Latest / Exchange Invest / 305 Exchange Invest Weekly Podcast July 26th, 2025
Transcript
- 0:00Speaker A: This week in the parish of Bourses and market structure, DB1's Cosby copy Hong Kong exchanges gears up for T +1, IBKR leaps and Schwab stars ahead of an impending Mayax IPO My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's Exchange Invest Weekly podcast episode 305 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 BitcoinAge, passing a first US crypto bill is a step forward, but for the most hubristic of markets is is genius not a moniker tempting fate. If you enjoyed this excerpt, you may be interested to know that you can read Bitcoinage every day and Exchange Invest. Alternatively, if you want to follow Bitcarnage, the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack. This week in exchanges, the London Stock Exchange Group is considering the launch of 24 hour trading. Why not spread London liquidity over a longer period? This clearly passes for management inspiration at the less productive side of Paternoster Square. Clearly nobody can compare listless LSEG with the motivated official efficiency of customer centric ice on the opposite corner of the block. In this respect pattern Ulster Square now amounts to a crossroads of capitalism. CME is also amongst those amongst them. Indeed also every European exchange, absolutely everybody says oh yes, we're all going for a 24 hour trading. @ the moment CME is a little different. Unlike lagging London, at least CME can lay claim to products that could trade 24 hours a day. But they're looking at seven days a week. Does that really make sense when cash markets are closed? Not convinced the everyday thing is progress here. Singapore's central bank they're going to place $1.1 billion with asset managers. That's 1.1 billion Sing dollars I hasten to add to boost the stock market, which must be heartening news for sgx. At the same time there's a golden opportunity for European equities, says Bjorn Sibirn, former IPO vid guest on two occasions and the boss of Six Group. He's a man on a welcome mission. Pro market, pro investment and indeed building a fascinating series of markets across the UK with Aquas Spain and BME and the 6 exchange itself. He's now targeting 20% of European share trading across those platforms in near future. Speaking of European trading platforms, Oliver Wyman have issued a report on behalf of Fazee, the Liquidity Matrix, addressing fragmentation in European equity markets. The problem here remains that the Brussels Blob respects the majority of banks, not the plurality of markets. Thus, systematic internalization is allowed to flourish in the best interests of broker, dealers, banks et al, and against the best interests of a better market. Faisy continues to ply the furrow in favor of markets. But unless that rumoured damascene conversion away from dumb centralized socialist interventionism becomes a reality, Brussels is doomed to collapse. I sincerely hope la resistance to the prevailing technocratic orthodoxy of doom which impoverishes Europeans can prevail. The world desperately needs it Optimism in Beijing Stock Exchange the no longer a pet project is the way that the headline describes it in the Financial Times. The tiny exchange there has become an IPO hub for SMEs. Also within the Chinese hinterland in the SAR of Hong Kong, the first batch of LME licensed metals warehouses have started their operation and James street is back in India, allowing a resumption of trading after depositing US$567 million over in results it was a busy week for results in the parish as the results season got underway, all the details were an exchange Invest Daily, the newsletter a person can afford to be without in capital markets and market structure after all. For the sake of this podcast, let's look at some edited highlights Interactive brokers stonking numbers 3 months total net revenues plus 20% 3 months net income plus 24% 6 months net revenues plus 20% 6 month net income plus 23% very good numbers all around, surpassing analyst cons Census and in fact then actually surpassed by Schwab of all people. Finally, Chuck Brothers have reported numbers similar to even surpassing ibkr, its broker solid date and online markets as Schwab also managed to get their integration risks over and therefore see profits growing. Three month net revenues up 25% net income up 60% quite stunning altogether. Back in Europe, the one good thing is the consistency of Euroclear's seven tiers of Belgian middle management. It just never lets us down. It never impresses us either. That said, thus the Hindu rate of growth is now the EU rate of growth, where even the Manila Stock Exchange can grow 25% in six months. Euroclear ekes out a 2% incremental rise in profits over the first half of the year, barely keeping up with inflation.
- 4:58Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickervativesvision.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.
- 5:15Speaker A: Find this podcast in new markets this week, Egypt's new commodity exchange will be overseen by the military linked agency. What sort of a conflict of interest could we possibly have there? And in deals? Well, the deal news was headlined by Mayax Miami International Exchanges Group filing for their long awaited US ipo. Exciting news and entirely expected Timing was the only question remaining. Where will my Axe value $3 billion or more? Meanwhile, Euronext must improve their bid for Helix. That's the word coming from Greece. Doubt this will surprise your next CEO Stefan Bujna, who's been merely seeking to achieve the deal at the right price, we expect. It's been a year, ladies and gentlemen, but don't forget you can still pack your copy. Get it downloaded now from Amazon Capital Markets Revolution 25th Anniversary Edition published by Exchange Invest an ebook via Amazon Kindle at the ludicrously reasonable price of $9.99, a quarter of the price of the original shorter print book a quarter century ago. Meanwhile, we wrapped our IPO vid season this week with a fabulous show. IPO vid number 182 was digitizing carbon with Steve Zvik making a return with some very, very interesting insights into the carbon markets. Our livestream will return in September. In the meanwhile, you can catch the back issues by searching ipo Vid on YouTube, LinkedIn and Facebook amongst others. Lords of Finance is our book of the week. 1929 the Great Depression and the Bankers who Broke the World by Leoquart Ahmed telling the story of four bankers who truly broke the world. The enigmatic Montague Norman of the of England, Benjamin Strong of the New York Federal Reserve, the arrogant yet brilliant Heikh Almar Schacht of the Reichsbank and the xenophobic Emile Moro of the bank de France. A lively story well worth reading on the beach this summer. Ladies and gentlemen, Product News Eurex have expanded their Global Index derivatives suite with first futures on the MSCI Korea index. That's 81 stocks compared to the Kospi. Where did the Cosby used to trade overnight? Oh yes, on urx, because they've now gone back to trading on KRX itself. So this marks an interesting move by urx as it might seem like fair competition, but it always raises the question just how eager spelled D E S P E R A T E DB1 are to gain business in their ETD arm. After all, they sold a tech system Vienna Bursa about a decade ago and then used the platform equivalent with Eurex to essentially defenestrate the Austrian options market straight to Frankfurt. Fortunately, the then Wiener Bursa CEO has subsequently performed a good riddance repo when dismissed and has not been seen in the parish since. However, with these kinds of approaches from URX, one must wonder just who would trust DB1 URX in a partnership when, as KRX have done, they opt to go their separate way and Eurex promptly lists a compete meeting Product Technology News that Hong Kong exchanges have started a consultation on shortening the cash equity settlement cycle 2t1 and welcome to Bratislava Stock Exchange. They have become the 16th shareholder in Euro CTP bidding for the European Union's consolidated tape project and that means Euro CTP now covers exchanges in all 27 EU nations. Bit of a Whoops. Nasty technical glitch jolted the Colombo Bourse the other day. Sri Lanka's broker OMS fell over not the matching engine per se and Nasdaq Verifin have announced launch of their agentic AI workforce, delivering a step change in AML compliance efficiency Career News this week the pse, that's the Philippine Stock Exchange of stockholders, voted to re elect the directors for 2025 2026, including Joseph T. Pardo and Raman Monson re elected as Chairman and President and CEO respectively, while Farhar Ansani has been appointed Acting CFO of the Pakistan Stock Exchange. And here's a fun fact for you ladies and gentlemen, Post trade on the remarkable Venice wedding of Jeff Bezos and Lauren Sanchez. For all the talk about a lavish affair, if you correlate Bezos vast wealth with that of an American worker, The Amazon finder's $55 million nuptials are actually only equivalent to spend about $20 from his financial position when benchmarked against a US average salary of about $62,000 per annum. Yes, I too wonder how many weddings Americans could achieve if they only had to spend $20 a time. Albeit I think the post trade issue of divorces might raise the blended on that mysterious and magnificent note, thank you for listening to this AI weekly podcast. 305. Join us daily viexchangeinvest.com or if you're a new exchange you'd like to build, get in touch. My name is Patrick G. And I wish you a great week in life and markets.
- 9:48Speaker 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.