Latest / Exchange Invest / 319 Exchange Invest Weekly Podcast November 1st, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and Market Structure. NASDAQ sparkles alongside Flaccid CME Fail. BMLL is bought as Swap Clear is reworked and Selig is a surprise choice for CFTC Chairman My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 319.
- 0:32Speaker B: Foreign.
- 0:41Speaker 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 in Paris notes it's a spectacular 50th anniversary this month for GNMA futures. Or at least it was at the end of October October thanks to the pure play genius embodied in our living legend of Markets 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. Ginnie Maes their launch on October 20, 1975 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 dimensional markets without which our world would have been an inestimably poorer place. To the pioneers of CBOT in particular, Richard Exchange Invest offers a chapeau to our favorite parish Chevalier de la Legend d'. Honneur. And don't forget, if you want to hear from the DOC in his own words, come join me in the AFM Tech Day in association with connira on Friday 14th November in where else? Chicago over in Bitcarnage. The worry is the Trump train has become a crypto con. There are many amazing policy initiatives and a lot of good governing, but the third world crypto con element is alas worryingly transparent and that makes for an ugly MAGA denouement along the way, presuming there is an outbreak of opposition identifying as politicians in the usa. True the likes of CNN have serious Trump derangement syndrome, but at the same time their points have pertinence. In pardoning Binance's founder, Trump sends a clear message to white collar criminals while the Hill discusses a key Potos backer also upset by the decision. Trump terribly advised on crypto billionaire pardon says key supporter. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day on Exchange Invests. Alternatively, if you want to follow Bitcoinage, the daily update on happenings in the world of crypto and digital assets, you can find bitcornage as a standalone owned substack. Over in the world of exchanges, there are a cautery of somewhat closeted imbeciles populating social media like LinkedIn, cheering the German ESMA stupidity advocating an EU monobourse, probably as much because they're desperate for some consulting that may emerge from it. Taking a tiny EU economy as a good example of just how dangerous the emerging EU policy of a Marxist centralised single market would prove, I wrote an op ed this week for the Sunday Times of Malta and it's worth noting the wholesale retail decimation which would befall the Malta Stock Exchange. Hence the headline the Malta Stock Exchange Threat, a market which has shone despite the entire Republic's population barely breaking a half million residents.
- 3:16Speaker 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.
- 3:36Speaker A: In India, the Calcutta Stock Exchange has closed down after 117 years. CBOE is looking to extend options hours in the USA in an overnight trading push. Entirely understandable move given the likes of Blue Ocean demonstrating the underlying demand for overnight stock trading of US stock. There's of course rich irony that the SEC regulated options markets may be able to expand their trading hours faster than the underlying in this instance the US stock equity markets largely because of the festering, confusing pile also known as the SIP under the NMS. Great news from Hong Kong. They see 300 companies in their IPO pipeline amid a hot listing market and at the same time I've heard the LSEG reckon they have a similar pipeline. It's just that hkex calibrates the 300 potential listings as firms going to market soon, whereas LSE are benchmarking their pipeline to the end of time. One cancels the other hell freezing over over in Australia CEBA Australia. There they're listing franchise. They'll be seeking firms worth at least $30 million for their IPOs. And in results NASD reported great results altogether, surpassing a billion dollars in Solutions quarterly revenue and 3 billion in ARR, a quarterly dividend of 0.27 cents per share. Net revenue up 15%, GAAP operating income up 31%. Terrific numbers as NASDAQ looks strong and stable across the board. Adena Friedman has securely placed Nasdaq in another orbit from the already signed entity she inherited from Bob Greifeld. The question now is what comes next. Certainly a Vault to Tier 1 of Young's pyramid is on the card as shareholder value accrues. Oh dear oh dear oh dear department the CME going backwards total revenues down 3% operating income down 5% monopoly milkers the CME are at best became for the exchange, which more than any other embodies a US dollar global monopoly of products. This is remarkable to the point of dismal over in deals. Quite busy in deals in the parish. All of those are in Exchange Invest Daily the newsletter no person can afford to be without capital markets to market structure. For the heck of this podcast, a few edited highlights. Euronext is standing firm on its offer for the Athens Exchange. Rejecting a sweetened bid for one's Euronext usually crafts remarkable deals. His under duress as a stock only deal appears to undervalue Helix DraftKings aboard the US CFTC regulated railbird Exchange confirming a prediction betting launch and the Canadian Securities Exchange parent has completed its acquisition of the National Stock Exchange of Australia. Big Deal of the Week. Nordic Capital are acquiring BMLL leading provider historical trading data and analytics for capital markets. A very interesting deal that takes BMLL to the next level and leaves Optiver as a minority shareholder. Congratulations to Paul Humphre team. Don't forget you can also catch us online if you want to watch our videos. Some fascinating financial insights with moving pictures. Our livestream Tuesdays 5 o' clock London midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube at IPO fade online we had a great paddle discussion this week talking markets with Mark Bettis and Berg and Ira Harris. Our new finance book of the week is the Uncomfortable Truth about Money. How to Live with Uncertainty and Think for Yourself by Paul Podolski A lifetime of money learnings distilled to a thin volume like a basic cooking recipe. You can follow. Paul is of course Recent guest on IPO Vid in product news 24 hour stock trading is coming notes barons and Wall street isn't ready in technology. The ttsc that's Trinidad and Tobago Stock Exchange have announced a shift to T +1 trade settlement by 2026, so ahead of Europe in career paths. The shock of the week. Trump has named Michael Selig to Chair of the cftc. Selig cites a crypto capital goal I'M not sure this does anything other than provoke greater concern that the Trump administration has lost the plot. Going all in on Crypto Same time Good to see Matthew Chimble staying with the LME for the long term. He's got no plans to step down ahead of his 10th year in charge of the London Metals Exchange. And there was much else beside in the world of job moves this week, all of those were in Exchange Invest, the newsletter no person can afford to be without in financial market structure. And that leaves us, ladies and gentlemen, at BigWorld. Thinking about population growth right now means four people per second will be joining the global workforce for the next decade at least. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 319. Join us daily by exchangeinvest.com or if you have new exchange or marketplace you'd like build, get in touch. My name is Patrick Kelly. I'm going to wish you a great week in Life and Markets.
- 8:09Speaker 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.