146 Exchange Invest Weekly Podcast June 4th, 2022

TRANSCRIPT This week in the parish of bourses and market structure:        There’s a CCP revolution being preached in Washington DC. Stock Connect adding ETFs between China and Hong Kong. Spectacular results from Hellenic Exchanges and the UK proposes a Stablecoin Safety Net. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 146. 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 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. And let’s start with a quick update in the NSE Co-Location holy hoax case, the default bail petitions of Chitra Ramkrishna and Anand Subramanian were dismissed – they remain in jail. Over in London, CBOE signed a joint agreement with various EU market associations (three European trade associations no less) along with the exchange operators CBOE has agreed on the key principles that could help create a consolidated tape. An interesting addition to the consolidated tape saga. AFME, EFAMA and the German Funds Association have done their version of a Martin Luther for the consolidated tape concept, albeit nailing 11 (as opposed to 95 by ML) principles to doors and indeed, they didn’t need them to a door they made them available by a quaint download because of course nowadays, nailing things to anything is just very bad ESG.  On a brief glance, the whole thing looks like common sense stuff but then again, so did the FESE proposals of last year and the EC maxxed their low latency feed to dismiss that (frankly, foolishly in our humble opinion). Let’s see how this one fares given the European community doesn’t like workable solutions such as the FESE one but have a dream for a form of max op op-co-op which is like all too many European Union policies want to park in the “that’s nice dear” bucket of ‘never likely to be achievable’ based on past performance. Tradeweb scored the lowest possible governance score from a proxy adviser. A classic Blackstone control shareholding structure is being attacked by the proxy advisor ISS but then, of course, being owned as ISS are, by LSEG’s deadly frenemy rival DB1, that raises certain questions. Let’s face it, the DB1-LSE bourse duo has unsuccessfully romanced to Richard Burton / Elizabeth Taylor proportions (albeit the stars of Cleopatra never had to face EU antitrust). However, the whiff of conflict of interest remains to hang over any ISS research nowadays and thus I imagine Blackstone will seek...