Latest / Exchange Invest / 314 Exchange Invest Weekly Podcast September 27th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure, John Green in Tiaquis, India seeks to open commodity futures while two markets range from bullying to Scientology as IEX options is approved My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 314 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 exchange over in BitcoinAge ramifications for the entire markets of Europe, the concept of pan EU regulation is hanging by a centralized string as Austria, France, Italian regulators have all threatened to block other EU maker crypto firms, according to Ledger Insights, AKA multiple jurisdictions, not just France are seeking to ignore the passporting concept which is the only element that makes EU regulation worthwhile. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day and Exchange Invest. Alternatively, if you want to follow Bitcoin Alone, 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 Exchanges, things keep going from worse to even worse at asx. As a former employee has accused ASX Chief Executive Lofthouse of bullying, former ASX head of Training technology Jamie Halstead claims CEO Helen Loftu, in her previous role as General Manager of markets was frequently passive aggressive and belittling in her demeanor. The problem is not a single employment complaint. The issue is that there appears remarkable resourcing and culture issues within axx, which some might see as coherently aligned with the dysfunction of the Australian market monopolist in not upgrading its settlement technology and indeed exasperating the usually semi supine ASIC to investigate it as a result of management failures. Meanwhile, another whistleblower alleges ASX tried to hide governance failures from rba. In the wake of the bullying accusations, it's hard to believe ASX could further shred its reputation. However, thanks to a truly inspirational level of management incompetence, the Australia monopolist somehow always manages to shuffle from bad to worse.
- 2:37Speaker 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 on Bloomberg tv.
- 2:57Speaker A: Last week Thomas Petroffy, the boss for Interactive Brokers, chairman and co founder therein, said prediction markets may overshadow equities. Reminds me of something that Ply, yours truly said three decades ago, pointing out as follows. Equity markets probably 4 out of 10 of a strong view. Political markets easily higher on all topics, particularly key ones. Thus we're looking at maybe 6 or 8 out of 10. However, sports markets, when it comes to the like of the World cup for soccer or the playoffs in baseball, easily 12 out of 10 people have a strong view. Thus Ply is in agreement with the excellent Mr. Petfi. Almost 30 years later, no results this week, but one great new market. IEX have won approval for their new venue looking to upend the options trading market. Hoorah. A new options venue a spicing the IEX fundamentals of latency chicaneing will reduce ULLQ jumping and be a fascinating addition to the 23 million sec regulated venues. I think I got the number of venues right anyway. And deals. Not a lot happening. But one fascinating deal that was highlighted in Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. Manikke have exited the Tel Aviv Stock Exchange. It appears that former cornerstone holder of the TASE Manik Global have sold most or all of their Taize stake. They originally acquired it in 2018. Don't forget. If you like a few pictures alongside your Ply remarks and more, check out our live streams. Tuesdays 5 o' clock London time, midday New York time the IPO Video Live Show Catch the back episodes on LinkedIn and YouTube VI IPO Vid Online 23 September Episode The Carbon Paradox with Steve's Vic Renat Hoiberger and Marco H. Bruner bringing their fascinating new book about Echo markets. And coming up on Tuesday we've got another panel on markets and it, this time with our special guests Anberg, Hamish Aduran and Daniel Davis. Tune in for that at five o' clock London midday New York time on Tuesday. Finance Book of the Week this week is a true classic. Extraordinary Popular Delusions in the Madness of Crowds by Charles Mackay. A popular history of popular folly in human society. Vital reading for investors everywhere. Over in products CIBO Europe derivatives are going to launch Flex options in Europe and SEBI and the central bank the RBI are in talks to boost trading in corporate bond index derivatives. Over in regulation Fascinating remark by Donald Trump saying companies corporations should not be required to report quarterly back to six months earnings anybody could be a fascinating move for the US stock market in career paths Sensational news across the board Lord Hill of Orford has been elected to the Board of Directors of the Intercontinental Exchange. Very exciting news as ICE appoints a s mine and one of the few UK Remainers who adhered to democracy. Unlike for instance, pretty much all the other elected Remainers. Lord Hill has intelligence panache and clear thinking, all despite having been a Conservative Party politician. He's an excellent addition to the ICE board, albeit the question may be why enhance the Board's British contingent now? Is Lord Haig a good chairman, a perma wrong adult politician for at least a generation now going to step down as ICE Europe chairman? I suspect it's because he may be close to the FCA's rather daft nine year Cadbury term limits. Also, Chairman Haig could be seeking to spend more time as Chairman of Oxford University, where he beat one Peter Mandelson to the post. And of course nobody has heard of Mandelson ever since. Well, at least in the dreams of UK Prime Minister Keir Starmer. Probably some element of the above, but there's always the hope ICE is going to use its vast UK EU legacy cash flow to acquire some assets on the eastern side of the Atlantic. Our headline today was of course John Green and Joining Aquis Exchange as Director Technologies Absolutely delighted to see the excellent John Greenan with a truly global reputation joining Aquis to lead their technology business. As Director Technologies, John will be responsible for leading the sales and contracting activities for the company's market leading proprietary exchange infrastructure technology and services from the vendor perspective. Interesting that Aquus have taken somebody who's a hugely experienced person in tech and installation and indeed a former Aquis client to head their renewed efforts to sell matching engines at all. This has impact across the board for all the other vendors in the field. As a seriously resourced Aquis under the parent banner of the Swiss Exchange makes for a very interesting proposition, particularly in the midborge space tier 2, top of tier 3 and Young's Pyramids. The vendors will now have to differentiate themselves clearly as Aquis is a strong competitor in the arena. I mentioned the Scientology story earlier on. Fascinating one from the Wall Street Journal. Apparently Joe Sikila, a previous guest on IPO vid building the Dream Exchange was his episode and the Dream Exchange itself have considerable ties to the L. Ron Hubbard Church of Scientology Down Under. No links to Scientology but a link to retirement. The government is seeking a new ASIC boss. With Joe Longo set to exit, having only recently become more engaged and actually looking to rein in the egregious mismanagement of asx, it's not a huge loss to bid farewell to Chairman Longo. At the same time, the risk is we get another chairman reluct and to bring the failing market monopoly to Book. Speaking of books, Thomas Book that he has been extended in his role as an executive board member on the board of Deutsche Birza ag. Wild CFTC Chairman Confirmation hearings have been delayed and apparently new candidates are being considered. During August we bid farewell to one of Illinois's finest, 97 year old Jim Lovell, astronaut who flew on Gemini 7, Gemini 12, Apollo 8 and became a living legend for coolly commanding the Apollo 13 mission which orbited the moon but was already stricken with multiple problems. Making for a true tale of the right stuff as Lovell and his crew, John Jack Swigert and Fred Haise threaded the rocket back to Earth after three and a half days in frigid conditions with little food suffering dehydration as Houston helped the crew return to Earth in what amounted to little short of a miraculous splashdown on April 17, 1979 months after the first lunar landing. In later life, Lovell ran a wonderful eponymous restaurant in Lake Forest, Illinois where I had the pleasure of dining not long after it opened in 1999. The highlight was obtaining a signature and a copy of his book Lost Moon devoted to the Apollo 13 mission. RIP a great American hero. And finally, here's a fun fact. Well, not a fun fact if you're a French taxpayer. French government debt is increasing by €5,000 per second. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast 3.14. Join us daily vixchangeinvest.com or if you're exchange you like build, get in touch. My name is Patrick Eliang. I wish you a great week in life and markets.
- 9:42Speaker B: This show relates to the business of borses. 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.