Latest / Exchange Invest / 295 Exchange Invest Weekly Podcast May 17th, 2025
Transcript
- 0:00Speaker A: This week in the parish of forces and Market structure, there's a big SIP surprise that worries about an FMX folly, while ASX has a brave new plan for IPOs. But is anybody listening? B3 disappoints and London is running scared My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 295 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 over in BitcoinAge and low it has come to pass in the half life of crypto trends about the lifespan of a goldfish thing, as you ask. Now the Democrats loathe crypto and the GOP is the crypto beholden. Thus from blowing kisses at SBF and hearings in the Capitol, it has become House Democrats storm out of cryptocurrency hearing Alleging Trump corruption. That was a Fox News headline incidentally. The funny thing is this might be the sole area where the Dems could cut through about the Trump admin, as it does have a I might have put it, quirky optic. To put it mildly, the way Trump has endorsed crypto looks odd. At the same time, the risk here is that if it does not cut through, there might also be a case that actually the big wide world of voters don't care too much for crypto. If you enjoy this excerpt, you may be interested to know you can read Bit Carnage every day and Exchange Invest. Alternatively, if you want to follow Bit Carnage, the daily update on happenings in the world of crypto and digital assets, you can find Bit Carnage as a standalone owned substack this week in exchanges in the mainstream of markets the SIP has surprised by advancing a plan create a plan to take to the SEC devil and details may yet be the key risk points here as the principle of overnight trading has taken a step forward. Hooray. But actually, getting the notoriously disparate SIP committee to concur in the details may yet prove a longer function. Hopefully I'm wrong again on this. Just as I thought it would take an eon for the SIP committee to get even this far in terms of agreement, suddenly we seem to be years ahead. After all the hype and a remarkably credulous cadre of institutional investors believing this time it's different. It would appear FMX is at least temporarily became with the LCH cherry link not quite yet ready for US treasury futures, although it seems to be coming soon. Disappointing all round, but perhaps not overly surprising. Over in London itself, the fund managers who are devoted to minimizing risk in London's market are now fearful for the future of the London Stock Exchange itself. And without a hint of irony too, I note in China, the Shanghai Gold Exchange, they've announced they're going to expand their warehouse network to Hong Kong, a very interesting concept promoting yuan denominated products. Last week of course, SGE said they would expand their network worldwide. Now they're responding to the recent licensing of HKEx's warehousing within the SAR of Hong Kong itself. The interesting thing is that SGE will build a new vault under the suzerainty of a Bank of China subsidiary, whereas LME have opted to use existing facilities.
- 3:28Speaker 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.
- 3:47Speaker A: Meanwhile, in Results it was a busy week for results in the parish. All the details were an Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, we're going to dive into just a couple of edited highlights. MCX had another significant profit jump, albeit that just reminds us they spent a year or more in total torpor due to incompetent management determined to oust Jigna Shah's tech in the interests of, well, clearly not smooth quarter on quarter profit rises given the volatility that ensued when TCS struggled to change systems according to the timeline and MCX had to pay accordingly to Jigna Shah's IT arm given a pure play monopoly. The low growth numbers meanwhile from B3 don't herald a happy outcome for the future of the market when it is exposed to various waves of competition in the near term. Then again, if B3 can't profit from such a broad monopoly, they don't deserve to frankly be that broad monopoly in deals. Not such a busy week, but a couple of interesting snippets. The National Stock Exchange of Australia raised 1.3 million Australian dollars, a handy round if not the absolute optimal sort, which is about twice that number. Max Cunningham, their CEO was our guest on IPO Vid 174 advancing NSX Australia. Good luck to him with his competitor. Play to the, well, somewhat discredited ASX Coinbase. They had a big deal this week. They're quite deribit becoming the most comprehensive global crypto derivatives platform according to their own PRs. At least they paid 2.9 billion for the derivatives options centric deribit platform, which is quite fascinating. Meanwhile, Market Access made a modest acquisition a acquiring majority control of RFQ Hub holdings llc. The question to ponder is does this change the narrative from the current perceived status of Market Access? Exchange Invest 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. Patrick L. Young's original bestseller, that's Me Capital Market Revolution, the first breakthrough book in fintech a decade before that word held common currency, 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 Revolution 25th Anniversary Edition is published by Exchange Invest is now available as an ebook via Amazon Kindle at a ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. Meanwhile, don't forget, if you'd like some moving pictures with your IPO insight, check out our live stream Tuesdays at 5 o' clock London time, midday New York time. It's the IPO video live show Cats, the back episodes on LinkedIn and YouTube via IPO vid. Coming this week we're gonna have a fabulous show with a man of great experience in all markets, Mark Beddis. He'll be joining us for IPO Vid 178. Our finance book of the week meanwhile, is the Death of Gentlemanly Capitalism by Philip Augur, examining the decline of the British merchant bank during the 1980s and 90s through the boom of the Thatcher years, The crash of 1987, the big bang and the aggressive invasion of the American banks in the wake of the Thatcher revolution. Plug News One interesting point. The Hong Kong securities and Futures Commission, the stock exchange of Hong Kong, they made a joint announcement this week on the launch of Technology Enterprises Channel. In other words, a faster, easier route to get tech companies to market. Bravo. I say that's going to be very, very exciting for those who haven't actually managed to make it to a public market yet. And why not? I say ICE and Open are going to introduce a new benchmark for tracking 20 US venture backed unicorns at the same time. As I mentioned earlier, the rise of the RMB into Hong Kong continues apace with news of the Shanghai Gold Exchange is eyeing the Hong Kong vault that it's going to build to promote the yuan denominated products of its gold market regulation. News this week, ASIC reminds small business directors of their obligation to manage company money and assets appropriately. I'm left to wonder if ASIC might like to remind large monopoly stock exchange firms of their obligations to manage company money and assets appropriately too. AskingForAFriend CareerPass this week, unsurprisingly, Carlson Tong was reappointed as Chairman of the Board of Hong Kong Exchanges Group. And why not? Right now in Hong Kong, it's a fascinating time. The electric atmosphere, self improvement, the rockets flying through the sky. Progress remains, as always, fascinating, incredible and eclectic in the Hong Kong, sir. If anything, it's Singapore, which looks a little bit dowdy around the edges right now. Hopefully I'll have time to return to this thesis in Exchange Invest sometime soon A sad tale from Tokyo comes to a conclusion. A former Tokyo Stock Exchange employee and his father have been convicted of insider trading. As I say, a rather tragic tale of a pachinko parlor boss who pressured his son into delivering inside information from the offspring's vaunted position within the JPX, all for a paltry US$115,000 or thereabout. What a very, very sad tale indeed. But at least good news from the JPX as they got behind it, understood what had happened and solved the crime rapidly. Meanwhile, I'm left wondering, is there any end to Trump shaping the global agenda now? Even the ultimate bridge builder, the Pontifex Maximus Bishop of a city which is at least 5x the US's history was indeed born in the USA. Maybe the new Pontiff identifies as Peruvian and he has the linguistic breadth many American folks la true, he has chided vpjd, but would he have been elected if the Trumpy one were not American President? At this juncture, of course, that leaves us with a fun fact. Ladies and gentlemen, Pope Leo. I famously saw Fetila the Hun outside Rome back in the day. All the best to Pope Leo XIV for a long and successful term in office. And on that mysterious and magnificent note, thank you for listening to the CI Weekly Podcast 295. Join us daily via exchange invest.com or if you're new Exchange or Marketplace you'd like build, get in touch. My name is Patrick L. Young and I wish you a great week in Life and Markets.
- 9:43Speaker 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.