Latest / Exchange Invest / 306 Exchange Invest Weekly Podcast August 2nd, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market structure, a happy 6th birthday to star Strong NASDAQ Weak tattoo and the NSDL IPO is looming. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 306.
- 0:32Speaker B: Foreign.
- 0:43Speaker A: 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 Bit Carnage the Crypto Keen Senator Loomis is waking up on crypto after a historic legislative week. According to cointelegraph being quoted as saying, don't lose faith, we're waking up. President Trump has expressed his desire to make the United States the digital asset capital of the world. Help is on the way. Legislation is on the way. Rules of the road are on the way. My only problem is I'm going the other way. How can we have faith in stablecoins, which can wreak havoc with credit markets, etc. See Exchange Invest and Bitcoinage issues pass them to follow my concerns. Or indeed even the MSM where the FT and the Telegraph have been running stories such as the coming crypto crisis in the ft, while the Telegraph, representing something closer to free market thinking, has added this stablecoins the next big financial crisis waiting to happen. If you enjoyed this excerpt, you may be interested to know that you can read Bitcarnage every day in Exchange Invest. Alternatively, if you want to follow Bitcarnage, the daily update on the happenings in the world of crypto assets, you can find Bit Carnage as a standalone on Substack this week in exchanges, CBOE is planning to cease Japanese equity operations, having spent ages to become the global the most global stock platform in the world. CBO is, it seems, already working its way back to being a more parochial entity under new CEO Craig Donahue. I hope this is a misperception, but then again with the CIBO management being a remarkably parochial lot and appreciably more so after a slew of recent senior retirements, I think cutting Japan now seems like a badly timed move to simply flex cost cutting, which has always been the problem of myopia through parsimony that plagues CBO being genuinely expensive. So no mindset revolution so far in Chicago's biggest options market. Over on the other side of Chicago, CME Group they've won their lawsuit that was brought by former flow traders. This lawsuit always appeared as if it had a certain Hail Mary pass quality to it. The jury clearly agreed readily. Happy Birthday Shanghai Star market it's turning six the SME tech platform with US$153.4 billion raised for Chinese startups in India, GN street is seeking more time from SEBI to respond to the July 3rd order on the market manipulation case. All the same, the Economic Times via MSN makes clear where it stands on the Jane Street Arbitrage. Jane street, one of the world's most sophisticated trading firms, pulled off a renminbi 36,500 crore market scam, making a whopping 43,289 crore options profits while deliberately losing 7,208 crore in futures and equities. Note that word One of the world's sophisticated trading firms pulled off a market scam. Busy week for results in the Parish. All the details where an Exchange Invest Daily the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights. Nasdaq Their Results for the second quarter Impressive net revenue plus 13% GAAP operating income plus 34% Gap diluted EPS plus 103% Consistent growth at the higher end of the curve. Nasdaq performs once again under CEO and Chairman Adina Friedman. Deutsche Burst on the other hand. Well, what a lackluster quarter. Not the first time we've said that. Probably won't be the last. It was a statement of abjective, uninspiring mediocrity. Once upon a time, I remember Teutonic efficiency was quite the thing. Disappointment from the sidey bourse operators. Well, profits fell 41% at Tadawul.
- 4:22Speaker 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 welcome you giving us a thumbs up. Or if you have time, a positive review will always be welcome wherever you find this podcast.
- 4:40Speaker A: Meanwhile, in Deals two key things to think about this week. Nsdl, that's India's largest depository for stocks.
- 4:47Speaker B: And bonds, is heading to ipo.
- 4:49Speaker A: And unlike Euroclear, for instance, it's a dynamic, fast growing business. The book opens just after we record this podcast July 30th. You'll be seeing results from that in next week's Exchange Invest, I'm sure. Meanwhile, in Athens, negotiations are taking place with later Euronext. Over in product news CME Group and NASDAQ. They've extended their exclusive NASDAQ 100 futures license through 2039. That would seem to suggest NASDAQ have no ambitions to return to the futures exchange business in the near term. At the same time, over in the Philippines, they're still ironing out their GPDR rules. They're coming soon, those GPDRs Global Philippine Depository Receipts in technology Good news from HKEX once again. Their issuer access platform will be launching in 2026, enhancing issuer communication and market transparency While Commodity Exchange of India faces a technical glitch, it resumed trading after a halt last week. And in better news iex, the Flash boys have selected databp to streamline their market data business, an excellent market move for all parties. Iex, having sold off their previous in house data entity some months ago and EuroCTP, they've submitted their EU equities consolidated tip bid all the best to the.
- 6:00Speaker B: First coherent bid and perhaps the only.
- 6:02Speaker A: One to emerge in the ESMA contest. Over in Regulation ESMA, they're preparing for the switch towards the single volume cap in October of this year 2025. In other words, dark trading will be capped at 7%. Systematic internalization is the enemy of transparency. Frankly, block trading isn't. Single double volume cap rules have been perplexing and confusing and frankly, I'm not sure I follow them anymore. Faizi has been, by the way, somewhat behind the ball in clarifying this opaque argument, which is disappointing. Good news for Citadel. They won their case over the SEC audit trail. Funding and Republicans in the House have proposed a 7% leaner SEC budget compared to Biden's ERA chairman Gary Gensler. And finally, a snippet of great news. Hong Kong's IPO boom has set off an underwriter price war. Good news all round as listing costs are being reduced by the competition. That's apparent in the sir of Hong Kong as it enters a new golden age in career paths. A Senate panel was forced to delay a vote on Brian Condenser's nomination over the CFTC chairmanship due to a delayed GOP Senator thanks to a late airplane. Interestingly, the appointment is attracting significant opposition due to quintence being liberal on prediction markets and a Director of Kalshi before his appointment by President Trump as Chairman of the CFTC. U.S. native Indian tribes who have some regulatory carve outs for sportsbooks and gambling are doing a lot of the complaining. By the way, I can well remember in trade trade sports even discussing regulation under the umbrella of some tribe or another apologies to which one? My memory fails me. Over 25 years ago in New Zealand, the chief executive of the last nine years, Mark Peterson, who has made a material impact for the better at NZX and definitely improved the firm from what was a much more lackluster enterprise until James Miller became chairman just over a decade ago, has announced he will depart in April 2026. All the best to him. If only they had a CEO in Dhaka, the dse, they've got a leadership vacuum. Both the CFO and CRO positions have been open for a month, while the MD position has remained vacant since May. Indeed, in the history of the DACA Stock Exchan, since 1998, out of 13 MDs or CEOs, only two have been able to complete their term. Meanwhile, in big world, with the UK Labour government in deep trouble after just a year of breathtaking incompetence in office, at least HRH King Charles III is doing his bit to try and grow UK Commerce. King Charles has granted the right to issue a Royal Warrant of Appointment to regular suppliers to the household of the.
- 8:32Speaker B: Prince and Princess of Wales.
- 8:33Speaker A: While the Prince of Wales could readily anticipate this honor would become his as it was his father' when heir to the throne, it's the first time since 1910 the Princess of Wales has been given the right to issue warrants in her own right. And on that mysterious and magnificent note. Thank you for listening to this Exchange Invest weekly podcast number 306. Join us daily vixchange invest.com or if you have a new 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.
- 9:17Speaker 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.