Latest / Exchange Invest / 308 Exchange Invest Weekly Podcast August 16th, 2025
Transcript
- 0:00Speaker A: This week in the parish of bourses and market structure, ASIC moves EI is right again on many levels, STX ticks up and a debate is raging over retail priorities. My name is Patrick L. Young. Welcome to the Voice Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 308 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 Boris business sent daily to your inbox. More details@exchangeinvest.com over in Bitcornage, where we were pondering this week, China's eyeball risk Coin Telegraph reporting that eye scanning crypto projects pose national security risks, China warns with the Ministry of National Security noting in Mandarin, if you lose these, you can't change the password. If you enjoyed this excerpt, you might be interested to know you can read Bitcarnage every day on Exchange Invest. Alternatively, if you want to follow Bitcornage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on substack this week in Exchanges. Lots to talk about In Australia there was a rare moment when we interrupt our traditional corporate actions result first element, the public market section Exchange Invest because there was a huge move from finally by the all too frequently encumbered, conflicted, dallying, somewhat supine Australian regulator asic CIBO will soon have the permission to list stocks. Does this mean an extension to the successful ETF listing which reached a thousand products in the USA the other day? Or does it mean a huge potential shakeup for single name stocks? Gosh, so many issues here, of course, Japan being closed down by cboe, which leads us to wonder, would anybody like to bid? That led to an op ed titled ASIC's latest blunder shows Needs from New Market Ownership Model. That was in Capital Brief and I'm delighted to have co authored this with the excellent Dimitri Birstein, most recently in the parish with fex. And it was all about another story where subscribers got an ace alas of pithy accuracy from way before almost anybody was concerned about asx, which delivered more value than any subscription in its own right. Gosh. So therefore we once again led the field, ladies and gentlemen, and ultimately what we see now is that finally, after a series of catastrophic screw ups during the course of the last week, all of them were in Exchange Invest, of course, including the TPG bungle to describe but and indeed what was described in the Australian Betha headline ASX Bleeding from Another Self Inflicted Wound. We find ourselves welcome to 50 Shades of Gray Markets, the ASX demonstrating just how robust the exchange model is by unfortunately subjecting its own regulatory monopoly to some form of generation long SM style tribulation. And I don't mean social media. ASX is now in goo boo territory. Grotesque, unbelievable, bizarre and unprecedented. It's a global laughing stock posing as a market structure.
- 3:06Speaker 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.
- 3:25Speaker A: Meanwhile, the lse, they published a supplement to their offering circular. Another poof. $10 billion or something of Euro MTM note program. I mean sooner or later you know, a few billion. A few billion there you're talking about real money. That led to now to go in the Terminalist substack headlined Sink or Schwim and LSEG Stagger. It was a terrific analysis which essentially codifieds all the things which have happened that Exchange Invest told you would be the outcome of the idiotic acquisition of a quasi second hand data bender by the LSEG way back in 2019. Thus the results are writ large in this piece by the Terminalist. And if I may say so, EI is worth every last cent of its ludicrously reasonable subscription price for the past six years on this one piece of spot on analysis alone. And that's before we get to asx, just with the the course of this podcast on the first two stories. Meanwhile, the GRONI ad the left wing view of London's media reckon that the London Stock Exchange's struggles are symptoms of a broken growth model. Once the guardians turned on you, things must be pretty gruesome at the lseg. Nairobi Stock Exchange they're planning an extraordinary meeting on stockbroker issues. Stockbroker uproar in Kenya, where the brokers have been thought to be seeking to oust CEO Frank Moiety for some time. It looks like a full scale revolution could be on the cards. Fabulous IPO this week. NA NSDL. It rocketed 41 times. Oversubscribed in the first three days of trading. It ultimately ended up 62% up. Since the IPO, analysts have been highlighting the growth edge of NSDL over cdsl. Its arrival across town in Mumbai, Hong Kong they've got IPO allocation rules shifting to focus on institutions and limits retail access. The debate is raging separately in both Hong Kong and India over investor prioritization specifically for retail investors at ipo. Issue here is more one of price at issue, which seems to often be ignored. After all, if an issue is multiple, perhaps dozens of times over subscribed, isn't the case that the price has been poorly set? Isn't it time to have more dynamic pricing for markets to thus balance supply and demand more effectively to create a better flow of money back to those issuing stocks? Might that also not help slay the dragon of the ghastly rush towards semi opaque and uneven private markets, where often they are not exactly delivering price discovery in an open fashion? I think there's a lot more to this debate than merely putting one group of investors ahead of another when a lot of people want to buy an issue in Results A busy week for results in the Parish. All the details were in 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. Taser Tel Aviv Stock Exchange excelled and a marked up tick was felt from Singapore Exchange, while the likes of TPI Cap and Thomson Reuters didn't excel. That is plus a change. All the highlights were an Exchange invest, of course. Our finance book of the week this week is Messina's Federal Budget by Christopher Messina, a past guest on IPO vid, a comprehensive critique of the entire federal budget written for the widest audience possible, telling the reader how each department got its start and why many of those branches of the administrative state can and should be eliminated. In product news ncdex they've got in principle SEBI Node to launch equities and derivatives. They're planning a 750 crore rupee fundraise. That's about US$85 million in Western money in technology. A big deal. Cancel all those ICE buying rumors exclusive to Bloomberg, which looks more like another journal was suckered by an aggressive seller. Inverse has been bought. Buy Blackstone. Who will buy Inverse when Blackstone seeks to sell, I wonder? Other than maybe lseg, presuming their remarkable shareholder base hasn't come to their senses before. On the other hand, if Blackstone ponied up another half billion to buy in the wake of the ICE rumors, I suppose somebody did a good job on the sell side. Regulation News the SEBI chairman was quick out of the blocks to say reports on curbing weekly expiry options in India are speculative and false. A very interesting low latency rebuttal. There's meanwhile asic they have secured multimillion dollar penalties, although he's now appealing from I sign this and former director and CEO Nicholas John Carrancis. Last year the omens were frankly not propitious for Mr. Carrancis. But remember readers, you may recall Mr. Karansis was once seeking to take over the NSX Australia now being bid for by CSX. And of course, as always, Mr. Karansis seems to be unrepentant, lodging an appeal Career paths this week the CTO of bse, Subhash Kelker is moving on while NCDEX they've welcomed Balkrishna Shankwalker as their new Chief Technology Officer. And that leaves us to Big World as hotel occupancy peaks in Europe and the Northern Hemisphere during this summer month of August, I'm saddened to note the demise of the Hotel Olufsen, a gingerbread mansion which, thinly disguised as the Hotel Trianon, served as the backdrop to Graham Greene's classic novel the Comedians. Alas, the Hotel Olufsen was burnt to the ground during recent gang warfare ravaging Haiti. And on the mysterious and magnificent Note thank you for listening to this Exchange Invest weekly podcast number 308. Join us daily via exchangeinvest.com or if you have a new exchange you'd like build, get in touch. My name is Patrick Lyung. I wish you a great week in life and markets.
- 8:41Speaker 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.
- 9:02Speaker A: Exchange Invest cannot be held responsible for.
- 9:05Speaker B: 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.