Latest / Exchange Invest / 272 Exchange Invest Weekly Podcast November 23rd, 2024
Transcript
- 0:01Speaker A: This week in the parish of Bourses and Market structure. All hail 10 years of Hong Kong exchanges connect as Eurex lacks EU faith, we ponder whether EU Bond Futures LSE looks lost again and EBRD backs Cee once more. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 272 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 Bourse business. Send daily to your inbox. More details@exchangeinvest.com over in BitCarnage, there seem to be semi endless reparations in the unravelling of ftx. The trappings of wealth have been disappearing amongst the ranks of the culpable. Now ex Alameda exec Trabucco has given up his yacht apartments in an FTX settlement. He had actually attempted to sue FTX to get some money back, but ended up giving up various baubles, having luckily escaped criminal sanction by leaving FTX three months before its collapse. If you enjoyed this excerpt, you may be interested to know you can read Bitcoin every day and Exchange Invest. Alternatively, if you want to follow Bitcoin the daily update on happenings in the world of crypto and digital assets, you can find Bitcoin as a standalone on substack. In the world of exchanges this week, the London Stock Exchange remains adrift. All manner of weird witterings from out of his debt, Dave as he says, Britain needs to rethink weird view of capital markets. That's a weird view of capital markets exactly as espoused by the London Stock Exchange Group for the previous 20 years. It's difficult to know whether or not the LSEG are playing us all for fools or are entirely shameless. This sudden chastisement from ODD and the DM about how little the rest of us understand markets sits, to put it mildly, very uncomfortably over in Hong Kong. Much better news, stock exchange at 10, while the South China Morning Post, unlike Exchange Invest, was spectacularly unable to endorse stock connect early on. Nowadays everybody trumpets its wonderment, although few seem to see the opportunities ahead in all areas which are being championed by CEO Bonnie Chan and indeed are evidently visible to Exchange Invest. Congratulations to Hong Kong exchanges on a magnificent 10th anniversary of a brilliant pipeline for investment both into and out of China via Hong Kong. Sadly down under depressingly. But as expected, the ASX remains locked in denial that it has ever been wrong, even after the quarter billion dollar failure which has been the chess replacement. Meanwhile, some lovely stories this week from the CEO of NASDAQ. Interesting one in Fortune. Here's what the CEO of NASDAQ is learning from her son in his mid-20s and also discussion that again in Fortune. Adina Friedman noting the Renaissance period for tech and finance will last another decade. A very fair comment. If anything, Adina may be conservative in this remark. The extent of the Renaissance looming ongoing is enormous. Poland, meanwhile, is pledging to cut red tape in a bid to lure IPOs back from Luxembourg and elsewhere. Interactive Brokers original co founder and emeritus wonderment Thomas Petterfee has finally got onto the same train as we were on 30 years ago. Actually, you can discuss more of this and read more of this rather in Exchange Invest this week as he reckons that prediction markets can surpass the equity markets in the course of, he reckons the next 16 years. The London Metal Exchange Clearinghouse they've unveiled reforms to triple member capital requirements and the EBRD is also encouraging not just the Warsaw Stock Exchange, but in total seven different regional exchanges through CEE Bratislava, Budapest, Bucharest, Sofia, Ljubljana, Warsaw and Zagreb. In terms of developing regional capital markets, only one set of key results this week. The Bombay Stock Exchange profits soaring 165% in the second quarter fiscal year 2025. Magnificent news altogether in new markets this week, the Morocco Bourse. They're ready to launch a derivatives market, according to the finance Minister, and Saudi Arabia has launched a carbon exchange platform to accelerate climate action and also presumably justify their expenses at the COP conference which was in Baku, I think if I remember correctly. Very, very muted conference this year. Barely anybody talking about it, so it seemed. No major deals this week, but don't forget if you're looking to understand the dynamics of the exchange world, Exchange Invest is proud to have launched Special Edition inspired by my visit to ring the closing bell at the New York Stock Exchange July 5, 2024. My original best seller, Patrick L. Young's Capital Market Revolution was the first breakthrough book in fintech, a decade before that word held common currency. There's 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 e book for Amazon Kindle at the ludicrously reasonable price of $9.99-a-quarter the price of the original shorter print book a quarter century ago. If you fancy some additional financial insights with moving pictures, don't forget to check out our live stream. Tuesdays 5 o'clock London time, midday New York time the IPO Vid live show catch the back episodes on LinkedIn and YouTube via IPO Vid. Now online is episode 161, the evolution of Markets Technology with Louisian Bontheus. Our next show coming up next week will be spectacular once again and we'll be looking at all manners of interesting issues to do with the currencies and trading of the world Finance Book of the Week this week is from a former IPO Vid guest, the Space Value of Money Rethinking Finance Beyond Risk and Time by Armen V. Papazyam introduces a fresh and innovative perspective on sustainability and finance. You can get that book via Amazon and all good booksellers. In fact, if you drop by our show notes, you can even click a link which oh gosh, offers us something like 45 cents of wondrous recompense for any books that you might buy in Product News this week. Well, an interesting issue in European Union bonds ICE has thrown down a gauntlet to Eurex. A boom battle of some form might be back. After all, ICE has to date locked up the euro stir market despite the best efforts of the protectionists to commute the market to Eurex. Ironically, the situation here is that while ICE are launching EU bond futures, Eurex lacks faith in the long term ability of the EU to issue debt while maintaining their business model around the notion that the EU will protect its all the way to Eurex having a monopoly European interest rate derivatives that ICE is willing to launch EU debt futures next month isn't aligned with Ashbourne. But then again DB1 has it all to lose in the euro market. And who knows, might the fate of the euro align with the 1960s dollar with the euro Euro market growing in London as the EU loses its own fate to control interesting times. Hong Kong exchanges meanwhile, not just celebrating the 10th anniversary of stock Connect, they were collaborating with Hang Seng Indexes company to launch Hang Seng HKE Stock Stock Connect China Enterprises Index. What a great index. Fascinating thing altogether there. You can play that around the world whether you're going up the pipeline of Connect or not. Meanwhile, ICE are delaying changes to their cocoa and coffee futures on uncertainty over the rather shambolically overly prescriptive European Union deforestation plan.
- 7:45Speaker B: Thanks for listening to Exchange Invest Weekly. 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.
- 8:04Speaker A: In Technology News BMLL the wonderful folks of Data Analysis. They've expanded their coverage of US markets with the addition of US equity options data. How fantastic. Also MyEx and Miami exchanges. They've tapped data BP for exchange data licensing and custom contracts. Excellent synergy for both MyEx and Data BP. And of course Mark Schle of Data BP was a previous guest on the IPO vid live stream. In Regulation News this week, all sorts of hysteria has broken out because Gary Gensler said nice things about his staff and it sounded like he might be leaving, which he is next year and therefore if he goes to an annual conference, he will leave remarks at the annual conference because he won't be back as chairman next year. It's pretty obvious, but not to the crypto kiddies who think that he's resigning in the next possibly day or so. Ultimately, the Gensler content on crypto in the speech was actually quite fascinating and very reasonable and very logical. And entirely unlike the kind of brickbats that get thrown against him by a lot of people in crypto with vested interests in Career News this week the FIA have announced their 2025 hall of Fame inductees. Fabulous lineup altogether. The late Mark Bagan, former CEO of mgex Laura Cha, the former Chairman of Hong Kong Exchanges Terry Duffy, Chairman and CEO of CME Group, the greatest entrepreneur of the exchanges in Age of the Exchange Jeffrey Sprecher, the founder, chairman and CEO of Intercontinental Exchange U.S. senator for Michigan and Chair of the Senate Agriculture Committee Debbie Stablenoff and Don Wilson, the founder and CEO of drw. An excellent lineup altogether. One unfortunate piece of news. Marlene Street Forest Congratulations to you Marlene. She's going to be retiring as the chief executive of the Jamaica Stock Exchange during the course of the next month or so when a replacement is named. Meanwhile, in Big World quacked out lame duck President Joe Brezhnev, whose health has been misrepresented for years by his own party. Akolitz has now allowed US missiles to be fired into Russia as a childish gesture. It's a highly dangerous one, but reminds us how real is the Trump Derangement Syndrome across the world Right now in the Ukraine war itself, a few facts are worth considering. The average frontline soldier from Ukraine is 43 years old. His Russian equivalent is considerably younger in the macrosphere. The trouble now is that after Russia's earlier invasion was farcically bad, the Ukrainian offensive was itself ill conceived and we now have the drudgery of a World War I style trench war in the mud which favors the larger numbers that are available to the Russian army. What are those numbers? Well, The Russian economy is 5x larger than Ukraine. Russia has a military industrial complex delivering 10 times as many shells and can easily maintain three to five times the number of troops on the front line before it even has recourse to the likes of the 10,000 North Korean troops sent last month by Pyongyang. Mad Vlad's invasion was a ghastly idea, but we need to be realistic enough to see it's likely to end with Russian territorial gains. Alas. And on that mysterious and magnificent note, thank you for listening to this exchange of s weekly podcast272. Join us daily viexchangeinvest.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 a great week in Life and Marcus.
- 11:35Speaker 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.