Exchange Invest Weekly Podcast 020

TRANSCRIPT And welcome to the Exchange Invest Weekly podcast with me Patrick l Young. Apologies, we missed week last week due to illness but we're back with a two weekly review. Here's what happened in the last fortnight in the world of markets:   In deal news, Miami International holdings surprised us all by sweeping in to buy a controlling interest in the Bermuda Stock Exchange. Fascinating deal that's going to leverage the existing tech stack of Miami and indeed add to it the BSE’s well established financial reputation and indeed their new digital asset focus as well as of course their attempts to get into things like the insurance related asset business. Very interesting deal all round.   Elsewhere one “undeal.” We're seeing a conscious uncoupling coming along. It looks like the Turkish sovereign wealth fund is going to be buying the EBRD 10% stake in Borsa Istanbul, thus removing the final large foreign stake in the Borsa from its internationalization drive a couple of years back. Of course, that's all over a furor relating to the new CEO who was famously prosecuted for Iran Sanctions busting in the United States of America. The EBRD not unsurprisingly rather offended at the whole concept that they could be an investor in this business. And it seems like the Turkish sovereign wealth fund is going to be jumping in to acquire their stake. One other stake sale IDBI Bank in India has sold a 0.72% stake in the National Stock Exchange of India.    IPO that's on going: The Kuwait Stock Exchange, remember they've got that well pretty much three month window for their IPO. Apparently it will be oversubscribed, says the CEO who is very pleased with the progress so far. It was a bumper fortnight for results: Intercontinental Exchange as always exceeded expectations. But they weren't the only one. The Warsaw Stock Exchange actually managed to slight dip quarter on quarter but were up year on year. While the DFM the Dubai financial market posted a net profit in the last quarter up no less than 45%! Solid growth at the same time from B3 in Brazil. While it was a rather an anemic quarter compared to the parish peer group for the TMX group in Canada. Tradeweb looked pretty impressive overall as their stock continues to have a healthy run after that very, very exciting run in the early stages between their first IPO and the follow on which has been taking place in recent weeks. While Euronext was    Very impressive up 25.8% during the course of the quarter, as they continued consolidating the Oslo Bors, managing their organic growth and indeed managing their costs, Moscow Exchange not bad results at all for the third quarter for them. While the Hong Kong exchange they exceeded analysts expectations, even though their profits dropped partly as a result of money spent on the LSE acquisition, and also, of course, that incredibly troubling domestic situation that remains in Hong Kong itself. CBOE not a bad set of results there as there was with TP ICAP, revenue rose by 17% to 470 million pounds of the three months to the end of September, while there were also results from Japan Exchange Group and Deutsche Boerse, whose net profit was up 10%. not quite as good as many others in the parish, and indeed also Bursa Malaysia who produced a series of numbers which at least weren't as ugly as BME, the Spanish exchange, which remains sadly locked in decline. Thomson Reuters even managed to top their Wall Street estimates which is quite incredible. Meanwhile, outgoing CEO of Thomson Reuters, Tim Smith noted in an interview,  “We're just over half of the $2 billion that we have set aside for acquisitions, I'd love to find a way to spend the other half.” Jim Smith call me.   First Derivatives, the IT vendor also managed double digit growth, a pre tax profits up by 12%, despite, of course, the tragedy of losing the...