Latest / Exchange Invest / 318 Exchange Invest Weekly Podcast October 25th, 2025
Transcript
- 0:00Speaker A: This week in the parish of forces and Market structure. ASX unrepentant small exchanges sold EU seeks a monobourse and affects may be repricing My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest it's the Exchange Invest Weekly podcast, episode 318.
- 0:31Speaker B: Foreign.
- 0:40Speaker 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 Boris business sent daily to your inbox. More details@exchangeinvest.com over in Paris News this week we were embodying a spectacular 50 year anniversary GNMA Futures. Thanks to the pure play genius embodied in our living legend of Market Professor Dr. Richard Sander, Ginnie Mae Futures kicked off the financial futures business and thanks to a cornucopia of advances in markets during the 1970s, led us to a brave new world. GnMAS may not have been the killer product, but they were the gateway drug that made the breakthrough, leading the doc to develop US treasury bond features and create that whole wondrous on exchange third dimension of markets without which our world would have been an inestimably poorer place. To the pioneers of CBOT and particularly Richard, Exchange Invest, offer a chapeau to our favorite Paris Chevalier de la Legion d'. Honneur. And don't forget, if you want to hear from the Doc in his own words, come join me and the doc himself, Professor Dr. Richard Sander, at the AFM Tech Day in association with Connor Maur on Friday 14 November in Where Else? Chicago. Over in Bitcarnage it was a case of fat fingers, a move which reset the magnitude of global fat finger errors. A stablecoin, if one can really call it that, Paxos accidentally added 6 extra zebras to one of their coins and thus created $100 trillion US of stable PyUSD. That's no relation to Ply, I hasten to add, and raised an awful lot of questions about the nature of crypto stablecoins and indeed reminds me of the vast issues pertaining to DeFi 2 that have not yet been addressed. While the bros shrug at their ill considered market models because of course they are the future. Duh. The headlines themselves are worthy of consideration. A $300 trillion fat finger mistake Exposes Crypto's greatest Flaws Ran Barron's, one of the truly great news media of finance. If you enjoyed this excerpt, you may be interested to know you could read Bitcoinage every day and Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on happenings in the world of crypto digital assets, you can find Bitcoinage as a standalone on Substack this week. In exchanges, yada yada, ASX is fixing something or asking the audience or whatever. The management remains in situ so confidence, the Australian market monopolist remains elusive as the ASX architects of failure as a service maintain a stubborn belief the world might be flawed, but they are all perfect. I think the appropriate word of the moment is delulu. Meanwhile, the term spineless numpties might be more appropriate for the proxy advisor business, which remains a useless racket, at least down under, as they essentially deliver succor to the ASX's C suite and board, none of whom have credibility to remain in situ amidst a festering mess of failure as a service they have delivered.
- 3:20Speaker 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 over in India finally.
- 3:40Speaker A: In Indian markets, the Calcutta stock exchange had been driven out of business by Sebi edicts. Only weeks after the Sebi boss was talking about the need for more competition in equity markets in Germany, the Chancellor Friedrich Merz has called for a single European stock exchange. The EU is determined to grind capitalism to a halt, as we already know, and this fact is borne out by a proposal from the Wombat masquerading as German leader, albeit on a lengthening tradition of German chancellors who exude incapacity to govern. It says everything about what we need to know about why the EU is doomed and intent of taking its client states with it into a new era of nifty mud huts. Meanwhile, from Paris, Stephane Bouche now responded with the speed of a Louvre robber, but clearly not the same motives. Is it really a single market or are we now in a state of advanced merger non goatiation where the major member states will all seek to be top dog for a unique mono platform which will have all the suppleness of an arthritic geriatric Labrador when it comes to actually developing markets which help Europe's economy grow? None of this makes sense. But then it's Brussels politics and none of that has made any sense for well over a decade now. However, the notion of a mono platform will continue to serve as yet another aspirin to cure an appendicitis without actually addressing the fundamental lack of, well, everything good capitalism does across Europe compared to the US which is busy reinventing its reinvention on a regular basis. Thus the US looks fresh faced and attractive to the world's corporations at a sprightly 299 years old, where the EU looks dogged hard and in need of glasnost perestroika if not best of all. In my humble opinion, euthanasia, after decades of machination, have achieved only a welter bureaucracy often written by the delusional, if not the abjectly incompetent. Or to put it in a simple phrase, the US cultivates and welcomes winners. The EU strangle innovation with failure the inevitable result it was a wildly busy week for results in the Parish. All the details were an exchange of s daily newsletter no person could afford to be with Widen capital market to market structure for the Killers Hub podcast Some edited highlights IBKR stunning numbers all round up 21% the most exciting bit for me was behind the Headlines 32% growth in customer accounts, which amounts to a rather astonishing 4.13 million different accounts. @ this rate, IBKR will soon have more clients than there are residents of Ireland at 5.38 million. Moreover, it's not just those account numbers, it's the size of the accounts too, as customer equity increased 40% to US$757.5 billion in new markets confirmation the International Exchange of Moldova will have established the state's going to own 20% of the shares. And of course Bucharest Stock Exchange is going to have a similar quantity in that in deals. The Texas Stock Exchange have raised $63 million on top of the several they've raised already for their upcoming launch. The only achievement of the TXSE has to be said is raising money, which remains a remarkable achievement for an entity bereft of a plausible sustainable business plan. Euronext, meanwhile, is facing questions over the terms of its Athens takeover. A foible of making all share deals is that when your stock price falls, so does your acquisition price. Thus Stefan Bua is under duress to improve an offer which was at first decent, if not over generous at sub $500 million and now looks positively parsimonious and barely $400 million affect. CEO Cantopoulos will be feel embarrassment I suspect. Well, except for the fact he's not the type to feel such an emotion. However, this is a problem and Euronext will have to improve terms to win the deal south of $500 million affects is a cheap deal for the long term. Kraken Meanwhile they acquired the CFTC regulated small exchange for $100 million. The small never seemed to find its petite niche and thus has been absorbed into the crypto cleansing ritual of becoming an exchange CCP license. In this case for Kraken, Britain's IG is the seller, making a handy $73 million return on the exchange bonds 2023 with proceeds also helping that firm expand in crypto, albeit elsewhere. Don't forget you can catch words and pictures together from the Exchange Invest environment if you fancy that. Join us Tuesdays five o' clock London time and that's midday New York time. The IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Now online we had a fantastic discussion with Jose Andres Mayora, fund manager from of all places Guatemala City on Wall Street's blind spots. While this week we've got a very exciting panel show coming up, a return of our panel for the first time more than a month Finance Book of the Week is the Carbon Paradox, written by Renat Hoiberger, Marco Hir Spruner and Steve Zwick. It's an ambitious and genre defying novel, a fictional work based on facts that explores one of the thorniest questions of our time. How do we fund real climate action in an imperfect world? Our next book of the week will be unveiled Saturday in the EI Weekend Edition. And don't forget if you want all the news on the Boris business and daily to your inbox. Subscribe to exchange invest vixchangeinvest.com@only $499 per annum per user to join the Exchange of Information. Don't forget also that conference highlight of the year after keynotes from Nairobi to Yerevan and even further afield, I'm joining the AFM Tech Day to chat with the OG of ETD and many other marketers beside Professor Richard Sander. How can you possibly not be in Chicago Friday 14 November for what promises to be the Panel of the year product news HKE introducing Hang Seng Biotech Index Futures, CME Group and FTSE Russell have extended their index derivatives license through 2037 and all the rest of news was in of course where else Exchange invest itself some technology higher highlights ZSC that Zimbabwe is transitioning to a new trading system of its own design. It would seem well HPR announced Meg Matching Engine Gateway, a full hardware gateway with integrated risk controls for exchanges over in big world worth paying attention to the world's top listed companies. My market cap when I last looked the Dutch chip maker ASML is a whisker lower. It's vacillating between 26th and 27th over the course of recent weeks, which means that there are zero European companies in the top 25 listed listed firms in the world by market capital and 20 of that 25 are from the USA. And people wonder why the power for listing is with the country club duopoly of Nasdaq and Nice. And on that mysterious and magnificent note. Thank you for listening to this EI weekly podcast number 318. Join us daily via exchangeinvest.com or if you're new Exchange Marketplace you'd like build, get in touch My name is Patrick Elyoung and I wish you a great week in life and markets.
- 9:54Speaker 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.