Latest / Exchange Invest / 320 Exchange Invest Weekly Podcast November 8th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and market structure. DB1's 1984 results 6 gains, Aquas Power, Ice Record and Sibo restructures alongside a toxic CMU my name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 320 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 happening from 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 BitCarnage, we've been challenging reality. Clearly there is only one version of reality, I presume, but the Crypto Bros dispute that the wisdom is with the banks. That's after a cointelegraph headline referring to a comment by someone at Coinbase. Their policy chief Fariar Zerzad, who said banks concern over stablecoins ignores reality. Meanwhile, President Trump doesn't know who CZ is and has thus pardoned him because of the Biden era witch hunt. A lot of folks appear to be muttering, is that fish I smell? If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day in Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone owned substack this week in exchanges. The earnx CEO Stefan Bujner has said he's open to stock market consolidation, including with London as the Germans pursue their moronic monobourse idea. Trinidad and Tobago they're gearing up to launch what was headlined as a spot market, but it's actually a derivatives market, the first in the Caribbean. Well, at least the first in the Caribbean since Intex in Bermuda in 1982, I do believe. Maybe 1983, maybe the 1970s even at the same time, the Johannesburg Stock Exchange has been celebrating the 30th anniversary of what was originally the independent suffix, its commodities market in results. It was a frantic week for results in the parish. All the details for an Exchange Invest Daily the newsletter no person can afford to be relied on capital markets and market structure. For the sake of this podcast, let's look at some edited highlights. Intercontinental Exchange have reported a strong Q3 2025 and they approved a fourth quarter dividend of 48 cents share. Record revenues once again ticking up elegantly operating income up 6% and thus I seeks up again in record territory. While a lot of discussion during the investor analyst call surrounded the prediction markets which suddenly analysts appear alive to that certainly took a while. Good results also from the likes of Tradeweb with net income up 61.7% adjusted net was actually point plus 15.2 Deutsche Bursa pretty soporific. Welcome to the EU's aspirational monobourse where disproportionately high profit growth means 7%. Europe is doomed is the other phrase which springs to mind. Ciboe they announced pretty impressive results. Total revenues going up 14%, net income up 38% and also a hugely sweeping reform which we will get to in a few minutes.
- 3:19Speaker 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.
- 3:37Speaker A: Find this podcast over at Coinbase amongst others. In the many reporting results last week the Coinbase CEO rather made an idiot of himself. Brian Armstrong looking embarrassingly naive at best with a ludicrous prediction market stunt which ought to result in a serious sanction for his at best immature action amounting to conduct and becoming of a CEO, let alone the CEO of a major major public listed entity. To which end there were also great numbers. Revenue up 55%, net income up 473%. But it was the prediction market stunt that hurt Coinbase's reputation. Over in deals. A busy week for deals in the Paris all the deals were an Exchange Invest Daily the newsletter no person could afford to be without capital markets and market structure for the sake of this podcast. Some edited highlights JP Morgan unit is amongst those that have invested in the latest colossal round for the Texas Stock Exchange. The incredible fundraising continues. It's not clear what coherence there is to the business model at any level of funding, but hats off to CEO Jim Lee. He has collateral in a cold hard US dollar cash. Meanwhile cbo, they're retreating from Australia. That couldn't come at a worse time for asic, just as they're trying to inject competition against the lumpen and incompetent monopoly of asx. The tragedy for Australia is that ASX may be off, about to get off the hook again. The ridicule of the AFR's cartoonists amongst other others will be something the incapable CEO can stomach if she retains her ludicrous sinecure for delivering anything but success. On the other hand, perhaps there may be a foreign bidder with pot or even a local coalition of the willing might relish the chance to take the battle directly to the incumbent monopolist which has pioneered FAAS failure as a service asset. Mead look serious at cutting the CSD and other clearing services away from the ASX Ambit, even if it is a time limited process to enable Australian markets just as much as it needs to ensure the good folks of CBOS finds a new owner which wants to develop business down under as opposed to the renewed management fixation from the Chicago Board Options Exchange Group with the Chicago Loop defining a great deal of CBO's reach. Finally, in deals, the NSE IPO will see the light of day. And who said that? None other than the SEBI chief Tuhan Kantapande. 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 the IPO Video Live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Coming this week we got Face youe Financial Fears with Jake Cousino. Our Book of the Week this week, Wall Street's Blind Spots by one of our recent guests on IPO vid, Jose Mayora exposes what investors routinely overlook their blind spots and explains why failing to address them can weaken their entire investment thesis. A great read that altogether. And that's why it's our Book of the Week, which is announced every week on Saturdays in Exchange Invest Weekend Edition the EI Weekend being absolutely free to read. Sign up now@exchangeinvest.com meanwhile, look forward to the conference highlight of the year. After keynotes from Nairobi, Dieravan and further afield, I'm joining the AFM Tech Day to chat with the OG of ETD and many other markets besides Professor Richard Sanders. How can you possibly not be in Chicago Friday for November 14th for what promises to be the Panel of the Year? Over in product news, the clear takeaway from a seemingly innocuous ICE product note is that the idiotic protectionism of the EU towards the Euro has enabled some clearing to move to the continent. In this case it's going to go to ICE Clear Netherlands for Euro Short term Interest Rate futures contracts, but it's not at the apparent EU preferred monobourse DB1. Thus we end up with the kind of dog's dinner which is a Eurocrat's delight in the market nemesis, potentially bifurcating risk pools and other factors which the exchanges will seek to MITIGATE but existing in essence with the removal of a holistic pool. At the same time, it's amusing to see the EU's idiocy stymied by market innovators who believe in making better markets as opposed to lobbying their way to a rentier monopoly like Deutsche Bose. In Technology News Mega News 6, the Swiss exchange are going to harmonize trading platforms across their trading venues with Aquis Technology selected as the technology provider. For those of you who had their intuition in off mode, you may find this surprising, whereas I seem to recall we at Exchange Invest were early in pointing out that it made total sense to unite six platforms under Aquis. A majestic triumph for Aquis and a great move by six, which will internalize tech and thus reap financial rewards for Bjorn Sibirn's growing Swiss Exchange centric empire. Bit of a glitch over at mcx. They finally resumed trading after a four hour outage and ultimately they look to be sanctioned by SEBI in due course. Regulation News One key pointer Even the FT have reported that the European Union are set to expand their supervision of stock and crypto exchanges by centralizing everything under the remit of Paris based esma, completely and utterly defying the whole concept of national sovereignty within the European Union in a misplaced race to create some form of capital markets union. A new era of mud huts remains a plausible outcome for the European economy. Korea powers this week.
- 8:29Speaker B: Old news in many ways, but there.
- 8:30Speaker A: Was a report in MSN indicative of the UK's decline and fall as an economy thanks to the generation of socialist pillocks running the country since Tony Blair, albeit they were through several apparently allegedly ideologically different parties. Anyway, good luck to Alastair Haynes, who's now in Dubai. And indeed it's worth considering that given his achievements creating Aquis, a £10 million $13 million US profit from his labors in pioneering this market is hardly a major bagatelle. Also indicative of the risk off culture which prevails in Europe. All the very best to Alistair in Dubai along with his lovely Kazakh wife. Congratulations finally this week to Cameroon's President Paul Biya, who remains the world's oldest leader after winning a disputed election that gave him an eighth consecutive term. In other words, he came to power in 1982 when UK PM Margaret Thatcher, President Ronald Reagan in the US and Pope John Paul II from the Vatican were just getting going with reshaping the world and killing communism as it then was. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 320. Join us daily via exchange invest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick Galyung and I wish you a great week in Life and Markets.
- 9:55Speaker 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 programme, 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.