Latest / Exchange Invest / 292 Exchange Invest Weekly Podcast April 26th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure. Atkins sworn in as SEC Chairman Stonex buys RJO LME announces Hong Kong warehouses and Hong Kong exchanges are headed towards T1 as ASX delays yet another tech upgrade My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 200, 192. 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 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, there was a moment of instability, or at least a discussion of the unstable. A moment of clarity amidst all manner of crypto hype as the Italian Finance Minister was warning that US stablecoins pose a bigger threat than tariffs. It's not an unfair point. If you enjoy this excerpt, you may be interested to know you can read Bitcoinage 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 this week in the world of exchanges, the LME have approved their first warehouse facilities in Hong Kong. Excellent news and a significant win for lme as last time around, the media reckon new facilities would have to be built at great cost. LME has instead found local spaces they can use immediately. A welcome Passover Easter and upcoming Golden Week holiday boom to the LME in Hong Kong and in Indeed, with access to mainland China over at asx, it's facing a perfect storm. What's it going to fix things? Asked Difr. That was of course in advance of the discussion of the latest failed upgrade, which we'll talk about in a moment. Certainly the intellectual curiosity which was a hallmark of many at ASX and SFE in management of a generation and more ago appears to have been extinguished. To put it politely. Entrepreneur ran a headline why the CEO of Thomson Reuters is betting big on AI and we came to the conclusion that it's because everybody else is. As the reporter of the Crowd, Thomson Reuters has long been managed to look kind, as if it knows what is happening by following the Crowd's technological innovations. It's a far cry from the advanced pigeon deployment which was epic in the 19th century, back when it was Mr. Reuters own innovative enterprise, that the path led to Icon must surely have the great Mr. R wishing from the grave he could get a carrier pigeon to send a message to hq. Methinks.
- 2:58Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly Patrick DerivativesVision.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 India Fascinating news.
- 3:19Speaker A: SEBI's Tuhin Kanta Pandai has stated we are not opposed to NSE's IPO. Given the history of SEBI, however, I'm not sure we can truly believe this. I mean, it's couched in a way that doesn't quite say they support the IPO either. Hong Kong exchanges making big strides towards cutting stock trading settlement times. The exploration is on with a logical move ahead likely to be heading towards T +1 as is increasingly global practice. Will they be able to do that before the eu? I suspect so. Meanwhile, a big day in court is looming. July 7th as a judge clears the way for a titanic trial hitting the old school floor traders against the CME Group. This is a hard case to opine on. Both sides have valid points, albeit the biggest issue me thinks is the way the CME has been managed for a decade decade with the failed monopoly milker strategy of Terry Duffy leading to a firm which is still a behemoth but which has not profited from opportunities through a relatively bland boardroom culture. Which it might also be said is at least partly as a result of the Politburo stasis of the CME board appointment methods, themselves a legacy of the old seat system. That said, as I have not been averse to the seats being represented as per CME agreements, the trouble was CME probably ought to have had a more clear break between seats and governance earlier. Anyway, July 7 could be a significant payout day for the Chicago based Exchange Group. Hashtag it's complicated. Will CME negotiate or stand firm and risk that big payout number? No results this week, but in new markets a flurry of activity. All the information was in Exchange Invest. Let's just give you the top level domain highlight. The SEC has approved the Gix, the Green Impact Exchanges application. It should begin trading in 2026. Alas, the worry is the G may have arrived post PKSEG Green, but the license has value and it'll be interesting to see how they develop. Welcome to the Parish Green Impact Exchange. For all the other news on new bourses this week, you could find that in Exchange Invest, the bourse business bulletin that arrives daily in your inbox and give you all the information of all the stories during the course of the last week, albeit not too many on the Philippine general elections, which is creating a bit of background noise for me as I record this podcast on a Southeast Asian trip. Meanwhile, in deals, one headline deal that wasn't actually directly in the parish, but nonetheless very interesting. StoneX the FCM will acquire RJ O'Brien, creating a market leader in global derivatives. It's an interesting deal, albeit a disappointing one as that reduces another GCM from the roster when there is a danger of concentration. Exchange Invest, ladies and gentlemen, is proud to have launched a special edition inspired by my visit during the closing bell at the New York Stock Exchange July 5, 2024. My original bestseller Capital Market Revolution, first breakthrough book in fintech a decade before that word held common currency. Over 100,000 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 ebook by Amazon Kindle at the ludicrously Reasonable price of $9.99 Quarter the price of the original shorter print book quarter century ago. While you're downloading that Kindle copy, don't forget if you fancy some financial insights with moving pictures, check out our live streams. That's on Tuesdays at 5:00 London midday New York time. Currently in recording mod this month as we're doing a tour as I mentioned earlier, of Southeast Asia. However still unmissable, it's the IPO Video Live show. You can catch the back episodes on LinkedIn and YouTube via IPO vid. Our next show coming up in couple of days time on Tuesday will be IPO Vid176. We'll be looking at the future of research with the fascinating American academic Matthew Ringenberg. Our Finance Book of the Week this week which is Engines that Move Markets, Technology Investing from Railroads to the Internet and Beyond by Alistair Nairn. A complete and deeply researched history of industries investing. A book filled with fascinating instructive details including how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and of course the computer and Internet revolution. For more details, our next Book of the Week will be unveiled on Saturday in the EI Weekend Edition, which is absolutely free to read. You can sign up for exchangeinvest.com and don't forget if you Want all the news on the bourse business sent daily to your inbox? Subscribe to Exchange invest via exchangeinvest.com it's only $499 per annum to join Exchange of Information Product News the heat is on for newly confirmed SEC Chairman Paul Atkins. The crackdown on Chinese companies, went the New York Post headline. This can clearly be a big issue for the US listing duopoly. And it's not a great sign for markets the world over either if we become Balkanized in the fashion of whose national listings get accepted where Technology News Quite a surprise that the Korea Exchange announced last week that it has signed a contract with set to supply the next generation liquidity settlement system. That's quite a shock, me thinks to the incumbent sellers of such technology to see that deal going from the Thai exchange to the Korean exchange and missing out all of the major incumbent vendors. Meanwhile, more tales of woe from the ASX critical Australian Stock Exchange Group services upgrade hobbled by defect, leaving it delayed. The May 12 rollout of tech updates to unify opening times has now been pushed back to June 30 as ASX de facto confirms, it has abrogated a new concept of coherent credibility and management. If indeed anybody felt that was even remotely valid. After years of dismal management failure, Omnishambles continues Gauntlet is now lying firmly in the ASIC RBA court in career paths this week the lseg They've poached the S and P executive Gianluca Biagini and Ron Leffords to come over to LSEG and become co heads of Data and analytics reporting to out of his depth Dave himself. And they will be leaving S and P Global. There's a new chairman appointed to the Uzbek Commodity Exchange. All the best to Assadullah Kayamov, who has been appointed as the chairman of the board of the Uzbek Commodity Exchange in the same week when the really big job news was the installation and signing in swearing in of the new SEC Chairman Paul Atkins. We wish Paul all the very, very best in office. Meanwhile, ladies and gentlemen, when I was born they were far from two a penny, but there were plentiful numbers of former RAF pilots who'd taken part in the Battle of Britain, where the Nazis were denied dominance of the British airspace, thus precluding Hitler's plan to invade the UK during World War II. St Mead's Day, March 17 this year was tinged with the sad news that in Dublin's fair city, the last living pilot to fly in the Battle of Britain, John Paddy Hemingway, DFC, had passed away at the age of 105. The last of the few always said he was just doing the job he was trained for. But behind that modesty lay an incredible life story. From defending the Dunkirk retreat in 1940 to an epic four bailouts each time to return to frontline fighter duty. Hero is frankly an understate. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 292. Join us daily via exchangeinvest.com or if you have any exchange you'd like built, get in touch. My name is Patrick L. Young and I wish you a great week in life and markets.
- 10:47Speaker 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.