155 Exchange Invest Weekly Podcast August 6th, 2022

Transcript   This week in the parish of bourses and market structure:        CME beats the street estimates in a results binge CBOE writes down their ErisX purchase …and ASX disappoints once again with their Digital Asset CHESS replacement fiasco.  My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 155. 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 New Zealand Exchange is establishing a Corporate Governance Institute and ex-chair James Miller says the purpose of the new body – will be to assist New Zealand Exchange by delivering recommendations in relation to the development of the NZX Corporate Governance Code and rule settings that apply to the Corporate Governance practices of issuers on the main board of NZX.  Meanwhile, in the UK fabulous article, this week in The Daily Telegraph by Barney Reynolds a full throated cri de coeur as he seeks an outbreak of British government to give Britain a much better chance of post-Brexit advantage. “Our Markets Must Be Freed From The Stifling Remnants Of Brussels Red Tape” goes the headline.  Meanwhile, not so much red tape, a thin red line, a red line of judgment is from the courts, Citadel Securities lost their lawsuit to block an IEX order type that is attempting to read their market of high-frequency trading. Speaking of IEX, from one to the other IEX, this is the Indian Energy Exchange as opposed to the ‘Flash Boys’. Their stock was surging last week as the Indian power ministry sought to remove a cap on the high price market segment. If formalized, the move will boost trading volumes and transaction fees for the power exchanges of which the market leader in India is, of course, the IEX.  The Ukrainian power market, they’re eyeing electricity trading for exports on regional market coupling while over in the USA, big news on the settlement front – SIFMA, ICI and DTCC have published the T+1 implementation Playbook as the industry readies for accelerated settlement. This amounts to perhaps the most exciting project in the world of parish consultants right now with a huge number of them all eager to join the bandwagon of T+1.  Not so much T+1 as headcount -23% as Robinhood, they lead off almost a quarter of their staff as retail investors have faded from the platform and at the same time the DFS (the Department for Financial Services in New York) announced a $30 million penalty on Robinhood’s crypto division for significant Anti-money laundering, Cybersecurity and Consumer Protection violations.  Gosh, that’s the equivalent of 3 million payments for order flow pass-throughs levied by the NYDFS for these AML and Cybersecurity failures, that amounts to way more than the Sheriff of Nottingham ever got...