman Paul Adkins is seeking no additional legislation to regulate crypto. SEC already has ample authority to oversee crypto, atkins says in a Bloomberg headline. Albeit that may confuse some crypto bros who appear to be eager to have their own unique legal system. Or perhaps indeed no legal system at all. If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every day in Exchange Invest. Alternatively, if you want to follow Bitcornage, the daily update on happenings in the world of crypto and digital assets so you can find Bitcoinage as a standalone on Substack this week. In the world of exchanges themselves, the AFR headline says that all the great ASX investor uprising delivers a very hollow victory Once again, the ASX Politburo runs roughshod over the market. Does anybody remember the purported regulatory crackdown? Asking for a friend? Over in the world of other exchanges, there are multiple issues over CEO pay. LSEG shareholders have been revolting over CEO David Schwimmer's pay out of his depth. Dave apparently doesn't deserve his 2.7 million pounds. That's well over $3 million pay rise. Meanwhile, TPICAP shareholders have been urged to oppose their CEO's pay package. All the same, that's a bit of an issue. DB1 subsidiary ISS is seeking to hold what is an egregious increment to the CEO of TPI Cap, who singularly failed. However, while ISS may be right, the look is ugly given the parent firm of ISS is of course DB1, a company which once appeared to covet form of merger with icap. Once again, we point out this was an ill thought. Through acquisition, ISS now looks like a political wing of Deutsche Burza. Disappointment from Central America, the boys of Mexicana. It's reducing its dividend from $2.12 to $2.05 in much more encouraging and interesting news, Mercedes, MG, Petronas, their Formula One team, they're joining forces to accelerate innovation with none other than Nasdaq. An integrated multi year brand partnership has been created. Indeed, brand promotion is always you're associating with others who do equivalent things. Formula One in motorsport in general represents simply the best investment company demographic, as well as a terrific equivalence between agents of cutting edge high technology on and off the racetrack. This is a marvelous piece of news and I applaud Nasdaq on this development. As a indeed former Formula one journalist, the only career point when ply could be genuinely accused of journalism relating to his time covering motorsport old and new way back when. I may happen to be biased, but when it comes to showcasing cutting edge tech, what is better than the megadata environment of modern digital motorsport to showcase the Nasdaq leviathan at the epicenter of technology? The geo footprint of Formula One is fantastic for key NASDAQ markets and tech customers too. Marvelous news. This is a terrific synergy of excellence over in results Some synergy of excellence. It was a very busy week for results in the Parish. All the details for an Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structures. Sign up now via exchangeinvest.com let's look at some edited highlights. ICE once again record results Territory Business as usual excellent. Poland as expected. Hong Kong exchanges fabulous results altogether. Revenues up just a fraction under 50% 49.9% profits up 36.6% a terrific beating of earnings expectations after so much disappointment this quarter. Hong Kong exchanges has shown the strength of a cyclical investment program and the vast benefits to the ongoing Connect project where we continue and indeed have always been uber bullish. If the mainland economy of China can continue to even stabilize, it bode well for Hong Kong exchanges. The media is bullish too, I happen to note, which is very encouraging. Elsewhere in results, I disappointed. Cebu did pretty well and TMX was a surprising growth area. And as a footnote, I have to add this podcast has been recorded actually on Chinese territory. A fascinating opportunity to see the dynamism both of the S of Hong Kong and indeed the incredible mega city which was almost nothing 50 years ago of Shenzhen. Exchange investors prior to launched a special edition inspired by my visit during a closing bell at the New York stock exchange on July 5, 2024. Patric Young's original bestseller Capital Market Revolution first breakthrough book Infinite, written by yours truly, was 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, now available as an ebook by 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. In between reading your copy of Capital market revol solution 25th anniversary edition the Dropping into Exchange Invests Daily Newsletter the water cooler of the boars business. If you fancy some financial insights with moving pictures, check out our live stream Tuesdays 5 o' clock London time, midday New York time the IPO Video Live show. Catch the back episodes on LinkedIn and YouTube via ipo-vid. Now online we have IPO Vid number 177 with Alessandro Hatami and Megan Johnson Speaking of inclusion, the Bottom Billion why the Poorest Countries are Failing and what Can Be Done about it by Sir Po Collier is our Book of the Week this week. This really is a must read from the gold standard of development economics, Sir Paul Collier himself. What the Bottom Billion Need, Collier argues, is a bold new plan supported by the Group of Eight industrialized nations. Interesting stuff, well worth a read. And don't forget of course Sir Paul was our guest recently on IPO vid as well. Check out that video over on LinkedIn, YouTube and Facebook by searching for IPO vid. Back in the world of exchanges technology news KRX have final completed their installation to the Vietnam Stock Exchange which launched the new system on May 5th. Meanwhile Exchange Data International have expanded their US presence with a new office in Miami servicing Latin America and the Caribbean. Don't forget EEI founder CEO Jonathan Block was our IPO Vid65 guest and the fabulous show disrupting Exchange data internationally in regulation Worrying News from Washington D.C. as CFTC staff are on leave pending investigation. This is hardly in keeping with the historic record of the the ftc, but not entirely surprising for the Benham era. Chairmanship. Alas, you may recall Acting Chairman Pham also removed the HR person investigating her a few months ago, while the other week there was talks of agency payment cards being improperly used too.
- 7:35Speaker 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 up or if you have time, a positive review will always be welcome wherever you find this podcast in Career Paths this week.
- 7:56Speaker A: Couple of fantastic pieces of news. First of all, crossover markets have appointed Kevin Wolfe as their Chief Financial Officer. All the very best to Kevin, who's moving on from the American Financial Exchange, which he joined as CFO a while back before the ICE takeover of the platform with which Kevin was deeply involved. Meanwhile, is a renaissance incited cibo Cibo Global Markets have appointed Craig Donahue, the former CEO of the cme, as their new CEO. Gosh, well, one might argue, is it a renaissance or even a nascent insight, as this is CBO where CEO and foresight has never been the same. Sentence then Craig Donahue is a very, very interesting candidate. He needs to move fast, break the parochial cycle of Chicago Bow and make CBOE global in keeping with its name. That means promulgating a risk culture as opposed to the current mentality of miserable box ticking. There's a huge opportunity here to capitalize on the world's largest stock trading network and much more. We wish Craig every success bringing CBOE into the International as a more dynamic entity. Meanwhile, in Big World we've been discussing all sorts of things this week and amongst them the differences between Suez Max and Panamax container ships, the opportunities around the Suez Canal and the Panama Canal. Well said. The Suez canal has about 12% of global trade and the Panama Canal sees about 5% of global trade, although Panama has been bouncing back to capacity after constraints caused by La Nina leaving the canal low on water capacity during the drought last year. Houthi attacks are of course an issue for the Suez. But let's finish with a quick rundown of the major trade deficits from 2024 of the United States of America. China comes in as the biggest US$295.4 billion, the European Union US$235.6 billion amongst the EU27 ASEAN US$227.7 billion, Mexico US$171.9 billion and Canada $63.3 billion. And on that mysterious and magnificent note, thank you for listening to this exchange of US weekly podcast 294 recorded from China where I was visiting during the course of this week. Join us daily vixchangeinvest.com or if you think exchange or marketplace you'd like build, get in touch. My name is Patrick L. Young and I wish you all a great week in life and markets.
- 10:25Speaker 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.