Exchange Invest Weekly 023

Transcript   It may have been Thanksgiving week for the Americans but there was lots to give thanks for the world over in this week's bourse Business News, the Exchange Invest weekly. My name is Patrick L. Young publisher of The Daily newsletter of exchanges, Exchange Invest    Amongst those giving thanks this week, or of course, the United States of America but in addition, there were a lot of folks to give thanks in London: the London Stock Exchange Group now the shareholders have blessed the $27 billion Refinitiv takeover deal. All this needs now of course, is a management miracle to make the integration work.    So there were two major charitable announcements in one day: the Foundation Day and the - well what can we call it? -  the SE bourgeois subsidy fund perhaps Ladies and gentlemen? That way, LSEG are going to be paying millions for thousands of consultants over several years to eventually fail to integrate Refinitiv effectively.    One sensational piece of news this week: the Tel Aviv Stock Exchange! Gosh, they're blooming as a publicly listed company! Adjusted profits in the third quarter of 2019, up no less than 266%! Quite the debut numbers for a listed company!    Bursa Malaysia: they disposed of 85,000 of the ordinary shares that they held in the NASDAQ listed CME Group in the open market, while the Bombay Stock Exchange is going to be selling 4% of its stake in the CDSL via an offer for sale, in order to meet Sebi’s prescriptive guidelines.    However, of course, the biggest deal in and around the parish this week was Charles Schwab and finally their incredible almost some form of repo in a way: One might call it a negative commission report: a zero commission repo. They're going buy TD Ameritrade creating a brokerage behemoth. ignore what they said in some parts of the retail press about well, he was actually doing something - Chuck Schwab - that is completely alien to the concept of various of the infamous rules by the sage of Omaha, Warren Buffett in investment by using their scrip in order to buy the company. It's a fascinating business: They're going to be moving the Charles Schwab headquarters. out of San Francisco, everybody's going to be centering in Texas no less. Of course, that's essentially fascinating because the opportunities therefore are how will this ultimately be branded? At the moment we're going for “Charles Schwab” in continuation but surely there could be something more creative here?. TD Schwab perhaps or Charles Ameritrade cannot be ignored. In fact, I think Charles Ameritrade could even spawn a Marvel comic offshoot. Albeit given the common diminutive used for the acquiring firm’s founder,. why not call the newly reformed Charles Schwab and TD Ameritrade: “Chuck trade”. After all, the merger itself was built upon the ‘chuck brokerage’ movement in the United States of America.   New York Stock Exchange: they let the cat out of the bag this week they're pushing to let direct listings raise capital in an alternative to well, the frankly somewhat tawdry and out of dat, and vastly expensive, IPO method. This is a new hybrid model. Well, it's not that new, but it's a new model that's going to be allowed on the NYSE. And it comes after criticism by venture capital investors of the traditional IPO process. That's not all: VCs aren't the only people that have been complaining about this. It's brilliant news all round because for decades the route to the public markets, the IPO process has become increasingly broken. The avenue of direct listings clearly offers an alternative to the analog expensive IPO process for firms. Those firms who wis...