Exchange Invest Weekly Podcast 018

Transcript Another five small steps for mankind and a small week for markets in many ways. Welcome to the exchange invest weekly.    Thanks for listening Ladies and gentlemen, my name is Patrick L. Young. Well, it's been an interesting week in markets all but with no major news, the world being I suppose, obsessed with things like Brexit. Who knows? We'll see in due course whether the UK Parliament wants to agree whatever it is that they've actually agreed in the first place, which is probably, well, Brexit in name only in some way, shape or form. Certainly it doesn't look like a terribly exciting deal in so many respects, and not the freedom that the UK might have managed to attain. In that sense, well, sadly, it's all to play for I suspect in the near future and who knows, can we actually manage to see an outbreak of prolonged government from the UK. Certainly seems to be the odds are against it and when looking at the juvenile Parliament well the mother of all Parliaments’, well it's more like the mother and insert a very rude word of your choice in that point in time.   Meanwhile, in markets, the LSE boosted their third quarter income and they also had the big announcement of the people news of the week: David Warren, who was of course a veteran CFO to Bob Greifeld at NASDAQ, and laterally work for Xavier Rolet, and then was the caretaker CEO of the LSE is going to stand on sometime during the course of mid 2020 will mark his departure, having obviously given a long and lengthy hand over to David Schwimmer, who has become the CEO who's going to be defined by the Refinitiv deal. Very interesting to see that the notorious bean counter and well, man of incredible cost cutting during the greifeld era, at NASDAQ is not going to be hanging around for the integration of Refinitiv. Hmm, interesting. Meanwhile, in other news, the Bank of America Merrill Lynch volatility bond indexes, they were all ingested. The trade was completed by the Intercontinental exchange. During the course of the last week, Elsewhere in the law courts TP ICAP and a  consulting firm settled a copyright dispute. Has to be said as a publisher, my experience remains that far too many parishioners have a horribly lax attitude to copyright per se.    Trade web: Well, their lock up as we were discussing just the other week only ended on the first of October. Here we are barely in the middle of October and we actually already have an announcement there's going to be a follow on offering a secondary IPO, it's going to sell 14.8 million shares at least and of course, who are selling the bank's. Bear that in mind when somebody tells you that Euroclear is not going to be changing its ownership soon, or indeed, any other issue where the banks are major holdings holders, or indeed, any other issue with the banks are major holders of market infrastructure.   Meanwhile, we finally got a chance to listen to the TED Talk given a few months ago by the NASDAQ president, Chief Executive Officer Adena Friedman. Fascinating all together and excellent to see the parish are being represented by the TED community at the top level. Over in Moscow, they've approved the 2024 strategy and indeed also adopted a new dividend policy.    Cum-Ex rumbles on the whole way through and meanwhile there was further talk about Macau. in one sense, there seems to be a lot of cynicism of the idea they can launch a stock market. While indeed by the end of the week, there was talking to Macau press itself about there being some sort of environmental market taking place on the separate former Portuguese colony, which is now of course also run once again by China.    <...