Latest / Exchange Invest / 299 Exchange Invest Weekly Podcast June 14th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure, Damascus Exchange reopens After a six month hiatus following the ousting of the Assad regime, Australia remains firmly at a crossroads of competence circle. IPO is hugely popular, SEBI delivers an MCX Power nod and a key RMB MOU is signed. My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 299 Foreign 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 bourse business sent daily to your inbox. More details@exchangeinvest.com this week in Bit Carnage, the answer was banning KYC. This would be almost laughable if it were not so clearly evidence that crypto is just not fit for purpose as a realistic asset. One of the biggest broker dealer exchange, whatever platforms got hacked Coinbase. So the solution was Coinbase Data scandal sparks calls to scrap kyc, as the headline went in Coin Telegraph more serious reporting notes very, very worrying signs that surely must result. Not an idiotic banning of KYC itself, but a resolution of the operational issues that have often plagued COIN in the past. Coinbase apparently again according to Coinbase, were aware of recently disclosed data leaks since January, according to Reuters. At the very least, the regulators surely need to impose considerable penalties this time around as previous AMLKYC risk slaps at Coinbase have not worked it seems. If you enjoyed this excerpt, you may be interested to know 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 and digital assets, you can find Bitcarnage as a standalone on Substack. This week in exchanges there were so many stories worrying about the stasis that is the London Stock Exchange, it's hard to know which to feature. The theme was the same IPOs going overseas, management not really appearing coherently pro market and nothing is helped by the anti enterprise Labour government on whose financial advisory committee pre election the LSEGC CEO out of his depth Dave Schwimmer was sitting. Then again, in Europe the Norwegian state oil mega fund has been demanding a whole new approach to European capital markets and in Australia ASIC is apparently helping asx, which it is also supposed to regulate and only last month was saying ASX was in the doghouse given ASX's ongoing management failings. Conflict of interest anybody? The ASTIC stance is again demonstrating that for all the tough talk on sorting out the errant asx, Longo and company are all sheep in sheep's clothing. One glimpse of hope from the LSEG is the LCH, their CCP clearinghouse, which expanded the RMB's potential in internationalization scope this week by signing an MOU with Hong Kong's Omniclear trading. That RMB yield curve, predominantly in Hong Kong, is edging closer onto the global marketplace. Also good to see trading opening after a six month hiatus in Damascus as the Syrian Stock Exchange returns in the wake of the Assad regime being overthrown, optimism abounds. Within days the exchange also announced plans to list investment funds. No results this week, but one interesting and big mega new market, the mcx. The Multi Commodity Exchange of India has got the SEBI nod to launch electricity derivatives and a major energy market push. That's a big boost to MCX and its MD CEO Praveen Arai, as well as the fact that mcx, being key preferred to create competition, will come as a blow to the prevailing monopolist in the energy markets. Iex over in Deals not such a busy week for deals being done, but deals being completed was great news. Let's look at some of the edited highlights. Good deals concluding this week as six formerly acquired ACWIs and MIACs, the Miami International Exchanges Group completed their purchase of the UK Channel Islands based tise. Don't forget 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. Patric Young's original best seller 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 throughout 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. Meanwhile, don't forget, if you enjoy financial insights with moving pictures, check out our live stream Tuesday 5 o' clock London time, midday New York time. It's the IPO Video Live show. Catch the back episodes on LinkedIn and YouTube via IPO Vid. Coming up on Tuesday, IPO Vid 179 will be introducing the Ethiopian Stock Exchange to a wider international marketplace and our guest will be their COO Michael Habtay. Our finance book of the Week this week is the Anxious Investor Mastering the Mental Game of Investing by Scott nations, which offers readers history's hard earned lessons about greed, volatility and value while demonstrating secrets to excellent investing which lie in mastering the quirks of human psychology. Over in product Interesting cross Corporate Fertilization Stocks, a division of Deutsche Bose and the Intercontinental Exchange are collaborating on a new suite of fixed income indices, while we now have what is called a Forex corridor being touted all the way from the city state of Singapore, the enormous South American nation of Brazil, with B3 and SGX looking to launch real futures amongst other products in 2025 which will be tradable on both platforms. Big news in technology this week as well. A5XT is London Stock Exchange Systems. Quite a remarkable surprise to see LSEG garnering a full stack it deal. Methinks politics behind this as LSEG more or less abandoned the coherent full market structure, sales effort and the quest to pay for the refinitiv acquisition some time ago. Perhaps there's a political angle here in relation to say, Mubabla, a key A5X shareholder and their relationship and the Middle East's relationship to the London Stock Exchange's overall cap table. Anyway, it's a blow to various vendors. Brazilian incumbent monopolist B3 is with Firmiculus, so they clearly were never in the running with a 5x.
- 6:51Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly Patrick DerivativesVision.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 Cebu.
- 7:11Speaker A: Meanwhile, they've successfully migrated all of their digital exchange in other words their crypto futures over to the CBOE Futures Exchange and thus another digital platform dies in regulation news finfluencers are under the kibosh from the world's regulators. Pretty much everyone in iOsco plus was eager to assert their participation in a crackdown on dodgy recomm recommendations from the unregulated end of the social media set. Then again, I wonder when we might finally see Facebook crack down on the recurrent problem of, for instance Bly being amongst those whose pages are regularly copied and used to sell bitcoin and other scams. Hashtag not holding my breath. But at least this is a start from Iosco regulators in career paths. A very busy week there's been a big leadership shift at the Bahrain Bourse, a new reshuffled board with Yusuf Abdullah Al Yousuf becoming the Chairman of the Bahrain Bourse. The former Philippine Stock Exchange boss Francis Lim is now going to be the chairman of the SEC in the Philippines, a case certainly there of a poacher moving to a gamekeeper role, as the slang would put it in English. Bursa Malaysia very fast moving there. Ncik Azizan is going to be joining Bursa Malaysia on August 1, a remarkably speedy appointment given the outgoing CFO only resigned for family reasons a few weeks back and finally in career paths, the Kazakhstan Stock Exchange announced the decision of their annual general meeting of shareholders held on May 29, and amongst other things that took place there was the new board being elected, most conspicuously the addition of Fayas Secretary General Konstantin Sarian to the KZ board as an independent Director. Congratulations to Constantine. Meanwhile, in Big World, Swiss inflation is back in negative territory minus 0.1% as the soaring Swiss franc has shrunk the cost of imports and left the rest of Europe feeling like its currency is by comparison a touch Zimbabwean that could yet spark some currency fireworks as the S and P seeks to stop its franc appreciating further. And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast 299. Join us daily by exchangeinvest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick L. Young and I wish you all a great week in life and markets.
- 9:33Speaker 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.