Latest / Exchange Invest / 273 Exchange Invest Weekly Podcast November 30th, 2024
Transcript
- 0:00Speaker A: This week in the parish of Bosses and Market structure trumped media backed nicely, plot diffused, Sebby Cleaves clearing and the FCA is savaged by British mps My name is Patrick L. Young. Welcome to the Boars Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 273 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 Exchange Invest Daily subscriber newsletter. The unique guide to the boss business sent daily to your inbox. More details@exchangeinvest.com over in Bit Carnage A little bit of a dirty underbelly to the crypto business as VCs and indeed like PEs, they reckon they get vast amounts of the booty and thus despise the idea anybody else might get added leverage because that is their right. That said, I can also see sense in a push In Cryptoland recently VC firm A16 pushes back on Predatory Crypto Token Deals runs the Bloomberg headline with a dubious underbelly where tokens live in the cryptosphere and either investors get no dilution clauses or indeed other bonuses. I can think of at least one listed crypto token entity where the original owner was not averse to offering significant incentives in tokens to investors. For example. Hopefully a 16Z can clear up a rather dubious market, although with crypto having peaked over $95,000 and looking close to $100,000 as I record this podcast, a lot of folks are getting wildly excited. If you enjoyed this excerpt, you may be interested to know that you can read Bitcoin every day on 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 it as a standalone bitcarnage on substack. Over in the world of exchanges themselves, a valve story of a plot to bomb the New York Stock Exchange was diffused by the FBI this week with the suspect in custody. Elsewhere, the WFI conference. That's the World Federation of Exchanges, the self proclaimed but not necessarily World Federation of Exchanges they had as a special guest at their event in Kuala Lumpur, the esteemed English anthropologist primatologist Jane Goodall. The brilliant Ms. Goodall pointed out that it was important to recognize that anything on earth could become extinct, including humanity. Personally, I find it richly amusing that the WOOFY delegates nodded sagely and have shared this revelation widely on social media without even upon reflection seeing the irony of their own association's precarious position as the exchange world evolves and the woofy dog barks irrelevantly. Meanwhile, big news from Hong Kong as they celebrated the 10th anniversary of the Connect programs with gusto. Worrying news from sebi. As it says in a draft paper, clearing corporations need to be and need to be seen to be truly independent of exchanges, particularly in such interoperable segments, so that there is a level playing field across market infrastructure institutions. With no perception of any perverse conflict of interest. They've invited public comments by December 13th. Oh dear. Surely the perversion is the SEBI inability to let market infrastructures operate without ludicrous impediments. The forcible dilution of exchange holdings and equity CSDS amounts to yet another example of the socialist report oppressive dogma which has blighted Indian capital market development at the hands of the regressive sebi. One interesting development to a market the OTC Markets Group are launching Moon ats, a new overnight trading platform not just for the OTC Group stock, but also National Market System securities. That's a very interesting development because of course that also means that the subscription model of OTC Group is expanding more towards execution income as OTC Markets try to get in on the exciting world first populated by Blue Ocean trading with great gusto in recent months. On the ratings front, there's no immediate ratings impact to CanterBGC and the related businesses such as FMX from the departure of their CEO Hard Lutnick to become the Trade Secretary in the usa. Meanwhile, one person who actually wants a new clearing corporation even if they're going to have a daimynose stake eventually and they'll have to be diluted according to the proposed new crazy SEBI laws. The Calcutta Stock Exchange. They're trying to get back into the trading business after an 11 year hiatus and they're hoping that they can add a clearing corporation CSD to that as well. Meanwhile, it was a busy week for results in the parish. We had results from Moscow, Tel Aviv and Manila this week. All the details were an exchange Invest the newsletter you can't afford to be without. If you're serious about the Bourse business, subscribe now with a free seven day trial via exchangeinvest.com in new markets. Gosh, very exciting news. Newark Chot is going to have a stock exchange, ladies and gentlemen. Where is that? It's the capital of Mauritania in Africa. The weird thing is it was announced by the Central Bank Governor ringing the bell to open a session of trading at the London Stock Exchange and the London Stock Exchange seems to be the partner into this entity. Now hold on a second. As Wikipedia notes, the economy of Mauritania is still largely based on agriculture, slave labor and livestock, with GDP per head at under $2,500. I think it's fantastic the government wants to open a stock exchange in the capital Newark Chod. But I'm bewildered. Just what on earth can the LSEG really offer in practical assistance to such a micro market deal? News this week. Well, multiple things happening. Very, very interesting. Some highlights for the sake of this podcast Donald Trump's Truth Social Media Group is in talks to buy the crypto trading venue Bakkt. Since the departure of Finder, CEO Kelly Loeffler have somewhat despaired of the direction of Bakkt. A tie up with Trump Media could open a new chapter for the platform. Meanwhile, Nyshex, the New York shipping exchange, they've announced diverse close of a Series C funding round led by Khalid Kappa Capital. They're also collaborating with ICE to launch a new freight rate index and Abex, once again closing yet more funding another tranche, this time 2.1 million. A first tranche of strategic financing. That's 2.1 million Canadian dollars. When it comes to understanding funding and what's been going on with the Capital Market Revolution, Exchange Invest is proud to have launched a special edition of Capital Market Revolution inspired by my visit to ring the closing bell at the New York Stock Exchange July 5, 2024. My original best seller, that's me, Patrick L. Young Capital Market Revolution was the first breakthrough book in fintech a decade before that word held common currency with over 10,000 new words of additional pith, placing the past quarter century in perspective alongside the original text, which has proven remarkably successful throughout the years. Capital Market Revolution 25th Anniversary Edition is published by Exchange Invest and is now available as an ebook via Amazon Kindle at a lutrously Reasonable price of $9.99 a quarter the price of the original shorter print book a quarter century ago. Go out and grab your copy now on Kindle please. If you fancy some financial insights with moving pictures, don't forget to check out our live stream. Tuesdays 5pm London time, midday New York time it's the IPO video live show. Catch the back episodes on LinkedIn YouTube by IPO Vid most recently we had a cracking show, IPO Vid 162 bringing CLO to your investment flow with a fabulous guest, Shiloh Bates. And we're going to start looking back on the year in the week ahead, IPO Vid163 is going to be the Highlights of The Year Part 1 Our guest this week on IPO Vid, Shiloh Bates, was actually surfing in Nicaragua when he joined us for the show. And appropriately enough, our finance book of the week is Mellow your money, how to Surf the market and build wealth without stressing yourself out by Mick Hayman, who was our IPO Vid guest on episode 160. Check out his book Something that's more than just balancing your books. It's about balancing your perspective so your money can work for you and bring you peace of mind while reducing those daily worries and anxiety over in product news this week, CME Group are going to launch Mortgage rate futures in January 2025. An interesting product which can't hurt old mortgage product investments already made by oh, the Intercontinental Exchange European bond futures being given a clean bill of health. They're going to succeed despite issuance doubts. So said the head of ICE Europe this week, undeterred by a lot of different SEBI crackdowns in recent weeks. Bse, the Bombay Stock Exchange, they're going to be expanding the futures and options segment with 43 new stocks. Just SEBI is of course trying to restrict speculation in the futures and options business. Then there's also news that the CBO are going to launch the first cash settled options product relating to spot Bitcoin beginning on Monday 2nd December. Now there's a fascinating conundrum. Bitcoin is the ubiquitous means for future finance pronounces its acolytes. So we're going to trade the options against cash fiat in the traditional OCC manner.
- 9:24Speaker 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.
- 9:43Speaker A: In technology news, as I mentioned earlier, rumors abound that the true social entity backed by Donald Trump may be bidding for ISIS rudderless crypto concepts platform backed with ICE having taken a back seat while maintaining a significant share, it could be an easy way to remove the platform, which looked promising under its initial inaugural management team but is permanently flattered to deceive under management who subsequently, despite several reboots, could never deliver much confidence in the firm's ability to flourish. So frustrating as there were so many potential avenues in the original concept, but at the same time there was no coherent mature institutional business in crypto, which was also a key setback. Data bp Congratulations to them. Mark Schadl, another great IPO vid alumnus. He's announced an agreement with Miami International Hub holdings to optimize their market Data Services and ESMA. They're proposing a move to T1 settlement by hold your breath, ladies and gentlemen. No, don't hold your breath. It's going to be far too long. October 2027 the end of that month. That means a mere T1 and 1250 additional days after the USA the European Union regulator might catch up with where the business is at in regulation. The US sec. For all you might complain about Gary Gensler, he obtained record financial remedies during fiscal 2024. Lyco loath him. He obtained $8.2 billion for the government coffers, something that must have been quite handy given the spendthrift nature of the Joe Brezhnev regime in the uk. Not such an encouraging picture. The FCA is incompetent. The Financial Conduct Authority is incompetent at best, dishonest at worst, according to a scathing report by MPs and Lords that calls for a major overhaul of the watchdog. What a shambles. Frankly, the FCA is turning out to be a remarkable blob area disaster, but then again it's part of the British government, which is itself an entire blob area disaster over in Korea paths. The highlight was of course the fact that SEC Chairman Gary Gensler is going to be departing exactly as scheduled at the change of the regime, as we always said it would be. And a large number of people refused to believe in the media because they were busy trying to chase clicks rather than reporting on the truth like Exchange Invest. Meanwhile, Donald Trump's pick of Howard Lutnick to run the Commerce Department I mentioned earlier and it was a bad day for former senior official at China's securities regulator Zhu Kong, who was sentenced to life in prison last week for taking copious quantities of bribes. The aqueous Exchange Chair has stepped down for personal reasons. Farewell to Glenn Collinson, but I'm also delighted to welcome his successor, the former Irish Stock Exchange CEO Deirdre Summers, who will I am sure make a magnificent Aquas chairman while the six takeover over is completed in Big World. I have no idea when they will finally have all the votes counted for the US elections of 2024. They still haven't managed it by the time we record this podcast weeks later. But one big data point is key to the future ladies and gentlemen. 45 million Americans tuned into YouTube and other online platforms. By contrast, 42.3 million US folks tuned into the old fashioned goggle box to have a squiz at the results on television. True, the lunacy of COVID lockdowns may have helped the 56.9 million viewer number in 2020, but the trend is overwhelmingly clear. The news is online now and frankly, can anyone be surprised given the quality of prevailing television networks like CNN and msnbc. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 273. Join us daily via exchangeinvest.com or if you're a new exchange you'd like build, get in touch My name is Patrick Elyong and I wish you a great week in life and market.
- 13:45Speaker 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.