Latest / Exchange Invest / 324 Exchange Invest Weekly Podcast December 6th, 2025
Transcript
- 0:00Speaker A: This week in the parish of bourses and market structure 6 by Spay Markets Ledger X sold again SSE at 35 CME meltdown and the dream is over and ASX is a failure for all seasons. My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 324.
- 0:32Speaker A: Foreign.
- 0:45Speaker 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 voice business sent daily to your inbox. More details@exchangeinvest.com over in BitCarnage was a case of Could Turkey Day be postponed as crypto exchanges race to woo corporate clients? According to the Korea Herald, CNN noted sagely the crypto industry got everything it wanted. It's still having a meltdown as I am not tired of pointing out. For a year or more now the price action of crypto is anything but bullish. Despite all the news appearing overwhelmingly positive. There may be funds for Turkey this year, but at this rate next year it may be more a case of tokenized Turkey in sub satoshi sized fragments far less than bite sized chunks. The Brussels bugle has a brace of stories neither harp nor warming for the crypto borrowers, including a market report Crypto hoarders dump tokens as share tumbles, which presumably infers there are now a lot of once smug corporate holders whose treasuries now have that unmistakable stench of mark to market markdown loitering around their very being. The other FT story of the week was the fatal flaw in using Bitcoin as a currency, which I find impressive as it sees a single fatal flaw where even when Ply really believed in the power of crypto more than a decade ago Mica Bardigan Revolution and Finance Theory noted that Bitcoin was the best gateway drug to a proper crypto economy or the Model T Ford of crypto. As I described with a suitably for me petrol headed metaphor, the ongoing bearishness of the DLT token biz thanks to underlying value absence is weighing on a lot of now penny stocks but also killing a path to market for those who didn't get there a few months back when even with prices static there was still a more bullish possibility. If you enjoyed this excerpt, you may be interested to know that you can read bitcoinage every day on Exchange Invest. Alternatively, if you want a full of bitcoinage the daily update on happenings in the world of crypt digital assets. You can find Bitcoinage as a standalone owned substack this week in exchanges. Another fascinating piece in the Swiss Jigsaw puzzle created by CEO Bjorn Sibern buying CCP software provider Bay Markets provides a wondrous new tech stack addition to what is an increasingly self reliant vertical within the progressive six Exchange Group. Exciting times in Zurich and far beyond Greek Exchange profits soar just as it's absorbed into your necks for another remarkable bougina bargain. Battery metal additions to the ICE Commodity suite are sparking new competition as the Brussels Bugle ponders the future of LME. Serial owner Miax retains 10% but has sold a majority once again, this time to a new broker prop trader combination in the bourse business. Hardly noticed in the USA but worthy of Thanksgiving nonetheless. The Shanghai Stock Exchange celebrated its 35th anniversary November 26th from 30 stocks to over 2,300. A market with an $8.5 trillion capitalization deserves to be lavished with praise and it's just one of the mainland markets alongside that long standing powerhouse Hong Kong Exchanges Group in the thanks for listening.
- 3:35Speaker B: 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 the Wall Street Journal.
- 3:55Speaker A: Exposes concerning Scientology and the Dream Exchange have sunk the Dream Exchange's application for exchange status with or without their much touted Main Street Growth Act. Elsewhere, London doesn't grow as boards bicker about executive salaries instead of growing the pie, a problem which pervades the socialist UK and Athex onboards Belgrade for its matching engine platform. Another dying dream is the monopoly milk or strategy for CME that has been coming for some time. But the exposure of technological failure Friday as a result of presumably turkey giblets in the data center is exacerbated by the notion of selling and leasing back technology. Own the tech, own the market, but don't have the lanyard wearing numpties lose control in the interest of eking out returns. Or am I just being old fashioned? Who else is doing the same? Who else owns their stack? That will be questioned. Investors will be desperately seeking answers to Down Under. It's a case of Gubusnafu fast. Welcome to the world of asx. At least nobody can question the consistency of the monopoly market infrastructure Down Under. After generations of monopoly milking and avoidant management, especially the tech stack. ASX is now operating with an almost Swiss timed model of precision imperfection. The latter is clearly not Swiss trait, but the Aussies have lost their ability to be deemed capital market grown ups. A shambolic monopoly fails yet again and right now there isn't even a coherent competitor to the monopoly in the government. Regulatory blob is in panic mode as they've moved too slowly to save Australia from being viewed as a joke masquerading as a financial center. Failure as a service is the epithet applied to the ASX some weeks back. And here we are yet again marveling at how so much can be paid to so many people to fundamentally fail to deliver an orderly market. The discredited board and C suite hang on, but none of them should ever grace a boardroom again, given frankly their shameless trousering of cash without any semblance of client delivery. This isn't merely gu, this is far far more endemic. The tragedy is we all appreciate the depth of talent in Australia, albeit it seems increasingly clear that none of it has graced ASX for years. Yet world class now global market structure entities such as Computershare were born and bred in Terra Australis. Usually it's a bit before Christmas before the mega seasonal meltdown in asx. Can we expect this to happen also alongside this little disaster to kick off December over in the UK they're removing stamp duty for three years from newly listed London shares. London is in a rut due to corporate zero risk jobs worth mentality pervading everywhere. However the government is rubbish, the economy is collapsing and therefore why on earth would anybody want to seek to list there? Abex Exchange have been granted registrations of foreign border trade by USCFTC enabling direct participation by US futures firms. As I mentioned at the top of the show, Shanghai Stock Exchange marked its 35th anniversary on 26 November 1990. The SSE launched with just 30 listed securities. That number has grown to over 2,300 and a total market capitalization in excess of 60 trillion yuan or $8.5 trillion with a product base across equities, bonds, ETFs, REITs and the STAR market. Over in South Africa the forest grows daily. The regulator is clearly anti competition having already introduced a draft stricture of dual listing which disinclined companies to seek to be traded bey monopoly confines of JSE. Now A2X is being fined for trying to help out liquidity because it's not bureaucratic enough for the regulatory body. What a farce. Results this week affects posted fabulous numbers. Turnover up 62%, Bitta up 95.7%, consolidated EIT up 103% and it mattered nothing because Stefan Vision already bought the business at a bargain price. Moscow Exchange they announced great results which reminded us once again that just what could this exchange do if they were in a free economy without having a slightly mad and dictatorial leader who's trying to invade other parts of the world? Deutsche Bisse they are having exclusive results and we've therefore moved into the deals section because their result there is they're having a discussion about acquiring all funds, a wealth management platform which once attracted the interest of Euronext several years ago. An interesting move which further edges DB1 away from being an exchange business. After its purchase of the proxy vote folks at ISS in 2021, Robinhood and Susquehanna have taken over Ledger X in a prediction markets push. As I mentioned at the top of the show, with Miax retaining 10% after they sold a second time around and Slovenia, they put a spanner in the work. They have rejected Croatia's bid to buy the Ljubljana Stock Exchange. Meanwhile, don't forget you can catch our live video show IPO vid on a Tuesday 6 o' clock Central European Time, 5 o' clock London Time, midday New York time. Catch us on Facebook, LinkedIn and YouTube. Now online, we got a fabulous discussion with Dr. Mohammed Belgin about the Human factor. A trading journey coming up. For the end of the year we've got two fabulous highlight shows. Our finance book of the week this week is the Scrap Happy Entrepreneur. How do you effectively lead an innovation driven startup By Veronique Pifer, who was also our guest in a recent IPO vid. And don't forget, if you want all the news in the Post business delivered daily to your inbox, subscribe to Exchange invest by exchangeinvest.com it's only $499 per annum to join the exchange of information, Product news, ICE and bmi. As I mentioned at the top of the show, they've launched Lithium and cobalt futures contracts and ncdex. They're going to be launching mutual funds, equities and derivatives by next year. Exciting times. Nicee Texas meanwhile has over $2 trillion in market cap thanks to 100 dual listings, while lavishly funded startup TXSE has NADA content but has raised over $250 million. Technology News I mentioned the acquisition by Six of Bay Markets. That's quite a shake up in the CCP Tech Stack and SBNP Global. They've completed their $1.8 billion acquisition of with intelligence regulation News this week, the FCA denies that it mishandled the bond tape option. As always, the blob is of course entirely cbo. Meanwhile, they've ended their bid to reverse the SEC order on their software unit carve out of Sylex something which dropped on Black Friday, no less. And that leaves us, interestingly, at the point of Big World this week we've had a mega Mandani FID theme in Exchange Invest. Subscribe to Manage to read that, but let's pick out something a little bit different. Great headline in Morningstar this week. America's sugar daddy just went broke and you're stuck with a bill. Actually, what this means is very, very simple. Japanese government bond yields have reached 3.5% US 10 year Treasury BO. The equivalent are at 4% phasing your currency risk and it's even money either way between which is providing the better return for a Japanese housewife. What does that mean for the future of the US treasury markets? Well, it could be a very, very exciting 2026. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 324 of join us daily via exchangeinvest.com or if you new exchange you would like built, get in touch. My name is Patrick Eliang and I wish you a great week in life and.
- 10:47Speaker 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.