Exchange Invest Weekly (beta) 005

The Exchange Invest Podcast With Patrick L Young, all the exchange news that's fit to pith...   Welcome back for a fifth unscripted review of the week in bourses, the Exchange Invest weekly.   Lots happening in all manner of areas including LNG, IPOs and much much more...as well as a few rants about the EU, some discussion of the new UK government and runners and riders in the race to become the new Governor of the Bank of England and some reflection on Deutsche Bank's launch of a second bad bank in decade and mass retrenchment etc...   Transcript:   Patrick L Young: 00:00 In big world, the Syriza government under Alexis Tsipras once a left wing bastian, but ultimately poodles of the troika were voted out. The Greeks opted for an old old thing and a return to the status quo. Meanwhile, in the United States of America, it was valley to Ross Perot, the last major third party candidate while in the parish, LNG, PNG, OMG, So much data and indeed that too is amongst the stories in this week's exchange, invest weekly. Join me. My name is Patrick L, Young Theme Tune 00:30 Patrick L Young: 00:51 Let's start in the world of market data. Nasdaq who produced that very interesting white paper, total markets a blueprint for a better tomorrow. They're advocating multiple changes to make markets more equitable and efficient and indeed in their first major policy change. in the wake of launching that campaign, they've called for reforms to the definitions of professional and nonprofessional users of market data in order to modernize them. It's an interesting idea, albeit it's going to be difficult to manifest what the cutoffs actually are. However, if Nasdaq can manage to solve much, much trickier problems than this as they have in the past, their efforts are to be encouraged. It could lead to something that's much more coherent, let's put it that way, in the whole world of market data pricing, something which is incredibly contentious throughout the parish at the moment. Elsewhere in market data, Nasdaq and the LBMA, the London Billion Markets Association, they're the people who are behind essentially. Lots and lots of stuff that makes the gold world go round. They are going to make more precious metals data available on a daily basis via Nasdaq. Patrick L Young: 01:56 They came, they saw, they conquered the Supreme Court of the European Union. That is the top watchdog which has seen its appeal throw out after it tried to ensure that it was going to be able to find TP ICAP, a 14.9 million euro, $16.7 million fine from the EU. This action from the antitrust regulator is finally dead in the water. It all dates back to 2015 when there was a rigging of the LIBOR benchmark, which was one of the many cases that took place during the course of discrediting our former interest rate regime. ICAP had denied wrongdoing while the banks admitted taking part in the cartels. Throughout, ICAP have protested their innocence and ultimately justice has prevailed at the European supreme court level. From the European Court of Justice, we moved to, well that ongoing standoff, the Swiss exchange versus the EU, or at least Switzerland versus the EU, which has impacted the Swiss exchange. Many comments this week, further media coverage and a lot of people seem think that the EU may be overplaying its hand. Patrick L Young: 03:10 Perhaps the most surprising news of the week to those who still believe that Britain is about to be a sunder by what may happen in the course of Brexit in the near future. The Bank of England has come out and said, essentially, British banks are ready for a no deal Brexit. Not only that, they're actually...