063 Exchange Invest Weekly Podcast 17 September

Transcript    New York exchanges opting for the technology arbitrage. A move away from New Jersey data centers appears imminent while bidding heats up for Borsa Italiana, which is being wrenched illogically from the London Stock Exchange Group.    My name is Patrick L. Young. Welcome to the bourse business Weekly digest. It's the Exchange Invest Weekly Podcast.   In a week of frantic news flow, ladies and gentlemen, just remember, this is a very brief reduction of the key headlines from the weekend market structure All the analysis of the week’s many events and happenings, including a multiplicity of deals we haven't got space for in the podcast today can be found in Exchange Invest. It's a daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details over at ExchangeInvest.com.    Our top story this week, the New York Stock Exchange and indeed NASDAQ and the other U S exchanges have signaled that they will exit New Jersey iIf the state taxes stock trades, - as we mentioned was proposed some weeks ago. The New York Stock Exchange plans to announce that it will run one of its exchanges from a backup site in Chicago for a week as a demonstration of its readiness to quit higher tax jurisdictions like New Jersey, if they implement their threat to raise a transaction levy. At the nexus of taxation and representation,  ladies and gentlemen, a third element is apparent in the digital age, the sheer desperation of overspending analogue administrations, trying haphazardly to balance the books. Given long term issues facing New Jersey, in any case, in powering its data centers, especially the growth rates of securities trading by NASDAQ, NYSE at all….It any way makes total sense for US markets to consider alternative, sustainable, data centers away from the Tristate area. Are we on the cusp of a hollowing out of the U S East coast trading epicenters? Local legislators can certainly make that come true, at a much faster rate with their increasing desperation to find funding for their overspending.  All the exchange groups are wise to avoid New Jersey as this tax plan is Doubtless only the thin end of the wedge.  Parishioners will muse that the New York Stock Exchange playing a Chicago shuffle card is perhaps the first time we have seen that municipality or indeed Illinois, more broadly, being viewed as a lower tax jurisdictional move for quite some considerable time, particularly parishioners will recall given Terry Duffy facing down a similar threat locally in Chicago on behalf of the CME only a few years back. Confusing signs out of the European Union this week. Amidst it's the Helter Skelter kerfuffle whereby the European Union still seeks to do anything but negotiate a Brexit deal, in good faith... We've reached the maximum angle of leverage for throwing toys out of the pram. The EU, went the message earlier this week, “will delay Euro Clearing decision on Brexit, divorce threat.” Rather, it seemed within 24 hours that that had been somewhat turned around. Clearly there is a huge internal political battle within the European Union at the moment between the pragmatic folk who are actually capable of understanding business within the European Commission... And the many people who are more tied to the politics of what is a very acrimonious divorce and the EU, as a spurned spouse, determined to try and destroy the United Kingdom of Great Britain and Northern Ireland from prospering as an independent nation. It's state...