148 Exchange Invest Weekly Podcast June 18th, 2022

  Transcript This week in the parish of bourses and market structure:        “Gensler to Payment For Order Flow: Drop Dead!” Manila floor to close Celsius freezes  The SEC have a crypto insider probe  …and the parish loses a European Great.  My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 148. 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 7 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. All manner of ramifications in relation to the LME’s nickel nightmare. The Managed Funds Association (MFA) they submitted comments to the LME’s consultation on OTC position reporting the other week at the same time as they were hit with complaints from that 2.6 trillion hedge fund group over the nickel nightmare.  At the same time, we’re now up to roughly about 500 million in lawsuits and the last a Category 2 broker Britannia Global markets have given up their LME membership as of June the 20th. Certainly it was a most lively discussion to be had last week when I was in London and a guest up the LME Golf Association annual dinner, then again think about the continuity here. I appreciate LME, may wish that we’d all had a more boring evening where we could all just talk about golf or in my case, presumably stare out the window of the little ship club as I know nothing about golf. However, think about it this way ladies and gentlemen, the LME Golf Association last week, organised a splendid evening, no less than the 121st annual dinner, not of the exchange, just have the golf club. Read that and weep 90% or more of the world’s futures markets who are predated by, well pretty much a century by the LME’s Golf Club. Therefore, rumours of the death of the LME I believe remain strictly exaggerated. Big news from the floors last week well of course I was covering in the previous edition the rather mesmerising concept that the CBOE needs to have a new options trading floor because, you know, technology or something, I don’t know that whole thing I’m really confused, Manila (the Philippine bourse) are moving forward they are going to be shutting their trading floor as their users favour digital markets. ‘Goodbye Physical, Hello Virtual’ as the Inquirer Business headline the story about the Philippine Stock Exchange.  Elsewhere Charles Schwab, they’re gonna pay $187 million to settle SEC claims against their robo-advisor, where it seems the robo may have been well...