Latest / Exchange Invest / 297 Exchange Invest Weekly Podcast May 31st, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and market structure, Bloombast, the world's biggest terminal, has a near terminal failure, stopping Eurospawn markets amongst others, as the SEC likes private markets for all does the death of the Penny mean new tick Sizes? My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 297 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 BitCarnage, the Bloomberg headline Crypto crime is the future. Bank heists are history serves as an apt reminder that nowadays it's tough enough finding a bank branch, let alone which one might actually have enough cash to make it worthwhile going all oceans Umpteen, not far removed from bank robbery is of course pure play larceny. As Yahoo Finance notes, coinbase hack reveals crypto vulnerability to old school crime bribery. That too is a big thing in contemporary crypto crime, it seems. 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 Bitcarnage, 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 spin moves towards more flexible, simpler listings for BME in a welcome development as the LSE is talking up its private markets platform Pisces. News that the US treasury sounds death knell for penny production, as the WSJ headline put it, means physical goods producers will have to around prices up or down. Does that mean we have to change the US stock tick size once again? Brendan Caldwell, son of Tom, made a powerful case for public markets this week in the Canadian Financial Post. Well championed in the same week when Urbana's investment in CSE looks better than ever with the acquisition of the Australian nsx. Over in results not much to look at this week. One rather sad set of news. The Moscow Exchange announced results for Q1 2025 with operating income down 16%, profits down 33%. Bit of a profit slump all round as the Ukraine war wages on. Exchange Invest is proud to have 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. That's me'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 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 Ed is published by Exchange Invest and is not available as an ebook for Amazon Kindle at a ludicrously reasonable price of $9.99, a quarter of the price of the original Charter Print book a quarter century ago. Meanwhile, if you fancy some financial insights with moving pictures and not just voice, check out our live stream Tuesdays 5:00 clock London 12:00 clock New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube via ipo-vid in product news, Shanghai Futures Exchange is going to be launching LNG and paper futures according to their chief. While the LSEG dropped a plan to add CIBO data to the WMR FX benchmarks, I imagine CIBO will be aggrieved at being deemed insufficiently equivalent by forex users.
- 3:49Speaker 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. Or if you have time, a positive review will always be welcome wherever you find this podcast Technology News this week.
- 4:10Speaker A: Well, we were ablaze with technology news. First of all, Manila's Philippine Stock Exchange opts for its fourth change in system from its initiation 30 years ago. That marks an upgrade of Xtreme under Nasdaq, the earlier systems having been an NYSE Tech and the Mac trade system created locally from Makati Stock Exchange, which was merged along with Manila Stock Exchange into the PSE in 1992 in a deal personally architected by then President Fidel Ramos. Mentioned at the top of the show, Bloomberg Terminal outage hits Traders as the Financial Times noted, what an unfortunate shambles, putting the usually super smug left wing provider of bond market data in a right pickle. Bloomberg had the sort of stuff up last week, which if this were an exchange, we would never hear the end all from the likes of Bloomberg. Perhaps it's time to consider whether Blumies is breaching antitrust positions if it has such a firm hold that the bond markets can't price if it goes down. Certainly there ought to be a lot of concerns after this 90 minute delay given the premium pricing of the platform. A day when the black box Bloomberg Terminal surely ought to be benchmarked to the reality of the open source digital dynamism of today. When even the Financial Times can pillory your inefficiency, it's fair to say you're having a very, very bad day indeed. Moreover, it wasn't an isolated volley. There was a silly story, well, slightly silly story on the bugle the other day where a decimal point failure led to a relatively obscure clothier being the world's largest company by market cap. If you were relying on Bloomberg data though, is this the point where we dec Bloomberg? I very much think so, albeit I doubt that means a Reuters renaissance under lseg. Bloomberg was not alone in having technical problems last week. The CFTC themselves they resolved technical issues after some time with their comment portal. And clearly the CFTC will have to sanction themselves for this technical problem, which robbed us temporarily of our First Amendment rights in regulation. The new SEC chairman, Paul Atkins is signaling investor access to private markets could soon broaden. That's a major development for, well, whatever it is private markets trying to become. Hat said, it's really worth revisiting his testimony from last week. Paul Atkins testimony before the United States House Appropriations Subcommittee on Financial Services and General Government as the core Atkins pronouncements are superb AKA remove the Gensler bracket creep madness and adopt a super glue knitting stick to the fundamentals of Margarets. Also, we love the comments on closing the Office of Infant Innovation blah blah and putting lipstick on Analog Blobsters or whatever it was called as digital needs to run through the whole organization. A joyous proclamation if perhaps impossible in the broader line of government at least. Busy week in career paths. Former LSEG staffer Dean Bowery's jumping ship to join Market Access as group CEO and CEO of EMEA and apac, while the CFTC is in danger of having no commissioners whatsoever as Kristen Johnson announced her imminent departure, leaving two commissioners mercing her own fam, both of whom are only staying until at least a new Chairman is appointed, albeit there are no scheduled hearings at present for Brian Quintons to be approved, so far as we are aware. That leaves us with a fascinating story in the South China Morning Post a few weeks back, which continues to intrigue me. The headline was Big Impact Russian Goods Seizures cause Havoc on China Europe Rail Link. In essence, that magnificent belt and road network created by China has had some issues of late. Some folks in Europe have been ordering stuff off Alibaba Shine or wherever and the parcel gets popped on the train by that nice Mrs. Wong or somebody in, say, downtown Hangzhou. The problem is the parcel can move seamlessly across the rail network, but then hits a bok problem when it reaches customs at the Russian border. Thus the the freight land route China Europe is de facto closed for business. For passenger traffic, the spectacle of seeing uniformed Russian railway staff saluting as the train headed from Warsaw Central to Moscow has now been replaced with a service which only goes to Minsk after Russian trains were cut off from Europe post Ukraine invasion. And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast 297. Join us daily via exchangeinvest.com or if you have a new exchange you would like built, get in touch My name is Patrick L. Young and I wish you a great week in life and markets.
- 8:40Speaker 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.