Latest / Exchange Invest / 288 Exchange Invest Weekly Podcast March 29th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and market structure, Miax buys tise as backed as a drift. FCA raises nickel concerns, but the market raises FCA concerns and your next boss reckons Europe is back baby My name is Patrick Kell Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 288 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 Boris business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage, from wherever that corporate headquarters may be, Binance CEO Richard Tang refutes reports on US negotiations with Trump. Indeed, the Binance CEO has shut down speculation on a Trump family stake. 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 assets, you can find Bitcoinage as a standalone unsubstack this week in exchanges, the FCA was beating its chest. First FCA enforcement action and fine against a recognized investment exchange. The nickel nightmare probably ended this week and Exchange Invest led the debate, echoed next day by Bloomberg, that while this was not a good moment in the history of lme, the realpolitik is the UK regulator. FCI may have questions to answer which it has not addressed. There's much more detail in Exchange Invest this week. Sign up@exchangeinvest.com for all about the history of the nickel nightmare and more. Meanwhile, the nse, the national stock exchange of India, it's relocating its headquarters, but it's leaving behind its data center. In fact, more than that, it's converting the whole of its former offices, which it, let's face it, only moved into what, 12, 15 years ago, into an entire standalone data center. Gosh, it seems not that long ago I was standing looking at a vast area awaiting servers which would become the new BKC office data center. And now the whole building is going to become the data center as a whole. Optimism. Also in Europe, I'm slightly unconvinced, but the Euronext CEO Stefan Buchner is saying there is a massive migration of investment from the US to Europe. I think a ward of Risk Capital reckons one is pricey the usa, the other has all been long dormant, so a speculation is in order in that respect. US froth has come to Europe and the EU thinks it has received the full cappuccino. I can't blame Stefan Buff for seeking to talk it up though. Let's face it, the EU's governments are collectively and singularly inept at making markets happen, and I'm trying not to even mention the folks in that elegant francophone but originally Flemish city of Brussels. At the same time, at least something is rallying in Europe. The problem is at the top end, the EU cannot agree on anything, it seems. One final hint of optimism, A note of optimism Intercontinental Exchange Such a winner, says Jim Cramer CNBC pundit Jim Cramer is ranking ICE his number one stock pick of the moment.
- 3:39Speaker 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.
- 3:58Speaker A: Meanwhile, it was a busy week for results in the parish. Let's pick out one headline set Bakkt. They reported their fourth quarter and full year 2024 results, with losses being reduced. It seemed optimistic, but a footnote noting the vast bulk of revenue at Bakkt is about to evaporate due to a client changing direction means the ICE subsidiary Bakkt reported results after several days of delay and the net net is the ICE subsidiary is now pretty much as embarrassing as the worst entitled Nepo Baby to their successful parents as portrayed by the supermarket tabloids in deals. One interesting deal this week. All the details were 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. Myax, that's the Miami International Exchange Group is making a swoop on listings powerhouse the UK Channel Islands based TISE, the international stock exchange it calls itself. In a $91.5 million deal, Exchange Invest discussed the likely ramifications within the Myax Group and its existing ownership of Bermuda Stock Exchange, much to unpack there in a fascinating opportunity. Meanwhile, 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. My original that's me, Patrick L. Young's 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 a ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. Catch your copy on Amazon. Get a Kindle download now. Meanwhile, if you prefer listening to PLY with some moving pictures, those financial insights are available on our live stream Tuesdays at 5:00 London time, generally midday New York time, although it's slightly different this week coming because the clocks still haven't moved in Europe. It's the IPO Video Live show definitively at midday New York time. Catch the back episodes on LinkedIn and YouTube via IPO vid coming this week, a fabulous show. We recorded How Floors Help Markets with Dominic Roush and our next show is going to be IPO vid number 174 discussing SME markets with Max Cunningham, the CEO of the National Stock Exchange NSE Australia from down Under. Our Finance book of the week this week is the Psychology of Finance, Understanding the Behavioral Dynamics of Markets by LARST Fed, showing how psychology can drive movements in the prices of financial assets, break down key market phenomena and for example, those include irrational attitude changes in the investor and their indicators over in products. This week, fabulous news from Hong Kong, another modest step for collateral, a great leap forward from market internationalization as OTC Clear in Hong Kong has been accepting China Government Bonds Policy bank bonds as collateral for all derivatives since March 21st. Meanwhile, the CME Group they're going to be launching BrokerTech US Treasury's capital central limit Order Book in Chicago to streamline trading between the cash and futures markets. Is there any surprise that CME is pushing harder into cash bonds, I ask? Or does this mean that both ICE and CME might be interested in market access along the way? One way or another, CME certainly needs to capitalize as much as it possibly can from its purchase of NEX a few years ago. On the other hand, when it comes to purchasing market access, which does look a little beleaguered these days, icebonds is growing so swiftly they might not be so eager after all, following an excellent year. While market access atrophied somewhat over in India, worries that the early bar was set too high by the regulators, SEBI has cut the minimum investment in the social stock exchange instruments to just 1000 rupees. Technology News this week, in a series of mishaps, trading was delayed in Korea at KRX and in Manila at PSE while Athens Exchange reformatted newly delivered set of SME data documents amidst user confusion and that brings us to regulation. An interesting discussion where Mark Ueda, the acting chairman, has been transforming the SEC in 60 days, but experts, according to headlines and finance magnets, are warning the agency may face a death by a thousand cuts. The original 1930s depression era legislation creating securities regulation and the SEC to oversee it are in my humble opinion works of art drafted in a fashion like the English Victorian era lawmakers, which was clear, concise and applicable. Anybody can read these laws almost a century later and the SEC is a blmange of legalese that's dysfunctional for society. But to be fair, it also reflects the grotesque blob inflated by what now amounts to a class of the educated stupid. Clearly the slash burn chainsaw approach of Trump's presidency number two is going to overly reduce the regulatory framework and probably excessively so in some areas. Crypto is already lurching back towards frontiers, Phil, I fear. But overall the SEC was too big, too blobby and a realm of activities and areas it just didn't need to touch. Thus an SEC which can facilitate capital formation while protecting investors and maintaining fair, orderly and efficient markets is what is required. Over in Career Paths a cry for help, the Bangladesh securities and Exchange Commission is seeking 19 government officials to provide some relief and reduce reliance on the BSEC's own staff. Meanwhile, having had a front row of sorts in the Romanian democracy debate a decade ago, I came away wondering if the nation was truly a feudal state and not indeed a democracy. Anyway, Nationals candidate Callum Giorgescu, who clearly led the field after the first round of presidential voting last December, has now been banned from standing in the Recon Institute election after the first round. Original results were cancelled essentially at Brussels behest because the candidate didn't agree with the EU. 100,000 plus people have been hitting the streets in recent weekends with the anti democratic diktat causing a great deal of ire. Nobody wishes to stoke violence, but the EU is sowing its own demise with gusto right now. Prior to the ban, Georgescu is expected to take 40 to 45% of the first round vote, giving him an enormous likelihood of being elected in the second round. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 288. Join us daily viexchangeinvest.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 markets.
- 11:11Speaker 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.