Latest / Exchange Invest / 285 Exchange Invest Weekly Podcast March 8th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure. ASIC Titans Nuon Market monopolist, problem child ASX nicely 22x5 progress as LSE is stagnant and Hong Kong is upbeat. My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 285 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's daily subscriber newsletter, the unique guide to the Boris business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage Is it bankrupt? The SEC version 1.0? Lots of people jumping on a bandwagon here, including Coinbase. The next step in crypto appears to be if the SEC stop investigating, you demand damages. Hence SEC closed investigation into Gemini with no action, and suddenly the Winklevi want their money back, as it were, for their legal recompense. And indeed, there's a similar kind of move afoot by Coinbase and others, a worrying possible proclamation of victimhood, but something we might readily expect from the world of the crypto bros. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day on 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 Bitcornage as a standalone on Substack this week in Exchanges. It's not a totally done deal, but the SEC is moving with alacrity. Hooray. And NYSE are thus closer to being able to launch Night Session trading. That said, Blue Ocean has a while yet to further emphasize their competitive advantage of being live and in the field in the prime night markets of Southeast Asia when it comes to nice 22x5, the tricky steps are yet to come, and we outline the issues this week in Exchange Invest. The Watercolor the Borscht Business subscribe now@exchangeinvest.com further south in Southeast Asia, the Aus regulator is talking the talk. Can they now fang their fangs in a suitable fashion to encourage the Australian monopolist ASX to deliver a coherent market structure? And at the same time, there's a headline in the Australia MAGA mindset needed to make ASX Great again, which can be compared with the more prosaic ASIC headline advancing Australia's Regulatory Roadmap for Public and Private Capital markets as A co conspirator noted what a belter of a headline. That was the first one rather than the second from the regulator. Of course it's not new. However, the Sydney Morning Herald had a story last September headlined why we need to make the ASX Great Again. In any case, it's all true insofar as the status quo is stuck on a cycle of repeat fail, repeat fail. Australia deserves better. Will the shareholders push alongside ASIC Cirlongo to deliver a renewed hope? Australia is not viewed as a laughing stock of a financial center due to its highly haphazard and sublimely haughty monopoly market structure. This remains an overdue intervention from asic, but it is clearly travel in the right direction happening now. Please start properly baring your teeth at the Agents of Intransigence Chairman Longo Speaking of agents of intransigence, the London Stock Exchange Group boss has challenged the benefits of US listing even by the subterranean depths of insight we're used to from out of his depth. Dave, this is utter piffle. Oh, what a load of drivel from a person who we should be actually pushing from office forthwith, I say. But the shareholders are still upset they couldn't buy DB1, so they won't be listening to Plys better than their management track record. As if the management has a track record. LSEG remains a seat of sublime hubris, helping undermine rather than implementing hansing the London Financial Center. The richest irony of all this is of course that no stock could benefit more from a US listing than the lseg, a data company seemingly reluctantly holding some trading market assets which it doesn't really understand. Meanwhile, as Chinese IPO flow to the US looks to be drying up in the edge of Trump's second presidency, the winner may yet prove to be the Hong Kong Exchanges Group in Hong Kong.
- 4:38Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly Patrick Derivatives vision.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 over in results.
- 4:58Speaker A: Well, one of the winners this year was of course Hong Kong. They produced revenue over income up 9%, profit up 10% as a whole. That despite the fact that the Chinese equity market was particularly icky over the course of the last year. Compare that to the London Stock Exchange. They manage just about the same sort of operating profit increase, but of course they tell us that they're absolutely phenomenally incredible data companies. So where's the beef here I really don't understand. Out of his depth, Dave appeared positively chipper on CNBC after delivering the Paris equivalent of the Hindu rate of growth, which ought to be termed the Reuters rate of growth. Stockholm syndrome remains the seems prevalent thesis over what's going on at the lseg. There were a lot more results. All of those were to be found in Exchange Invest this week. Those were just highlights. If you want to know everything that's going on in the business of bourses, don't Forget subscribe to exchangeinvest.com similarly, that was the case in deals this week. Let's pick out one highlight at last, after only a decade or more of trying, the PSE closed the acquisition of BAP shares in PDS and that means that IT now holds 78.33% of the equity in PDS, the bond platform. However, it has failed to fully acquire the fixed income trading platform as two bank shareholders are holding out. At least PSE has control, but with significant minority shareholding. Exchange Invest, meanwhile, 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 Elyoung that's me best seller, the original fintech bestseller Capital Market Revolution, a decade before that word held common currency. Fintech, I mean, 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 Invests 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. Don't forget, while you're ordering that from Kindle right now, the Capital Market revolution anniversary edition 25th anniversary edition, I hear some to remind you then, if you meanwhile fancy some financial insights with moving pictures, check out Our livestream Tuesdays 05:00 London midday New York time. It's the IPO Video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid now online in our great series of those IPO vids was me talking about a New World Order. That was actually an extended version of the keynote speech I gave at the AFM Conference in Nairobi on February 14, which was recorded specially for the studio audience via IPO vid. Check that out on wherever you can find ipo dash vid, which includes Facebook, LinkedIn and YouTube. Our finance book of the week. This week is left behind a new economics for Neglected places. A brilliant, captivating tale. The latest in the compendium of insights from our most recent IPO video guest, Sir Paul Collier. This is a wondrous insight into how to help coalescing regions catch up over in product news quite a bit this week, but one highlight I suppose in a way. Curiously enough, CME Group are launching Solana Futures. So once again people want to trade their Solana Futures on old fashioned exchanges rather than the new new thing of crypto. And that of course came as an announcement ahead of talk that President Trump may be buying a strategic reserve of crypto coins. Nope, we don't understand why either. Technology News this week the exchange of Egypt. They are delighted to be collaborating with NASDAQ on their new trading system, while ADX has been stating its delight at the recently upgraded NASDAQ system in Abu Dhabi. Also an interesting structural move from Vienna. Austria's regulatory reporting infrastructure is going to be moving to the cloud with NASDAQ Axiom SL There was also another hubbub of what looks like bad or biased research complaining about market data. The story behind that was behind our paywall and exchange invest because market data costs money folks, and so does market insight at our level of quality. If you don't believe in that, feel free to stay uninformed, I suppose is the best advice I can proffer in Career Path this week the government's shortlisting candidates for the next SEBI chairman after the last chairman, the first female chairman, resigned well at the end of her term, but not exactly in the best of circumstances. While someone who is in the best of circumstances these days is the ascendant Bjorn Sibern. He's been appointed the new chairman of bne and in case anybody missed the memo, Bjorn Sibyrn is firmly in charge at the Six Exchange Group and the Parish is all the better for his leadership of the Swiss exchange and indeed also BME the Spanish exchange already. And this is early days as he is confirmed as the chairman of the Spanish market monopolist. That leaves us just at Bigwell, ladies and gentlemen, and a truly stunning statistic I learned recently from the brilliant geopolitical analyst John Holtzman. The EU amounts to 9% of the world's population and is paying itself 60% of the world's benefits. 50 years ago Margaret Thatcher became Conservative Party leader in the uk precisely realizing that sooner or later you run out of other people's money when it comes to government spending. When does the EU reach that end point? I wonder. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 285. Join Us Daily viaxchangeinvest.com the water cooler of the Boris business, the Exchange of Information. Or if you have a new exchange 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.
- 11:01Speaker 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.