104 Exchange Invest Weekly Podcast July 24th, 2021

Transcript:           This week in the parish of bourses and markets structure:         Stunning results from NASDAQ as they move their private market into a joint venture with other investors.          China's Emissions Trading System goes live.         And will Hong Kong exchanges be the winner in the Sino-Overseas IPO Clampdown?          My name is Patrick L. Young,         Welcome to the bourse business weekly digest.          It's the Exchange Invest Weekly Podcast Episode 104.         Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.          More details at ExchangeInvest.com.         UK Regulators are Wading Into the US’s Libor Transition went the headline in the Financial Times this week. Clearly UK regulators have a first amendment right on either side of the Atlantic to opine on the replacement for the London Interbank Offered Rate (AKA the clue surely rests in the geo-title). However, it's a folly of the King Canute repo variety to believe that in today's open markets, a regulator can dictate the solution? Market economies provoke choice. Choice was always bound to be a factor in a post Libor economy as soon as the powers that be found Libor profoundly unfit for purpose (where it was arguably a tad creaky, tad aged but a decent quasi-Georgian facade for interest rate calculation).          The Governor of the Bank of England nowadays has a somewhat limited power of nudge in dictating how people calculate their interest rates. It's shocking nobody seems to have thought through this whole process on the blob side of the regulatory balance sheet as they rushed to rid us of Libor.         Meanwhile, the United States of America, they continue to dominate the world stock exchange's. Investing.com was asking the question this week: Can this last forever?          As they noted: “Combined with the New York Stock Exchange (NYSE), the NASDAQ totaled more than $45 trillion in market capitalization. Comparatively, a combination of the exchanges ranked from 3-10 totalled $39.64 trillion (so almost $6 trillion less).          That's a pretty big comparison when you realise the total of the Shanghai Stock Exchange, Japan Exchange, Hong Kong Stock Exchange, Euronext, Shenzhen Stock Exchange, London Stock Exchange, Toronto Stock Exchange and India's National Stock Exchange, which represent more than half of the world's population equate to only 87.6% of the US’s NYSE and NASDAQ stock exchange market capitalization.          Look, it strikes...