053 Exchange Invest Weekly Podcast

In a week of antitrust angst, the big news: Hong Kong exchanges have edged past the Chicago Mercantile Exchange group to top Young's pyramid. My name is Patrick L Young Welcome to the bouse business weekly digest. It's the Exchange Invest Weekly Podcast.    It's a squeak...and we can bicker about forex rates, Ladies and gentlemen, but I make it right now: the Hong Kong exchanges as I record are at $60.32 billion, compared with CME at $60.27 billion dollars, so barely 50 million in it. But nonetheless, Hong Kong exchanges top Young's pyramid of value amongst market operators with the Intercontinental Exchange some way distant in third at 50.6 billion flat on the year to date. Thus Hong Kong exchanges have, at least even temporarily, perhaps it's somewhat similar to what ICE did a number of years back with CME, assumed the mantle of the largest parish market operator.    Meanwhile, in Europe, FESE released an excellent paper with the IPO Task Force and a group of other people. An excellent unified message “equity is the key to unlocking a sustainable economic recovery.” It's not so much whether Brussels is listening, but can Brussels actually act.?   With the first half of the year going by NASDAQ welcomes 69 IPOs and five exchange transfers in the first six months of 2020. New York Stock Exchange they were quick to say they led an overall IPO proceeds for the first half of 2020 particularly because new SPAC listings surged. Therefore presumably if the SPACs can find suitable deals in the future, it will be very very exciting indeed for not just NYSE but the market as a whole. And indeed on which note Dear Santa, may I please have a SPAC for Christmas?    Over in Hong Kong, the bourse is reaping the benefits of the China homecomings, as I mentioned earlier, they've topped Young's pyramid just in the last few hours before we recorded this podcast. Nonetheless, it's a very, very interesting moment. Lots of IPOs coming from China towards Hong Kong as dual listings or initial offerings, many of which would originally have gone to the USA but of course, currently, relations are a little bit sour.    Elsewhere, the LME, the London Metal Exchange, that subsidiary of Hong Kong exchanges group, they're going to keep their ring closed for the time being despite a lockdown easing of COVID-19 in London.    Over on the continent Clearstream and London Clearing House’s EquityClear are collaborating on new post trade connections, which is going to be very interesting. Therefore, lots of global depository receipts and ETF products, EDP products, ETN products ETC products, amongst other things are going to be available for settlement through Clearstream by the third quarter of 2020. It's a useful interoperable link while the great game heats up for the future ownership over Euroclear and its components.   ‘Down under’ the Australian Stock Exchange, they're extending their temporary emergency capital raising relief until the 30th of November. An excellent idea given the fact that indeed, neighboring the state of New South Wales where the Australian Stock Exchange is based, of course, the state of Victoria has just re entered lockdown as a result of COVID-19. This is a sound move by the ASX to help company funding. In results this week, the Philippine stock exchange, their income plummeted due to slow trading activity. Clearly questions need to be asked as to why this quarter was so disappointing apart from of course a mandatory closedown in Manila, where others had explosive profit growth. Regulatory factors seem to be playing a role here and stifling th...