Latest / Exchange Invest / 337 Exchange Invest Weekly Podcast March 21st, 2026
Transcript
- 0:00Speaker A: This week in the parish of bourses and market structure, the singapore long end, nasdaq issuing tokens, eu thanasia markets predicted and mdf rip my name is patrick l. Young. Welcome to the bourse business weekly digest. It's the exchange invest weekly podcast, episode 337. 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 the Boris business sent daily to your inbox. More details@exchangeinvest.com we begin with a sad note. There is a free article on Exchange Invest in front of the paywall. Dr. M. Desmond Fitzgerald an appreciation by myself, Patrick L. Young and Danny Corrigan. He continues to have a passionate interest in the relative speed of thoroughbred racehorses. Thus concluded the author's biography of Dr. M. Michael Desmond Fitzgerald in the second edition of his book Financial Futures. Desmond was a man who it would be difficult to summarize in one Alphabet, a veritable polymath. Desmond was in essence the first leading thinker about risk management in the City of London and thus a man of delightful contradictions. Marrying a high stakes approach to a passion for the turf alongside appreciating the nuances of the Greek Alphabet as applied to financial markets was just one of them. Having emerged from academia, a BA at York and a PhD at Manchester University between 1970 and 74, Desmond held a series of key positions in banks which epitomised adoption of financial markets and their nascent derivatives in the City of London during the 1970s, 1980s and 1990s, amongst them Chemical bank and Credit Lyonnet Securities. At both MDF served as chief economist, amongst other roles. In banking, Desmond was perhaps best known for finessing a remarkable team at Mitsubishi Finance International during the peak of the Japanese boom era 88 to 93, where he was responsible for all arbitrage and OTC derivatives across what now seems an incredibly broad realm, encompassing not merely interest rates but also equities and commodities. Desmond was also proud to have been a professor at City University business school since 1984, where he lectured cohorts of financial MBAs to empower the City of London's Thatcherite zeitgeist as Britain recovered its mojo after a period of decline. Widely published Desmond's books, Financial Futures and Financial Options, published by Euromoney, were benchmark reads for a generation, ply included. Desmond would also run his own quasi hedge fund Equitable House investments amid his proprietary trading endeavors. Desmond later became a prominent expert witness in key City of London cases from the 1990s on, not least of which was the post bearing's aftermath, where his multi year testimony was rumoured to have generated fees in the realm of some 1980s investment bank tombstones liberally infused with Irish DNA. It is perhaps unsurprising that Desmond was both a lover of the turf and a gregarious social presence. His dinner parties famously included fine red served in auction house acquired wine glasses which had origins in the ancient Roman Republic. Similarly, no restaurant dinner was complete without a frequently considerable libations were not to be enjoyed in modest quantities, Bill being subject to a vigorous game of spoof amongst all the dinner participants, with the loser covering the tab, where it's hard to adequately surmise the personality, life and achievements of the many missed characters. Much missed characters we have sadly profiled upon their demise via Exchange Invest. Given his 79 lively years on this planet, it is simply impossible to do justice to the remarkable presence of Desmond Fitzgerald. He was an assiduous academic, author, commentator, trader, regular public speaker and an assiduous debater ply had the rare joy of involving Desmond in a debate at the Cambridge Union, where Dr. Fitzgerald was the august presence at the top of the billing opposing Nassim Taleb, whose book we were there to promote. The Financial Times later went on to note that we won the debate in some way due to some form of disingenuous argument. Neither of us really followed this line of argument as a win's a win, whether by a nose or a huge number of basis points. RIP the great Desmond Fitzgerald, without whom the City of London would have been a much, much lesser financial marketplace in bitcoinage this week, America is now the crypto capital of the world, said the CFTC chairman Selig as Digital asset rules take sh in remarks at the FIA Boca Raton conference, the CFTC chairman delivered a barnstormer for deregulation, but also hyped crypto, as is this administration's want. If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every day and Exchange Invest. Alternatively, if you want, follow Bit Carnage, the daily update on happenings in the world of crypto and digital assets. You can find Bit Carnage as a standalone on Substack in our top Exchange stories this week. The Lion State looks to establish a suite of bond futures for ASEAN plus nations as SGX searches for its next Eurodollar. Nikkei Nifty niche winner ICE this week also made the wise move to add to their Stir portfolio franchise and SGX is looking to create a portfolio of long end bonds in a slew of ASEAN nations plus their free trade partner India inspired products which may help rejuvenate the Singapore Exchange. There were two additional megastories we covered in much pithier detail in Exchange Invest this week. To get the full analysis, sign up to exchangeinvestchangeinvest.com now for a seven day trial and then the full insights. For only $500 per user year, it's time to take tokens and issuance and look at what Nasdaq have been discussing recently amongst others. It's a bigger reworking of the world than first meets the eye. But the big issue for those beyond the country club duopoly is that the real world just decided that they're going to take the RWA back and that actually is going to devastate the bros who think they're distributing a brave new world. Interesting times, albeit a blow to cryptobrewtopia. As if anybody in their right mind would even mourn that with a few deft moves, the country club listings duopoly is threatening to disintermediate the crypto bros themselves. In addition, there was also Nasdaq and versus Stuttgart Group's Saturian partnership to drive European tokenized trading and settlement across the EU and beyond. And thereafter the pith continued in the exchange of information. Sign up once again via exchangeinvest.com the bottom line is that the real world just dropped in to say they expect to keep control of the financial world, which is bad news for Brill wannabes trying to ramp up their CRYP concept. Back in Brussels, EU Thanasia was aforethought as a monoboros. Madness looks to be the only conclusion to a mono market regulator which undercuts fundamental principles of the eu. A sad day for the ongoing decline of Europe. A viable system of allowing nations to have their own capital markets is being pushed into a rather imbecilic oligopoly and perhaps we're still a monobors. The EU proves it knows nothing about capital markets and has willfully learnt nothing about capital markets for at least the first 26 years of this century. Tragedy travesty in the end of a continental European economic bloc which was anyway already drowning in the EU's ridiculous trade jackets. Again, the full analysis can be found@exchangeinvest.com and don't even start us on the silliness of the EU's desire to cap gas prices when they don't control the commodity. Another source of rich ply pith this week in Exchange Invest. For an easy way to appreciate this, There's a magnificent sub 1 minute video on our video shorts at YouTube with Professor John Hearn on IPO Vid from last week where he explains fundamentally in the video capitalism works. Meanwhile, Amongst others, various CEOs had well made points this past week in Boca Raton about the self certification of prediction markets by newbie exchanges which have frankly not thought matters through sufficiently and thus brought questions on the markets as a whole and the prediction markets very specifically. This was all absolutely avoidable and I hear the cred of the likes of Craig Donahue and Terry Duffy loud and clear. Meanwhile, various parties are lining up new legislation on the Hill against elements of prediction markets and once again the whole story and analysis was an Exchange Invest. Actually Exchange Invest told you this was likely to happen months and months and months ago.
- 8:42Speaker 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.
- 9:02Speaker A: In Dallas, the Country club duopoly is ready while the upstart Texas Stock Exchange has launched thinly veiled attack ads. NASDAQ is switched on and ready. NYSE is a go go for its double listings and TXSE is, I fear, staring down the barrel of spending 250 million-plus dollars to learn a very expensive lesson unless they have derived a new plan not yet in the public domain. In the upcoming IPO news, the big story remains. NSE India, the widely anticipated Indian beauty parade has resulted in a 20 bank 6 law firm line the NSE IPO. And meanwhile we had some exciting news as Connemara, EP3 and ExactPro have enacted a sensible deal for better software testing. NASDAQ Verifin Their report has found that the financial crime epidemic is reaching alarming new heights. Illicit financial activity has surged to $4.4 trillion in 2025. Thankfully Rodrigo Buenaventura, the OSCO Secretary General has not found the same degree of illicit crime amongst the Clearinghous sees no need for CCPs to hold more capital in results, just the one set of results this week. TPICAP profit before tax growing 7% which seems almost giddy for the failed digital transformation entity which amounts to being TPI cap. Nasdaq meanwhile have opened a Singapore office and that leads us elegantly into our Nasdaq sponsored segment welcome to a Nasdaq sponsored segment. Investor appetite for Asia is rising, but post trade friction is holding markets. Back in the new Nasdaq and value exchange study, 25% of participants plan to grow exposure, yet 46% face artificial trading limits. The biggest pain point corporate actions, 60% report high error rates and 39% of platforms are still legacy. The fix is harmonized rules, standardized workflows, modernize technology in order to unlock efficiencies in settlement and corporate actions for exchange leaders ready to scale Download Creating Asia's Post Trade Operating Model of tomorrow@bitly that's bit ly apac post trade that's apac dash post trade all one wordtly. Meanwhile, if you fancy some financial insights with moving pictures, check out our live stream Tuesdays 5 o' clock London time, midday New York time. It's the IPO Video Live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Now online we have IPO vid number 205 stock market maestros which was delivered first on Saint Mees Day 17th March with our extra special guest Lee Freeman Shore. Elsewhere we also have a new IPO vid coming up. Next week we're going to see reflections from Jamaica with the legendary former CEO of the Jamaica Stock Exchange who just stood down after a 25 year glittering career in Kingston as the head of the Bourse, Marlene Street Forest Our Finance Book of the Week this week is an introduction to AI testing by Josef Idtkin, Yulia Emalianova, Dmitry Deg Kiarenko and Anna Maria Lukina. It offers a comprehensive introduction to artificial intelligence and machine learning fundamentals and therefore equips software testers with the skills to effectively leverage AI powered solutions for testing complex systems and AI applications. Our next Book of the Week will be unveiled Saturday in the EI Weekend Edition. And don't forget, if you want all the news on the Boris business sent daily to your inbox, subscribe to Exchange invest via exchangeinvest.com, it's only $499 per annum to join the Exchange of Information. Product News this week, well, biggest product news by far was also in the regulatory firmament the US SEC preparing to return to biannual reporting requirements for listed companies. That surely is a massive fill up for the country club duopoly's ability attract more IPOs to the USA. Still technology news. I hinted at this earlier on. Connemara technologies have engaged ExactPro as independent testing provider for EP3 that's the same ExactPro whose CEO Josef Itkin is one of the authors of our Book of the Week. It's a very interesting idea cementing the reputation of Connemara EP3 just as they are on a roll with deliveries to a series of very exciting markets. See also our IPO vid203 predicting the future of Market tech with their boss of all sales and marketing, the excellent Daniel de Good deal for Josef Itkins ExactPro. It ought to deliver a win, win, win for both vendors and the market as a whole. Meanwhile, Ethiopia Stock Exchange they're doubling down betting on mobile to attract retail investors, following in the footsteps of Nairobi, Kenya which we were talking about last month and their deals with M. Pesa amongst others, to attract retail investors. In Regulation the kumbaya between the CFTC and the SEC is almost as deafening as the silence from many other vestiges of what was the Boca Raton conference this year. At the same time, it could be that the SEC might yet go further down the logical route to principles based regulation in alignment with the cftc. We live in hope and that leads us elegantly to Big World, a spot of mega news for those who derive their news from mainstream media. This may have passed you by. Indeed, it may seem challenging to even consider leaving the house if you live in Main Street USA and you watch the mainstream media. But once again the truth is a lot more positive than the journalistic and there's no other word for it here. Fiction. The great news is that the USA has just celebrated a 60 year low in murders declining 21% for the biggest year on year decline on record. Yep, fewer people were unalived by nefarious means in 2025 than in 1965. Homicides and indeed fatal non fatal shooting incidents are all set in major decline. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 337. Join us daily via exchangeinvest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick L. Young and I wish you all a great week in life and markets.
- 15:41Speaker 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.