138 Exchange Invest Weekly Podcast April 2nd, 2022

Transcript:  This week in the parish of bourses and market structure:        A Chinese Olive Branch for US listing while a key shareholder finally comes out against TP ICAP Management and the ASX delays CHESS replacement yet again. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 138. 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 many events of the past seven days can be found in Exchange Invest’s daily newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com or via our social media The Chinese authorities appear to be shifting their stance on the longstanding audit stand-off with a proposal that may cohere sufficiently to keep Chinese listings happening in the USA and thus the Chinese more in the global financial system as they work towards Yuan convertibility at a cautious pace. The plan relegates the CSRC to the back seat in the auditing dispute between the US and China from the role it has held since 2016, as the collector and gatekeeper of China’s audit working papers. Meanwhile, in India, in the National Stock Exchange Co-lo Holy Hoax fiasco, even the guru can’t get the accused out of jail. Both Chitra Ramkrishna and Anand Subramanian’s attempts to secure bail have both failed as we record this podcast  Over at the LME, they are doubling, pretty much, the size of the default fund to $2 billion during the course of the month of April. I think that’s what we can call a start to resolve the Nickel crisis. Meanwhile, other news of a start is news that one TP ICAP shareholder is seeking urgent change, that’s long overdue, but welcome all the same. Justin Hughes has – understandably been driven to write to those stewarding the aspirant penny stock TP ICAP in a direction far from prosperity. Sadly, the management of TP ICAP themselves are broadly discredited, the board of directors would be challenged by supine sheep. This fiasco needs to end. Bravo Justin Hughes for calling the shots on what has become a sorry fiasco.  Meanwhile, Hong Kong Exchanges they announced very exciting plans Chief Executive Nicolas Aguzin steered through the 2022 corporate day with news of digital trading platforms ETF Connect Schemes and overseas offices as part of the Hong Kong exchanges growth plan under his stewardship. Elsewhere, the Moscow Exchange they resumed share and bond trading, in what might be called ‘normal mode’ during abnormal times last Monday. Nevertheless, non-residents are having to wait, therefore, through the time when we’re recording this podcast. They’re barred from selling stocks and OFZ rouble bonds until the first of April. Perhaps a fitting tribute to All Fool’s Day. In Shanghai, the latest COVID lockdowns have led to exchange staff camping in the office to keep the Shanghai Stock Exchange buzzing during t...