Latest / Exchange Invest / 289 Exchange Invest Weekly Podcast April 5th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure, ASIC cracks down on ASX at last CME and Google look at DLT as Ice Plants, Battery, metals and signs exploratory MOU with Circle and Nicee Texas launches with its first listing. My name is Patrick L. Young. Welcome to the Borscht's Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 289 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's daily subscriber newsletter, the unique guide to the Boris business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage, the One True Ledger has been much talked about. In the beginning, the word from the digital Mount Sinai was that this was bitcoin. That was of course fooey woe betide people like me who initially pointed out bitcoin would not be alone in DLT terms or indeed in cryptocurrency either. The established view was of course wrong, as has pretty much always been the case of established crypto broken census. However, this is a mega announcement. CME Group will introduce tokenization technology to enhance capital market efficiency using Google Cloud's new Universal Ledger. Presumably CME got first dibs on this because it had signed a 10 year agreement with Google Cloud way back in 2021. However, the macro picture has got to be that suddenly a huge number of blockchains look rather redundant. All those little garagest projects where somebody hoped for a get rich quick scheme by ramping their util utility token to run their dlt. Well, that is probably history already if it wasn't previously. If you enjoyed this excerpt, you may be interested to know that you can read Bitcarnage 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 Bitcarnage as a standalone on substack alongside signing an MOU at the top end ICE with a Circle, the stablecoin provider. Let's see what comes of that. Probably an IPO on nyse. The big news from ICE this week was that Nicee Texas has opened for business. Yes, already. I can only suggest Yeehaw. Comes top of my headline list for Cultural Appropriations to celebrate with news that within days of a presumably hefty legal bill, $10 million each way for their SEC paperwork, Texas Stock Exchange TXSE has probably got an SEC acknowledgment, while Texas itself has a fully functioning stock exchange in Dallas, which links to one of the two largest stock bourses on earth. And the other half of that brace of mega bourses is opening a major rep office in Dallas too. The listing of New Republican Royalty via Trump Media as the first distinct nice Texas stock also marks a changing of the guard for the state once synonymous with the Bush family, albeit their Floridian arm of course, has an investment in my axe in Miami. Anyway, Governor Abbott has a big name boss in his state and that's an exciting dynamic for Texas and the US Stock market. Plaudits to Ice Nicey and Lynn Martin et al for their fast moving approach to neutering TXSE and adding a dynamic to the US Capital market. Oh, if only things could be remotely so dynamic down under, as the AFR headline put it. ASX faces ASIC RBA Blue Torch over December Settlement Outage ASIC and the rba, that's Australia's central bank and the regulator respectively, have finally snapped and placed unique special measures on the dysfunctional market monopolist asx. ASX has been spluttering back, but to read their press release you have to download a PDF first to read the mindless JoJo such as we've been investing heavily in modernizing our systems. The problem is not the money being endlessly frittered away a quarter billion AUS dollars on the DAHs fiasco alone, remember. It's the fact that being unable to read a press release on a website is a more than ample demonstration that the ASX has managed a whole new industry. First, ASX has spent so much money so badly it has innovated itself analog over in Thailand. Our thoughts are clearly with all those, including parishioners who have suffered in a dreadful natural disaster a massive earthquake which came all the way from neighboring Burma, Myanmar. Downtown Bangkok was declared a disaster area as recently as Friday the 2018 and it's a remarkable testament to the set the Stock Exchange of Thailand that they already managed to resume trading over a weekend and were fully operational by Monday 31st of March. Congratulations to all concerned in results. It was a busy week. Four results in the parish. All the details were an exchange Invest the newsletter no person can daily afford to be without in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights. Tisc, the international Stock Exchange formerly known as the Channel Island Stock Exchange, reported record Turnover, profit and EPS for 2024 turnover up 22.6% at 13.3 million pounds that's about $16 million. Profit of 6 million pounds up 24.2% that gives it an earning per share of 212.7 pence. It's hard to miss why Myax made their hurried bid. They're paying £70.4 million to buy a business that makes £6 million a year. Tice sold out too cheap. Then again, a skeptic might argue price discovery of being listed on the traded element of TISE was not as good as it might have been it seems. Then again, would it have been better elsewhere for a small stock? A moot point to debate? Certainly. Myax have got a great business at a decent price and it ought to add a little multiple kicker for the IPO discussions of Myax ahead too.
- 6:13Speaker 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 over in Deals not.
- 6:34Speaker A: Such a busy week in Deals, but all the details were of course. As always in Exchange Invest, however, the Philippine stock Exchange PSE has broken through the 90% level of PDS shareholding. That's the National Bond platform. After acquiring several parcels of stock from Bankers association of the Philippines members and also one held by the Philippines Social Security Bureau, Exchange Invest is proud to have launched a special edition inspired by my visit to ring the closing bell at the New York stock exchange on July 5, 2024. Patrick L. Young that's me. My 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 through the years. Capital Market Revolution 25th Anniversary Edition is published by Exchange Invest and is now available as an ebook for Amazon Kindle at the ludicrously reasonable price of $9.99 a quarter, the price of the original shorter print book a quarter century ago. Meanwhile, if you fancy some financial insights with moving pictures, check out our livestream Tuesdays 5:00 London time, Midday New York time. It's the IPO Video live show. Catch the most recent back issue on LinkedIn and YouTube on IPO Vid. Now online we have IPO Vid number 174 with Max Cunningham, the CEO of NSE Australia. Fascinating stuff so here's huge growing battle where there are markets in China, markets in Singapore and also of course cme. ICE is launching cobalt spodumene and lithium, not nickel as Reuters erroneously reported last week. And it represents a new front in the vast commodity battle going on between the CME and ice, with both exchanges now going head to head in this same trio of battery metals. The competition stretches through the environmental markets where ICE has a considerable book of business, and deep into the energy markets where the CME still thinks capacity limited. Cushing, Oklahoma is the epicenter of an oil market where OTC and indeed ICE futures have centered on the infinite barge capacity of Houston, Texas, which also has more fixed storage in the Houston port area than Cushing to boot. In essence, this is a battle between an increasingly nanofocused AS concept very different to laser focused CME and ice, which is indeed laser focused on the end user commercials, whether mining, drilling, processing, refining or buying the commodity in question for end product or sale to broader user groups. This topic was discussed in greater detail in Exchange Invest this week. Subscribe via exchangeinvest.com over in technology, well we mentioned it at the top of the show. The excitement in a bit carnage of CME Group introducing tokenization technology to enhance capital market efficiency using Google Cloud's new Universal ledger. More details of that Google Universal ledger, presumably to come out soon. In Career Paths, the S and P Global Board of Announced new Board leadership ANP Livingstone has been named Chairman of the board. The former CEO of the UK telecoms firm BT, a board member since 2020 in Livingston, will succeed Richard E. Thornber, who's been non executive chairman since October 2020 and will retire when his current term expires in May 2025. Alongside a couple of other non executive Directors, Robert P. Kelly and ind. Hughie Evans, the LME former Chairman and highest profile casualty of the nickel nightmare Keh Evans will also retire from the S and P Global board in May 2025. Borsa Malaysia has appointed Fared Alias as the new chairman effective from May 1st. That's further to the new CEO Dato Fadal Mohammed being appointed in January. Finally in career paths this week. Simply wretched news. The wonderful director and co founder of specialist tech Capital Markets fintech PR firm Moonlight Media, Alla Lapidus succumbed to cancer on March 16. Our sympathies to her family and long term business partner in Moonlight Media, John Norris over in Big World without a seat in Parliament, new Canadian PM Mark Carney has promptly called a general election. You had an option sir. Sounds innocuous enough, but it tipped the 1985 election away from newbie Liberal leader John Taylor towards the Conservatives when their leader, Brand Mulroney, deployed it in a TV debate and elegantly channeled frustration at appointments made by the outgoing pm. Ironically, that former PM was one Pierre Trudeau, father of Justin, unless it really was, of course, Fidel Castro, but that surely is just idle gossip. Anyway, the polls are in one month's time on April 28th, and as I record this ahead of the crucial TV debate, Mark Carney, Tiny Moon as Liberal leader, has gifted him 46% lead, sufficient for an overall majority with the vote collapsing for the NDP and Bloc Quebecois in recent polls, and also indeed a significant metropolitan Liberal favoritism due to the method of construction of the constituencies across the Canadian continent. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 289. Join us daily by exchangeinvest.com or if you have a 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.
- 12:01Speaker 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.