Latest / Exchange Invest / 284 Exchange Invest Weekly Podcast March 1st, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure. Another sell side data spat Loeffler confirmed at sba as it's Howard Way at the Department of Trade and in bgc and is the great CSD game finally on My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 284 Foreign 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 Exchange Invest's daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage, we were asking the question what, no lambos? On the first day of Christmas begins a song about a list of gifts There were forfeits aplenty from ftx, but they make for a list well beyond those of the festive verse. As FTX announced its next repayment round for May 30, a list of Sam Bankman Fried and FTX forfeits included private jets, political cash and actually something like a billion dollars in total was forfeited by Sam bankman fried himself. Two whole private jets, a 2009 Bombardier Global 5000 and a 2006 Embraer Legacy. Vast swathes of other staff payments such as 250 donations to the US Congress and perhaps shockingly as this is crypto, we're talking about not a single Lambo. If you enjoyed this excerpt, you may be interested to know you can read Bitcornage 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, you can find Bitcornage as a standalone on substack this week in exchanges. Hong Kong Exchanges CEO Bonnie Chan keen to point out that she can help AI companies raise cash. And indeed I hear on the Boris Bush Telegraph that there are AI related enterprises planning precisely such Hong Kong exchanges listings in the near future. Meanwhile, Spimex, that's the St. Petersburg Energy Exchange, they may become a pilot platform for the creation of the Brits Grain Exchange, an intriguing planned exchange, but as of now, details remain elusive how this will actually work. That said, if you've not already watched it, catch the recording from the other week of multi currency mercantilism on IPO vid with the dazzling Kathleen Tyson. Anyway, for now Spamex is more at the talks about talk stage which preempts by several degrees of PowerPoint, even the talks about MoU stage, which then devolves into a lot of travel brochure due diligence in results this week a New Zealand exchange they delivered a good all round performance, up 11% operating revenue, net profit before tax, a stunning 74% gain, not quite so exciting in Bourse Kuwait, but nonetheless remarkably good. Net profits up 15 15% at the middle Eastern market Operator all the results were of course in Exchange Invest, the Bourse Business Daily Digest, which you can subscribe up to@exchangeinvest.com and take advantage of a free seven day trial to boot. Meanwhile, we have one new market this week. Electricity derivatives exchange Electron x have raised $10 million in strategic funding. They've also named J. Christopher Giancarlo, the former chairman of the cftc, as their strategic advisor. That brings electronics's total money rates to $25 million after their $15 million seed round last summer. Over in Deals 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, let's look at some edited highlights. TMX They've done their fourth acquisition in 18 months for Vetify. The TMX arm looks more dynamic than ever. They have now acquired Credit Suisse's bond indices from UBS and we details of all their previous transactions of course in exchangeinvest.com meanwhile, the big news of the week a new opening in the great game of CST consolidation which we've been talking about in Exchange Invest for well nigh on a decade now. Having bulked Euronext up to around $6.3 billion, Stefan Bujner is expressing his desire to buy or merge Euronext into Euroclear, and this created a business similar, if not precisely equivalent to DB1. This is hardly a huge surprise, given the previous ramifications over ensuring that French and Belgian interests, which were close to the government, had specific stakes when ICE sold theirs. Although at the same time recently the deal that saw the business valued at around $10 billion for Euroclear was of course when T Corp Australia acquired 4.92% for US$478 million from the LSEG. The great game of CSD dealing and organizing is perhaps finally afoot, and I'm not surprised that Stefan Buzhna is pushing to make it happen, as his shareholders are similar. But most significantly, his key stakeholder governments include France and Belgium and it's very, very clear they will do their utmost to propel Euronext forward. Having been two of the three founding partners of Euronext alongside the Dutch, the 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 on July 5, 2024. My original best seller, that's me. Patrick L. Young Capital Market Revolution was the first breakthrough book in fintech, a decade before that word held common currency. The new edition has over 10,000 new words of additional pith, placing the past quarter century in perspective alongside the original text, which has proven remarkably accurate throughout 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 the price of the original shorter print book a quarter century ago. Meanwhile, don't forget, if you fancy some financial insights with moving pictures, check out our livestream Tuesdays 5:00 London midday New York time the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Now online we have a magnificent show which was all about Left behind in the Future of Capitalism. Two fantastic books from one of the world's leading development economists, Sir Paul Collier. Coming up next week, it's an poi special IPO vid172 will be me discussing a new world order. Our Finance Book of the Week this week is My Life as a Quant by the magnificent Emmanuel Derman, who relives his exciting journey as one of the first high energy particle physicists to migrate to Wall Street. Page by page, Dermen details his adventures in this field, analyzing the incompatible Personas of traders and quants and discussing the dissimilar nature of knowledge in physics and finance. A must read book. I thoroughly recommend it. In product news this week, ask South Korea to resume short selling for all stocks on March 31 and Singapore's ABAX Exchange. They're now planning gold futures as the precious metal continues to surge and indeed is outperforming Bitcoin future.
- 7:41Speaker 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 regulation.
- 8:02Speaker A: Some very pithy stuff from John Reed Stark recently, most of it over in the Bit Carnage domain, but one of his posts on LinkedIn was expect all SEC administrative law judges to be fired forthwith. After all, when last summer The Supreme Court ruled 6:3 in SEC vs. Jerkassy that the SEC's use of administrative law judges violates the Seventh Amendment when imposing civil penalties for fraud, some form of brave new world looked to be looming. The net net is so far as this non legal practitioner comprehends the total closure of the SEC's internal court tribunal system. See also Bit Carnage for more on how SEC is being shipped in this intriguing Trumpian digital age Bitcoin course available as a standalone. You can also subscribe to it as part of your Exchange Invest package. Exchangeinvest.com to sign up In Career News this week Hard Lutnick was confirmed as the 41st United States Secretary of Commerce. I doubt any nation could find a more dedicated advocate who will fiercely defend what is the best deal for the usa. In the meantime, BGC Group decided they couldn't actually find one man for the job previously held by Howard Lutnick himself. Thus, John Abel, Araj, jp, OBA and Sean Wendiot have been appointed as a trio of Co Chief Executive Orders round at the BGC Leviathan. Also great news from the Senate. They confirmed Kelly Loeffler, formerly of this parish, to lead the Small Business Administration. One final departure, Eric Tim Mueller post the top laying domain CEO shake up at DB1's parent and also the Eurex subsidiary. The CEO of URX Clearing, Eric Tim Muller is going to be leaving Urex and Deutsche Bose Group after a decade with the firms over in India. Gosh, quite a shock. The 63 moons settlement is setting up for one final hurdle. And then it seems there might be a payment more than a decade on after this absolutely monstrous fiasco of a situation in relation to the Indian NSEL exchange. Meanwhile in Big World, while a flight around Chicago included the showing of a film on board as early as 1921 during a trade show, the first scheduled flight with a Hollywood movie was on Imperial airways on Friday 21st February 1925, 100 years ago showing the Lost World, a blockbuster adaptation of Sir Arthur Conan Doyle's 1912 book. And on that mysterious and magnificent note. Thank you for listening to this Exchange Invest weekly podcast number 284. Join us daily via exchangeinvest.com or if you have a new exchange you'd like build, get in touch. We build marketplaces the world over. My name is Patrick L. Young and I wish you a great week in Life and markets.
- 11:12Speaker 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.