046 Exchange Invest Weekly Podcast

Transcript Stunning results from B3 as Exchange Invest celebrates its seventh anniversary. India permits primary listings overseas as ESMA allows short selling once again, while CME offers a shock closure of their trade repository business. There's also surprise as Ashley Alder extends his tenure as Hong Kong's top regulator, while the CBOE has bought Virtu’s former ITG Canadian ATS Match now.   Overshadowing it all however, the Senate in the USA have passed a bill with worrying consequences for Chinese listings.    My name is Patrick L Young Welcome to the bourse business weekly diges:t it's the Exchange Invest Weekly Podcast.    We begin this week with not so much a parish note as actually more an amusing PLY tale. Coming attractions Ladies and gentlemen, it seems I have finally made it To top tier TV drama, at least momentarily. Devils is a big budget Sky Atlantic financial drama series, which has been sold to 180 territories worldwide, including the UK and the US, and features big name stars such as Patrick...Dempsey. However, coming soon to a screen near your TiVo will be one Patrick Young, who has a cameo role in at least two episodes. Naturally having now made it to a Cinecitta production, I have instructed my management to seek out some more meaty roles.Who knows, perhaps we can at least parlay this into co hosting one of Italy’s legendary spettacolo. That said, the clear deep in the money bet is that I will be back here next week presenting the Exchange Invest Weekly Podcast as usual, musing on how what was once 15 minutes of fame for the Andy Warhol generation is now a low latency sub 30 seconds in the modern digital age. The breaking news from the CME last week as fortunately the West Texas Intermediate contract actually managed to settle in an almost orderly market admittedly with incredibly low levels of open interest before the end of that contract’s life. Rather, the trade repository business. CME Group will close their European and Australian repositories winding down, Abide financial and Nex regulatory reporting businesses as well as their other European and Australian trade repository franchises by 30th November 2020. I fundamentally don't understand this logic. Could the CME management not even sell those? Let's face it last week, we were talking about IHS Markit buying the Singaporean TR Catena.    In terms of COVID this week, well, it's the Covid-ien China crisis that seems to have taken over. First up, NASDAQ were tightening their listing rules and restricting IPOs by Chinese firms in the wake of the luck and coffee disaster amongst others. However, the ominous portents from the Senate this week was the bill that could delist Chinese companies from US stock exchanges. Instantly the Chinese kicked into action: they've been urging firms to list in London in a renewed global push of that Alliance. While meanwhile the South China Morning Post was musing: will Hong Kong be the winner? Even the saber rattling by the US will be sufficient to encourage listings in other international financial centers presuming the legislation gets no further, Hong Kong and London will be the obvious likely beneficiaries.    Reopening of the floor will take place next week after the Memorial day long weekend into which this podcast is being recorded. The New York Stock Exchange will be reopening a socially distanced floor To go alongside various option floors, already we've got the P coast in San Francisco open. And also indeed the NYSE Amex options floor is going to open alongside NASDAQ, Philadelphia exchange...