Latest / Exchange Invest / 303 Exchange Invest Weekly Podcast July 12th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market structure. Euronext bids for affects TASEE moves Monday to Friday, Sebi creates a Gin street crisis and it's the floors day in court. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest it's the Exchange Invest Weekly podcast, episode 303 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 and daily to your inbox. More details@exchangeinvest.com over in BitCarnage, Chinese officialdom have issued an edict which shows the official party line even from a progressive city up close to the SAR such as Shenzhen, issuing a warning over stablecoin scams and illegal crypto fundraising. You should have a rational investment mindset, goes the missive from the Shenzhen authorities. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day on Exchange Invest. Alternatively, if you want to follow Bitcoin, it's 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 exchanges top financial industry group urged scrutiny of IEX's options exchange proposal. SIFMA has added its concern to Citadel's worries and the concern is also the whole vested interest farrago of the existing broker dealer and indeed payment for order flow farrago. Meanwhile, there was a brutal put down by Victor Ripparbelli, the co founder and CEO of AI avatar Unicorn Synthesia this week in the context of the festering London Stock Exchange. Quote we have a big problem in Europe. We don't have a stock exchange that is attractive to list on. The Trinity is here. We're hearing the same tales of woe daily now and there's just no impetus on LSCG or its LSE division to actually turn this around. Old school floor traders finally get their day in court against the cme, goes the headline in the Wall Street Journal. I have no comment or insight to make on this particular action, but would note there are two specific previous cases of floor traders suing over floor disclosures in the move to electronic trading. First up, the French motif locals sued Paribors and the then N St Euranext at the Paris, Amsterdam Brussels stage which was seeking a listing. The listing happened in 2001 after out of court Parry Bourse made a settlement with the floor traders, many of those floor traders who had decamped to the world's last francophone floor, Montreal. Montreal then announced it was going to close the floor, at which point in time the floor traders sued. This was a subtly different situation and Bours to Montreal went to court where the locals claims including they kind of didn't know floors could be closed were all thrown out by a judge. Fun Footnote the expert witness at the Cour Superior de Quebec in Montreal was yours truly Patrick elyoun. Meanwhile, Hong Kong's first half IPOs have sortied fold, returning Hong Kong exchanges to the world's top spot for capital. Hong Kong exchanges leading an actual capital raised at $13.5 billion. LSEG Refinitiv data marks Nasdaq second at $8.85 billion for cash raised alongside the most IPO 72 tying with fourth place Tennessee. India, albeit OMX also had four. So that is Nasdaq Group 2, but not included in this branch of ref definitive statistics. Nyse comes in third with a handy US$7.52 billion raised. The Jane street saga has dominated a great deal of discussion Exchange Invest this week. Thus SEBI have accused Jane street, the market maker trading group, of excess profits and market manipulation. Jane street is a bit like the sas, the crack British military. Their options are to get into small gaps, deliver the appropriate payload and get out again without being noticed. Thus the market manipulation is not their world. They want to exploit anomalies that are essentially static, not actually move markets. So SEBI looked to have been offended at Jane Street's profits, which came to light in a court case about who had the IP to what trade. And so SEBI have adopted a scattergun approach which could now come back to bite them. Questions are being hurled at oversight failures by the exchange's SROs. But surely given how SEBI only really chanced on what was happening by accident by looking at these court cases related to a fund called Millennium. Does SEBI look like a credible regulator for as they bring? And we've yet to even get to the whole process of whether there really was wrongdoing beyond the Sebi Hindu rate of growth formula that only a modest profit is at best viable for Commerce. Tel Aviv Stock Exchange they are approving Friday trading. Thus Taize moves from Monday to Friday as their week, embracing a move in the Middle east already undertaken by the likes of the UAE markets and obviously homogenizing with most of the world's markets in the west and through Asia. No results this week. No new markets either. It was, however, a reasonably busy little week for deals in the Parish. All the deals were an exchange Invest Daily, the newsletter A new person can afford to be without capital markets and market structure. For the sake of this podcast, let's look at some edited highlights. Six have completed their acquisition of Aquis to expand the European exchange business and I'm very, very excited to see what six can do with the ACWIS assets and wish Alastair Haynes, the founder of acwis, all the very best in the well earned retirement. Meanwhile, very interesting news. Euronext have pushed a bid towards Affix. They Hellenic Exchanges Athens Stock Exchange Group Affix's CEO Janus Kuntopoulos struck me as having a naked single ambition to sell the Bourse, albeit I thought he might try to add more value to his business first valuing the exchange at €6.90 a share. That's premium to the circa €6 share price today, or 399 million euros. This is a big lurch south even from Italy for Euronext geographically, which could have synergies for the empire. Once again, Euronext CEO Stefan Bujna is showing his desire to bid and get the message out. He's bidding in the hope of shaking shareholders to do a deal. At the same time, affects so far seemed to say they were playing hard to get over an unsolicited bid. This week we celebrated one year since we launched a special edition inspired by my visit during the closing bell at the New York stock exchange on July 5, 2024. Patrick L. Young's original bestseller 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 piths, placing the past quarter's entry in perspective alongside the original text which has proven remarkably successful throughout the years. Capital market revol solution 25th anniversary edition is published by Exchange Investors, now available as an ebook via Amazon Kindle at a ludicrously Reasonable price of $9.99 Quarter the price of the original shorter print book a quarter century ago. If you fancy some financial insights moving pictures, check out our live streams. Tuesday 5 o' clock London midday New York time. It's the IPO Video Live show. Catch the back episodes on LinkedIn, YouTube at IPO fit and coming up on Tuesday, we've got another great live show. It's going to be our second panel. We're going to be discussing July, Jane street and all sorts of other interesting mid summer topics from the north hemisphere. Join us online Tuesday midday Eastern Standard Time 6:00 clock Paris Time 5:00 clock London Time Our Book of the Week this week Finance Book of the Week is Player Manager the Rise of Professionals who Manage While They Work by Philip Auger and Joy Palmer giving detailed case studies on professionals changing the approach to management over in Products well, another shaker of a piece of news for the London Stock Exchange. The largest single market cap in the footsie AstraZeneca is in danger of defecting to the USA. The pharma company's CEO, Sir Pascal Sorio has been discussing the possibility, although no decision has yet been made. This is not quite a Ravens leaving the tar of London moment, but the wanton vandalism of the lseg, LSE incompetence masquerading as management is coming close to a moment where, like the British Prime Minister, they may find a push to remove them from office.
- 7:58Speaker 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. Thumbs up or if you have time, a positive review will always be welcome wherever you find this podcast.
- 8:17Speaker A: Over in technology, the Fourth of July rang out with a fascinating possibility. Databp launches consolidatedtape.com to support a vision for a new unified USTA plan and an independent administrator. Fascinating development to the ongoing saga of the USCTP was signed thoughts from Databp Databp CEO Mark Schiedl incidentally was our guest on IPO Vid71 defending the data economy. Speaking of consolidated tips in Europe there's a few SARN rapes from the buy sell side complaining about a one horse European Equity CTP race which is flawed. And that was according to industry expert. Also well known industry expert who represents the buy and sell side Nikki Beatty long poorly camouflaged us a Trojan horse for the buy sell side's loudest voices of criticism. Rudiment is flailing at the simple fact that the exchanges are backing a consortium to deliver the EU consolidated tape isn't the problem yet again, for all their noise, the institutions won't actually walk the walk. Having talked the talk, they can't coherently organize a bid, but they are eager to disparage the one known bidder so far. Career paths. Congratulations to Hong Kong Exchanges CEO Bonnie Wah Chan. She's been appointed a Justice of the Peace by the Hong Kong Chief Executive John Lee. Meanwhile, you won't read this in the Trump gringed media, but he scored a huge success in Africa, with Rwanda and Congo signing a peace accord in Washington, D.C. the other Friday. It's another feather in the cap of the whirlwind Pace administration, with Trump confidant Masa Boulos having negotiated much of the deal, which also helps open up some critical minerals and rare earths in favor of the us a balance slightly away from China. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 303. Join us daily vixchangeinvest.com or if you're in the Exchange you'd like build, get in touch My name is Patrick L. Young and I wish you a great week in life and markets Foreign.
- 10:17Speaker 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.