112 Exchange Invest Weekly Podcast September 18th, 2021

Transcript:         This week in the parish of bourses and market structure:                Banks win Libor case, SIX ADX has been approved, IBKR goes towards crypto with Paxos, and the New York Stock Exchange half greenlit a new green segment.         My name is Patrick L. Young,         Welcome to the bourse business weekly digest.         It’s the Exchange Invest Weekly Podcast number 112.         Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in 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.         Interactive Brokers were in the wars this week they issued a statement about their patent trial a verdict. They have to pay trading technologies $6.6 million dollars in a fine for what was originally a 12 patent suit reduced to two patents (10 proved invalid) in the case where trading technologies had sued in 2010. And now anyway, the patents have expired. So therefore Interactive Brokers have very little additional cost involved.         B3 (Brasil, Bolsa, Balcão) – Fitch has assigned them a first-time BB rating (rating the senior unsecured ‘BB(EXP)’. B3 is revenues as we know related to trading, post-trading, and clearing activities on the listed segment for equities and derivatives comprise some 69.3% of the total revenues during the first half of 2021.         Meanwhile, there’s a bit of a worry, a multi zillion dollar Cruzado/Cruzeiro  lawsuit (that takes us back doesn’t it) all relating to 22 years old legal action with the central bank and the original BM&FBovespa. Interesting to see how that lines up in terms of what B3 might have to pay.          Wasteful spending, that’s what ASX is being accused of. No, we don’t mean digital assets. We simply mean millions of worthless letters every year being sent resulting in a ‘staggering waste’ as different communications are duplicated, replicated, could replicate it to the shareholders on the ASX.         Over in Hong Kong, they’re planning to limit the retail investor access to their SPAC products. While there’s been a lot of chatter on the wires about the new Beijing bourse for SMEs. It’s seen according to China Daily as an Elixir for capital market reform. At the same time, other parties noting that they think that the new Beijing bourse faces a tough road ahead despite President Xi’s blessing.          Linking the Chinese mainland with the Hong Kong SAR, Tradeweb Markets, and China Foreign Exchange Trading System we’re delighted this week to expand their...