135 Exchange Invest Weekly Podcast March 12th, 2022

  Transcript: This week in the parish of bourses and market structure:        LSEG post hyper-average numbers with a hail Mary dividend rise to boot, while the National Stock Exchange of India seeks a new CEO, and the former CEO Chitra is Cuffed.  And is this a sign of the brave new Asia-centric world as the west declines? Nickel trading halted at LME due to a position taken by a man we’ve never heard of from a company that was unknown to this particular podcast presenter (despite it having 56,000 employees – okay, okay, I must be slacking) based in the city I struggled to find on a map.  My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 135. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the past week in market structure. All the analysis of the many events and happenings can be found in Exchange Invest daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Over in India, the National Stock Exchange holy hoax colo fraud continues appears the story developed this week with Chitra Ramkrishna seeking pre-emptive bail at the tail end of last week (what a fascinating cornucopia of curiosities the legal system of India includes) That pre-emptive bail was without success. The former NSE CEO Chitra Ramkrishna was duly arrested on Sunday in the festering aftermath of what Sebi thought was its resolution of the colo crisis just a few weeks ago.  The holy hoax fiasco has taken on a life of its own with Chitra now imprisoned for at least 7 days and doubtless taken out lumps, out of the National Stock Exchange’s potential IPO valuation, presuming there’s even a viable chance of a listing in the course of the next year.  “Xiang Guangda, who controls the world’s largest nickel producer, Tsingshan Holding Group and is known as “Big Shot” in Chinese commodity circles, has according to the South China Morning Post closed out part of his company’s short position in nickel and is considering whether to exit the wager altogether” that’s according to sources.  So, having never heard of Mr. Xiang Guangda, who controls the world’s largest nickel producer Tsingshan Holding Group (my bad for not knowing that, I suspect we’ll be hearing a great deal more in forthcoming months about Mr. Guangda and Tsingshan Holding Group as it strikes me he may yet be in the history books for market upheavals, let alone swingeing losses… In this case, the big short looks to be costing a major nickel firm, a lot of money even for those who for whom “a billion here, a billion there and soon we’re talking about real money” mentality prevails. The London Metal Exchange has found themselves in a sticky situation, although there seems to have been rapid action taken, albeit whether it helps or hinders the original short remains to be seen.