Latest / Exchange Invest / 280 Exchange Invest Weekly Podcast February 1st, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure, the battle cry begins end the FCA European Union sees sense in CCP. IFAD expands as Europe confirms it will be t12 32 days behind the USA my name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 280. 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 ExchangeInvest's daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage this week we had the epic headline Ethics and Crypto. Yes, I know there's a headline to conjure with or just laugh at uproariously Once upon a time. I love this stuff. And then credibility crumbled when I met many of the folks attracted to crypto. There is a truly remarkable twist that the Democrats, famed champions of their one time paymaster sbf, are aligned to probe Trump. As the Cointelegraph headline puts it, house Democrats want Ethics probe on Trump over Crypto Projects. That would be the same group amongst whose numbers blowing air cases at SBF was deemed acceptable behavior back in the day when few apart from ourselves were calling out the fact that we deemed FTX to have issues and a big fat caveat MTOR was in order over investing therein. If you enjoyed this excerpt, you may be interested to know that you can read Bitcarnage every day and 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 Bitcarnage as a standalone on Substack this week. In the mainstream of exchanges, the UK has given us confirmation it will lag the world leaders of the market alongside the EU as settlement will move to T +1 a whole T12 32 days after the USA got there first with Canada and Mexico, Brussels has sensibly caved into economic reality once again. When faced with the CCP Clearinghouse issue, efforts to force the business to Frankfurt have manifestly failed, so the EU clearinghouse exemption will be extended to 2028 as it was previously in 2021. Anybody surprised by this clearly isn't reading Exchange Invest if you want to stay ahead of market trends, remember we outlined in 2016 after the Brexit vote why the EU would be unable to forcibly corral clearing on the continent when London had a vast multi currency advantage as a genuinely liberal, open and traditionally pro market financial centre down under. There's no progress in Sydney as ASX lurches from bad to worse. A public spat about DEI resembles a feint as op EDS mount that the exchange is simply sub optimal. ASX Limited fiddles with DEI while market Shrinks was a particularly readable op ed this week in the Australian Financial Review via Reuters that Australia's corporate watchdog is assessing the regulatory response options after ASX chess outage doesn't yet cut the mustard insofar as well, if past ESSIC interventions are anything to go by, we're probably still at the binary of number one Huff or number two Puff as sadly it appears only option three below the house down will now suffice. The market's loss of confidence is considerable, but Australian regulators have a dismal track record standing up to any monopolist, even the dysfunctional ones. Thus the next step is sadly likely to be continued approach via choices one or two Huff or Puff as listed previously. Ultimately Davos rather fizzled out in 2025 is a sign of things to come as Trump dominates the global agenda, leaving the corporate blob wef behind. At least there was one cheering piece of Paris news from the Swiss Mountain Talk Fest with NASDAQ boss Adina Friedman, NYSE supremo Lynn Martin and Hong Kong exchange's CEO Bonnie Chan all looking like polished performers as befits their excellence in running leading market structures. Meanwhile, there are gridlock worries at warehouses for LME with a new consultation plan alongside an announcement that provided the real estate can be sourced at the right price, a Hong Kong LME warehouse is a go in the Mediterranean. Privatization of the Cyprus Stock Exchange is expected by the end of 2025, according to the chairman in the Cyprus Mail, albeit bidders may prove reluctant for an asset anticipating a loss of 1.9 million euros this year.
- 5:08Speaker 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.
- 5:25Speaker A: Find this podcast in Results it was a busy week for results in the parish. All the details 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. It was a good week for the brokers as IBKR and Schwab reported healthy jumps in profit, and Bursa, Malaysia saw an excellent set of results. As a farewell to the retiring CEO. In new markets, the TMX Group have launched a new S Equity ATS venue TMX moving south as various parties have been edging north in recent years with the launch of new US Equity venue ats, while in Southeast Asia, Vietnam is moving to develop its carbon market with its outlined roadmap. Exchange Invest, meanwhile, is proud to have launched a special edition inspired by my visit to ring the closing bell of the New York stock exchange on July 5, 2024. Patrick L. Young that's Me best seller, the original bestseller of Fintech, Capital Market revolution 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 Amazon Kindle ebook at a ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. If you fancy some financial insights with moving pictures, check out our live streams. Tuesday, 5:00 London midday New York time. It's the IPO Vid live show. Catch the back episodes on LinkedIn and YouTube via IPO Vid. Now online, we got episode number IPO Vid 167 featuring Alan Dickinson, a floor trading legend who will be discussing his life. That's with two Fs in markets coming next week, we've got the fabulous Ira Harris. He's going to be looking forward to what's going on in Trump world and how that might impact the markets. This week. Our Finance Book of the Week is the Marvelous the Wisdom of Crowds. Understand better how groups of people can get it right where individuals just can't. Thanks to the magnificent masterpiece available is a very readable paperback by James well, in American terms we'll call him James Suroviki, but I have to say with a Polish wife, I'd rather call him James Surveiecki. Anyway, either way, whichever way you wish to pronounce it, the Wisdom of Crowds is a fabulous must read book. And that's why it's our Book of the Week in Exchange Invest. If you want to learn more about the Exchange Invest Book of the Week, don't forget you can subscribe for free to the EI Weekend. That's a more macro read edition with some interesting snippets from all sorts of topics around the world. Miscellaney Magazine all five or six great articles to keep your weekend rolling and you can sign up to that for free@exchangeinvest.com but don't forget while you're there, tick the box and try a free 7 day TR of the exchange of Information Exchange Invest itself Over In Product News Exciting news from the UAE Building on the island of Excellence within ADGM where Mirban Futures were born, ICE Futures Abu Dhabi are launching a move into equity derivatives. At the same time the same firm in the U.S. iCE's parent U.S. futures exchange is launching an index to track performance of new listings on the New York Stock Exchange. In technology news, a fascinating Nasdaq report this week identified that between 25 billion and $50 billion in potential efficiency gains could be achieved in banks risk and compliance functions. Which reminds us that nowadays Nasdaq is a front to back banking software powerhouse as well as the largest exchange provider in the world of technology. 130 different exchanges worldwide use Nasdaq technology, according to Adina Friedman herself in a CNBC inter last week. Elsewhere this week, Nasdaq President Tal Cohen has added that 97% yes, 97% of the world's global systemically important banks now use Nasdaq technology. In much less happy news and gosh, we wish they would use NASDAQ technology. ICE have released their Chess settlement Instant Review, talking about their complete nutter snafu before Christmas last year, which reminds us of just another of the recent failures by the floundering Sydney monopoly marketplace. In regulation news, esteemed City of London figure Philip Augur has begun what may yet prove to become a bandwagon. Writing in the Financial Times, he notes the FCA isn't working. It should be broken up. I'll say that again, it should be broken up. Meanwhile, Acting Chairman FAM has announced it was time for CFTC to get back to basics, a first step towards resetting the disastrous venom Commission era over in career paths Continuity the SEC Mark T. Ueda has been named Acting Chairman of the SEC ahead of the presumed passing of all of the various hurdles by Paul Atkins to become Chairman there in due course once he gets through the Senate and other committees, while Susie De Verdilon has been appointed CEO of LCH Ltd. Replacing the departing Isabel Girolami who has been CEO since 2019. A great addition to the Wilshire board along CEO Mark Makepeace as Wilshire Indexes have named former CalSTRS CEO Jack Ennis as chairman of the board. There are two new exchange CEOs coming this week as well. Botswana Stock Exchange have announced Mr. Ayobakwe Aupa Monyazi. He'll be coming in as CEO Eminently and Borsa Malaysia they've appointed Dato Fadul Mohammed. Meanwhile, for those of you who've been subjected to the demented we love Justin Trudeaumania and Western media. The net net is that it resembles Biebermania in its collective immaturity, albeit Justin B has created some form of profitable economic legacy through recording while a vast swathe of Toronto has been spraying Tim Hortons doughnuts while foaming at the mouth. Concerning President Trump's suggestion of engorging Canada as a state, it's worth considering the felt legacy of Hair Boy and the success of the United States While trio was PM where the US economy grew 86% in the EU 9% over the 15 years from 2009 to 2024, Canada's virtue signalling era has not done the economy any favors whatsoever. As a state of the usa, only Mississippi would be poorer. On a GDP per head basis, Canada's GDP per capita stands at a polite US$54,900, slightly below the second poorest US state, West Virginia, at $57,710. Mississippi is growing and at $51,420 has Canada firmly in its sights. I'll be discussing this phenomenon in more detail via our short videos on social media soon. Don't forget to follow Exchange Invest IPO Vid and Patrick L. Young on X, LinkedIn, TikTok, Instagram, YouTube, et al. And on that mysterious and magnificent note. Thank you for listening to this EI weekly podcast. Join us daily via exchangeinvest.com or if you have a new exchange you'd like launched, get in touch. My name is Patrick L. And I wish you a great week in life and markets.
- 13:08Speaker 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.