142 Exchange Invest Weekly Podcast May 7th, 2022

Transcript:   This week in the parish of bourses and market structure:           A shock management reshuffle at LME, the Tel Aviv Stock Exchange Chairman resigns and sadly another parish veteran Chris Prior-Willeard has passed away.  My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 142. 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 subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. We begin today with some sad parish notes and appreciation of Christopher Prior-Willeard.  A one-time junior naval officer Chris Prior-Willeard died after suffering from ALS in recent months following a significant period of ill health. That said, Chris remained indefatigable, still working passionately on plans such as for a new issuer-based CSD amongst other projects and eagerly enthusing about the exciting world of opportunities in the parish of exchanges and related market structure. We exchanged emails most days – Chris was a devoted EI reader. He was top of my list of people to invite to the IPO-Vid Livestream but there followed an anguished email where he apologized that, due to a stroke, he hadn’t been able to speak for some months.  The stroke seemed to barely slow Chris, although it robbed us of the chance to do investor briefings together. All the same, he still appeared on Zoom calls excitedly typing in answers on occasion while listening thoughtfully throughout. Likewise, he was an active audience participant via a keyboard on the IPO-Vid Livestream, even if he could not be the principal guest.  Chris was delighted some years ago when I called him a “market maven” in the first Exchange Invest 1000 list of the most influential people in the parish. He styled himself thus for the rest of his career. That was only appropriate as – like Brian Taylor, who prematurely left us just weeks ago, Chris represented the passionate pro-market enthusiast who got things done.  It would be impossible to discuss every project which CPW had been involved with, but they ranged from introducing ECU/USD futures with the New York Commodity Exchange soon after an abortive attempt to create the London Meat Futures Exchange which ran via the Baltic where Chris had become overall director of Baltic Exchange futures markets. Chris was an earlier participant in stock dematerialization and in central counterparty clearing. He was involved with CapClear which had a fascinating model for a guarantee-based clearing house, sadly curtailed by the financing drought post dotcom bubble. Chris was a leading participant in the internationalisation (through ADRs et al) of the London Stock Exchange, launching SEAQ International. After Big Bang, he was transferred to the market department where he acted as UK Equities Market Manager and Secretary of The Markets Committee of the Stock Exchange Council.  We shared a passion for new markets and parti...