Latest / Exchange Invest / 300 Exchange Invest Weekly Podcast June 21st, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure. NSAIPO looming as MCX and NSE get electricity futures licenses ASX Pyrrhic victory followed by unprecedented review and we salute om group 40 years on. My name is Patrick L. Young. Welcome to the bort's Business Weekly Digest. It's the Exchange Invest Weekly Podcast, Episode three 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 divorce business sent daily to your inbox. More details at Exchange Invest over in Paris Notes we were celebrating this week. We were delighted to salute the remarkable, innovative team who surrounded OM's founder Olaf Stenhammer and created the world's first modern digital options market, which launched electronically on June 12, 1985. The full tribute was in our Parish Notes section, appropriately in our Thursday, June 12th edition. Over in Bitcornage Proclaiming Crypto clarity in CFTC regulation, Incoming Chairman subject to Congressional approval Brian Quintence raised a rather ominous term for blockchain, describing it as a society shaping technology decentralized. Shades of Orwell, anybody? Meanwhile, of course CFTC would love to regulate crypto, but if it does so, it will need more money, goes the message from the incoming awaiting confirmation Chairman. And it means I hasten to add US dollars as clearly, Bitcoin just won't do. If you enjoy this excerpt, you may be interested to know that you can read Bitcornage every day on Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on the happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on substack. This week in Exchanges, ASX lurched from a Pyrrhic victory to disaster. The win was gaining 10 million Australian dollars in the sale of a stake in digital asset, albeit the ASX spent the better part of $250 million and didn't in return for the replacement of Chess. Then ASIC bit back with an unprecedented inquiry into things it reckons the AXX is not doing right, which is just about everything. Two years into the Restore Trust five year plan, things are evidently going from bad to worse in Sydney's monopoly Bourse monolith. The inquiry brief contains singularly the most brutal language applying to an Exchange investigation I can ever recall, with the investigation focusing on governance capability and risk management frameworks and practices across the group that infers ASIC are feeling the vibe amongst a lot of others that management competence and ASX are somewhat mutually exclusive in the current era. Chairman of the ASIC Longo is not mincing his words either, and I quote ASIC's decision to initiate an inquiry follows repeated and serious failures at asx. The inquiry provides an opportunity for ASX to bolster market trust where Australian media was eager to note widespread criticism across all markets since 2020. I would add that actually Exchange Invest was worried about the drift in ASX's coherence more than a decade ago once Dly's pithy prescience proves well worth the money, even 250 million Australian dollars. In conclusion, I feel it's safe to say year two of the Five Year Plan to Restore Trust may not be going as well as ASX themselves were perceiving only last week. Don't forget all the pithy analysis was an Exchange Invest and has been following the ASX ominously accurately since we started over 12 years ago. Meanwhile, at the LSEG there was a shareholder revolt over the CEO's bumper pay packet while he allowed the London Stock Exchange itself to slump. Unlike so many key story's, all the pithy comment was an Exchange Invest. Finally, one good word from a politician. South Korean President Lee visited the Korean Stock Exchange that he pledged to help boost. His politics may not be so free market by definition, but meeting at KRX so swiftly after his election was an encouraging sign for the Korean market. In the week the Exchange Traded Derivatives division took control of their overnight trading. For the record, President Lee Jae Myung was elected June 7, sworn into office June 4 and made a visit to KRX in T7, which speaks volumes about his intentions. Over in deals this week, anticipation is building for what promises to be the Exchange IPO of the Year, as it seems NSE India could come to market remarkably soon. With headlines even clamoring for a DRHP listing permission to come imminently from sebi. 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. Patrick L. Young's original bestseller 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 of the price of the original shorter print book a quarter century ago. Meanwhile, if you fancy some financial insights with moving pictures, check out our livestream Tuesdays five o' clock London midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn, YouTube via IPO vid now online we have IPO vid 179 introducing the Ethiopian Stock Exchange with our special guest Michael Habti, the COO. And coming up next week, IPO Vid180. What a perfect GAN number That is going to be a new format we're going to be practicing, how can we put it, our version of All in but for Market Structure. Join us with a fabulous panel of three guests plus myself as we discuss matters a moment in markets and market structure in product news. Following on from the news about MCX last week, NSE has now got the SEBI knob to launch monthly electricity futures. Last week's elation to MCX was slightly diluted with SEBI adopting a pro competition approach, meaning Karenopolis iex, which is not regulated by sebi. Plus newcomers MCX and nse, both of which are will all have chances to further develop electricity markets. Over in technology news, fascinating to see that ion finder Andrea Pignataro is going to pay 280 million euros to tax probe which was a rapid resolution reported by Bloomberg to a story we first mentioned on April 14, 2025 in EI 3247 in Career Path. Well, what a busy week it was. Nasdaq shareholders re elected their Board of Directors for a year and amid a flurry of appointments at the sec, they named former Data BP advisor Jamie Selway as Director of Trading and Markets as well as Kurt Hull as Chief Accountant.
- 7:01Speaker 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 a big move.
- 7:21Speaker A: For the legal end of the parish, Sullivan Cromwell has added regulatory heavyweight Barney Reynolds in their London office as a partner from Ando Sher. Barney's erstwhile firm merged with Arlen & Overy to create I.O. sherman last year and there's been a considerable amount of staff movement ever since. Having led the team which developed the world class ADGM Financial center framework and has been involved with many major market infrastructures including ICE this is the biggest legal move around the parish I can think of in years. Euroctp who are bidding for the consolidated tape. They've announced the appointment of Frank Hobart of the Frankfurt Stock Exchange as chairman of the Supervisory Board for their consolidated tape bid. And finally, a sad note. As the founding chairman of the cftc, William T. Bagley died at home in California. He served on the commission from 1975 to 1980 and was chairman from 1975 to 1978. Now let's posit a pretty wild thought in Big World, but I suspect it could have a lot more legs than it had even a week or two ago. Essentially, we all priced in a midterm loss for President Trump in the midterms because, well, that's how it usually goes. And hey, midterms tend to see higher Democrat vote levels. But despite the fact he's governing frantically right now, there are many possible pitfalls for the gop and the crypto thing worries me as the blind are distributing the blind, I feel. But at the same time that the Dem leaders reckon torching cars and rioting to save the illegal residency of foreign criminals is the way to go, plus the festering mess the Biden admin continues to leave its own legacy stink cloud over the party and its media acolytes. Trump is governing with haste, as if the midterms are lost trigger warning. But if he keeps achieving keeping you immigrants out, removing at least the worst criminal elements of the current legal groupings and maintains his overall momentum, I think the equilibrium might be such that Trump can win the midterms. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast 300. Join us daily vixchangeinvest.com or if you have a new exchange you would like build, get in touch. My name is Patrick L. Young and I wish you a great week in life and markets.
- 9:41Speaker 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.