Latest / Exchange Invest / 281 Exchange Invest Weekly Podcast February 8th, 2025
Transcript
- 0:00Speaker A: This week in the Parish of Bourses and Market Structure. Good results from Nasdaq as integration continues to work well and Euronext buys nasdaq's power business. ASX close to checkmate in the chess fiasco while Euroclear is in the cloud My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. Coming to you from Miami Airport, it's the Exchange Invest weekly podcast episode 281. 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 as a parish note I just want to say a big warm welcome. Delighted to see a new sponsor to Exchange Invest, the Exchange of Information, the new service of the Borsch business. The good folks of Connemara, the producers of EP3 are on a hot streak right now delivering awesome IT systems to power markets and all manner of products across the world. We are delighted to welcome Connomara supporting Exchange Invest and the free flow of information across the parish of markets, joining the excellent folks at nasdaq, BMLL and Sinara. All of our sponsors are top tier organizers of and providers to markets the world over. Additional thanks to our multiple COR corporate subscribers who retain their anonymity while supporting our endeavors as the unique platform of record for the business of Bourses and market structure which enables our newsletter and indeed this free podcast as well as our live streams et al. Welcome to Connemara and on to Bit Carnage plus A four fad we wondered this week. Apparently the Trump regime has caused a rethink of the crypto Bros attitude and an improvement in crypto regulatory standards until. Well, what was this that came across our desks? US News reports French investigators open money laundering probe against crypto platform Binance off the back of money laundering, tax fraud and other investigations comes more from the formerly incarcerated multi billionaire cz. Changpeng Zhao weighs in on saving FTX and Ethereum's ongoing issues as his own activity has ramped up as billionaire Binance founder CZ has jumped back into crypto with a $16 million investment in the token airdrop service sign. Not much news on his pre jail philanthropic educational approach it seems. For now. Of course CZ is not in charge of Binance and clearly CEO Richard Teng is entirely in charge of Binance, albeit nobody knows where the headquarters are. If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every Day and Exchange Invest. Alternatively, if you want to follow Bitcarnage, the daily update on happenings in the world of crypto and digital asset market structure, you can find Bitcarnage as a standalone on Substack over in the world. The mainstream of exchanges this week Down Under ASX is now under ASIC investigation once again for its latest Chess fiasco. No sign of Checkmate, but it's all deeply embarrassing. The pre Christmas Old Code collapse in Chess was another damning indictment the ASX C suite endeavoured to shrug off. ASIC is under new management, but as the new CEO came from accc, which has hardly shaken the tree when it comes to standing up to many on Australian monopolies over the years, we're not overly optimistic. Speaking of optimism, the debate continues on overnight US Stock trading, with CBOE announcing an entirely fussy plan to trade all day and all night. In the wake of NYSE examining Wise Forward and Blue Ocean Technologies blazing a trail with a growing moat as competition may take at least a year to enter the market, a key issue for the Nicene CIBO plans is that here there is a chasm for trading between the exchanges and ATSs for Cibo and IC2 go overnight. It can't just own an ATS, so that's a no no unless we see SEC deregulate something closer to European practice. So as an existing exchange, it's rather tricky. This is due to the needlessly complex US MNS, which is kind of 50 shades of regulation by somewhat perverse methods as opposed to coherent working modus operandi for the world's dominant equity market system. All of the above facts and figures you could find this week in Exchange Invest. Sign UP via exchange invest.com Meanwhile, new market Alert. We know that it's coming the Texas Stock Exchange. They've raised $160 million, they're aiming to operate nationally and I trading early in 2026. Meanwhile, prediction markets are battling the government once again as we head to super bowl weekend with all manner of contracts under scrutiny from the reluctant to regulate, if not downright hostile cftc. Who knows how this will work on the super bowl this weekend. Speaking of super bowl, incidentally, we've got a fabulous special EI Weekend Edition. It's absolutely free. You can sign up for that@exchanginvest.com and it's devoted to the best part in my opinion, of the super bowl weekend the incredible TV advertisements. Catch some of the classics from days gone by over at the Exchange Invest Weekend Special Edition newsletter Entirely free to sign up@exchangeinvest.com thanks for listening to Exchange Invest weekly.
- 5:39Speaker B: We welcome your feedback. You can contact me directly Patrick Derivatives vision.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 in Results.
- 5:57Speaker A: We'Re starting to get the creep of the quarterly results coming through. One particular set I'm going to highlight this week. Nasdaq. They reported quarter four and full year 2024 results. Overall, very, very encouraging numbers. GAAP operating income up 47% net revenue up 19% operating income up 14% full year revenues up 19% Nasdaq continues to integrate their recent purchase as well, and the financial tech franchise is growing from an already commanding presence. Terrific news as also index revenues increased 29% over the full year. It's another notable highlight from a series of very, very good results indeed from Adena Friedman and team. Remember the key sign bites we've been highlighting already from recent Nasdaq media rounds? 97% of systemically important banks use Nasdaq software, as do 130 market structures worldwide. Over in Deals. One key deal to note this week Euronext. They have acquired NASDAQ's Nordic power futures business in the genesis of this deal, readers will recall there's rather a lot of history to unpack. Way back in the distance of time when Mr. Ass made a right eye of himself, way back when and the upending of auction math led to a CCP issue. All the discussion and history of that is in the Exchange Invest archives@exchangeinvest.com Sign up now for your free seven day trial to experience the exchange of information. Exchange Invest, meanwhile, is proud to have launched a special edition inspired by my visit to ring the closing bell at the New York stock exchange last July 4, 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 through the years. Capital Market Revolution 25th Anniversary Edition is published by Exchange Invest and is now available as an ebook via Amazon Kindle at the ludicrously Reasonable price of $9.99 a quarter the price of the original shorter print book a quarter century ago. Don't forget. Also, if you prefer some moving pictures rather than just reading the words on the screen or in a book. Financial insights with moving pictures are on our live stream. Tuesdays 5 o'clock London time, midday New York time the IPO Video Live Show Catch the Pack episodes on LinkedIn and YouTube at IPO Vid now online we had a cracking episode this week. IPO VID 1682025 Outlook Star Events and Markets Perhaps appropriate given the fact we've got a bit of airline noise in the background as I'm at Miami Airport today. Susan Giddle was on flying form throughout the course of this It's a real must read if you're interested in how astrology is potentially impacting your next week. We've got another classic show coming up. IPO Vid 169 we'll be investing in Trump World with the fabulous, the redoubtable, the unmissable Ira Harris. Our finance book of the week is the Wisdom of Crowds by James Surveiecki, or Surviki, if you want to pronounce him in American, who explored a deceptively simple idea and made a great paperback off it. Large groups of people are smarter than an elite few, no matter how brilliant, and better at solving problems, fostering innovation, coming to wise decisions, even predicting the future. Crowds are the thing, ladies and gentlemen, the Wisdom of Crowds. James Suravietsky, an absolutely cracking must read book for all people invested in investing markets and interested in the business of investing. Over in product news, we've been celebrating this week 40 years of the NASDAQ 100 index. Quite incredible. A marketplace that was worth what, $58 billion when it was first brought about 40 years ago. And from 1985 to 2025 has grown to, I think, if I remember correctly, something like $79 trillion. That's quite a stunning amount of money. But then of course, amongst its top shares are the world's largest mega market cap, such as Amazon, Nvidia et al. Meanwhile, the PDEx, that's the Philippine dealing exchange currently under a bid from the Philippine Stock Exchange. We'll be updating on where we've got with that bid in next week's podcast. And of course you can catch the daily news in Exchange Invest Anyway, pdex, the Philippine bond platform. They're launching Philippine bond futures for the first. In technology news, a Euroclear trumpeted a deal with Microsoft this week as their settlement enterprise headed into the cloud. At which point, it's worth thinking, ladies and gentlemen, if the seven or more tiers of Belgian management and Euroclear can go cloud, then it's clear the cloud is mainstream for financial infrastructure. There's also a fascinating shakeup in the world of carbon market technology as ICE have announced plans to launch environmental Registry technology services to bring state of the art infrastructure to support the growth of carbon markets. A brilliant move on the part of ICE which will help greatly with markets which are being throttled due to a raft of NGOs who range between paranoid or simply wary of commercials. Mark making the market that's led to vast problems over the years, stunted development and indeed, just as we were recording this podcast, we got fabulous news through an agreement to develop carbon markets between the Thai stock exchange set and the self same intercontinental exchange. Great news altogether there in regulation. In a brutal synopsis which suggests the FC FAA is living on borrowed hubris, City Am runs the headline and this is damning ladies and gentlemen. FCA has the same red flags as the UK Post Office MPs in fresh attack. Definitely. It has to be said the knives are out for the entire FCA management at this point in time. Expect more fireworks soon. Speaking of fireworks, maybe there won't be, but nonetheless some people have been very upset. Gemini they're seeking to actually ban MIT Sloan graduates from being employed by their organ because the former SEC chair Gary Gensler has been named professor of the Practice at the MIT Sloan School of Management, actually a school which he was at prior to operating and chairing the sec. Famously during that time Gary Gensler was seen as a crypto advocate by the Crypto Bros. Thanks to his teaching researching on Bitcoin et al. Crypto bro Foresight was not exactly proven robust by the Biden area SEC chairman, albeit if crypto hadn't been strewn with dishonesty. Mike Things have been different. In any case, not clear what the benefit is to saying no MIT graduates can be allowed into crypto, according to Gemini, at least thanks to Gary Gensler being amongst their lecturers. Meanwhile, in Big world, ladies and gentlemen, the number of US States charging flat or even zero state tax rates has grown from 9 to 14 since 2013. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast. 281. Join us daily via exchangeinvest.com or if you have a new exchange you would like build, get in touch. My name is Patrick L. Young and I wish you a great week in Life and Market.
- 13:13Speaker 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.