Exchange Invest Weekly Podcast 034

Transcript The big parish deals are in online brokerages, following on from TD Ameri - Schwab here comes E-Morgan trade.    China has a big bang for bond futures.    And no, we don't know where Binance is based either.    There are epic Hong Kong exchange results despite various local political issues at all.    And meanwhile, is the London Stock Exchange able to defend itself in the eye of an antitrust storm from the EU? ...as its flaccid integration skills get to grips with Refinitiv.    In BigWorld: Apparently the TV show friends is having a multi million dollar reboot, just when I haven't yet managed the time to watch the original shows.    Welcome ladies and gentlemen. It's the Exchange Invest Weekly with me Patrick L Young.    Hong Kong exchange lead in results with record net profits. Pretty good news across the board despite some local difficulties during 2019. Higher Connect revenues reiterate the soundness of the ”through-train” Manifesto. And indeed, when it came to costs, Hong Kong had those under control in many areas. Costs of the failed bid for the London Stock Exchange: only 123 million Hong Kong dollars. Look at the times when LSE and DB1 have managed to put together convoluted and failed deals. True, it's taken them a longer time period, but they've always been dropping several hundred millionaires a time over their M&A which has failed.   Thomson Reuters earnings, they didn't look great on a headline basis, but they topped the analyst estimates, which was at least something cheery, whereas Johannesburg Stock Exchange, they're really feeling the pinch of the South African economy and also the outbreak of vast competition in the South African market place.    Deals this week. As I mentioned at the top of the show in the cold intro, Morgan Stanley are going to buy eTrade for 13 billion dollars expected to close in the fourth quarter. It follows last year's $26 billion all stock purchase of TD Ameritrade by Charles Schwab.   It’s a funny old world, isn't it? I mean, if you want to sum this up, given the current Vogue for zero commissions, rarely in human history, have investment bankers rushed to buy something which allegedly gives away its core product for free. First analytical thoughts are some impact obviously on the likes of Robin Hood and other entities in the free market farago of the moment.    Thomas Peterffy, he said he talked to eTrade about a deal last year, “but it didn't work out for us, he said because they kept their customer money in long term government bonds, and that's something we as owners cannot afford to do.”   At the same time, there was an intriguing line highlighted in the same Market Watch story about the Morgan Stanley e trade deals. It said, “Morgan Stanley expects to recoup the premium it's paying for eTrade through $400 million of cost cuts, and 150 million dollars in additional savings that will come from using eTrade’s low cost deposits to replace more expensive funding.    Over in Australia, ISignThis which is a company in the business of sorting out your documentation for AML KYC. At all: It's listed on the Australian bourse: they've decided to take a stake of nearly 12% in the National Stock Exchange of Australia, which as you ma...