157 Exchange Invest Weekly Podcast August 20th, 2022

TranscriptThis week in the parish of bourses and market structure:     TP ICAP in decent results shock Huobi is for sale …and could Adena Friedman be returning to an old stomping ground? My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 157. 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 and happenings 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. Just a thought to start off from mid-summer with the US dollar in the stratosphere it’s interesting that so far we have yet to see a real drive for mergers and acquisitions from the western side of the Atlantic. Yet, Biden’s economic confusion isn’t a recession, isn’t a recession, well, whatever, it’s driven the greenback up and up and up and it entitles a corporate form of “exorbitant privilege” to those who earn US dollars on their balance sheet.  Will we as a result see an M&A boom out of the USA towards the UK and Europe? Or is the US worried about the Ukraine situation (already heading CEE/SEE tourism and business trips hard, even in places far from the conflict). It could even be that a pro-business new UK PM (presuming they choose Liz Truss over the spendthrift Rishi Sunak) might be the recipient of more bids come the autumn? Watch this space. It could be exciting, particularly in the parish of bourses.  Speaking of the parish of bourses specifically interesting to see that new brokers building up their commodities franchises from China, they are skeptical about the Baltic Exchange, earning its motto. When some Chinese brokers are unconvinced by “my word is my bond” then all of a sudden, it would appear the SGX owned London Baltic Exchange has reached a form of contango in the kettle pot black methodology with these accusations from China.  The Moscow Exchange are opening its bond market to non-residents from what they termed “friendly” countries, ie the countries that have not sanctioned Russia as a result of their invasion of Ukraine. There’s still no news on stock trading access derivatives have been enabled and since Victorian Japan day, August 15.  Non-sanctioned or at least non-sanctioning nations against Russia can play in the Moscow bond market. At the same time there is a Russian law firm that’s seeking to unfreeze funds tied up with Euroclear and indeed, the Russian Central Depository is removing fees for the transfer of stock in certain circumstances again, all trying to get around these sanctions at the same time as various hedge funds are placing into their side pockets Russian assets.  Dubai Clear and the Saudi Sec...