048 Exchange Invest Weekly Podcast

TRANSCRIPT   SGX under scrutiny in Singapore as the stock experiences a dead cat bounce following the MSCI shock.   Italian government debates Titanic market structure deckchair repo as Rome dies a long economic death...or is something more macro afoot?   Hong Kong exchanges are powering up despite the China situation, as London Stock Exchange, traders think they can shorten their hours in a curiously correlated vacuum just as Moscow expands their opening day to a multiple of LSEG.   B3 restating the Bovespa goodwill and MOEX launched a nifty tweak to open interest.    My name is Patrick L. Young. Welcome to the bourse business weekly digest, it's the Exchange Invest Weekly Podcast.   “Italy’s ruling coalition debates a bid for Borsa Italiana” went the headline in the Brussels bugle aka the financial times this week. Ital coalition government is debating whether to bid for all or part of Boris italiana as Rome seeks to take back control of strategic assets. “Oh Lord,” I wrote on Monday “please preserve us from halfwits.” This is so spectacularly misguided on every level that if replayed as a parody, nobody would find the joke I'm using. The rationale appears to be that Italy is so bankrupt only controlling the secondary market for B2B trading can help the country secure funding. Nationalized industries are squalidly disorganized rent seekers at the best of time, without a purpose. The notion of an Italian state controlled nationalized industry is to put it mildly staggeringly unappealing. Italy, you may recall has an economy the same size as when I lived there in the late 1990s, 20 years ago.   The government is fiscally bankrupt. And we can see from this idiocy not too hot on actually getting to grips with what it needs to do, which is deregulate a stifled economy and let it grow from an industrial base weathered by generations of mismanagement by political interference. And much more recently further encumbered by the use of the euro, the Italian state is playing with fire attempting to force control over market structure where it has been proven much more successful at serving clients and raising funds than state officials could ever manage.    Of course, as I said that pith was written at lightspeed Monday. Upon reflection, I'm beginning to wonder might something larger be at play here? Watch this space.    Over in Kazakhstan, the stock exchange perhaps as part of their competitive attempt to arrest more business from the newer Astana international exchange. item three from the AGM which was passed was “not to pay dividends on ordinary shares of the exchange on the 2019 results, but to spend net income profit in the mind of our Hundred percent of profits on the exchanges development.”   Watch this space too I think   Over at the World Diamond Federation - not an exchange we would normally look at but very interestingly they have acquired the Isaeli Get Diamonds digital platform. That's an attempt to manage to modernize the World Federation of Diamond Bourses in a move spearheaded by the Israeli Diamond Exchange President Yoram Vash, who was elected President of the  World Federation of Diamond Bourses just a month and a half ago.    I devoted a considerable amount of time meanwhile, in the Exchange Invest Weekend feature last Saturday to recent management failure and the risk...