
All Episodes - Exchange Invest
Exchange Invest is the daily newsletter of market infrastructure worldwide - exchanges, clearing houses, settlement depositaries etc.The Exchange Invest podcast is a weekly review of the leading headlines extracted from the past week of newsletters complete with added pith from Patrick L Young, former exchange CEO and the author of the first bestselling fintech book: "Capital Market Revolution!"
View Podcast Details120 Episodes

123 Exchange Invest Weekly Podcast December 4th, 2021
Transcript: This week in the parish of bourses and market structure: B3 Bull is moved on while the European Union thinks CMU can move forward in their leaked letter to Santa Claus. Tadawul prices well Murban makes the million barrel milestone and there’s lots of excitement in the cloud as NASDAQ partners with AWS. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 123. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Brazilians Find Their Stock Exchange Bull Unbearable, Remove It went the headlines this week. Actually, the NGOs may have been winching, but the planning laws saw it move on. Many felt gauche that homeless tents are so close to the stock exchange building other prosperous signs of commerce, making some Paulo appear just like San Francisco in the United States of America. The European Union Sees a ‘Decisive Moment’ For Building the Single Capital Market so went the news at the point when a leaked letter to Santa Claus from the European Union came out masquerading as the mafia review. I can see that moment too, of course, the trouble is it was at least a decade ago. When even the usually hyper-loyal member of the European Parliament Marcus Ferber reckons, according to Reuters that “the proposals make modest progress but failed to match the ambition of the CMU project” then it’s fair to say the European Union has dropped the CMU ball, once again, after a decade of disappointment. Bloomberg had one headline suggesting the European Union was moving forward. The other was more in tune with the realpolitik European Union revives bid to build Capital Markets Union – albeit CMU needs not so much reviving as resuscitation if it is ever going to happen, which I don’t believe the European Union is capable of doing given its record in the field. On the other hand, if you’re on the more upbeat version, pop by the YouTube channel for IPO-Vid, and listen to our latest Livestream recorded last week with Rosa Armesto, the Deputy Director-General of the Federation of European Securities Exchanges, in an episode titled

122 Exchange Invest Weekly Podcast November 27th, 2021
Transcript: This week in the parish of bourses and market structure: The European Union’s letter to Santa Claus is leaked. And we have IPO records across the world even before we reach Thanksgiving for the calendar year. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 122. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the many events taking place over the course of the last seven days can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. So as we enter Thanksgiving week, in fact, we’re recording as Thanksgiving takes place. We’re already in record IPO territory for the year while Euronext has been eyeing up their options in the Great Game for Euroclear and beyond. Meanwhile, the European Union has leaked their letter to Santa Claus, or perhaps it’s what they called the mafia review letter. It seems to be a pipe dream of reforms that the European Union has let loose towards the media as it flails post-Brexit to get its act together, then again, at least the one good sign is that deregulation is now feasible after the dire over prescriptions of Brussels for many years. Not admittedly that I think they can actually pull off the reforms that they’re mentioning, but it’s good to see bureaucracy underlining a core reason why Brexit was a good thing, competition, and better-regulated markets. The Intercontinental Exchange they’re going to host Carbon Credit Auctions for Permian Global, a leading developer of large-scale tropical forest protection and restoration projects. We seem to be heading closer and closer towards the one true global carbon price, albeit whose one true global carbon price it will be. Well, that remains to be seen between the voluntary and indeed also the less voluntary compulsory sector for example through the European Union auctions. Anyway, a Reuters headline this week around the world exclusive exchanges will be forced to show their hand on trade prices. The European Union is proposing transparent pricing for trading by exchanges. The draft is outlining a plan to give more data to investors reforms in derivatives are going to help the European Union branches in London and they’re talking about payment for order flow to be banned while listing rules are to be reviewed. There’s much talk about consolidated tape inefficiencies as a result of not having a tape for share prices can cost as much as 10.7 billion euros or $12 billion a year. The documents say there would also be according to this document mandatory contributions from exchanges to a tape for each asset class like stocks, bonds, derivatives, and exchange-traded funds in return for fair remuneration. There are all sorts of other issues in the Santa wishlist subscript

121 Exchange Invest Weekly Podcast November 20th, 2021
Transcript: This week in the parish of bourses and market structure: European Union sees Sense over CCP. No pulling up the Euro clearing drawbridge for some time to come. Analysts demonstrate their net lack of ability over TP ICAP while Beijing Stock Exchange launches with a billion-dollar debut day and CBOE they’re tweaking their global equity strategy with the addition of Aequitas / Neo in Canada – another good niche purchase. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 121. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. TP ICAP Group has received a consensus recommendation of “buy” from analysts. That is of course after a year where the stock price has assiduously worked its way into the toilet, surpassing even the rights issue price of 1.40 admittedly to the Southside, as this podcast was being recorded. If ever there was proof needed of the paucity of analytical ability, this is it. True a big issue is the way actual ratings are as insightful as male calibrated prophylactic sizing and the absence of a “FLEE” rating has I feel long amounted to a hole in the analysts’ armoury. In other TP ICAP news, various insiders have been buying fairly trivial amounts of stock. Mark Hemsley has already seen his 22,000 pound purchase on September 8th erode over 15% for example. Along with other purchases, it seems like a case of the rats not so much abandoning the sinking ship as flinging a bit of change into the kitty in the hope people think they believe in the mission. On the other hand, one could also think about it this way – 22,000 pounds that’s the sort of thing a major league toilet broker expects to pay for lunch with a few of his key clients. Dubai IPO Gambit pushing a lot more content towards the markets has had a huge result for Dubai financial market. In just one month the relatively thinly traded stock has nonetheless doubled in value to $4.6 billion. The National Stock Exchange of India could it be that finally their big-ticket IPO is set to get clearance from SEBI. That’s at 2 lakh crore in Indian rupees, which in real money is $27 Billion that would vault NSE towards the top of Tier 2 in Young’s Pyramid of Exchanges, which is quite a bit of a head of our last valuation for the company. Nonetheless, institutional investors uncertain about the listing possibility actually taking place as has indeed been the sad tale of the past decade are currently trimming their stakes in NSE in the private market. Getting the balance right on UK Euro clearing may take ye

120 Exchange Invest Weekly Podcast November 13th, 2021
Transcript: This week in the parish of bourses and market structure: There’s an eerie sense of 140 pence being a last stand of sorts, as this is the level at which TP ICAP launched their rights issue to overpay for Liquidnet. Just a pity TP didn’t listen to Exchange Invest. In the week that CME created a Google Cloud deal, Euronext dumped LCH, and European Commission saw sense on CCP clearing for Euro derivatives. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 120. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. And indeed this week we reached a historic, well, what we called our Star Trek milestone issue. Exchange Invest surpassed 2,200 issues, reaching our 23rd century where epic sci-fi such as Star Trek was originally set. We’ll continue to boldly go where no analysts of markets have been before. The Chinese mainland capital markets are going to triple in size in the course of the next 10 years. That’s according to the Hong Kong Exchange’s new boss Nicolas Aguzin reckoning that the 30 trillion US dollar Chinese capital market will reach $100 trillion in the course of the next decade. And perhaps you’re not surprised by the next revelation, Hong Kong has a major role to play, according to the chief executive of the city’s bourse operator. Saudi bourse Tadawul has ended the IPO wait, it’s planning to list a 30% stake that can all go to a retail investor has finally announced its plans for a listing which is due to take place in the course of the next month. The Bank of England was being very sotto voce this week. It said it wouldn’t ‘politicise’ dealings with foreign clearing houses perhaps that was just a diplomatic sign of things to come a couple of days later from Brussels, of which more in a moment. Elsewhere Euronext announces its new strategic plan growth for impact 2024. The revelation there they’re going to ditch the London Stock Exchange for the clearing of their derivatives by 2024. It was a landmark day as the inevitable poulet came home to roost, with Borsa Italiana gifted Euronext saying ‘’no’’ to continuing to use Clearnet from 2024. Thus, ‘Growth for Impact 2024’ sets out Euronext’s ambition to build the leading market infrastructure in Europe, the group aims to make an impact on its industry and its ecosystem to shape capital markets for future generations. Frankly, the CCP

119 Exchange Invest Weekly Podcast November 6th, 2021
Transcript: This week in the parish of bourses and market structure: CME results continue to disappoint as HongKong Exchanges have a record nine months spell and mudstone welter of results while SETL makes their DLT tech open source. ICE on the other hand was awesome revisited. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 119. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Temasek, that arm of the government of Singapore, their investment arm, has been seeking to dispel the notion that the Singapore Exchanges is a dull market. Tokyo Stock Exchange, things are so exciting there, they’re extending the trading day by 30 minutes. On the other hand, not so good at the Angola Stock Exchange, although they’re pretty happy, their daily transactions have surpassed $1.6 million per day. On the other hand, that’s the magic round number in Angolan currency of 1 billion Kwanzas. The Nairobi Stock Exchange you can now buy and sell the shares of companies listed on the Kenyan Stock Exchange on the same day. Exciting move with the invention of the Kenyan day trader there. And meanwhile, Nadex they have offered a quiz from which you can determine the strategy that’s going to best fit what you’d like to use. The Pan African Exchange (PANEX) they’ve raised a complaint against the Securities and Exchange Commission but that’s admittedly in deepest darkest Africa, not the USA. And there was a great story from the NYSE this week. What it’s like to ring the New York Stock Exchange bell, a fabulous outline of the world’s most famous financial campanology experience. It ought to be read in conjunction with another post indeed, which was from last week’s NYSE blogging by Farrell Kramer, who counts himself very lucky to be within the halls of the NYSE reporting on what happens there. That previous article Bitcoin, Jason Sudeikis, WeWork Mark Historic Week at the NYSE is another excellent example of what goes on behind the scenes at the world’s most famous stock exchange. China, they published the rules for the new Beijing Stock Exchange, not slacking there. And the Saudi Exchange Tadawul

118 Exchange Invest Weekly Podcast October 30th, 2021
Transcript: This week in the parish of bourses and market structure: Valereum Blockchain announced an option to acquire the Gibraltar Stock Exchange. The London Stock Exchange Group is paying up for failure. And there are excellent MSCI results showing just what a data powerhouse can do (once again) – we hope LSEG is taking notes. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 118. Good day ladies and gentlemen, this is a very brief production of highlights amongst the key news in market structure. All the analysis of the many events and happenings can be found in Exchange Invest daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Top in the news this week, well dude, it’s got a little bit of self interest therein for (PLY) Patrick L. Young, this particular voice you’re listening to today. Behind this podcast is the Executive Director of Valereum Blockchain, the Aquis listed Gibraltar-based business. Valereum this week made the exciting announcement we have an option to acquire 80% of the Gibraltar Stock Exchange. It’s great to be going public with the deal we’ve been working on for some months. Elsewhere, there was well quite a slap on from Dubai, the boss of the Dubai Multi Commodities Centre (DMCC) Ahmed Bin Sulayem had the Swiss directly in his sights with a LinkedIn article The Indelicate Balance Of Ethics Against Profit. Essentially the head of Dubai’s Commodity Exchange took a swipe at Swiss authorities for telling their refiners to tighten up audits on gold imports from the UAE. As Ahmed Bin Sulayem noted himself: “As a global refining centre, it is plain to see how Switzerland would benefit from sullying the reputation of the United Arab Emirates through such statements.” Nearby, Saudi Arabia, they’re keen to turn their smaller bourse into a tech IPO hub. The kingdom is seeking to encourage tech companies to raise money on exchanges in the smaller Nomu market instead of doing private funding rounds. That should be a big boost to Tadawul if they can make it happen. Elsewhere, the CEOs delivering consistent shareholder returns was a feature in the Financial Times. There was a good piece of analysis with hearty plaudits to many parishioners, Jeffrey Sprecher, Adena Friedman, Henry Fernandez of MSCI, CBOE’s Ed Tilly and MarketAxess’s Rich McVey for all being in the top tier of CEOs measured by the FTS performance metrics. Somebody who wasn’t in the FTS metrics table as a top performer was the London

117 Exchange Invest Weekly Podcast October 23rd, 2021
Transcript: This week in the parish of bourses and market structure: NASDAQ results rock the week as DB1 has an outbreak of growth, and CBOE buys a digital arm in ErisX while in listings, Bakkt SPAC a Go Go, and Nigeria’s NGX is listed too. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 117. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the many events during the course of the past seven days can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. NGX listed its stock on its own Nigerian bourse this week, while Indonesia’s Commodity and Derivatives Exchange announced an intention to go carbon neutral while the Indonesian Stock Exchange pushed its members to educate potential investors. Effective 6th December 2021, the opening of the Moscow Equity Market has moved to 6:50 am Moscow time. Russia’s primary stock market will thus run for 17 hours every day. The LME (London Metals Exchange) has asked its members to be prepared in case the European Union cuts off clearing access due to its ongoing Brexit tantrums.. metals clearing is one worry but then again is the EU really serious about the single currency suicide approach that can play out if it takes a protectionist move against euro clearing and clearing houses in the world’s largest, most cosmopolitan financial centre? Your loyal correspondent PLY, that’s me Patrick L. Young reports with joy that thousands tuned into ArawakX’s inaugural Ecosystem Investor Conference in Nassau, where 100 socially distanced folks were joined by viewers of countless numbers into their 1000s from around the Bahamas, and indeed far beyond the archipelago across the world. It was an honour to be the morning keynote speaker while my brilliant wife Beata Young rocked the evenings of session, discussing Women On IT as the lady sought to hack the future in diversity. Don’t forget Wednesday evening, you can catch Beata’s PHD (Positivity Hacks Delivered). Coming to you on YouTube, Facebook and LinkedIn. Meanwhile, back in the boss world, there was unfortunate news from U

116 Exchange Invest Weekly Podcast October 16th, 2021
Transcript: This week in the parish of bourses and market structure: Saudi Tadawul, they may achieve a $4 billion valuation upon IPO while the Nigerian Exchange should be a public traded company by the time you hear this podcast. Meanwhile, the European Commission demands a near real time consolidated tape, one wonders if the EU can catch up on a decade of undelivered promises around capital markets union. And this podcast is coming to you from Nassau in the Bahamas, where Mr. And Mrs. Young has been keynote speaker at the first ArawakX International Investor Conference. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast number 116. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the many events over the course of the past seven days can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to bourse business sent daily to your inbox. More details at ExchangeInvest.com. Near real-time information is needed to attract more retail investors to capital markets, said the European Commission this week via the Brussels bugle after FESE ( European Securities Exchange Federation) tried to fit an execution format, which might actually meet the EU’s ongoing incapacity to achieve things. Thus the European Commission delivered a low latency splat to the entire 15 minute delayed notion with a near real time demand for the consolidated tape. Well, that’s the right idea from the European Commission but FESE we’re being realistic. After all, it’s the European Union we’re talking about here, aka those who have comprehensively failed to achieve, for example, any meaningful capital markets union after a decade of vocal emissions, but little beyond that European Commission’s nebulous hot air. Better Data Needed for Reform of the European Trading Rules said the Official according to the headline in Reuters. Some might argue a better European Union is the vital prerequisite so we can actually have a capital markets union. The City of London Corporation, they finally got behind the message in a week where the previously Europhile crazed City of London Corporation got in line with protecting clearing heights access from the UK to the EU. Meanwhile, over in Nigeria, the exchange was preparing to list on its own bourse by the end of the week, while the big news in regulation was delivered in a zinger Bloomberg headline: Sec Chief to Wall Street: The Everything Crackdown is coming

115 Exchange Invest Weekly Podcast October 9th, 2021
Transcript: This week in the parish of bourses and market structure: News that S&P is offering concessions to get its IHS Markit deal past EU regulators comes alongside an attempt by FESE to get at least the delayed consolidated tape through Brussels behemoth. It seems remarkable to recount even in the slightly crazy world of crypto, but it seems Coinbase went public against a background of 6000 accounts being hacked as the company was coming to market. I doubt Messrs Sue, Grabbit & Runne have had a minute sleep all weekend as they assemble a whole new raft of class action suits. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast number 115. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the main events from the past seven days can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. There’s a new broker joining the ring, the first new LME ring dealing member in 14 years, Sigma Broking Limited. Welcome to the last floor in the London financial centre. Elsewhere, the ASX boss has said that damning reports missed the bigger picture, just what the bigger picture is, remains to be seen with his supposedly technology company that has had of course many technological outages. Elsewhere, interesting moments from Morgan Stanley and Interactive Brokers, they’re facing federal scrutiny in a probe into some Venezuelan wheeling and dealing. The new Abu Dhabi Securities Exchange floor has been inaugurated by Sheikh Khaled Bin Mohammed. Meanwhile, over in Iran, there was a scandal, the CEO of Tehran Stock Exchange resigned amidst, well, what turned out to be cryptocurrency mining in the basement. FESE (Federation of European Securities Exchange) their new report backs a near real time tape of stock and bond prices in the EU. Provided data quality is improved and changes in market structure are implemented. A new cost-benefit study has suggested a 15-minute delayed post-trade tape would be the optimal starting position. Waiting more than a decade and still getting a 15-minute delay sounds like – at best – a halfway house to me. The data “dog’s dinner” comment that FESE made was valid but it still sounds like the sort of defeatism which continues to render Europe increasingly irrelevant through its own paucity ambition – and let’s not even go there when it comes to the frankly abstract concept to Brussels o

114 Exchange Invest Weekly Podcast October 2nd, 2022
Transcript: This week in the parish of bourses and market structure: IEX targets “Reddit Retail”, Beijing Stock Exchange already testing their SME platform, while we await the possibility of a China Crackdown. Meanwhile, the FCA says “No Time to Die for Libor”. My name is Patrick L. Young, welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast, Episode 114. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. In the past week, demonstrators briefly occupied the Sao Paolo Stock Exchange in Brazil to protest inequality. Meanwhile, with an eye to inequality of a slightly different kind. The IEX Exchange has assembled an advisory committee on retail trading. IEX Exchange, the flash boys are aiming to draw in more business from retail investors. And in the process, they’re set to convene regular meetings of some of the biggest brokerages in an effort to enhance equity trading for retail investors that some critics have described as impaired. It’s a fascinating move as IEX seeks to bring more “Reddit retail” flow to the ‘Flash Boys’ bourse. Meanwhile, Deutsche Boerse, EUREX Global Head of fixed income derivatives Philip Simons said this week, “It’s not a question of if liquidity moves, but a question of by how much and when” when it comes to the fact that he deems the relocation of Euro clearing from London is inevitable. Frankly, it’s always sad to see somebody dropped their common sense in favor of a paycheck. At the same panel, it was noticeable that the boss of the London clearing house was saying there has been no appreciable movement in Euro clearing. See podcasts passim, articles on CapX by PLY, that’s me. And indeed, many many issues of the Exchange Invest newsletter for why Philip Simon is wrong. Elsewhere, Banks and Asset managers they’re backing a plan for an explosion in the UK share trading. Top banks and asset managers have thrown their weight behind the proposals in Britain to scrap curbs on share trading. Interesting to see how that develops because in many ways it could be a rather anti-exchange and pro internalization profile. One exciting development in terms of new offices this week, ArawakX, that’s the startup SME-focused crowdfunding and exchange platform in the Bahamas. They’ve opened an office in Silicon Valley, California no less. That’s going to be an exc

113 Exchange Invest Weekly Podcast September 25th, 2021
Transcript: This week in the parish of bourses and market structure: The Binance Noose is tightening more as Coinbase Blinks versus the SEC and the London Stock Exchange closes Curve Global. Aquis Exchange makes great results, and congratulations to Verena Ross who’s returning to ESMA as Chairman, having been Executive Director under Stephen Maijoor. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast number 113. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Over in Brussels the stubborn determination of the European Union to defer a decision on European clearing permissions is an impediment to taking Brussels seriously. That’s after the Financial Industry across the EU 27 and indeed the UK and beyond was urging the European Union to extend the Euro swaps clearing rules to permit the use of the London clearing house and avoid financial Armageddon. Meanwhile, sad news from the London Stock Exchange Group on the path to trying to organize Refinitiv they’ve decided to drop the London Stock Exchange group’s loss-making derivatives platform Curve Global as the Financial Times put it, curve global markets has failed to win enough business and will cease trading in January. It is sad news as the latest attempt to break the Exchange Traded Derivatives interest rate oligopoly dies with the demise of Curve Global as the London Stock Exchange group clearly looks in every area to reduce costs which have burgeoned with the addition of the Refinitiv bloat. So farewell then curve which will close during the Libor transition and thus LSEG abandons what amended to the most tangible possibility to revamp the interest rate oligopoly to date. It’s understandable that faced with the tsunami of reorganization in Refinitiv LSEG would make this sort of cut (a ‘desperation-o-meter’ reading towards the top of the 1-10 scale is apparent from the Paternoster Square C suite). But it’s still a real shame that there was not enough impetus from the top of the group to give Curve a better chance to innovate further. At the group level, it’s another sad day for LSEG’s long story of failed derivatives ambition. Clearly, a small LCH CCP pot will die too but that won’t have much impact compared to the Noun-clear behemoths of Swap clear, repo clear et all. Andy Ross

112 Exchange Invest Weekly Podcast September 18th, 2021
Transcript: This week in the parish of bourses and market structure: Banks win Libor case, SIX ADX has been approved, IBKR goes towards crypto with Paxos, and the New York Stock Exchange half greenlit a new green segment. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast number 112. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Interactive Brokers were in the wars this week they issued a statement about their patent trial a verdict. They have to pay trading technologies $6.6 million dollars in a fine for what was originally a 12 patent suit reduced to two patents (10 proved invalid) in the case where trading technologies had sued in 2010. And now anyway, the patents have expired. So therefore Interactive Brokers have very little additional cost involved. B3 (Brasil, Bolsa, Balcão) – Fitch has assigned them a first-time BB rating (rating the senior unsecured ‘BB(EXP)’. B3 is revenues as we know related to trading, post-trading, and clearing activities on the listed segment for equities and derivatives comprise some 69.3% of the total revenues during the first half of 2021. Meanwhile, there’s a bit of a worry, a multi zillion dollar Cruzado/Cruzeiro lawsuit (that takes us back doesn’t it) all relating to 22 years old legal action with the central bank and the original BM&FBovespa. Interesting to see how that lines up in terms of what B3 might have to pay. Wasteful spending, that’s what ASX is being accused of. No, we don’t mean digital assets. We simply mean millions of worthless letters every year being sent resulting in a ‘staggering waste’ as different communications are duplicated, replicated, could replicate it to the shareholders on the ASX. Over in Hong Kong, they’re planning to limit the retail investor access to their SPAC products. While there’s been a lot of chatter on the wires about the new Beijing bourse for SMEs. It’s seen according to China Daily as an Elixir for capital market reform. At the same time, other parties noting that they think that the new Beijing bourse faces a tough road ahead despite President Xi’s blessing. Linking the Chinese mainland with the Hong Kong SAR, Tradeweb Markets, and China Foreign Exchange Tradi

111 Exchange Invest Weekly Podcast September 11th, 2021
Transcript: This week in the parish of bourses and market structure: TPI ICAP Go full Biden with their disappointing results being trumpeted as a success while Beijing has a new stock exchange within eight minutes of President Xi Jinping trumpeting its existence. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 111. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. The Members Exchange kicked the week off by urging regulators in the US to allow half penny stock prices. “Half a tick is better than half a basis point” as presumably the financialised remake of the 1960’s musical ”Half A Sixpence” based on an HG Wells story would go in the current day. Meanwhile, there’s the battle to host the global sustainability company disclosure agency (there’s quite a mouthful) where the woke era of Trudeau fils is imperiled their bid to host this agency in Canada might be won by the rather more logical financial center option of London. New to London, the European Union says they need months to decide about clearing access. As opposed to all those instant decisions which rattle up and down the Brussels chain of command in a New York minute as the bureaucracy pulses with vigorous decision-making zeal. Oh, hold on a second… Meanwhile, following market consultation SGX’s regulatory arm in Singapore halved the minimum capitalization requirement for SPAC listings to a mere S$150 million (that’s about 112 million in US dollar terms) – the question is, of course, will this be too late for the SPAC boom which already appears to falter in the USA? Meanwhile, the London Metals Exchange floor reopened but on day one business through the ring was dramatically lower – up to some 85% pre-COVID times they say. It was a wildly busy week for results in the parish. All the deals were in Exchange Invest daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let’s look at some edited highlights: The stock exchange preliminary estimated consolidated financials for Q2 shows EBITDA jumping 9% and net profit of 18%. If only we could see those sorts of numbers from the ongoing train wreck, which is TP ICAP, tragically there what we ended up with was actually a plunge into loss after tax. That plunge in the post tax loss leaves

110 Exchange Invest Weekly Podcast September 4th, 2021
Transcript: This week in the parish of bourses and market structure: Abu Dhabi Exchange entering the derivatives market powered by NASDAQ, while a new exchange has nearly 1% of the population of the Bahamas signed up, after only being open for a matter of weeks. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast Episode 110. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. This week the UK’s Financial Conduct Authority (FCA) announced the world’s biggest crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers. Now, the FCA simply says it can’t deal with this dubious enterprise (#Zeroshock if you can actually elongate “DD” into a well-known phrase or saying, incidentally.) The big question is: Will any regulator have the guts/gumption to end this madness? Happy birthday to the Nigerian Exchange celebrating 60 years young this week. Elsewhere there is a bit of a language barrier problem plaguing India’s stock market. It’s the perils of lingua franca 101 – qv the European Union where they still use English despite it being a tiny minority first language post Brexit in the Euro-rump 27. Anyway, retail issues in India, as the retail population gets to invest in larger numbers. And that means way more non-English speakers looking for regulatory news services in their dialects. Charles Schwab, they’re heading off to China, the investment advisor is launching a branch in Shanghai. Elsewhere, Silicon Valley’s Long-Term Stock Exchange finally listed its first two companies. Their joint listings, as I mentioned a few weeks back, are Twilio and Asana. Both of them are actually shareholders in the Long-Term Stock Exchange itself. One other issue being raised this w

109 Exchange Invest Weekly Podcast August 28th, 2021
Transcript: This week in the parish of bourses and market structure: Encouraging results from Moscow Exchanges group, ZAR X closed down in South Africa, ASX tech exposed and all manner of shenanigans as the CME deny that they’re looking to take over CBOE. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest weekly podcast, Episode 109. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. CME Group denied rumours of a bid for CBOE global markets this week in a $16 billion deal apparently happening according to the Financial Times. It was one of those brutal put downs of the never talk, know nothing about it, good grief, nothing to see here, etc, etc etc genre. Quite spectacular all together. On the macro, the biggest point to note here is how the CBOE’s inability to get their IR message across has left the stock becalmed for some time. Somewhat unfairly. It also lacks natural predators (and a CME bid would by the way, be one where CME mostly cannot benefit from CCP content given CBOE’s activities in single name options. Albeit It would also take CME big time into cash equity markets which CME have long avoided). We shall see whether there turns out to be any truth in this rumour in the monster comm. Needless to say the analyst fraternity got their knickers in an enormous twist. Meanwhile, over in South Africa, the financial watchdog there suspended the licence of the Johannesburg Stock Exchange’s competitors ZAR X. They were, as you may recall, the first stock extension 58 years to be established within the Republic of South Africa. The suspension seems to result from a non-compliance with various sections of the act relating to capital adequacy and liquidity. ZAR X have 90 days to rectify the situation or face licence cancellation, but clearly the brand damage is already rather immense. It was a busy week for results in the parish. All the deals were in Exchange Invest, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let’s look at some summer edited highlights: ASX’s profits slipped, no surprise there. Meanwhile, over at Moscow Exchange, they announced, well some rather healthy operating income up 9.7% in In new markets, two items to talk about highlights this week: IFSCA, they’ve done a pilot run of the International Bullion Exchange ahead of on October 1st planned launch that’s in the Gift Gujarat Financial Centre. Equally, the Zimbabwean Commodities Exchange is open for business. The government has officially launched the Zimbabwe Mercantile Exchange (ZMX) for agricultural trading. In deals, nothing finite obviously these CBOE not talking to CME was the biggest and most exciting non-deal of the week. Equally another non-deal but it seems to be something that may yet happen. The National Stock Exchange of India they’re inching closer to acquiring NCDEX (the Indian Commodity Exchange) of which of course, they were originally a co-founder. Possibly a slight issue with the S&P Global takeover of IHS markit. However, it seems to be as expected the UK watchdog has begun its probe into the merger. A lot of people are still getting back of course, to the excitement of

108 Exchange Invest Weekly Podcast August 21st, 2021
TRANSCRIPT: This week in the parish of bourses and market structure: Sebi goes DLT as National Stock Exchange profits jump in India and at the National Stock Exchange of Australia, ‘there’s trouble at mill…’ My name is Patrick L. Young. Welcome to the bourse business weekly digest. It’s the Exchange Invest weekly podcast, Episode 108. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. This week we saw two forms of “Trouble At Mill…” First there was Borsa Italiana as part of Euronext. Italy 24 News reported the clash on the CEO (that is the CEO of Borsa Italiana) between the two Italian and French banks. Meanwhile, the politicians in Italy were getting very vexed too. It looks like a pitch battle as France seeks to run Euronext, AKA business as usual. And Italy as the largest component of the Euronext group reckons it gets a bigger say. Who replaced “Rafa” in Milan is not a defining point (even where refer Jeruselmi himself has not even apparently confirmed he’s retiring yet.) Euronext, meanwhile, issued a somewhat dismissive statement: “We are working with Borsa Italiana colleagues on the business plan, any assumption on its contents is pure speculation.” On “the trouble at mill” too and over to the National Stock Exchange of Australia. “The former competition watchdog chief Graeme Samuel abruptly quit the board of the National Stock Exchange of Australia just four months after he joined it to considerable fanfare.” Less than 24 hours before the announcement, The Australian Financial Review had revealed that the NSX’s interim chief executive and major shareholder John Karantzis had been

107 Exchange Invest Weekly Podcast August 14th, 2021
Transcript: This week in the parish of bourses and market structure: SEC Chief Gary Gensler will likely deem this week’s DeFi failures as his dream invitation to distribute the DeFi marketplace in his own inimitable way throughout the Federal penitentiary system, we suspect. My name is Patrick L. Young, welcome to the bourse business weekly digest. It’s the Exchange Invest Weekly Podcast 107. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details are in ExchangeInvest.com. Networks are funny things, they are after all fundamentally interconnected things. At the same time, some people get so drunk on the power of the networks that they seem to ignore the commonality of the nodes themselves. To that end, we had a story from the Bangkok Post in last week’s Exchange Invest discussing “The Curious Case of Binance”. An apt headline one might think, as the article noted: “Despite Thai regulators filing a criminal complaint this month against Binance — the world’s largest digital asset exchange — for operating without licence, many users are determined to keep trading on the site and doubt the government’s ability to prevent them from doing so.” Binance may be the most popular crypto exchange in the country, surpassing its competitors such as Bitkub based solely on anecdotal evidence. While the company does not release data on how many users it has in Thailand, the largest Thai Binance Facebook group boasts more than 250,000 members. One uncertainty for traders is how the Securities and Exchange Commission (SEC) would stop trade on Binance if it moves forward with the criminal complaint. Ladies and gentlemen, this is arguably fair if you are the Thai SEC. If Binance avoids the Baht and management doesn’t suddenly do any trips to the nation, they could be okay, BUT the problem is what happens when everybody’s regulator is similarly pursuing the decentralised CZ machine? We’re approaching a singula

106 Exchange Invest Weekly Podcast August 7th, 2021
Transcript: This week in the parish of bourses and markets structure: Robinhood disappoints in Public Trading as there may be a singularity moment approaching and the Top tier of Young's Pyramid. My name is Patrick L Young, welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Number 106. Good day ladies and gentlemen, this is a very brief reduction of the highlights amongst the key headlines from the weekend market structure. All of the analysis of the week's many events and happenings can be found in an Exchange Invest daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. As I said at the top of the show, is it time for the singularity moment at the top of Young's Pyramid? I wonder? I thought for some time a possible turning point in the parish was emerging. A massive baton handover fueled as much by ICE’s efficiency and ambition as the Chicago Mercantile Exchange groups complete absence of ambition beyond being a micro futures haven for meme-sters. One little snapshot that emerged over the course of the last week: A week ago on Wednesday CME reported revenue of $1.2 billion. On Thursday, ice reported net revenues of $1.7 billion. Growth at CME was anaemic. Growth at Intercontinental Exchange group: 22% year on year. No matter how you look at this CME remains becalmed and ICE has momentum. Which raises the question, how many antitrust lawyers do you need to buy CME? Maybe it's one for next year, maybe it's one for the year after. But then again, remember that ICE was part of a joint NASDAQ bid for the New York Stock Exchange in April 2011 (which evaporated by May of that year due to antitrust on the NASDAQ - NYSE side of the stock market equation). Even at that juncture, of course, Intercontinental Exchange was making eyes to acquire LIFFE as part of the Euronext group. Within 20 months of that deal falling apart however, in November 2012 Intercontinental Exchange group had vaulted sufficiently forward to buy the whole NYSE Euronext business. Perhaps at a 22% versus anaemic 1.6% relative growth rate, ICE armed with better oil markets and a unique chance as interest rate benchmarks shuffle their senses between a whole new series of possible benchmarks...There's a unique chance for the Intercontinental Exchange group to go for the jugular and defenestrate the apparently not keeping up with the times CME Group. Speaking of keeping up with the times, it was time to go public with the rather medieval, Robinhood group. They closed at $34.82 in what Reuters termed ‘a grim stock market debut’. This was only part of a very fast moving week for the folks who enabled the GameStop movement, even if the meme

105 Exchange Invest Weekly Podcast July 31st, 2021
Transcript This week in the parish of bourses and market structure: Awesome Nasdaq results as India's IEX power market electrifies with their P&L statement. Meanwhile, even PLY has the occasional share of the headlines... My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 105. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weakened market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details: ExchangeInvest.com. Thank you readers, friends, parishioners for all your kind words. It was a fabulous day last Thursday as the RNs hit the wires and messages popped up from colleagues old and new across the globe. Being appointed Executive Director of Valereum Blockchain is a wildly exciting development from me, Patrick L. Young to what was already a stunning 2021 for market building - let's see where it leads! Over in crypto land, crypto-based ‘Shadow Financial Markets’ are spooking regulators. According to Politico: “New financial services built on cryptocurrency are offering consumers the ability to borrow and trade billions of dollars without the oversight of bankers or their regulators. Washington is now scrambling to catch up, amid concerns of illegal activity and minding consumer risks.” And if you believe in Decentralised Finance (DeFi), Gazza Gensler is coming to get you. Essentially, unless your DeFi network avoids the US and the US dollar in its entirety, with say, servers, in maybe Sealand or Scaramanga’s private island in the South China Sea from in Fleming's “The Man with the Golden Gun”. Perhaps North Korea and Taliban controlled territory could be options for your network. Unless you're in those sorts of places. Frankly, you might as well be emailing Gazza@sec.gov right now with your orange tailoring measurements. So you look reasonably attired when you do the perp walk of shame in your new Federal orange jumpsuit. My new hashtag for DeFi is #NotGonnaHappenOnEarthTryMars. Of course, I mean, that's pretty revolutionary but as we all know, Rome wasn't burnt in a day. Now to

104 Exchange Invest Weekly Podcast July 24th, 2021
Transcript: This week in the parish of bourses and markets structure: Stunning results from NASDAQ as they move their private market into a joint venture with other investors. China's Emissions Trading System goes live. And will Hong Kong exchanges be the winner in the Sino-Overseas IPO Clampdown? My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 104. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. UK Regulators are Wading Into the US’s Libor Transition went the headline in the Financial Times this week. Clearly UK regulators have a first amendment right on either side of the Atlantic to opine on the replacement for the London Interbank Offered Rate (AKA the clue surely rests in the geo-title). However, it's a folly of the King Canute repo variety to believe that in today's open markets, a regulator can dictate the solution? Market economies provoke choice. Choice was always bound to be a factor in a post Libor economy as soon as the powers that be found Libor profoundly unfit for purpose (where it was arguably a tad creaky, tad aged but a decent quasi-Georgian facade for interest rate calculation). The Governor of the Bank of England nowadays has a somewhat limited power of nudge in dictating how people calculate their interest rates. It's shocking nobody seems to have thought through this whole process on the blob side of the regulatory balance sheet as they rushed to rid us of Libor. Meanwhile, the United States of America, they continue to dominate the world stock exchange's. Investing.com was asking the question this week: Can this last forever? As they noted: “Combined with the New York Stock Exchange (NYSE), the NASDAQ totaled more than $45 trillion in market capitalization. Comparatively, a combination of the exchanges ranked from 3-10 totalled $39.64 trillion (so almost $6 trillion less). That's a pretty big comparison when you realise the total of the Shanghai Stock Exchange, Japan Exchange, Hong Kong Stock Exchange, Euronext, Shenzhen Stock Exchange, London Stock Exchange, Toronto Stock Exchange and India's National Stock Exchange, which represent more than half of the world's population equate to only 87.6% of the US’s NYSE and NASDAQ stock exchange market capitalization.

103 Exchange Invest Weekly Podcast July 17th, 2021
TRANSCRIPT: This week in the parish of bourses and market structure: The Gensler era SEC seem to have found a fascinating line for their SPAC attack using a conflict of interest approach. Are the cuts to Binance - only a flesh wound? And Matt Chamberlain notes “Je ne Ring-grette Rein” In a week when the LSEG sets a technology and FinTech listing record. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 103. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangedInvest.com. Didi Chuxing is probably not something that was well known in the West until a couple of weeks ago. Of course, the man in the street knows little or nothing about the Chinese ride hailing app. But in financial markets circles, it's become quite a fascinating thing. Why did they choose the US over Hong Kong for their IPO? Why did they ignore the Chinese officials asking them to pull their IPO when it appeared they had significant issues over privacy issues, at least in terms of the way the Chinese government was viewing what was happening? The lawsuits of course came teeming in soon after Didi’s share prices dipped below their offer price but not before the ride hailing app granted $3 billion in pre IPO options to executives. With what amounted to a double whammy that was a US move: the major stock indices will remove more Chinese companies following an order by Joe Biden suggesting that there's a certain sort of what is it anti-détente, I suppose could be the word for it where China lists its Chinese things and Hong Kong presumably reaps the rewards of the Americans pushing Chinese listings away. At the same time as indeed the Chinese government's officers seem to have had various people who were eager to try to remove the listings of the Chinese companies in the USA in the first place. Over the Philippines, the bourse CEO there is hopeful that short selling will start this year, optimism that corporate and tax regulators will reserve issues on borrowing and lending of securities to enable a short selling regime. Good news from Interactive Brokers, they've eliminated the monthly account inactivity fees for those who've got smaller, more modest balances with IBKR. The US brokerage was arguing that its de

102 Exchange Invest Weekly Podcast July 10th, 2021
Transcript This week in the parish of bourses and market structure: As Wise comes to market in London, the RobinHood bandwagon is rolling along. How much is the meme-meister of Payment for Order Flow (PFOF) worth? While over in Cryptoland, the Binance Crackdown continues. And back in London, the death of the financial centre has been exaggerated once again... My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 102. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. London reclaims top trading status from Amsterdam trumpeted rather the their headline in the Financial Times the other day... as that permanent move of liquidity to the European Union looks to have been somewhat of a chimera. Had “the Brussels Bugle” been credible at any time in the past five years + with its Brexit coverage, then we could have clearly perceived the city streets of London now resembling one of those tension building Sergio Leone spaghetti western scenes, where a wisp of straw wheedles along in a light breeze or lifting sand in its stead. However, rather than resembling Dodge City redux, the simple truth is the City of London is resilient, and a fair whack of business headed to the EU while waiting to find the path of least resistance has promptly bounced back. That it returned within mere months ought to be a humiliation to the shameless dullards who have always seen Brexit as a British disaster zone. But having been consistently wrong to date, why should we expect the stubborn to stop now? Another Brexit scare story dies. The shameless incompetents ride on blithering doom without substance... Next up back to the Harridan Irish EU Finance Chief and her endless threats which can only be credible when married to a very low brow understanding of how finance actually works. Meanwhile, with the new new thing garnering increasing headlines, the European Union moves at the pace of a knackered pachyderm: EU Crypto Regulation Goes Live In Three Years went the headline in Finance Feeds this week.

101 Exchange Invest Weekly Podcast July 3rd, 2021
TRANSCRIPT This week in the parish of bourses and market structure: Toshiba backlash of rocks Japan Exchanges, ASX in colorful Crypto Sbat and there's lots more including a big crackdown on Binance. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast, Episode 101. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. The Robinhood CEO called for changes to exchange pricing rules this week. PLY: Vlad Tenev was demanding fractions of a penny pricing and a pre-emptive fight back against the possible Gensler-SEC Payment For Order Flow restrictions or indeed an outright ban. Fueling ADHD-like millennial behavior may be feasible in the super liquid names but it does little or nothing for smaller stocks struggling to achieve any liquidity. (See also the David Weild IPO-VID the other week). I love the way super liquid products flow but at the same time, we must remain mindful (as RobinHood is not in this instance) that we need the orderly capital formation and a feasible means to ensure smaller public equity offerings have the nurture and support to help them become major public companies tomorrow. Keeping them in “La Ronde Privee” a stealth alphabet of PE rounds with facilitated private market transactions may be good for some, but must not become the only route to growth or indeed debut on public markets. Meanwhile, of course, this week we marked the end of a spectacular first half with American Independence Day looming. It was great to see another broadly successful parish quarter coming to a close, some stats coming up on that in just a minute. Meanwhile, though, we were looking at America's Water Wars, they're just beginning according to Bloomberg, which is an interesting article demonstrating the urgent need for a water market to be better organized but that requires a champion and while NASDAQ has the data it does not have the Exchange Traded Derivative heft on the future side. While Chicago Mercantile Exchange, the licensee of the NASDAQ water index in California appe

100 Exchange Invest Weekly Podcast June 26th, 2021
Transcript: This week in the parish of bourses and market structure: No foreign bidders please, we're Australian. NYMEX is in peril and the CME in acute danger as West Texas Intermediate is reborn and Cushing WTI looks more obsolete than ever... And a happy FinTech story, we're an oil major fault the blob to pay dividends more efficiently. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 100. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest daily subscriber newsletter, the unique water cooler, the guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Magellan-Enterprise and Intercontinental Exchange team-up. PLY: Sounds like an innocuous headline. The remarkable thing is how little this seismic news has so far impacted either the Chicago Mercantile Exchange of shares or the Intercontinental Exchange of stock. A great reckoning approaches on LaSalle Street, but so far CME stockholders retain a Stockholm Syndrome embrace of Terry Duffy's increasingly imperiled regime. As Harold Hamm, the Chairman of the Board of Continental Resources, and the Founding Member of the American Gulf Coast Select Best Practices Task Force Association, rather a tongue twister there that was set up in the wake of the Cushing crisis last year. And indeed, as Chairman Harold Hamm goes on to note: “On April 20th last year, when the Cushing, Oklahoma West Texas Intermediate contract traded down to negative $38 it was a wake up call to the oil industry that the storage constraints and landlocked location of the Cushing contract could no longer be ignored.” The negative trading shambles of April 20, 2020, Cushing Crisis was a disaster for the image of the derivatives market, as we have previously noted, and - regardless of what their agitprop may claim (leaving aside to a spineless CFTC response) - it showed in plain sight the folly of the CMEs ‘monopoly milking’ strategy. April 20th marked the grave of being dug in 2020 for Cushing West Texas Intermediate futures, and yet... and yet... 14 months on CME has done nothing apart from distribute yet more shameless propaganda. As I noted in

099 Exchange Invest Weekly Podcast June 19th, 2021
Transcript: This week in the parish of bourses and market structure: Betfair turns 21, Hong Kong Exchanges turn 21 too and pushes for greater diversity. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast, Episode 099. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the events in market structure. All of the analysis from the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. This was the week when Coinbase celebrated T+60 and the end result is they are half the company they used to be! Coinbase burst forth top of Young's Pyramid and now 60 days on it finds itself $12 billion adrift at the bottom of the top tier, thanks to the London Stock Exchange's stock bouncing from its post first Refinitiv shock lows. A bit below $47 billion, that's the Coinbase valuation on a non-diluted basis or at least it was on its 60 day birthday. The stock peaked at 429.54 and bottomed (so far) at $208 closing out after two months at $223.92. That surely must be delivering some sleep issues for more than a few of the buyers who are clustered in the $300 bracket and even above, which looks a long, long way over the horizon. Unless I suppose Uncle Elon better manipulates a new Bitcoin bubble. Amongst the clear legacies arising from the whole situation is one: Kraken appears to be delaying their IPO as a multiplicity of other cryptocurrency exchanges suddenly concern themselves about the viability of being loved on the legacy stock market. Indeed, I would remind parishioners of the OpEd I wrote for CapX published on the day Coinbase completed its Direct Public Offering (DPO): Is Coinbase The Future – Or A Digital South Sea Bubble? The predictions they're in are not looking too shabby as predictions go. But I have to say the words of Mad Magazine Editor Philander Chase Johnson, spring to mind, “Cheer up, the worst is yet to come”. &nb

098 Exchange Invest Weekly Podcast June 12th, 2021
TRANSCRIPTION This week in the parish of bourses and market structure: The LME floor is saved from closure as China erroneously claims most listings' top spot. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast, Episode 098. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the highlights from the key headlines we've accumulated during the weekend market structure within the pixels of Exchange Invest - the bourse business daily newsletter sent to your inbox every day of the week, Monday through Friday with an additional free issue on the weekend. More details, if you'd like to sign up and subscribe at ExchangeInvest.com. There was a fascinating strand of conversation this week - Google announced their new data services headlined: Google Cloud Launches Datashare For Fin Serv | Press Releases. It's a groovy way to share data and potentially monetize data sets in a new way albeit that may not please some incumbents because well, they like being incumbents, and not being challenged by trying any form of “new new” thing. However, then in conversation, the question arose of just how much Google can be trusted? I make no comment here as there are matters sub judice. There are also parallel concerns, e.g. with Amazon where some say they have used data in a manner that exploited their platform to allow them to tweak proprietary sales over third-party listings... That's not exactly cricket in the exchange world, which is why the parish of bourses is held as a standard-bearer for decency and fairness. The Google accusations circle around “Project Bernanke” something for which doubtless a certain former central banker was ecstatic to hear his name being used in: Google used a secret program to game its ad-buying system, documents show when the market was a story, it can be summarised thus, by quoting from the Wall Street Journal story: “Google's secret ‘Project Bernanke’ revealed in Texas Antitrust case” ...and I quote: “Google, for years, operated a secret program that used data from past bids in its digital ad exchange to allegedly give its own ad-buying system an advantage over competitors, according to court documents filed as part of an Antitrust lawsuit.” This potentially raises serious questions about the parish and the data services of Google, if at least tangentially… and of course, one could place a clo

097 Exchange Invest Weekly Podcast June 5th, 2021
Transcript: This Week in the parish of bourses and market structure: NASDAQ makes a Puro Carbon play while London looks very much game on, not “Game Over” as the media might prefer to suggest. My name is Patrick L. Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 097. Good day ladies and gentlemen, this is a very brief production of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest daily subscriber newsletter - the unique guide to the bourse business sent daily to your inbox. More details are ExchangeInvest.com Reuters have postponed their website paywall amid a dispute with Refinitiv that as you can recall we discussed in the last podcast. PLY: Whether the London Stock Exchange Group can save itself from the Refinitiv folly is one entirely separate thing, but at least it appears Paternoster square is saving Reuters management from their imbecilic decision to kill their brand through a subscription fee. Thus pushing web savvy readers to the generic licenced feeds already widely available from the interweb of Reuters news. Elsewhere FESE (Federation of European Securities Exchanges), issued a genuine cri de coeur as they hosted their virtual annual conference on June 1st. Europe must foster transparent markets to remain competitive, went the simple but efficient headline. The tragic truth is that after a wasted decade, the European Union isn't serious about a capital market union, it's more a kind of financial services abyss than anything coherent, which is a huge letdown for the ever-diligent FESE folks. Over in the Philippines, the president of the Philippine Stock Exchange, Ramon Manzano is hyper optimistic. His exchange saw the largest Philippine Stock Exchange IPO in history launched successfully this week (despite a little bit of soggy pricing on day one) the mega noodle concern Monde Nissin came to market successfully. Meanwhile, back in the European Union, Brexit remains a concern for the panjandrums of Brussels and indeed Frankfurt - albeit they may wish to conce

096 Exchange Invest Weekly Podcast May 29th, 2021
Transcript: This Week in the parish of bourses and market structure: Nicholas Aguzin brings a gaucho wave to Hong Kong Exchanges while as predicted - David Craig exits Refinitiv under a cloud. My name is Patrick L Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 096. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter - the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. The big celebration this week in the parish - other than 30 years of the Zagreb Stock Exchange, congratulations to Croatia - was the 125th anniversary of the Dow Jones Industrial Average. Happy birthday to the world's most famous stock index. Meanwhile, the inevitable or at least inevitable if you are reading Exchange Invest... came to happen at the London Stock Exchange Group this week as Refinitiv Chief Executive David Craig was ousted from his long-standing position, which in balance sheet terms amounted to running the former Reuters financial somewhat into the ground. The question was always: “Why bother bringing somebody with a track record of hopeless ineptitude into the newly merged entity anyway?” That was surely a first predictor that LSEG may not have had a coherent idea of their acquisition strategy. In Exchange Invest daily Episode 2034, I asked: “The key question is sure, how many weeks do David Craig et all have in the Refinitiv C-suite? And the answer was: For David Craig, precisely one month for the hapless (but golden parachutes) in DC as issue 2034 of Exchange Invest was published April 26th, one month to the day before his departure was announced. As I went on to note last month: “It was hard to justify their presence in the Refinitiv C-suite in the first place, as the Paternoster Square C-suite looks likely to jettison bodies in a ‘sauve qui peut’ management panic stroke/shakeup.” Thus, in reality, the title of CEO at Refinitiv was actually shorthand for “first merger full guy” and hey presto, as predicted, David Craig gets an unjustified fat payout and departs.

095 Exchange Invest Weekly Podcast May 22nd, 2021
Transcript This Week in the parish of bourses and market structure: A load of hot air? Emissions of value again in London as Coinbase’s results cannot stifle an accelerating stock slide. My name is Patrick L Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 095. Good day ladies and gentlemen, this is a very brief reduction of just a few highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter - the unique guide to the bourse business sent to your inbox six days a week. More details at ExchangeInvest.com. Let customers choose where to clear Euro derivatives, the banks have told the European Union. It should be for clients to decide where they clear Euro derivatives, though customers are ready to move business from London to Frankfurt, if forced to by the European Union, bankers said this week. PLY: Spineless bankers and all that but a subtle untruth - for in reality business will go, it will disappear if forced to, it will migrate. But a lot of that is just going to evaporate into the ether as a large number of investors would rethink their relationship with the Euro and the EU as a bloc when it turns more protectionist still. In results this week: It was a busy week for results in the parish. All the deals were in Exchange Invest daily - the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights… Coinbase, they boosted the years of active users forecast range, they reported quarter Q1 numbers which were entirely in line with what they previewed. And last time we looked the stock was off not far short of 50% from the highs of just six weeks ago, when of course everything was frothy and light and wonderful. And it looked as if we were in a crypto universe forever. Well, at least if you had your bubble blinkers on. New markets this week: It was also a bumper week where lots of new markets were announced in bourse Exchange Invest daily. Let's just look at a couple of highlights... CERC (The Central Electricity Regulatory Commission) - they're the power regulator in India they have approved the registration of India's third power exchange. That's going to mean that PSL

094 Exchange Invest Weekly Podcast May 15th, 2021
Transcript: This Week in the parish of bourses and market structure: Australia threatens Chess Nationalisation, Xav-SPAC a go-go, and its business as usual at TP ICAP as another set of results prove very disappointing indeed. My name is Patrick L Young, Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 094. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest's daily subscriber newsletter -the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. This was the week where the CEO of the self-styled technology company ASX, Dominic Stevens tried to demonstrate with some moving averages that his technology outages are declining. The Reserve Bank of Australia hit back through the budget mechanism with a sting in the tail of the Finance Minister’s annual address. It amounts to an enormous warning shot across the bows of the self-styled technology company, noting that when it comes to: “ASX (and other financial market operators) - the Reserve Bank will get new powers to take control of settlement and clearing mechanisms if financial market operators fail.” However, the target ASX will doubtless feel an acute element of pressure these days, even though in their own eyes and seasonally adjusted or otherwise smooth by moving averages, the ASX’s technology stack is a personification of perfection, well, at least according to ASX Will the new ASX Chairman Damien Roche realize his monopoly has been explicitly threatened? Of course, this doesn't go far enough in allowing Australia to develop its financial center internationally in the way competition would enable, but it's a deft warning shot from the central bank via the tentacles of the Federal Treasurer. Meanwhile, on the other side of the world, the XAV-SPAC is a gogo, with one of those SPAC-generic names that sound like it makes fortune cookies for Chinese restaurants. The world Quantum Growth Acquisition Corporation: filed its Form S-1 late on a Friday night. In essence, the SPAC concept is made for Xavier Rolet’s c.v. as an investment banker turned excellent acquisitive dealmaker. The $300 million targeted probably doesn't place some in the exchange business, but peripherally in FinTech, as it ought to give significant clout. Credit Suisse is managing the deal. And the key to this SPAC is not merely in the star power of proven dealmaker

093 Exchange Invest Weekly Podcast May 8th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure: ICE has taken their leave of Coinbase with a stunning return well beyond the pixels of Exchange Invest, PLY has been celebrating the first month of Murban in The National while the EU Open Access proposal is dying as Brexit Britain takes the initiative, meanwhile, CME closes all but one pit. My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 093. Over at CME the pits are barely there, only Eurodollar options will remain for the time being. As the London Metals Exchange (LME) continues to debate the future of its ring. Good day ladies and gentlemen, this is a very brief reduction of highlights from another frantic week. These came from the key headlines covered during the course of the weekend market structure with all the analysis of the week's many events and happenings in Exchange Invest - the daily subscriber newsletter that provides the watercooler of the bourse business, sent daily to your inbox. More details at ExchangeInvest.com With the first month over, it was time to review the scores on the doors for Murban and futures volume this week, and what incredible reading it made for. Indeed, the already encouraging launch of IFAD (ICE Features Abu Dhabi)- the ADNOC ICE Joint Venture was simply scintillating as I described it and an opinion editorial piece in The National Newspaper of the UAE: “The Island of Excellence Emerging Around Murban Futures” went the headline. PLY: Exchange Invest was of course born to spread the word through the digital bush telegraph, primarily about the achievements of the exchange world. For the past year, we have been doing brilliant work as a parish, and where I can find an avenue, I enjoy spreading the word about how free markets via open exchanges work. That's not a revenue source for us like this podcast, but it's vital we get this message across to the outside world, again like this podcast. To that end, I was delighted that the UAE newspaper “The National” published my opinion piece on the simply stellar achievements - in regulating, market creation, and driving unprecedented product liquidity - to a whole new product set in Abu Dhabi. After all, let's remember it was 504 days in the making from the first announcement. Despite opting COVID lockdowns around the world before we actually saw the launch of IFAD Abu Dhabi itself an incredible achievement at the same time to be one month old. This is truly a benchmark market in Murban that is emerging alongside Brent Crude in West Texas Interme

092 Exchange Invest Weekly Podcast May 1st, 2021
TRANSCRIPT: This Week in the parish of bourses and market structure, a mixed week for parish results is just one element to a busy seven days in the world of exchanges and market structure, stay tuned for some key highlights... My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 092 The London Stock Exchange shareholder revolt is one big story, but the CME’s managing to be reported as ‘beating expectations’ while profits are actually in freefall. Perhaps scarier still. Yes, even the London Stock Exchange group managed to eke a 4% profit increase - pushing the Paternoster Square ‘smugometer’ into unjustified Tesla-like orbit. From NASDAQ to NYSE, profits are soaring, before we get to Hong Kong Exchange (HKEX) stellar performance this past week yet, Chicago Mercantile Exchange Group's profits are collapsing at the pace we anticipate for Coinbase’s net commissions. Strange times, but some might think management is an issue. Good day ladies and gentlemen, this is very brief - in fact, this week, it's an incredibly brief reduction of highlights. It's been a big data week amongst the key headlines from the weakened market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest's daily subscriber newsletter - the unique guide to the bourse business sent daily to your inbox. More details at ExchangedInvest.com. Join us and find out what you're missing at the watercooler of markets. David Schwimmer could lose a lot of city friends if the mega-merger with Refinitiv encounters any more serious problems. We didn't say that last week, actually, it was the Sunday Telegraph, that provoked a lot of well #LOL responses amongst the Exchange Invest readership who've been expecting a denouement on the written Refinitive situation for some time. There's been a singular incapacity by the London Stock Exchange Group to sell the merits of the Refinitive deal beyond those who are de facto Craven to their every word. Group CEO, the man we nicknamed “out of his Depth Dave” is embattled now and the party has barely even begun. The average Refinitiv staffer is starting their Stockholm Syndrome campaign on the latest owner as I speak. I pity all the poor souls actually making better markets at London Stock Exchange Group, the relentless greed, and myopia mixed with institutional incoherence of the G in the LSEG isn't even in the early “coming home to roost stage” for those pigeons. Frankly, what we've seen so far wo

091 Exchange Invest Weekly Podcast April 24th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure, London Stock Exchange group double down. Is ISS independent? The UK curtails MIFID II, and results are mixed as Interactive Brokers on NASDAQ display classy performances. My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 091. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the many events and happenings can be found in Exchange Invests daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com In the week when Interactive Brokers and NASDAQ led with roaring results - well done - let's concentrate on that brilliant thing: something which Exchange Invest itself was launched as a newsletter to applaud. It feels like dog years in the current lockdown state of near Stasi restrictions on our everyday lives - by the by I was alone in reading an article the other day on the (truly brutal) crackdown on anti regime protesters in Belarus, which left me musing that it seems even in Minsk, where displaying red and white garments can get you a savage beating in prison, that nonetheless, you can wander around breathing Gods air unaided without a face mask. Anyway, I digress... I mentioned the other week the success of IFAD (ICE futures Abu Dhabi) and the momentum shows no sign of slowing - albeit RSI (I don't mean relative strength index, of course) I mean, Repetitive Strain Injury may yet before the ICE PR team. Anyway, we know at a record of 18,848 Murban Crude Oil futures that took place on April the 20th, just before this podcast was recorded, which I think you will find amounts to significantly more than for instance, the first month of entire trading on the international petroleum exchange's Brent crude futures. And of course, what do we know about crude oil these days? Well, nowadays it's a billion barrels a day of Brent crude futures. Meanwhile, if we peel back the numbers, we can see that substantively, there have been, well just 17 clear trading days before ICE got so achingly close to the 20,000 contract marker because of course, Easter closed many markets (where also It seems the bubble in beach huts really got going in parts of Europe). Plus, of course, Ramadan began last week, which often saps a bit of energy from Middle Eastern markets. Of course, this all happens #DespiteCOVID but I think we can resolutely say the best markets of the parish are Ops-oblivious to the pox. It's been another week of mixed analysis for Coinbase. The stock has been trading with a lot of volatility during the course of the week. Some are saying the stock is hea

090 Exchange Invest Weekly Podcast April 17th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure: Warsaw Stock Exchange celebrates 30 years. Coinbase Tops Young's Pyramid (albeit disappointingly), Bernie Madoff dies and Gary Gensler is confirmed SEC Chairman as Coinbase lists on the 301st anniversary of the South Sea stock market bubble beginning. At least one of these is surely a sign of things to come? My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 090. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com Plaudits to GPW that's the Polish acronym for the Warsaw Stock Exchange, and particularly its dogged founder Wieslaw Rozlucki who pluckily plonked a stock market in the former headquarters of the Polish Communist Party 30 years ago this week. The last time I passed by that former Communist HQ housed Warsaw's Ferrari dealership -now that's what I call karma. Congratulations to Wieslaw Rozlucki who is now retired, and the entire current Warsaw Stock Exchange team as well as its forebears on this incredible milestone. April the 14th marked an incredible day the South Sea bubble anniversary met Coinbase. Wednesday 14th of April marks a day when the world of finance has changed in 1720, it was the day when the South Sea company first sold stock to the public. On that day, 2 million pounds worth of stock was offered at 300 pounds per share, the issue sold out within an hour. Sales were especially brisk thanks to investors only needing to pay a 20% deposit with the remainder due in instalments over 16 months. The only problem lying ahead was that the South Sea bubble burst before the stock was fully paid up. In the wake of that bubble bursting, fortunes were lost, politicians were amongst the many disgraced and the British economy suffered a colossal tumble. Wednesday, April 14 2021 may equally have marked an incredible turning point in the world. The only question is precisely what that turning point was? Building on the South Sea Bubble anniversary some who read the runes are suggesting the omens were not propitious. This the

089 Exchange Invest Weekly Podcast April 10th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure: Unrest in Shanghai, a possible deal foible in Milan, and Saudi Arabia's Tadawul go joint-stock company in preparation for IPO. My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 089 Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com Over in Shanghai, the former chairman of the interbank clearing platform - the Shanghai Clearing House (SCH) has been charged with corruption and bribery. He becomes the latest senior financial official to fall in the government's years-long anti-graft campaign. The Shanghai police issued a warrant for the arrest of Xu Zhen, former chairman and Communist Party Secretary of the Shanghai Clearing House (SCH), nearly four months after the country's top anti-corruption watchdog had said he'd been put under investigation. Over at the London Stock Exchange, no signs of an arrest. But there is a degree of investor revolt. It all concerns the pay rise of 25% to the base a month given to the CEO David Schwimmer on the ground start. PLY: Well you know, adding 10 and a half 1000 people to your payroll in the form of refinitiv means you should get more money, because it's a bigger company, right? I am not alone clearly and being bewildered at the notion of a pay rise for David Schwimmer, who we have previously described in the pixels of exchange invest as looking worryingly out of his depth. The closure of a deal without any resolution to substantial issues ahead was hard the cause for celebration - particularly not when the acquisition was the notoriously unmanageable Refinitiv. That the slow thinking parts of the investor-analytical ferment have finally begun to realize the Refinitive deal is a very dangerous thing indeed for the LSEG’s bottom line, has only further impacted the confusion over this at best ill-timed pay rise. As things stand a good investment banker has been brought to LSEG and we are unclear what he stands for or what he is doing. All we can presume is the London Stock Exchange Group (LSEG) employed him to do deals not to actually manage. However, David Schwimmerr's relative anonymity is becoming an issue as much as the perception of stasis at LSEG itself. The latter stasis is not borne out by the facts on the ground where multiple units aren't behaving as dynamically as they ought but the C-suite at Paternoster Square looks to be not so much above the fray as divorced from the reality of what is actually happening in the business. The end of quarter one saw a slew of

088 Exchange Invest Weekly Podcast April 3rd, 2021
This Week in the parish of bourses and market structure: A new era with a nascent futures benchmark ICE Futures Abu Dhabi brings Murban futures to the Middle East's newest derivatives exchange. My name is Patrick L Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast Episode 088. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com Seemingly without breaking a sweat and against the complexities of COVID-19. ICE launched ICE Futures Abu Dhabi (IFAD) this week with no fewer than 19 contracts going live simultaneously. The biggest contract news was the launch of Murban futures- which looks to create inevitable momentum towards a Middle Eastern benchmark from the Emirates sitting between Brent crude and West Texas Intermediate as the iPhone itself. Before the weekend, ICE announced a rather stellar list of members with an elite group of 18 General Clearing Members amongst 24top quality members overall. Over in the City of London, practitioners are finally grasping the notion the EU will be closed for financial services, as a leading lawmaker, Lord Hill notes: “The politicians, the regulators, and the market are now broadly aligned about the need to get on with constructing a more nimble, competitive, dynamic regulatory future for this city.” Lord Hill noted that this week as the Reuters headline ran that the City of London was grasping that the EU will be closed for financial services from London - until presumably, the EU runs out of money. That is true, it's a fairly empty forum for chopped but something has been established through an MOU, it will meet twice a year which ultimately won't actually manage to do much for the Eurostar premium status of the frequent travelers on that train line. The abject lack of substance in the agreement is demonstrative of Brussels’ desire to bring London to heel and the UK’s desire to break away towards markets where it is not impeded by endless nitpicking or absurdly skewed ‘equivalence’ which the European Union can rescind in the regulatory timeframe of a “New York minute”. Results news this week: It was a busy week for Results in the parish all the deals were in Exchange Invest daily - the newsletter no person can afford to be without in capital markets and market structure, for the sake of this podcast let's look at some edited highlights. Final results for the year ended 31st

087 Exchange Invest Weekly Podcast March 27th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure CBOE buys Chi-X APAC, making the Australian monopoly ASX only the second-largest exchange group in Sydney. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 087. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest's daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details about the exchange of information at ExchangeInvest.com. There was a story for the Bermuda Triangle of Human Relations Moves this week as LSEG surprised by announcing a new head of the FTSE Russell Index unit. Some say the most surprised of all by this announcement was the outgoing FTSE Russell boss Waqar Samad. It's certainly shocking that out of a payroll of 23,500 people amongst the combined London Stock Exchange Group (LSEG) Refinitiv behemoth, LSEG couldn't find anybody in the house to do this job. Thus, they used an expensive consultant to find somebody who has apparently never worked in indexing or an exchange to head the enormous indexing group out a major exchange. One potential saving grace was seeing dashed AKA: Initial hope it might be a diversity appointment proved an acute accent short of a lady. So Lea Carty is apparently male (as this is LSEG one can never be sure). Exchange invest nowadays check photographic evidence, in the absence of their having any viable communication structure at Paternoster square. Anyway, with 55,000 share options making for a Circa 3.5 million pound bonus on the route, it's not been a bad brief ride for Waqar Samad during his tenure with LSEG. Thus, Mr. Carty has no direct experience working in an exchange and apparently no experience working in indexing, but he now leads one of the world's largest index franchises in an exchange group. PLY: What I find most astonishing is the management message this recruitment sends to the recently (acquired (but never conquered) by the management Refinitiv payroll. Internal morale at Refinitiv- never exactly soaring since well, now let me see. Let me check back one minute. Well, some say it was high in the 1980s in the dark ages PB (pre-Bloomberg). So anyway, look, internal morale at Refinitiv never hired the best of times is going to have taken a knock the message that amongst their 18,500 Refinitiv colleagues, the London Stock Exchange Group (LSEG) had to choose somebody who wants to be headed by side Relations at Bloomberg, sends out at best a mixed message to investors, and indeed to staff as well.

086 Exchange Invest Weekly Podcast March 20th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure, Exchange Invest surpasses 2000 issues and enters its third millennium. This week it was 2001 an Exchange Odyssey. Meanwhile, NYCE noted obvious market flaws, the CME made a creed occur for investor freedom, and the parish mourned the passing of serial CME Chairman Jack Sandner. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 86. Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details about the exchange of information at ExchangeInvest.com. Indeed the Exchange Invest marked a tiny milestone this week. Thank you for all the well-wishes we received as we burst through 2000 published issues. Parish was the word I deployed to discuss our not quite a sector market infrastructure world as it became investable. And now we're in a new millennium 2001, an Exchange Odyssey began our third millennium of issues and was also the headline of an article on LinkedIn and Medium. Thank you to each and every one of you who have been subscribing and supporting over the years, what remains the only venture seeking to applaud and indeed appraise without fear or favor, the parish of exchanges throughout the world during the past eight years. If you're not a subscriber while listening to this podcast, then drop by ExchangeInvest.com and sign up for a free 30-day trial, so you too can appreciate the Exchange Invest insight advantage, the exchange of information. With lockdowns still involved the world over and the European Union closing in on the sort of lockdown last seen during the Black Death, as it can't decide whether to vaccinate or not, delegates flocked online for V-Boca, the FIA a is first virtual tribute to the Art Deco resort, which has seen better days in Florida, but every year seems to manage evermore inflationary prices. Retail trading was one intriguing topic for the exchange leaders with Jeff Sprecher noting: “The regulatory structure of the US equity markets, in my mind, is flawed”Meanwhile, CME’s Terry Duffy added: “The public says we don't want to be protected from ourselves, so you have to give them what they want. I think that people want to be in charge of their own destiny” It's not the fact that Jeff Sprecher noted the US equity market is flawed, which intrigues me. Rather, it's the fact that this obvious statement still attracts headlines. Then again, I suppose things

085 Exchange Invest Weekly Podcast March 13th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure: LSEG stock rout as the Refinitiv Reality bites while the long arm of the American law haunts that Turkish Exchange balls all the way to regulation. Over in China regulators are proposing STAR reform. Meanwhile, the unthinkable thoughts are being given credence: could the Chicago Mercantile Exchange (CME) lose its Eurodollar luster as the benchmark switches away from LIBOR? My name is Patrick L. Young. Welcome to the bourse business weekly digest it's The Exchange Invest Weekly Podcast Episode 85. London Stock Exchange's shares were spooked by the costs from Refinitiv this week. Thus, we saw the first chink in the armor of the London Stock Exchange group's reckless deal to buy refinitiv, not only has Borsa Italiana been carved out of the core markets business, but now #zeroshock! Integration may not be going as smoothly as once predicted. Given the deal only closed weeks ago the rapid realization is at least welcome. The fact that nobody could foresee this within the LSEG C suite is damning. Then again, we know LSEG has little real confidence to sell the deal as their groundbreaking insights have today been mostly softball interviews with the likes of the Daily Mail. The meals traditional approach to the London Stock Exchange is usually so craven that it makes a certain Oprah Winfrey interview look positively hardcore. Anyway, for those who missed the last few years of history, nope, take that out. Meanwhile, encouraging news from the Bucharest Stock Exchange, they estimate they're going to get 20 more bond and share issues this year. That's good news for the generally historically beleaguered Romanian Stock Exchange, they've already attracted three new shares and two bonds, so far. At the same time, the world leader, the Hong Kong exchange, recommended that the number of IPOs could surpass last year's total. And indeed the former Hong Kong Exchanges CEO Charles Li has been making some interesting remarks. He's also a member of the Chinese People's Political Consultative Conference and he suggested the creation of a Drip Irrigation Connect which could be used to link sources of global capital and solve the financing problems of 10s of 1000s of Chinese SMEs. Over in Southeastern Europe once again, the Zagreb Bourse have signed a cooperation agreement with their Scopje Counterpart, the Macedonian Exchange, great news as the Scopje boss announced their turnover had more than doubled month on month in February. The primary aim of the agreement with Zagreb is to improve the expertise and professional development of participants in the local capital market through seminars delivered by the Zagreb Stock Exchange Academy. Interesting shareholder news this week, a Dubai-based Indian Siddharth Balachandran, who is the Executive Chairman and CEO of Buimerc Corporation Limited has boosted his stake to 2.58% of the total capital of the Bombay Stock Exchange (BSE) limited.

084 Exchange Invest Weekly Podcast March 6th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure, it's been a disappointing week for India with poor NSE results and the first failure for interoperability. Meanwhile, the clamor for ASX monopoly reform continues, but will the government spring into action? Or will we retain ‘business as usual ASIC inaction? And we witness Accounting Shocks at CBOE & ICE. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 084.Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the weeks, many events, and happenings can be found in Exchange Invests daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at Exchange Invest.com. The Hong Kong financial Secretary Paul Chang Mo-Po has defended his move to raise Hong Kong Exchanges stamp duty from 0.1% to 13 basis points this week, amid a record deficit noting, innovation, not low costs will energize Hong Kong Stock Market.In Good News:For Russia, the investor cried and has grown again. The number of private investors at Moscow Exchange reached 10 million by the end of February having grown from 8.8 million at the start of the year, an increase of 1.2 million people are ready in 2021. MOEX you will recall leaped from barely 3.5 million users to 8.8 million during 2020 marking a near 7 million investor increase in one year. Sadly, over in Chicago, CBOE has exposed itself to ridicule this week as it turns out it charged most traders the wrong sum of years. Some were overcharged, some got away with paying less than expected but now CBOE just wants to sweep the whole sorry affair and sweep it under the carpet and move on. This is frankly GUBU territory, grotesque, unbelievable bizarre, and unprecedented for any business. However, for a regulated provider of financial market structure, this is an absolute disgrace. Then again, given the free ride the CFTC gave the CME over the Cushing Crisis, can we expect the SEC to intervene? Down under the central bank is frustrated at recent ASX trading failures as an article in the Australian Financial Review notes. Reserve Bank of Australia puts heat on ASX over trading monopoly failures runs the headline. “One theory that regulators may explore is if there is a protection racket in financial markets buttressing the ASX monopoly.Are shareholders looking the other way and pocketing their high returns? PLY: Reform is urgently overdue around Oz-Inc’s vastly outmoded cozy corporate club of monopolies. As noted before, it’s ironic that while engaged in a spat with China over freedom and openness, the Communist Party-controlled megastate is in fact more open to exchange (and other) competition in the private sector than supposedly free

083 Exchange Invest Weekly Podcast February 27th, 2021
This Week in the parish of bourses and market structure: T+1 = 2 years says DTCC while Fed tech shows the legacy problems in upgrading the US clearing and settlement architecture. Profits Soar from Hong Kong to Istanbul while DB one could get swept into the Cum-Ex dragnet. And meanwhile, the European Union threatens banks for seeking to keep their client’s Euros safely cleared. Is the Euro War Coming? My name is Patrick Young Welcome to the bourse business weekly digest, it's the Exchange Invest Weekly Podcast Episode 83. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox, more details at ExchangeInvest.com. In settlement land, the DTCC, America's equity settlement monopoly has proposed an approach to shortening the US settlement cycle to T+1 within two years. That of course follows the GameStop Farago, which nearly brought the whole of the US equity clearing system crashing down, thanks to a multiplicity of retail investors who clearly had rather a lot of institutional capital also involved. That story than some may say antiquated clearing heist and settlement depository that played a role in last month's Reddit-fueled market frenzy is proposing that settlement times for US stocks be cut in half T+1 in T+2 years, masterminded by the DTCC. Well, I would love to see it, but somehow I have a bad feeling about the ability to execute given so many participants and indeed the fact that, in sympathy no sooner did the DTCC make their announcement than the Federal Reserve's own money clearing technology system promptly fell over. Over in Hong Kong, the Hong Kong exchanges shares: slumped despite spectacular results of which more in a moment because the government has decided to raise the stamp duty on stock trading. It's a worrying trend towards stock trading taxes, which appears to be in an upswing the world over as big government seeks to desperately balance the books post COVID intervention. In the case of Hong Kong, this is looking like a first in a generation rise from 0.1 to 0.13%. Markets understandably reacted badly. Meanwhile, in London at the Hong Kong exchanges subsidiary there, the fight to save the London metal exchange ring has begun as traders warn on pricing. Looking to the Middle East via London and the Intercontinental Exchange, Adnoc the Abu Dhabi National Energy Consortium. They're preparing along with ice through the venue of ice futures Abu Dhabi that brand new exchange and the Abu Dhabi Global Market to launch their new oil futures Midland crude coming at the end of March with the first expiry dates being set this week for the crude futures that are soon to launch. That of course came on the back of some record volumes in various businesses including JKM and other oil and gas contracts across the ice and a spectacular number an all-time record and open interest features alone 46.9 million contracts across the ice futures Empire. Over in Brexit, Is it a phony war? Or are we on the cusp of all our commercial conflic

082 Exchange Invest Weekly Podcast February 20th, 2021.
This Week in the parish of bourses and market structure: It's been a big week in dealmaking, the Singapore Exchanges seeking M&A while NASDAQ have closed the VeraFin purchase. National Stock Exchange of India buys a stake in the Indian Gas Exchange...and is a Trans Pacific mining bourse play now on the cards for TMX? New Zealand Exchange publishes excellent results, and the ASX faces mounting pressure over its regulatory monopoly. Meanwhile, the City of London finally gets a united front in favor of Brexit and Euronext appoints an Italian banker as chairman, as the power of the Empire shifts east from the Benelux My name is Patrick L Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast episode 82. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week's many events and happenings can be found in Exchange Invest’s Daily subscriber newsletter. The unique guide to the bourse business, sent daily to your inbox. More details at Exchange Invest.com. In Exchange Invest we've been somewhat vociferous of late in noting the abject failure of the Corporation of London to take back control over the Brexit situation, which the Corporation comprehensively lost perspective on with its unprecedented vote to push for a remain vote in 2016 at the great referendum. Putting it politely, the Corporation has remained out of touch ever since. This week, news of the City United project was breaking from London as Exchange Invest rushed to pixel. Chaired by former life CEO Daniel Hudson with exchange parishioner, Danny Corrigan, as one of the deputy chairman, the organization has a series of stellar Brexit thinkers in its ranks, as well as a political Advisory Committee, including the likes of Lord Hannan and former UK finance minister Lord Lamont. Finally, the UK financial markets have a coherent voice for the future. The Corporation of London and all those who wish to promote the future of the City would be well advised to embrace the City United project wholeheartedly. PLY has done so without hesitation in the pixels of Exchange Invest Daily this week. Unity is vital for the City to succeed in the brave new world of Brexit. The City United is the ideal vehicle to achieve that platform for progress and future prosperity in the City of London. Meanwhile, down under, the ongoing travails of the self styled technology company ASX and its failure to operate its technology stack continue to fester after last year's massive market meltdown. “ASX Outage to trigger market shake up” was the headline in the Australian Financial Review. And as the AFR notes. “The stockmarket’s snap trading shutdown last year has forced financial regulators to develop plans to inject more competition against the Australian Securities Exchange and move to compel stockbrokers to connect to its competitor Chi-X.” The article goes on: “Regulators are understood to be probing the ASX’s highly vertically integrated syste

081 Exchange Invest Weekly Podcast February 13th, 2021
TRANSCRIPT This Week in the parish of bourses and market structure, ICE deliver excellent results and returns to the topic of the much needed “grand bargain” to make US equity trading great again. Also, in a bumper week of results the one time dominant dollar silo the CME is foundering as the parish prospers. Meanwhile, NASDAQ CEOs discuss the exchange on its 50th birthday. There's another Ion purchase, fascinating new Brexit financial legal tome and much much more… As the US stock exchanges get litigious with the SEC. My name is Patrick Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 81. Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure and what a bumper week it was! All of the analysis of the week's many events and happenings can be found in Exchange Invest Daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at exchange invest.com. And let's begin with a birthday celebration. Happy 50th birthday to NASDAQ. As Adena Friedman noted in an interview with Fortune: “Part of our sales pitch is that our own exchanges are using these technologies right now, and they work” Hearty congratulations to everybody at NASDAQ past and present on a great milestone for the ‘once bulletin board now full scale exchange’ and global technology enterprise. It was fun and fascinating as the NASDAQ CEOs recalled their 50 years of innovation in a heartwarming panel discussing with the current incumbent Adena Friedman, how NASDAQ became such a global powerhouse from an early bulletin board as part of the National Association of Stock Dealers of the United States of America. Elsewhere NASDAQ, NYSE and CBOE: they've joined together to sue the US regulator the SEC to block the attempts at a rather reactionary market data overhaul in favor of the banks. Elsewhere, New York Stock Exchange's chief Stacy Cunningham: she's warning that the New York Stock Exchange - the very epicenter of Wall Street in the modern day of course - may be exiting New York if a local stock transfer tax is imposed. Over in London, a bit of good news: post Brexit Swiss shares are trading in the UK capital once again as Brexit Britain gets together with the Swiss financial center: that other powerhouse financial center which is outside of the European Union's ambit within the continent of Europe. In results this week, it was not just a busy week, it was a frantic week for results! All the deals were in Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, we're just going to pick a couple of edited highlights: The Intercontinental Exchange, they topped their estimates. They announced a 10% increase to the quarterly dividend, the numbers were spectacular all together. And indeed, as ever, the earnings call gave way to a fascinating lecture and discussion from the ICE management. Here's a zinger of a thought from Jeff Sprecher.

080 Exchange Invest Weekly Podcast February 6th, 2021
TRANSCRIPT This week in the parish of forces and market structure. GameStop GameStop, GameStop. London Stock Exchange, optimism on equivalence and more, as NASDAQ thank the cloud for reliability while selling eSpeed to Tradeweb. Robinhood raise billions and seek a settlement revolution…. Or what we've been proposing for the past 25 years. Meanwhile, China launches peanut futures! My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast, episode 80. Further to my comments last week, what most perplexes me about the Gamestop story of last week was not how It raised controversy, but the sheer lack of insight into financial markets by so many people, I mean, things got so bad, the legacy media was actually doing a decent job in some quarters. The stories were often flawed. The messages amounted to nonsense, and the questions raised usually appeared elementary with appalling, flawed conclusions. In that respect, it was difficult to tell the scheduled news, the legacy media, the politicians, and indeed the late night comedians apart in terms of their overall conclusions. Bipartisanship with Senator Ted Cruz and Congressman Alexandra Ocasio, Cortez, agreeing on an issue leads me to immediately presume that anything that rather wacky pair believe has to be plainly wrong. Meanwhile, Maxine Waters demonstrated almost total financial illiteracy by attacking hedge funds when it seems some hedges were donating umpteen billions into the hands of retail investors. Or was it all smoke and mirrors in terms of a hedge fund on hedge fund proxy war with a kind of retail frontend on the GUI? Nevertheless, Melvin Capital alone lost half their capital, but funnily enough, amongst others, Citadel rode to its rescue... At the same time, given Representative Waters is chair of the Financial Services Committee of Congress, that fills me with a certain grim foreboding. It's an ugly situation. The conclusions have already been drawn by the usual crowd of comedians, politicians, and journalists. Yet nobody is really asking coherent questions. Although we might yet see an end to “payment for order flow.” Perhaps for the wrong reasons. And Robinhood is now likely to be company of the year at the annual Bar Council Awards for attracting such an influx of funding into class actions suits across the brokerage community. Short-selling may take a pasting which is shortsighted, but then again, some of the sellers appear to have been somewhat egregious in their actions. But all in all it is a sort of perfect storm for incoming SEC chairman Gary Gensler. Can he value better markets over scoring political points? I have long being committed to the free Robinhood, gaining stock execution by selling orders to Citadel, Virtu et all being on the high end of the “This will end in tears” priority list. Now we have Gary Gensler coming in at the SEC on the whole Gamestop farago to boot, which is going to be a lot more difficult to unpick. However, I think those $10 bounties for skewing retail orders off exchange in vast bulk and giving a payment for order flow is going to be very, very dead indeed, Very, very soon, indeed. And that's even before we get to considering the politics here. Committed hard-line Democrat Gensler would be removing a U S specific product line, which is provided by Vertu QV it's supremo Vinnie, Viola, who was almost Secretary Of The Army under president Trump, until he withdrew from consideration. And Ci

079 Exchange Invest Weekly Podcast January 30th, 2021
Transcript: This week in the parish of bourses and market structure… To describe the NASDAQ and Marketaxess results as excellent is almost verging on understatement. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Number 79. Good day, ladies and gentlemen, this is a very brief reduction of the highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at Exchange. invest.com. Volume was one of the big stories of the week. Global futures and options trading reached a record level in 2020: that's according to the statisticians at the Futures Industry Association, the. International body for exchange traded derivatives brokers. Global futures and options traded on exchanges Worldwide reached a record level of 46.77 billion contracts in 2020 up an eye watering 35.6% from 2019. Total futures trading rose 32.7%. Total options trading rose 39.3%. Open Interest - measuring the number of outstanding contracts at any point in time - also reached a record high 987.3 million contracts at year end - A billion contract open interest year is in sight. Ladies and gentlemen - That's up 9.7% from December, 2019. Not quite keeping pace with the growth in headline contract volume. Of course, the exchange traded derivatives businesses, sticking to once again, and indeed as my mantra over the past two decades has invariably intoned: “It's a derivatives world.” The National Stock Exchange of India are out ahead with the total leadership in contracts a stunning 8.85 billion in 2020 up an astounding 48.1% year on year...While Brazil's B3 jumped into second place up 62 and a half percent to 6.31 billion contracts. Consider for a moment, the impact therein of integrated clearing across the multiple platforms of B3, allowing less collateral to be used by the market practitioners, reducing margins from what used to be a Cinnober technology now owned by NASDAQ. CME’s fall into third place is a worry. That may sound churlish given 4.82 billion contracts traded in a year, but stasis is an outlier in this fast growing market. How can CME not be profiting from oil volatility? Oh, hold on a second... Or indeed, well, what about huge commodity bullishness to name, but another key sector in which CME don't seem to be profiting at the moment, despite their extensive footprint? ICE, the Intercontinental exchange on the other hand comes in fourth in the overall FIA volume ratings for 2020 derivatives with a 23.6% leap to 2.79 billion contracts... ...Despite their expensive data... while NASDAQ may have left futures behind in the United States at least but their mega robust individual name equity options franchise across the United States of America helped their growth with a stunning 49% jump in a mature market to 2.66 billion contracts. Execution uptime and efficiency plaudits to the top players who all grew up with Gusto, except sadly, it has to be said for CME, who can only be described as a disappointment, despite their remaining a key market. for volume as the third biggest exchange in the world, per se. Coming soon in the derivatives world, Abu Dhabi exchange, will be launching an exchange traded derivatives venture within the next three years, as part of their ADX1 strategy announced

078 Exchange Invest Weekly Podcast January 23rd
TRANSCRIPT London Metals Exchange ring under threat of closure. London Stock Exchange Group - Refinitiv under threat of deal closure. ...And in the United States of America, #Genslerfreude is a thing. ‘How, is the hopey Changey thing working out for you now, bankers?” to paraphrase the one zinger of Sarah Palin's political career. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast, episode 78. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure or the analysis of the week’s many events and happenings can be found in Exchange Invest Daily’s subscriber newsletter, the unique guide to the bourse' business, sent daily to your inbox. More details at ExchangeInvest.com. Mega Russia news: around 5 million people started investing on the Moscow Exchange in 2020. That's a simply astounding number of new entrants to any national market. Well done MOEX. In this case, it was more than all the previous years put together, as total investor base jumped from 3.8 to 8.8 million users. Over in London, farewell to the floor? After 144 years, the London Metal Exchange is proposing closing the trading ring. That LME proposal has emerged during COVID times where traders have previously, in better healthier climes, swapped metals like copper and lead using shouts and hand signals for 144 years. The move seems to be a bid to attract more financial players. The call auction itself made sense for a long time, but in an era where we can do so much business in Zoom, the ring's appeal appears to have been atrophying during the era of COVID. A 4,000 square foot floor space saving is a handy one in the City Of London's heady property market. And it allows LME some more flexibility; if the Exchange wants to expand metals dealing beyond a specific London centric, oligopoly of operators. Elsewhere this week's Euro insanity: Brussels says it won't be rushed on the City of London's access to the European Union financial services, Commissioner Marie McGuinness saying that Brussels would not grant Britain's financiers access to the block before assessing the risks to financial stability. ...And that to do otherwise would be. And I quote an “experiment.” This is the insanity of Brussels double think. The spite and anger remains in every EU utterance of the once interesting project is now just a political embarrassment carried on by useful ideas like Mrs. McGuinness. Elsewhere. Speaking of useful idiots in the European Union: “the European Union needs a master plan to grab European finance from London.” ...To be charitable given this statement was made by MEP Markus Ferber on Martin Luther King day., perhaps it's just a case of MEPs, have a dream. To be realistic It was rather moronic clickbait volume umpteen and on a quiet U S bank holiday news day, oOne publicity hungry MEP got the attention his ego craves. Adding perspective, it took Brexit for the likes of serial EuroParliament mediocrity, Marcus Ferber, One of the men, who brought us MiFID II, to suddenly try to think in an enterprising manner. So now they want something akin to the five-year plans that are even being repudiated by the North Korean leader nowadays. Meanwhile over in the EU, how is that decade long chimera, I mean, “Maste

077 Exchange Invest Weekly Podcast January 16th 2021
TRANSCRIPT This week in the parish of bourses and market structure, a catch up edition as we get 2021 underway. And we have our first new word of the exchange invest year Genslerfreude that smug feeling you get when ‘woke-ist’ idiot bankers get saddled with their worst nightmare as a leading regulator! My name is Patrick L. Young. It's our first edition of the new year episode, zero 77. Welcome to the bourse business Weekly digest.: It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in the Exchange Invest daily subscriber newsletter: the unique guide to the bourse business, sent daily to your inbox. More details at exchangeinvest.com. Amongst our top stories this week, the London Stock Exchange has got the EU nod for the $27 billion takeover of Refinitiv, or some might see it as the LSEG being subject to an inverse takeover to be swallowed whole by the lethargy of Refinitiv. In the end, the EU didn't add any more tweaks, but in due course, gifting Euronext, the Borsa Italiana at below open market value, will I imagine, be viewed with regret by many who right now are cheerleading this deal, which is being made by a group broadly lacking an integration ability and acquiring a tired franchise, which is flaccid, political and has repelled all previous attempts to bring it kicking and screaming out of the 1970s. Meanwhile, Euronext: of course they still can't believe their luck. The contemplated acquisition of the Borsa Italiana group at below open market price is still subject to regulatory approvals in several jurisdictions. Nevertheless Euronext expects to complete the transaction in the first half of 2021. One deal that's not so messy - It ‘simply’ requires a new market to be set up in all its complexity - Intercontinental Exchange have provided an update on the Murban futures ahead of the launch of ICE Futures Abu Dhabi - IFAD - on March 29th, 2021. It's looking good for an end March launch - #despiteCOVID - in Abu Dhabi with the bank of England and MAs in Singapore among regulators recognizing the new venue. Elsewhere Political Action Committee donation fatigue has hit the finance community. Those are of course the “PACS” not to be confused with this “SPACS”, those sexy little listing vehicles that we've seen so much over in recent months. No rather You're back to the grubby business of giving donations to politicians. Therefore in the PAC world, a number of people have stopped donating for the time being: Charles Schwab, CME, and NASDAQ, amongst them from in and around the parish. Looking back over the festive season, some of the stuff you might've missed: Well, first of all, you probably didn't miss this, but Brexit has happened...At the same time. We did tell you that it was going to happen as opposed to a vast swathe of the media. It ultimately ended up with the EU doing more compromising than the UK. And thus the trade deal is not as bad as it might have possibly been. In fact, overall, it's a pretty decent trade deal, leaving aside various issues from the May government’s, cack handed handling of the situation such as the fact that Northern Ireland is now even worse positioned in terms of Imperial status with Belgium than even the Belgian Con

076 Exchange Invest Weekly Podcast December 19 2020
Transcript My name is Patrick L. Young. Welcome to the bourse business weekly digest for the last time in 2020. It's the Exchange Invest Weekly podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s, many events and happenings can be found in Exchange, Invest Daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at exchangeinvest.com. Affirm has postponed their initial public offering. The whole notion that companies might cancel IPO's because market pricing seems to be landing closer to Mars than Elon Musk has yet managed, amounts - like this sentence - to a somewhat tangled metaphor: whatever lies behind these cancellations, we do need to consider the reality of the IPO pricing fiasco. Last week, the SEC, frankly, blundered around the market data issue. I mean, it was only at the weekend. I began to appreciate that a cast member of a Kardashian reality show was not moonlighting as an SEC commissioner, but that still leaves a mystery of quite what some parties had in mind when they last week delivered somewhat emotive statements without much, indeed, any evidence that electronic markets, even in the SEC muddled NMS world. amount to some form of judge Dredd style dystopia. In this curious - one might add contradictory to reality - vision of modern markets. The SIP resembles the forgotten Rustbelt desert gas station accompanied by wisps of spray blowing, almost in cadence with the moody background electric guitar riff. Of course we could argue the forgotten Rustbelt element of our markets played out in Cushing, Oklahoma earlier this year, but that whole Farago appears to be simultaneously overseen and overlooked by another agency entirely of late. Anyway, if you missed what some SEC commissioners may say about the SIP, it seems to fly in the face of the perfectly accurate data that hit my IBKR screen Friday without perceptible delay and all for frankly, a decent enough cost. Oddly enough, the SEC seems to have bulk imbibed the buy sell side Kool-Aid and believes everything ought to be ostensibly free in market data without stopping to wonder quite how the magic of digital market information gets from the data centers of New Jersey to the rest of the world. That the SIPs became a problem one may argue stems from the analogue creation of Reg NMS itself...But that's a box nobody wants to think outside of because the SEC made it themselves. As a derivatives person, I actually remain quite in awe of cash equity trading. A stupendously simple binary that has ultimately been rendered horribly complex by various vested interests. Anyway, amidst all of the frankly juvenile Hullabaloo from Washington DC. last week, I am minded to wonder. If these high handed Commissioners might be inclined to dismount their high horses and actually ponder the landscape of trading to address genuine gaping holes, as opposed to the imagined outrageous pricing in a parish where it's nickels and dimes for the exchanges, and nano cents for the analysts in Exchange Invest and always basis points, if not outright percentage points, for the banks, brokers, fund managers et al, to return to the top of this tale, the implication that IPOs are being withheld due to the - at best - utterly inept method of pricing stock offerings. That is surely seismic. I

075 Exchange Invest Weekly Podcast December 12 2020
Transcript This week in the parish of bourses and market structure. Well, let's just say it's been a Diverse week. My name is Patrick L. Young. Welcome to the bourse business weekly digest: It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in the Exchange Invest Daily subscriber newsletter: the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. Cool. Let's begin way back when ...with the myth of innovation, it's in response to news this week, that advisors to the London Stock Exchange Group have racked up 1.1 billion US dollars in fees for the London Stock Exchange Refinitiv deal. The story told to this day, concerning ingenuity down under may have been embellished, but it remains a pertinent morality tale on the dangers of hubris and exuberance. In New South Wales many years ago, a man stayed in his shed to build a wondrous new racing car using his own labor. And when the southern hemisphere exited winter, the new machine was proudly shown to his many friends who gathered with a tinny of beer to toast the promise of this splendid new design. Alas, after all the excitement of those long winter nights, the machine, while looking purposeful did nothing to repay its creator. Testing proved slow and ultimately when raced against its peers, the car delivered no decent results with a trophy cabinet left unfilled. The car is still with us today in historic racing circles known colloquially as the WOFTAM. It's an acronym inferring that the energy input didn't remotely live up to the end results. London Stock Exchange Group has now spent the better part of $2 billion on fees without completing a deal in recent years to get this latest third deal over the line. They've sold genuine family silver, and wasted valuable years as the progressive end of the parish ICE, Nasdaq and Hong Kong exchanges have all made palpable progress towards the future while LSEG is still chasing the dream with a flawed concept, even when it was announced. Now, the idea is dated and flawed while clearly overly costly in time spent as well as money expended. The London Stock Exchange Group management approach simply beggars belief. WOFTAM will likely prove a generous conclusion. Elsewhere, one bit of good news for the London Stock Exchange Group; their London clearing house RepoClear subsidiary, welcomed an interesting first clearing member from Luxembourg... None other than ClearStream, a subsidiary of Deutsche Boerse. Of course, obviously Clearstream being a member of LCH RepoClear makes sense on a business level, but it does in and of itself rather demonstrate the vast uphill struggle facing the other DB1 subsidiary in the patch of CCP clearing, EUREX who are trying to of course, take away the Euro CCP business from the LCH itself. Over in Australia, the competition boss, the ACCC, Rod Sims is threatening to cut the prices of PEXA - PEXA is a property settlement. And somewhat amusingly enough, it happens to have a near monopoly situation in the Australian economy. The upstart is backed by none other than our friends, the Australian Stock

074 Exchange Invest Weekly Podcast Dec 5th 2020
This week in the parish of bourses and market structure: If I say the ongoing drip, drip, drip, drip, drip of media criticism of ASX as a monopoly is akin to Chinese water torture, is that tantamount to cultural appropriation? Rumors abound of children, writing to Santa, seeking a cowboy outfit, being offered ASX, that continues to haunt Australia, which seems eager to cement its status as a third world financial center. From the Tokyo bloodbath to the deal of the week S&P Global IHS Markit: Is it a panacea or a complex big data can kicking? My name is Patrick L. Young. Welcome to a diverse issue of the bourse business, weekly digest: It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure and what a week it has been veritably, an EPIC! You missed an enormous number of stories, which could all be found during the course of the past week in Exchange Invest daily subscriber newsletter. - The unique guide to the bourse business sent daily to your inbox. More details at exchangeinvest.com. Hong Kong exchanges, London metals exchange finds they're going to freeze trading fees for 2021 "In light of market conditions and the global pandemic, no change is proposed to the LME Group trading and clearing fees." They stated earlier this week. At the same time earlier this week, China was making notable strides into the international copper market. Does anybody consider there's an element of causation / correlation to the LME’s announcement? Elsewhere Europe's finance sector has apparently hit peak uncertainty over Brexit...Strikes me there. Isn't a lot of uncertainty. The European Union is desperate to try and close the door on UK financing of their marketplace, which is going to destroy the Euro. However, anyway, there is a degree of uncertainty and we have a plethora of newspapers with stories being populated by articles constructed by AI robots. I think it's fair to say that such definitively artificial and well, maybe not quite yet. So intelligent objects write the PR quotations for a league of unimaginative boors, which are then processed without creativity within the bowels of legacy media ...officers. And then of course, I read this gem lurking at the bottom of the Financial Times article after they'd quoted speak your weight machines, AI bots, or possibly CEOs of other entities within the market structure parish and the banking industry. So the quote read “The reason we've invested in the UK for so long is that it's the center of global markets and the UK regulators have a deep understanding of the importance of frictionless access to them. There's an opportunity for the UK to stand up and focus back on what made their market successful. Namely principles based regulation.” Take a bow, Ben Jackson, President of the Intercontinental Exchange. It just demonstrates that ICE management are alive. kicking and looking to the future. Good grief. They're even seeking opportunity while the competition at best resembles those plumbers who on quadruple time of a Sunday night in the middle of winter, suck in their lips and make noises as the contents of your central heating boiler is effortlessly easing the wall

073 Exchange Invest Weekly Podcast November 28 2020
Transcript This week in the parish of bosses and market structure, NASDAQ buys Verafin and the CFTC whitewash the Cushing crisis. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly podcast. The European Union's regulatory arm, ESMA, have proffered naked protectionism and blatant idiocy. They're telling European banks, they must trade derivatives inside the European Union after Brexit. Of course, that's completely going against the idea of - well - free trade and indeed all the other agreements that they have in the world. Therefore you can trade derivatives in any old panjandrum of republics across the world, but not in London because: Brexit. Frankly, the European Union's naked idiocy of protectionism and Imperialist stand in a very, very bad tempered divorce where clearly the European Union is feeling the belittled spouse - is a mess. In the medium term expect to see serious financing pressure build in the European Union. As banks face higher costs of funding, higher margins, and much more else besides this is not what the European Union can afford, nor the crumbling Eurozone, as it heads into 2021 under a serious Credit crunch, which is looming across a banking system on the continent of Europe that is already in huge problems, across many nations, such as Italy ...problems, which have land unresolved for over a decade thanks to the vacillation of the European Union's failed political classes. This will not end well so long as the European Union pursues its myopic post-Brexit policies as an attempt to punishment beat Britain. Elsewhere the regulatory blob: having a particularly good week. The CFTC, the Commodity Futures Trading Commission in the USA, they have, well, unfortunately - we expected this all along entirely- whitewashed, the Cushing crisis. The CFTC process has been exposed as hideously inadequate to put it mildly. Absolutely. Zero buddy has had a good word to say about the regulator in my inbox, since this announcement, after what is perceived as a whitewash. Elsewhere regulators margin models have been ruled to be too lax. According to a BlackRock executive Eileen Kiely, an MD specializing in clearing house risk management, at, BlackRock argues that there are holes in the rules…. At the same time in the New York Post, an excellent editorial, “this soak, the rich tox would destroy the economies of New York and New Jersey.” That is of course the Financial Transaction Tax proposed at the server level, which caused the governor of Texas. Mr. Abbott, to note the fact that the stock exchange coalition, visiting him with a view to relocating their servers and trading of Wall Street there were very impressed after a trip to the Texas Governor's mansion. Elsewhere speculation this week that while Deutsche Boerse will own most of ISS assets, the shareholder proxy service, it won't control it. That at least according to the words its CEO made: ISS president and CEO, Gary Retelny. Frankly, dreams are free. What I perceived in the Zoom stream of the DB1 investor day was an entirely supplicant. If not outright fawning Mr Retelny towards his new boss, Teodore Weimer, as noted in the previous week's podcast. And indeed in the pages of Exchange Invest itself every day. I don't think this ownership structure will work in the real world conflict of interest front, and indeed it gets worse because now DB1 is backing the ISS in a lawsuit against the American SEC. That's all about reigning in the influence of the likes of ISS and Glass Lewis, who issue guidance to investors on everything from the executive pay to mergers and acquisitions. Having bought the business last weekend, Deutsche Boerse has jumped in to suggest that it would like to support this

072 Exchange Invest Weekly Podcast November 20. 2020
Transcript In the business of bourses and market structure this week, ISS: the Weimer Republic moving forward at last, not moving forward. ASX spends its week in a technology fiasco. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast. On one day opening EI 1916 this week, I mentioned the year when Tristan Tzara apparently found the Dadaist movement. No sooner was that out than the ASX demonstrated their latest feat: Of TechnoDadaism. The Dadaist movement was a collective of artists who rejected the logic of contemporary capitalist society, preferring to express nonsense, irrationality and anti bourgeois protest in their works. ASX have managed to demonstrate most of the clear concepts of the Dadaist movement through what amounts to TechnoDada, is inflicting all manner of closers, shutdowns, and tech legal problems through their stock. During the course of the last week where it required hackers to take down the New Zealand stock exchange, their antipodean neighbors did much more damage to their market, left all to their own initiative. ASX have it seems ambition, not the dizzying tech ambition of previous ASX generations who closed a major exchange floor ahead of the Vogue for the rest of the world. The past week has suggested they are not merely content to be stewards of the biggest stuff up in settlements since the LSE’s stillborn TAURUS, but rather they now have ambitions to manage to screw up the entire technology stack of the market structure that is an Australian market monopoly. To which end the anguish of Chi-X and other professional intermediaries and competitors in the Australian financial market space has been measured, but heartfelt all the same. Even ACIC. Traditionally, the protector of the Australian stock exchange ended up getting annoyed, albeit they finished the week around a level three on a one to 10 scale where the reaction from a better regulator would surely have been a solid 15 plus and rising. It was so acute that if ASX management are not careful, they may soon have to be held responsible for their actions. Ultimately, one thing 2020 has exposed is how the “monopoly milkers” have a limited life span in the parish as has been long anticipated within the pixels of exchange invest Chicago Mercantile Exchange is now beholden to third parties for content development while incapable of attending to flaws within their portfolio. But apparently their South Wacker reception refurbishment is looking very Martha Stewart living. Likewise ASX has ridden the monopoly tread for a decade and more with zero foresight. The days of easy cream are long gone. The wheels are now tumbling off into the undergrowth of the ASX technology stack and that's leaving the chassis becalmed in the Bush. Sydney is in danger of being left a wilderness where financial markets once thrived in the early digital edge, ASX no longer engenders confidence that they are capable of running a monopoly for the benefit of stakeholders and shareholders alike. It's time for an outbreak of government intervention and Canberra should react to immediately clearing and settlement choice must be enabled for Australian investors. Now the umbilical cord between ASX and the state, invalid since it moved to private ownership decades ago must be cut so that private endeavors can flouri

071 Exchange Invest Weekly Podcast November 14th
While the “coalition to prevent the taxation of retirement savings” meets Texas Governor Abbott, Hong Kong Exchange delivers impressive results for Charles Li's quarterly swansong and ICE Futures Abu Dhabi are go: on March 29th, 2021. Transcript Are we in a death rattle for mega-deals in the parish? Hong Kong Exchange delivers impressive results for Charles Li's quarterly swansong and ICE Futures Abu Dhabi are go on March 29th, 2021. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the week’s, many events and happenings can be found in Exchange Invest’s daily subscriber newsletter. The unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. In Brexit: Brexit Brexit Britain is pursuing a Brexit finance plan. Its door is open to EU firms. Essentially as fast as the European Union is trying to shut up store to the UK’s financial firms - a pretty serious imbalance. Given the fact that the UK is at least 35% of the European wholesale finance market, Europe may yet Rue that move. Speaking of people, ruing moves. Hopefully the legislature in New Jersey have finally got the message NASDAQ and other trading exchanges have met with the Texas governor, Abbott. As Texas governor Greg Abbott himself tweeted “Texas may become the financial nerve center of America, of the world.” He asserts, “I will meet with NASDAQ and other trading exchanges about a potential move. Like so many businesses they want to flee high taxes in Texas. We made an income tax unconstitutional.” Memo to team Biden, whatever you're planning, you can't afford it. The “coalition to prevent the taxation of retirement savings” includes NASDAQ, the ICE CBOE, Citadel Securities, Equinix, IEX, TD Ameritrade, Virtu financial and UBS. Could the last person in New York city, please switch off the lights? is the plausible order of the day after another gruesome tri-state taxation, miscalculation. In results this week, Hong Kong Stock Exchange spectacular results for what will probably be the final time they're presented by the outgoing CEO, Charles Li. Q3 profit jumped 52 per cent on increased trading revenue, increased trading listings. In fact, pretty much increased everything. Despite the lack of an Ant IPO Charles Li was hugely upbeat and delivered some very sanguine and sensible remarks about the future of the exchange, which is in excellently rude health and bears huge Testament to his very successful period as chief executive. Elsewhere, Good numbers came in from Euronext, amongst others. While the Warsaw stock exchange, wasn't looking too bad either, but the National Stock Exchange of India beat both: their revenues were up 40% in the first half of the year. Tragically TP ICAP managed to pour, worse news upon worse news. Their revenue growth is at best flat “as trading dried up,” according to a Financial Times, headline. The sad news in the parish was that TP ICAP are flatlining terrible results altogether. They're now eyeing up cost savings, but then again, ‘never executing’ remains the stuck record of the analog TP ICAP, which is now becalmed through its own manag

070 Exchange Invest Weekly Podcast November 7th 2020
This week in the parish of bourses and market structure: Mega shock: Ant IPO raises the most in history and is then cancelled 48 hours before the first trades, after Chinese regulatory intervention. My name is Patrick L. Young. Welcome to the Bourse Business Weekly digest. It's the Exchange invest weekly podcast. The stormy seas of Brexit remain with the EU regulators seeking to control trade from the bloc to the world's largest financial center - and now the EU’s deadly rival - London. First, the European Union, outlined their usual notion of prescriptive restrictions, and then London upset the applecart by being laissez Faire free marketeers with the customer's best interests a forethought. This - to Brussels, an entirely alien notion of customer best execution - has created a perfect storm. The UK fundamentally believes in free trade and growing the pie. The European union believes in managed decline, protectionism. How it took that long to drive that dichotomy to Brexit is a separate issue. However, the European Union are left looking spiteful and silly as a result of their attempts to protect their market while the EU financial center encourages genuine best execution in the interests of investors. As the FCA head of international, Nausicaa Delfas noted. “While we note ESMA’S recent clarifications to reduce the potential overlap of an EU and UK securities trading obligation. We chose this simple armed, comprehensive approach rather than replicate restrictions based on the jurisdictions of the share issue or the currency in which the shares issued.” The naked stupidity of the EU is obvious, ladies and gentlemen... and investors actions will reflect the UK open market stance over the long term. It was a wildly busy week for results in the parish. All the deals were in Exchange Invest daily newsletter, no person can afford to be without it in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights from the first to the last excellent parish results. ...Well provided you bookend them around the period after NASDAQ and before ICE for in the middle, there was mediocrity. That ICE “excellence as usual” report could be blithely dismissed as typical of their superior management structure, but they deserve the plaudits to be sung from the rooftops. Team ICE consistently excels as others - at best - stagnate. If the others can't improve their game to compete with ICE, or indeed the Adena era NASDAQ, then the parish will look markedly different in three years' time. Certainly what were once strutting predators, now look more like simpering prey. If only antitrust would acquiesce. Some results this week, also from CBOE, TMX, and even Dar Es Salaam, the latter capitalizing on election year volatility amongst other factors in their first nine months of 2020. Now most results are in we can easily divide the parish in two, not by market cap of operating company as per Young's pyramid, but by management aptitude. Thus, we have the category of “they get it” led by NASDAQ and ICE who demonstrate rigorous strategic customer centric, shareholder centric management. Then we have all the others championed by CME and DB1 - alas - but also including the lackluster London Stock Exchange Group, more who demonstrate C-suites more in the throes o

069 Exchange Invest Weekly Podcast 31st October 2020
TRANSCRIPT This week in the parish of bourses and market structure. From the great nation that brought us rousseau and Sartre: “ is it a buy or is it a sale?” A philosophical dispute, afflicts Euronext middleware. After the joy of NASDAQ, a week of gloom, until ICE raised the profitable mood. Meanwhile, the world's largest Ant is heading for a slew of records in the public markets. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the weeks, many events and happenings can be found in the Exchange Invest Daily subscriber newsletter: The unique guide to the bourse business, sent daily to your inbox. More details at ExchangeInvest.com ...and finally a word. On behalf of the echo. Thank you very much for the fact that I've got some temporary premises this week in the midst of a very, very frantic week of engagement. We're coming to you live from a wonderful ballroom in the center of Valletta. Over in Bigworld, the 0816 intercity express trend from Lockdown Central to Temporary Desk is now arriving at platform two (Just beside the printer)... In other words, in BigWorld this week, model railway brand Hornby have returned to profit on a lockdown boom. When it comes to Euronext, “Is it a buy, is it a sale? Oh man, this is way too complex”. That was the headline. We appended to a Uranus story of the week. The Financial Times’ Phil Stafford rightly tweeted that it was one of the strangest exchange communications he'd ever seen, which I think was putting it very, very diplomatically. Indeed. Essentially the Euronext exchange had a bit of a data handling error. They couldn't tell “buy” from “sell.” It strikes me that could be regarded as the most fundamentally blatant failing of an exchange to do its core function. That might be getting a bit closer to the descriptive mark compared to Phil Stafford's diplomatic comments, as in define an exchange? Well, I would define it as “we match buyers and sellers as a neutral venue.” Therefore, we could define Euronext on the past week's evidence as “we're a user neutral, lucky dip, where we will execute trades based around your orders, but we reserve the right to randomly deliver buys as sales and vice versa all with the gallic trademark shrug...because middleware.” Indeed given the fact that previously in the week I was discussing, “was it middle earth or middleware?” that was the problem of the shutdown at Euronext that triumphant acquisition of Borsa Italiana seems well. So very last year with this latest confirmation that discerning buy or sell is inherently tricky for one of Europe's leading stock exchange groups. Anybody who ever dawned a yellow jacket on the old floor of say LIFFE, or MATIF in Paris - wherever they were in past decades, they can readily confirm the operational complexity, even during open outcry. I mean, it used to be two separate boxes, whole inches apart on a sheet of paper with one to be ticked, #stressfulbinary or what? Luckily Euronext, not in Japan. Otherwise they would now be facing endless ritual humiliation for weeks on end. As a cheaper alternative to accelerate understanding of these somewhat conflicting, but interrelated terms of trade. I can recommend some former floor trading bosses who could come over to Paris and offer “hairdryer” management until

068 Exchange Invest Weekly Podcast October 24 2020
Transcript This week in the parish of Bourses and market structure, NASDAQ obliterates Q3 earnings, estimates. Ant financial IPO is a go. CBOE buys BIDS. and the London Metals Exchange ring is closed for another half year due to COVID. Euronext falls over and Mahwah. New Jersey's biggest industry hangs by a thread, thanks to government intervention. My name is Patrick L. Young. Welcome to the bourse business weekly digest, It's the Exchange Invest Weekly Podcast. Over in New Jersey, surrounded by the labor unions. A state representative. Mr. Gottheime was raising the alarm on the proposed New Jersey tax on financial transactions. Too late methinks: NYSE and NASDAQ have threatened to leave New Jersey. If the transaction tax goes ahead, noted Data Center Dynamics. And indeed I do suspect it's just too late for New Jersey. Withdrawing the tax now is merely a timing issue. Given how desperate the Tristate area is for taxation revenue, as it approaches the death spiral of insolvency. The “Soak the rich” approach is deeply embedded in the region's politics. Wall street’s, only defense is to deliver a polite bloody nose, where anyway, the limitations of the New York data center ecosystem are coming close to capacity on various metrics, such as for example, stable power supply. A fresh data center.start on a clean sheet of paper out West will be best for the U S parish and its future execution of orders. In a decade, Mahwah, New Jersey will for the financial industry amount to little more than a trivia question for exchange nerds with a footnote in electronic trading history. Indeed, there may be 50 ways to leave your lover and barely half a dozen means to exit a commercial airliner but ultimately there's only one way. Jurisdictions can get rid of businesses: Raise taxes in a competitive digital era. The West beckons for the American trading infrastructure. Elsewhere in terms of moves, the finance minister of Zimbabwe has by the time you listen, to this, opened the Victoria Falls stock exchange. Interesting to see how that one moves forward. In results this week, spectacular numbers from NASDAQ plus 13% revenue growth broadly based across the entire group company. The Adena Friedman revolution is marching ahead, 49 cents per share dividend and indeed excellent results obliterating the estimates... while meanwhile, the NASDAQ CEO noted the cloud is the future of the industry. Adena Friedman is precisely correct. Nowadays, a genuinely digital business leader has their head in the clouds for ALL of the right reasons, other results. This week in brief, Charles Schwab beat their earnings estimate by about 4 cents, Interactive Brokers disappointed. They were 3% down on their earnings. And indeed also not such good news:The Indian energy exchange, hitherto, a darling of the sector: 9% declining Q2 profits deals this week. Well, it was a busy week for M and A, and the parish, all the details were of course in Exchange Invest Daily in considerable detail. This newsletter offers you all the insights you can possibly want for $250 per person per annum, no one can afford to be without it in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights: CBOE global markets. The

067 Exchange Invest Weekly Podcast October 17th
TRANSCRIPT This week in the parish of bourses and market structure, LSE sells silverware cheap, spooked by EU antitrust as they foolishly obsess over Refinitiv. Meanwhile, for anybody who wants to let TP ICAP buy Liquidnet using $450 million of your money through a rights issue. I can offer you a veritable portfolio of bridges! In better news, Warsaw successfully lists the largest year e-commerce IPO. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key news stories from the week in market structure. All the analysis of all the weeks, many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business, which is sent daily to your inbox. More details at ExchangeInvest.com. Congratulations, the Nobel prize for economics has come the closest to the parish since I believe the memorable win by Martin and Scholes in 1997. Congratulations to Paul Milgrom and Robert Wilson on their work, pertaining to auction theory. Meanwhile, the European Union's, watchdog ESMA, they're working on a “plan B” to move Euro clearing from London to the mainland of Europe. In reality, when testifying in front of the political classes of the European Union, ESMA boss, Steven Maijoor has to say he has a plan: it's akin to Michael Caine in the back of the bus, dangling on the cliff edge at the end of The Italian Job movie. Speaking of the London Stock Exchange. Good to see that they're empowering female funders over in Sri Lanka with what they refer to as - close your ears. If you're going to be offended, - “Hatch's kickass series four.” Gosh, that's the best London stock Exchange Group Story of the year after their hiring Peter Jessup. In Exchange Invest Daily, I felt obliged to asterisk the full corporate title “hatch’s kick ass.” I suspect the bulk mailing software would refuse to send it otherwise. Anyway, it's good to see the LSEG delivering unstuffy messaging somewhere in their sprawling empire of otherwise dismal communications. Anyway with this kind of modern thinking at LSEG how soon can it be before we can look forward to, ”ODD” Schwimmer, the notoriously out of his depth, Dave, CEO of the LSE group delivering his entire quarterly conference call through memes? Perhaps that's why David Warren announced his retirement as CFO:. He didn't fancy providing the financial overview to a TikTok lip syncing video. I know, I know. We're just trying to create excitement about what the LSEG comms boss will do in office, albeit if they can successfully establish themselves as being remembered for being a boy, a girl, a ‘prefer not to say’ or indeed anything in between, then we'll have made some significant progress from their predecessor. Gosh, I don't believe there's ever been a gender reveal party for an exchange communications boss. Perhaps LSE could start now posterior booting and all that modern lingo. In deals this week. Yes. It's the discount deal of the year. The London stock exchange group have agreed to sell Borsa Italiana thanks to various shotguns pointed at David Schwimmer's head... to Euronext four or $5 billion. It's a cheap deal. No matter what others in the media might have said, even if it does leverage Euronext. at a Euro 4.325 billion price tag. Given that London stock exchange group have clearly panicked over the EU antitrust stance and walked right into Brussels trap, gifting Euronext excellent infrastructure to give them clear Southern heft. Indeed, now the largest money earning revenue aspect of the Euronext empire. However that comes at a cost beca

066 Exchange Invest weekly Podcast October 10th 2020
TRANSCRIPT Out East: Tokyo stock exchange, recovering from their network collapse, losing a day's trading while over at NASDAQ, they're saying, for trading: go West. My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. All the analysis of the weeks, many events and happenings can be found in Exchange Invest’s daily subscriber newsletter: the unique guide to the bourse business, sent daily to your inbox. More details for subscriptions and a free trial at ExchangeInvest.com. The Jersey tax spat exploded this one week, amongst all manner of threats that they were on their way to Chicago... The media was excited and intrigued at that Midwestern move. ...Whereas in reality, the truth came out later in the week:”Go West!” say NASDAQ; they're in talks with Texas Governor Abbott about relocating their trading systems in a mega move, to the Dallas Fort Worth area. As I noted when this whole farago first started, the rich opportunity for NASDAQ and US trading venues is to go West far, far West, from New Jersey in the Tristate area. Find a stable, low tax environment. Tick, Texas maintain a 0% state income tax affirmed indeed by a referendum last year, they have a proven business environment and indeed ‘Bob may be your father's brother subject only to the usual statements of gender recognition, gender determination, equal relationship status, and so forth.’ I'm delighted to hear NASDAQ are examining their options, as doubtless are other venues with a view to a next gen situation, which will clearly diminish the New York area’s financial center status. And that all comes at a time when I hear talk of new International Financial Centers in many locales, including perhaps not that far from NASDAQ's current center of attention, according to this week's reports. Meanwhile, the mot juste of the week comes from NASDAQ's communications, VP, Joe, Christinat: Referring to NASDAQ: “We are assessing all our options, but our number one priority is protecting the U S capital markets and its investors.” Amen to tha:t go West the Tristate may yet remove the current tax threat, but their fiscal base is already eroding. It's only a matter of time before they return to any tax they possibly can. The same goes for Illinois. Hence the message of the week is: “Go West!” ...and indeed Charles Schwab: They're on the verge of completing their TD Ameritrade acquisition and it's time for them to Chuck the West coast too... another heaven of bankrupt us state government, Charles Schwab expects Westlake in Texas to become their official corporate headquarters address from January the first 2021. In other bad news for New York, Thomson Reuters, they're looking to sell their 50% stake in their Times Square headquarters at the epicenter of New York's Manhattan district. It's not so long ago that Reuters was moving that headquarters to be in New York City from London, as that seemed to be the epicenter of the world, then. Of course, it worked for the then CEO and his acolytes, I suppose. But now that dream appears to be dying along, sadly with a great city, which is in real difficulty, after an absence of budgetary coherence, even before COVID hit the city hard.

065 Exchange Invest weekly Podcast October3rd 2020
This week in the parish of bourses and market structure. Charles Li leaves Hong Kong exchanges as TP ICAP pursues a dire deal, which leads to a TPI-CollAPse in the stock price. Tokyo systems are down and Australia is arguing about CHESS replacement. Once again, it's been a busy week for the world's market structures. My name is Patrick L. Young. Welcome to the bourse business weekly digest: It's the Exchange Invest Weekly Podcast. Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure... and what a bumper week It has been! All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse' business sent daily to your inbox. More details: And for a free trial subscription, go to ExchangeInvest.comm LCH got their oar in this week: “forced relocation of Euro clearing would backfire”Dan Maguire the CEO of LCH doubtless finds it a chore to have to roll out this continuous dose of common sense to remind those who find Fisher Price, activity, toys, an endless source of wonderment - People like MEPs., journalists, that sort of person. The LSE’s CCP hold on Euro denominated swaps isn't going anywhere so long as there are other competing currencies alongside the beleaguered common currency of various EU nations. However, it's an essential job that Dan McGuire is performing: He must keep messaging common sense, which is in such short supply around the political sphere. And let's not get onto what passes for media nowadays. Meanwhile in Australia, it's a bun fight over at the G street Corral. The gloves are off on George Street between the user group and the ASX itself over the replacement for CHESS, the settlement system, which of course has been hugely delayed and is now vastly over budget. There was a remarkable announcement by the ASIC regulators this week, and the reserve bank of Australia, laying out their expectations of a prompt installation to a suitably high standard that ought to befit the Antipodes largest financial center. Meanwhile at the E, hundreds of words in Exchange Invest this past week about CMU - that's Capital Markets Union just in case you've been asleep for the last decade - As once again, the European Union is threatening to talk about it. Doing something appears extra to the point where even bodies within the EU who believe in the lumpen fiasco of the Brussels blob, we're getting, see FESE in the parish, the Better Finance for the broader investor community, were amongst them. If you want the whole story subscribe to Exchange Invest. If you want the surmise of a near decade of the European, Union's sad tale of the Capital Markets Union, it can be summarized in five words: yada yada, yada, delivering nada. One set of results this week. Good numbers from IHS Markit, impressive all round for the third quarter 2020 there. However, it was in deals that we had, well, some excitement, even if it was weird excitement, perverse excitement, frankly, just an absolutely dismal deal in the making! TP ICAP, they provoked their stock into becoming TPI-collapsed, losing 15%, which leaves them down, well, a pretty awful 45% on the year. So far, as they are in talks to buy the completely uncorrelated and irrelevant to the TP ICAP business, dark pool Stock operator Liquidnet. Surely when placing the current management situation and perspective of a possible M&A

064 Exchange Invest Weekly Podcast September 26 2020
TRANSCRIPT This week in the parish of bourses and market structure. Welcome to European free markets where the underbidder gets first ‘dibs’ at exclusive negotiation as MEMX launches and the EU suggests ‘the customer is always wrong’ when it comes to CCP usage, while, grudgingly, granting an 18 month Stay of Eurozone Armageddon..oOr as some others refer to it, Eurozone clearing access in London. My name is Patrick L. Young. Welcome to the bourse business weekly digest, it's the Exchange Invest Weekly Podcast! Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in market structure. Away from this podcast, all the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter: the unique guide to the bourse business sent daily to your inbox. More details at ExchangeInvest.com. NASDAQ futures are a thing of the past. The CFTC have granted their request to vacate the DCM - that's the designated contract market designation. It looked as if the NASDAQ exchange traded derivatives dream of a futures market had died in recent months when they went down the route of licensing to CME. And indeed it has to be said CME itself: Where would their product development department be with the addition of judicious outside resources? If it weren't for NASDAQ, for S & P and indeed Eris - the swap exchange platform - CME would have a paucity of new product launches in recent times. Meanwhile, this was the week of a near volte face of a digital plan to tax trading, as New York Stock Exchange, NASDAQ at all, held solid against the denizens of politics in New Jersey and the bosses of CME and CBOE went to see their local council in Chicago and said, “don't even think about it!” NYSE and NASDAQ plan a Chicago offsite backup trading session... Indeed a week of sessions, to demonstrate that New Jersey just doesn't have to be in their plans at all. And soon, some legislators in the Eastern seaboard State started backing off the whole notion of taxing trading at the server level whatsoever Presumably to help the non Silicon inhabitants of Mahwah, New Jersey to sleep easier too, at the prospect of still having some jobs. Meanwhile, over in Zimbabwe, there appears to be a sluggish response to the Victoria Falls Exchange as it searches for an equity partner for the offshore. U S dollar denominated marketplace. That, of course, sluggish response for equity partners is in the wake of the government shutting the main Zimbabwe bourse itself for a few weeks on a political whim. Frankly, who wants to even waste a proposal sketched on the back of a cigarette packet with stability issues like this? Over in Brussels CCP, capitulation was achieved as was, widely expected. Well, at least if you're reading Exchange Invest or listening to me and my various missives and articles in, such as, Cap-X up to four years ago...soon after the Brexit vote. Anyway, CCP capitulation was achieved with a hugely bad tempered note from Brussels where the EU de facto blamed the clients for using UK clearing houses, regardless of the simple business expediency that they find for offsetting into Europe's largest multi currency clearing house providers. And the Members Exchange launched, adding to the deluge of new stock venues this month alone. The arrival of any sell side denominated competitor platform, always prompts another r

063 Exchange Invest Weekly Podcast 17 September
Transcript New York exchanges opting for the technology arbitrage. A move away from New Jersey data centers appears imminent while bidding heats up for Borsa Italiana, which is being wrenched illogically from the London Stock Exchange Group. My name is Patrick L. Young. Welcome to the bourse business Weekly digest. It's the Exchange Invest Weekly Podcast. In a week of frantic news flow, ladies and gentlemen, just remember, this is a very brief reduction of the key headlines from the weekend market structure All the analysis of the week’s many events and happenings, including a multiplicity of deals we haven't got space for in the podcast today can be found in Exchange Invest. It's a daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details over at ExchangeInvest.com. Our top story this week, the New York Stock Exchange and indeed NASDAQ and the other U S exchanges have signaled that they will exit New Jersey iIf the state taxes stock trades, - as we mentioned was proposed some weeks ago. The New York Stock Exchange plans to announce that it will run one of its exchanges from a backup site in Chicago for a week as a demonstration of its readiness to quit higher tax jurisdictions like New Jersey, if they implement their threat to raise a transaction levy. At the nexus of taxation and representation, ladies and gentlemen, a third element is apparent in the digital age, the sheer desperation of overspending analogue administrations, trying haphazardly to balance the books. Given long term issues facing New Jersey, in any case, in powering its data centers, especially the growth rates of securities trading by NASDAQ, NYSE at all….It any way makes total sense for US markets to consider alternative, sustainable, data centers away from the Tristate area. Are we on the cusp of a hollowing out of the U S East coast trading epicenters? Local legislators can certainly make that come true, at a much faster rate with their increasing desperation to find funding for their overspending. All the exchange groups are wise to avoid New Jersey as this tax plan is Doubtless only the thin end of the wedge. Parishioners will muse that the New York Stock Exchange playing a Chicago shuffle card is perhaps the first time we have seen that municipality or indeed Illinois, more broadly, being viewed as a lower tax jurisdictional move for quite some considerable time, particularly parishioners will recall given Terry Duffy facing down a similar threat locally in Chicago on behalf of the CME only a few years back. Confusing signs out of the European Union this week. Amidst it's the Helter Skelter kerfuffle whereby the European Union still seeks to do anything but negotiate a Brexit deal, in good faith... We've reached the maximum angle of leverage for throwing toys out of the pram. The EU, went the message earlier this week, “will delay Euro Clearing decision on Brexit, divorce threat.” Rather, it seemed within 24 hours that that had been somewhat turned around. Clearly there is a huge internal political battle within the European Union at the moment between the pragmatic folk who are actually capable of understanding business within the European Commission... And the many people who are more tied to the politics of what is a very acrimonious divorce and the EU, as a spurned spouse, determined to try and destroy the United Kingdom of Great Britain and Northern Ireland from prospering as an independent nation. I

062 Exchange Invest Weekly Podcast 12 September
TRANSCRIPT This week in the parish of bosses and market structure, ICE close the Ellie Mae purchase. And Thoma Bravo are selling ICE stock from that Ellie Mae deal in a follow on offering. Meanwhile, Aquis exchange edges into profit as expected. My name is Patrick L. Young. Welcome to the Borst business. Weekly digest. It's the Exchange Invest Weekly podcast. In this, ladies and gentlemen, the era where the water cooler has had many, many fewer users over the course of lockdown times, even if you're returning to the office: news flow, information flow is key. Just let me add this podcast is a very brief reduction of the key headlines from the week in market structure. All of the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter: the unique guide to the bourse business, sent daily to your inbox. More details. at ExchangeInvest.com. “Controversy from the SEC”. Well, common bedfellows, those words, I suppose. ...Shrouding money managers in secrecy: The SEC is proposing an amendment to the form 13 F that would eliminate most investment managers’, quarterly filings. I can see the ‘money logic’ of the SEC’s inflation shuffle here, but surely in an age of spreadsheets and all that digital desktop malarkey, it's easier than ever to disclose what your holdings are? ...Curiously analogue move by the SEC, which seems to be clumping down on issuers to provide ever more detailed data on the other side of the coin. Elsewhere, BMLL, sponsors of Exchange Invest: They won the best data service application using cloud technology at the 2020 HFM European technology awards. ...Wearing presumably a virtual bow tie and tuxedo, Paul Humphreys was there, well virtually, to collect the award on behalf of the BMLLl team. Elsewhere, Robin hood, they're facing multiple SEC investigations as we first trailed last week, into their business practices. Those investigations are from the SEC and indeed also the regulatory body FINRA. As I have repeatedly noted for years, this was highly likely. The weird thing is what took these regulators so long to get their acts together. Fair enough, it must be a baptism of fire for their new general counsel, the former SEC commissioner, my old friend, Don Gallagher... At the same time. Also many have pointed out the fact that well, a $10 million fine is surely only a drop in the ocean to Robin hood. ...But I would argue if it opens the flood gates to greater and greater litigation, what can the class action mavens actually do to Robin hood given for many years, it's claimed to be free when it's actually been selling your order flow elsewhere? “FQR” that's the first question, Richard Repetto of Sandler O'Neill has reduced ratings for this CME. That's a very bad sign. Will CME punish him by stopping him from running first on the road at the next earnings call when it's open to questions? Frankly, could be the highlight of the earnings call if it's as syrupy as the last one. Ratings news: B3 Brazil, Bolsa, Balcao: Moody's have announced the completion of a periodic review of their ratings. No change there just as there was last

061 Exchange Invest Weekly Podcast September 5th
Transcript And in the business of bourses this week, direct public offerings can raise cash at the New York stock exchange while RobinHood is facing the litigators. My name is Patrick L. Young. Welcome to the Bourse business weekly digest. It's the Exchange Invest Weekly Podcast. For those of you who only interact with this podcast, you may not be aware of Exchange Invest. That's the daily newsletter of the Bourse business. The Exchange Invest advantage for subscribers - who are paying from as little as 250 U S dollars per user per year - is the innate ability to get ahead of the curve. Years ago, I noted RobinHood were going to eventually meet a lawsuit due to their dubious free brokerage claims, which involved selling the order flow and then saying, “look, our services are free.” It was as clear as day while others failed to notice, or explained this in public, though the Exchange Investor Newsletter frequently did. I even had a reminder as recently as Wednesday of this week ahead of news of the litigation creeping out that evening. Of course, I feel pleasantly vindicated, but importantly, are you on the inside track in the world of extensions? If not, you need to be a subscriber to Exchange Invest by all means. Please help us to do an even better job. Pay your subscriptions promptly and encourage a few colleagues to avail of a free trial. Exchange Invest can keep you ahead of the curve in the world of market structure. Moving on from RobinHood, the other big news of the week, the SEC, in the USA approved the New York Stock Exchange proposal to let companies raise cash through direct listings. While dangerously close to appearing like the poodles of the sell side, when it comes to market data, the SEC have taken an enlightened step towards a better market with more content in US equities, enabling more DPOs shorn of the ludicrous outmoded processes and costs of the intermediary rich - in every possible sense - IPO process. Capital raising by DPO has been an obvious avenue for 20 plus years. ...Yes. Yes. Somebody might have written a book about that Capital Market Revolution! #Whatevs? No. At last DPO is a serious reality for raising money. Here's hoping the rest of the world follows suit ASAP. This reform is desperately needed. Meanwhile, the must read article of the week came out in Fortune. ‘Never waste a crisis, the Sprecher master plan to make mortgages efficient:’ Essential reading to understand better the Intercontinental Exchange machine and its inherent efficiency. Talking of inherent efficiency, Moody's have completed their periodic review of the ratings of Intercontinental Exchange… And unlike some others who were spooked out by the Ellie Mae purchase a couple of weeks ago: They've announced no change. Meanwhile at the European parliament this week, the new chairman of an advisory committee to the Commission on the parliament itself. Klaus Luber an ECB career banker was giving testimony: UKs Euro clearing access to EU requires careful analysis, post Brexit. It's a beautifully calibrated statement, actually. In one way, it appeals to the minds of the world's most expensive kindergarten: The European parliament. It gives them everything they want to think about in terms of total protectionism and trying to, well, effectively render the

060 Exchange Invest Weekly Podcast August 27th
Transcript This week in the parish of bourses and market structure: New Zealand Exchange crippled by DDoS attacks. Many bids for MTS. NASDAQ goes DPO. Ant Financial seeks a record breaking IPO. ...And there's the curious case of the stock exchange with a hundred percent uptime, thanks to ensuring the regulator reduces the amount of business they can actually trade. I know that feels like a tale from Kafka-Bourse. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. The New Zealand Exchange is under siege. As I record this podcast, DDoS attacks have crippled the exchange three days this week alone. I've total sympathy for NZX. DDoSs used to plague the Dublin based GSX transports of which I was originally a founder and they remain an issue for exchanges using public networks. At the same time that the hackers have resorted to attacking New Zealand Exchange would imply that they are seeing a lot of structural integrity in larger markets which has left them attempting to attack a more modestly sized national market than the many larger entities... the New Zealand exchanges, small, but rather perfectly formed bores. Over at the top of the pyramid. Interesting to update what's been going on there. They're interesting times at the head of the field as the top tier of the pyramid has tightened up remarkably where once there was a differential getting owned for $20 billion between CME and ICE, the latter's momentum is easing the difference to the becalmed and arguably on the cusp of crisis CME. ICE blasted through the hundred dollar a share barrier in recent days, post the Ellie Mae acquisition. And it's now sitting on a market cap of $56.71 billion while CME is ahead by some $6 billion at 62.85 billion, having squeaked up in the current U S bull market run and just nudged past Hong Kong Exchanges in recent days, which sits at a still remarkable 62.3 billion. CME may be back on top of the pyramid, but it looks like a Pyrrhic victory as HKEX gears up for perhaps the biggest IPO in history and as ICE integrates its single largest acquisition. Meanwhile, CME is reliant on NASDAQ's boffins to find new products to license. Speaking of NASDAQ, they have filed with the SEC and the USA for IPO alternatives, namely DPO: Direct Public Offerings. They're filing their rule modifications, catching up with the New York Stock Exchange who did so in June with a view to disintermediating investment banks and the other rather one might say in the current digital age, greedy troffers, who have for far too long overcharged to enable access into public markets. There was no point to underwriting 20 years ago for an issue, as "Capital Market Revolution!" noted. And the idea that you pay something like 7% to a morass of intermediaries makes a mockery of all the work done by electronic bourses to keep costs at wafer slim prices. Of course, if the investment banks were sensible, they would stop bickering about data and work out how to retain their position in the IPO chain. Instead, their greed is destroying it. Meanwhile NASDAQ is getting th

059 Exchange Invest Weekly Podcast 21 August 2020
Transcript Roll up, roll up. Bids are open for Borsa Italiana! Meanwhile, Miami International Holdings have bought Minneapolis Grain Exchange and the NASDAQ new generation volatility index will trade on CME. A massive attack on the CBOEs aging monopoly ViX. My name is Patrick L. Young, welcome to the boursef business weekly digest. It's the exchange invest weekly podcast. News flow for summer: It's been absolutely crazy! And let me just add, remember ladies and gentlemen, this podcast is a very brief reduction of the key headlines from the week in market structure, but all the analysis, all of the PLY pith too, from the week’s, many events and happenings can be, found in Exchange Invest’s daily subscriber newsletter: The unique guide to the bourse business, sent daily to your Inbox. More details at ExchangeInvest.com. The European Union has been mouthing off once again; at the same time, London maintains its grip on the European Union's financial market plumbing through the central counterparty clearing house system. That is of course, zero shock. If you were listening to, or reading , Exchange Invest... my CapX opinion piece from three years ago, “The EU’s Euro clearing plan as an act of protectionist self-harm” outlined absolutely exquisitely in detail and accurately what was going to ultimately happen. As long as the European Union is still bent - hell bent in fact - on a Pyrrhic victory, trying to destroy the London financial center at the expense of destroying its own funding. As we've seen the European Union watchdogs have flagged a harsher line on cross border fund management during Brexit. It's a depressing example of the European union's bunker mindset. There are so many opportunities for EU 27 and yet the regulatory blob is hunkered down in pure play protectionist mode, reducing competition and de facto raising prices and removing customer choice for hard-pressed investors in EU 27. The clear subtext is one I've noted before: France, Germany, and other EU financial centers are disappointed that more business didn't just land at their feet post-Brexit because those financial centers didn't think through the dynamics. Now the European union is continuing to seek to push protectionism both in clearing houses and particularly in the realm of funds management this week and further gum up the already depressed European union economy in a way which once again, fundamentally affects the prosperity of its citizens. It's utterly disappointing, but then again, a fundamental thrust of why so many people supported Brexit. The European Union is embarrassing itself by being so easily typecast and it's blinkered incompetence. On happier news, in results this week, spectacular record numbers from a series of bourses: the Warsaw Stock Exchange was one earlier in the week, but the biggest numbers of the week came from the Hong Kong Exchange. Just what an incredible tribute to Charles Li. They warned of a typhoon on Wednesday morning in Hong Kong. ...And in fact, perhaps given the fact the actual weather pattern disappeared during the course of the morning, they were really talking about the Hong Kong Exchanges results! Record profits, record revenues, and indeed vast amounts of growth in pretty much every area of the business. Particularly Charles Li's own signature through-train and the Connect program between Hong Kong and mainland China. Equally very encouraging results from B3 in Brazil, financial growth above 30%. Even the frankly backwards Bucharest stock exchange managed to grow profits by 10% in the first half. Disappointing, but sadly, unsurprising. And in deal news this one week, a multitude of fundings and other issues. First of all, let's get to the biggest pricing, the Interc

058 Exchange Invest Weekly Podcast August 14 2020
Transcript ICE makes their biggest acquisition to date: $11 billion on the mortgage electronification play. Strong results from the New Zealand exchange. Meanwhile, the DAX's rules are changed to avoid a future Wirecard style embarrassment, Borsa Italiana speculation, running rampant, and much more. My name is Patrick L Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. We begin this week with worrying news from the US treasury, the treasury secretary Mnuchin is threatening a stock market ban for Chinese companies. That threat to delist Chinese firms may of course give a competitive boost to non U S exchanges. Some have even seen it as being a godsend for the Hong Kong Exchanges Group, already seeing an uptick in IPO business. Thanks to recent sword rattling between the two countries. Certainly Stephen Manoukian. He said that Chinese firms must comply with U S audit requirements or face delisting from US stock exchanges at the end of 2021. Meanwhile as the U S government was saber rattling over the Chinese audit issues on more matters of Sino US trade friction, NASDAQ boss Adena Friedman was noting how in COVID terms, economically “capital is part of the cure” in one excellent podcast with CSIS while also discussing “how to solve capitalism, public market access, education on the economy with Kinsey Grant at BusinessCasual. As Adena Friedman noted. “Our fundamental mission in markets is to maximize access and minimize friction.” During an excellent base of podcasts, which were insight rich throughout, there was much mention of the symbiotic relationship as a sound basis going forward for government and corporates to work together, which also extends to fair treatment of, and by supplier companies from big corporates to help the entrepreneurial economy grow opportunities. For those companies and the individuals involved the positivity of Adena Friedman's cooperative capitalism thesis is very signed and sensible. Moreover, I have to admit every time I hear it, or even repeat it myself, that wondrous factoid the 62 billion message peak on February 28th across NASDAQ's U S equity and options platforms discussed again by Adena Friedman on the CSIS podcast. That snippet gives me a very warm, fuzzy feeling of how the vast, vast majority of bourse technology worked so well during the first COVID crisis in the first half of this year. Still looking at Nozstock NASDAQ's private markets reported a giddy $1.7 billion in transaction value during the first half of 2020. 29 private company sponsored transactions were completed amid the pandemic related market slowdown. Well done NASDAQ private markets, an excellent work from home initiative at the same time, the flexibility of public equity and bond markets shown through in the pandemics first shock, which underlines that while private markets are highly useful on the NASDAQ private market, highly efficient public markets are essential and we need regulatory edict, particularly from the SECc to reflect that in their policy and application to encourage public listing. That isn't to denigrate this NASDAQ private market achievement in any way. It's just a bald statement. Private markets have their limits, even when executed elegantly by the NASDAQ team. Over in India, the National Stock Exchange has set aside the rather swingeing amount, 4,000 crore of revenue from their co-location operation. That's in Indian rupees, which amounts to gosh, something like half a billion dollars, really from the co-location operations, following directions from Sebi over the co-location affair, for which they're clearly going to be rapped over the knuckles with a swinging fine in the near future. Still in India. GreenCo, Lord Dholaki

057 Exchange Invest Weekly Podcast August 8, 2020
CCP safety row sparked by Sir Paul Tucker. CBOE delivers decent results along with the Intercontinental Exchange and many others in the parish while LSE disappoints, and indeed LSE, Borsa, Italiana news spins out, CBOE, complete their MatchNow purchase and a surprise in India as Ajay Tyagi’s contract is renewed as head of Sebi My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast. We begin this week in CCP land. There was a fascinating statement by the previously little known Systemic Risk Council. Their chairman is none other than Sir Paul Tucker, the former deputy governor of the bank of England. “The Systemic Risk Council considers that the proposed guidance is not fit for purpose. (Referring to an FSB white paper on CCP resolution). As it currently stands since it does not provide a clear, internationally agreed solution to the problems of procyclicality and the current inadequate incentives embedded in plans based on clearing houses’ existing rules.” This came on the scene, same day, as CCP 12, the global clearing house counterparty body, published their primer on credit stress testing...one of their latest white papers helping make a safer market overall. So Paul Tucker is an influential thinker and his being frustrated by the FSB process is going to promulgate quite a debate in the CCP world methinks. This systemic risk council itself which I think a few had heard of before, has a body of august and in many ways sound folk, but it also, I would have to note, appears to lack a single serious CCP executive name on its top body, which strikes me as a somewhat well systemic, risk. Over in Budapest. Congratulations: 30 years of freedom, the Budapest stock exchange, remains open for business three decades after it reopened following the 50 year pause provoked by the evils of the dark era of communism. Slightly shorter board closure: trading on the Zimbabwe bourse resumed. After that strange, closed down a number of weeks back, nonetheless Old Mutual are still not trading on the exchange...They seem to be moving their listing in Zimbabwe anyway, onto the mooted Victoria Falls exchange, which this week published some new regulations that are going to therefore dictate how you will be able to list in a country starved of foreign exchange in a US dollar denominated equity listing. Over in India, power exchange, PTC, the power trading corporation, they have got the nod to set up the third power exchange with a launch likely by the next financial year. Nonetheless I E X, the Indian energy exchange retains the lion’s share of some 95% of the day ahead contract market. Over in New Jersey, they're still talking about the possibility of a quarter penny tax on stock trades. A lot of nonsense being discussed there about the fact that trades can't possibly move away from the safety of Mahwah and the many data centers that are in and around New Jersey through which the pulsing of America's stock trading takes place. The proposed A4402, an item of legislature, perhaps could be best nicknamed the “Get Wall Street, Moving Out Of State).” Over at the Indian Energy Exchange. They're planning a gas ventures sale, which could be rather fascinating altogether. And to results this week, ICE topped their quarter, two earnings and revenue estimates with another quite smooth beat. The results call itself wa

056 Exchange Invest Weekly Podcast
Transcript CME and DB1 disappoint while the rest of the parish is demonstrating sound if not outright excellent results. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Financial transaction tax worries are back, over in the EU, in the wake of the recent collapse and the case against Ireland and Apple. That's a case predicated on Ireland at levying, a rate of tax, which Apple paid, but which the EU deemed unfairly low...that festering 30 year battle at the heart of the European union, between the bankrupt and increasingly socialist Franco German Alliance at the heart of the EU’s apparatus led to the Apple case, which when lost, probably killed the concept of a digital tax. At the same time that has led to the notion of a Financial Transaction Tax already deeply divisive in the EU and being discussed for years on end now with no definitive agreement whatsoever... that FTT proposal re-emerging as one of many possible means to plug the many holes in the budgets of the high spending regimes, aided and abetted by the spendthrift Brussels machine itself. Meanwhile across the Atlantic things don't look much better. At least on the Eastern seaboard, New York and New Jersey are considering financial transaction taxes.New Jersey’s A4402 would impose a 0.25 cent tax on every financial transaction processed in the state in New York. Some law lawmakers have proposed a rate as high as 5 cents per share. That's 1.25 cents, on the other hand for stocks worth less than $5. If either state succeeded, it would represent the only financial transaction tax in the United States of America. Although New York had its own FTT from 1905 to 1981, there is no federal level FTT in the USA. Although fees are imposed to fund the regulatory activities of the Securities Exchange Commission on cash equities. I presume exchangers are going to be poring over data center capacity and choose suitably tax coherent, state regimes. It's another nail in the coffin methinks of New York city whose Tri Tristate area is already deeply unattractive to higher tax payers who've been moving either West to lower tax States or indeed South to Florida. Over in Europe, the notion of an EU FTT might even be a motivating factor for the UK to move towards more free trade and an abolition of stamp duty, albeit with the current policy state of British government finances, who knows? However, in a more encouraging regulatory note in the past week, finally, we have confirmation of a sensible rollback from the ridiculous era of Genslarian overreach, as the CFTC has voted to scale back oversight, cross border swaps trading. Meanwhile, Stacey Cunningham, the NYSE president was being interviewed by CNBC this week. She noted that individual investors have been, and I quote “a big part of the market over the last few months.” Nowhere has that been more obvious outside of the USA though, than China, which despite not having a Robin hood or other movement... In the course of the first six months of this year, China added a total of 1.55 million investors seeking to trade stocks on the Shanghai and Shenzhen bourses. That's up 46.72% year on year in terms of total number of account openings. Of course. NYSE president Stacy Cunningham's comments come after e-brokers TD Ameritrade and Interactive Brokers amongst others reported record trading volumes from retail during the second quarter.

055 Exchange Invest Weekly Podcast (July 24, 2020)
Excellent results from NASDAQ and MarketAxess propel results season forward in the parish. My name is Patrick L Young Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Clearing, as has often been the case, leads: this week CCP 12 of the global body of clearing houses had an excellent report “CCPs show strong resilience despite COVID-19.” It reminds the world about the importance of well managed CCPs. And indeed, kudos to the members of CCP 12, who have all performed excellently in this space during an incredible period of volatility. Moreover, CCP 12 must be applauded for pointing this information out: markets work, the plumbing for derivatives is robust. And if we don't remind the world Let's face it, this just gets taken for granted. Over in the US stock market NASDAQ vice chairman Ed Knight and the Center for Capital Markets Competitiveness EVP, Tom Quaadman released an excellent article this week via Law 360. “The SEC’s proxy advice reform would benefit the economy.” “The US faces major long term challenges when it comes to business creation and entrepreneurship. Since the 2008 financial crisis, we haven't seen the same historic rate of business being started,” their article began. “In addition, over the last two decades, the US Chamber of Commerce study revealed that there has been a steady decline roughly 50% in the number of public companies in the US. In other words, we aren't seeing businesses start and grow in the same way we used to. This is troubling, since growing businesses have historically provided the innovation and job creation that we so desperately need today. public companies are more vital than ever. “ Well, amen to that must read commentary. Without some work here the US public markets will suffer atrophy, where they already are lacking content due to regulatory impositions, holding companies private for longer. And thus we need the SEC to make progress so we can all share the global prosperity and have broad public markets funding businesses to employ Main Street and provide investments for our pension pots. This is an excellent contribution to this vital debate for the parish. Meanwhile, in Europe, the Swiss Stock Exchange boss Jos Dijsselhof jumped into the debate “don't fix what's not broken,” rejecting the plans from a certain cadre of cash equity people in London to try and cut European trading hours. Equally the Hungarian stockbrokers Association unilaterally oppose the European plan from London to shorten trading hours. Back to NASDAQ, they've signed a very interesting pact with the Singapore Exchange to smooth the dual listing process, a good idea to seek more Sino centric listings as well as indeed, tying up with the SGX, one of those Southeast Asian exchange powerhouses. Indeed, as the NASDAQ index made new highs in the USA last week, it was a good week for parish stocks, particularly the multi Commodity Exchange - MCX - of India, which was up no less than 17%. Meanwhile, Hong Kong exchanges, they were soaring on news of Ant’s move to provide a dual listing with Shanghai: that's Ant Financial, the FinTech arm of the massive Alibaba combine. Well, who would have thought it? ...A $200 billion listing can suddenly help transform your stock of course. It's a sign of things to come in the Hong Kong market, particularly given the recent spats between the USA and China, which of course might harm the NASDAQ SGX pact signed this week as well. Meanwhile, the Financial Times cemented their reputation as sadly a declining business. They noted that Hong Kong exchanges have reclaimed the crown of the world's most valuable exchange group. The tragedy is not that they're inaccurate per se. The

054 Exchange Invest Weekly Podcast
054 TRANSCRIPT Japan exchange group joins the Nikkei 225 at the same time as Tadawul announces a new derivatives market. From throughout the world welcome to the bourse business weekly digest it's the Exchange Invest Weekly Podcast with me Patrick L Young. A wave of relief hit the European clearing houses this week. ESMA; their third EU wide CCP stress test found the system Resilient to shocks even in the wake of the unprecedented volatility of the COVID-19 era array... and indeed well done to all the European CCPs who have received a signed vote of confidence from the EU’s regulators Meanwhile, The EU will grant temporary market access for UK derivatives clearers. Hooray. A vote of Brexit clarity! At last, after all the time wasted the shouting and threats the tiresome innuendo. The relentless attempts to bully and a mammoth amount of bluster... We're starting to see the clarity I noted would likely emerge unless the EU truly lost its mind. Finally, those who are analyzing and not merely shrill advocates of the EU are being proven correct. Yes, I feel pleasantly vindicated. And if you've been reading since 2016, or before, you will have had an accurate picture to work with in the Exchange Investor Daily Newsletter which preceded even the 54 episodes of this podcast, as opposed unfortunately to the outside world where a multitude of inaccurate analysts and simply dismal media outlets have been perpetually telling us completely incorrect information. Elsewhere, we had European Community guidance that European Union Consumers can hold UK bank deposit accounts after Brexit and indeed, after January 1st next year, gradually the European Union is heading towards some form of UK market access agreement and indeed potentially a free trade agreement. Progress remains painfully slow. But pan EU solidarity appears to be cracking qv Luxembourg which is looking at its own equivalency regime amongst the EU 27. Essentially, the EU Remoaner fantasies of doom have now been proven to be the Alice in Wonderland variety, while the EU and its component nations are edging towards delivering what a few years ago many but not Exchange Invest or indeed PLY’s pith would have been deemed establishment ‘six impossible things before breakfast.’ In Hong Kong this week exciting news, the brokerage, Huatai international, a Chinese mainland brokerage is bringing zero fee trading... However, they're not going to manage the same smoke and mirrors free element of order flow sale in the USA world. Of course, your order as a retail client is actually sold to somebody to execute for a handy sum of money, thus enabling the likes of Robin Hood to give you supposedly “free” execution. In Hong Kong dollars this appears to be a discount war rather with Huatai thinking they've got the biggest pockets for some “alt” form of profit from being the king of the kids and therefore holding huge portfolios. That ought to squeeze further the over brokered Hong Kong community while you are paying brokerage and the Hong Kong stamp duty transaction tax. It'll be interesting to see where this eventuates. One piece of news indeed from Robin Hood this week, their UK launch could be further delayed amid fallout over their recent customer suicide: that tragedy in the USA we discussed a few weeks ago. The Pakistan stock exchange; the facilitators of the attack on the bourse itself have apparently been traced. And meanwhile the PSX will be resuming normal trading hours was the news this week.

053 Exchange Invest Weekly Podcast
In a week of antitrust angst, the big news: Hong Kong exchanges have edged past the Chicago Mercantile Exchange group to top Young's pyramid. My name is Patrick L Young Welcome to the bouse business weekly digest. It's the Exchange Invest Weekly Podcast. It's a squeak...and we can bicker about forex rates, Ladies and gentlemen, but I make it right now: the Hong Kong exchanges as I record are at $60.32 billion, compared with CME at $60.27 billion dollars, so barely 50 million in it. But nonetheless, Hong Kong exchanges top Young's pyramid of value amongst market operators with the Intercontinental Exchange some way distant in third at 50.6 billion flat on the year to date. Thus Hong Kong exchanges have, at least even temporarily, perhaps it's somewhat similar to what ICE did a number of years back with CME, assumed the mantle of the largest parish market operator. Meanwhile, in Europe, FESE released an excellent paper with the IPO Task Force and a group of other people. An excellent unified message “equity is the key to unlocking a sustainable economic recovery.” It's not so much whether Brussels is listening, but can Brussels actually act.? With the first half of the year going by NASDAQ welcomes 69 IPOs and five exchange transfers in the first six months of 2020. New York Stock Exchange they were quick to say they led an overall IPO proceeds for the first half of 2020 particularly because new SPAC listings surged. Therefore presumably if the SPACs can find suitable deals in the future, it will be very very exciting indeed for not just NYSE but the market as a whole. And indeed on which note Dear Santa, may I please have a SPAC for Christmas? Over in Hong Kong, the bourse is reaping the benefits of the China homecomings, as I mentioned earlier, they've topped Young's pyramid just in the last few hours before we recorded this podcast. Nonetheless, it's a very, very interesting moment. Lots of IPOs coming from China towards Hong Kong as dual listings or initial offerings, many of which would originally have gone to the USA but of course, currently, relations are a little bit sour. Elsewhere, the LME, the London Metal Exchange, that subsidiary of Hong Kong exchanges group, they're going to keep their ring closed for the time being despite a lockdown easing of COVID-19 in London. Over on the continent Clearstream and London Clearing House’s EquityClear are collaborating on new post trade connections, which is going to be very interesting. Therefore, lots of global depository receipts and ETF products, EDP products, ETN products ETC products, amongst other things are going to be available for settlement through Clearstream by the third quarter of 2020. It's a useful interoperable link while the great game heats up for the future ownership over Euroclear and its components. ‘Down under’ the Australian Stock Exchange, they're extending their temporary emergency capital raising relief until the 30th of November. An excellent idea given the fact that indeed, neighboring the state of New South Wales where the Australian Stock Exchange is based, of course, the state of Victoria has just re entered lockdown as a result of COVID-19. This is a sound move by the ASX to help company funding. In results this week, the Philippine stock exchange, their income plummeted due to slow trading activity. Clearly questions need to be asked as to why this quarter was so disappointing apart from of course a mandatory closedown in Manila, where others had explosive profit growth. Regulatory factors seem to be playing a role here and sti

052 Exchange Invest Weekly Podcast
TRANSCRIPT Tragedy at the Pakistan Stock Exchange while the parish enjoys an unprecedented level in the Barron's top 25 CEO list. Meanwhile the EU are considering a consolidated tape once again, and European markets push back on the London lazy binary of shorter equity trading times. My name is Patrick L Young: Welcome to the bourse business weekly digest. it's the Exchange Invest Weekly Podcast. The parish was rocked this week as seven people were killed including four gunmen who attacked the Pakistan Stock Exchange. Fortunately, no exchange staff were injured but a series of security personnel died in a gunfight across the foyer of the exchange. The Balochistan Liberation Army, which targets Chinese interests in Pakistan in pursuit of its ideals of a better deal for the oil and gas interests of Balochistan was responsible for the attack admitted in various social media posts. Nonetheless, that didn't stop the Pakistani Prime Minister saying he had no doubt that India was behind the stock exchange attack. Hardly the most encouraging angle for, well, public relations given the current state of Sino Indian relations, and indeed the ever festering relationship between India and Pakistan. Nonetheless, we stand behind anyone who tries a terrorist attack on our parish. To that end, once again, our condolences to all those innocently murdered by these terrorists. Back in the happier world of the parish’s business week, CCP 12 the global Clearinghouse organization released an excellent study “CCPs again demonstrate strong resilience in times of crisis. The laser like focus of CCP 12 on speaking up for the clearing parishioners, after their worth has been proven once again, goes well alongside the European EACH CCP’s regional precision, having helped Croatia's EU Presidency to achieve a sensible EU 27 solution. The tragedy is we have no global body representing exchanges willing or able to get the message out to back what the parish does every day financing companies and ensuring investment cohesion. One Industry Association doing great work remains FESE the Federation of European Security Exchanges. They've called out recent efforts by a narrow interest group of stock brokers and traders in London who want to see 90 minutes lopped off the London trading day. “European exchanges oppose shorter stock trading day sought by London firms” and on a very logical basis too, it's good to see FESE taking a consistent and holistic worldview in comparison to the London cash equity ‘Flat Earth Society.’ Of course, we could do the whole equity trading market in a five minute auction daily. But the tricky part is all the other moving parts of the complex financial infrastructure. Trying to keep that trading on only a five minute auction would be both an issue and also seriously disadvantage both investors and indeed the companies trying to raise important investment capital. Of course, there's an easy solution for the London folk who are looking at a shorter working day: split your jobs, there's more than sufficient for pretty much any cash market staffer to divide their job in two and still easily break minimum wage in the UK. The London Stock Exchange has had Feedback from about 100 folks as I recall. While maintaining a fairly non committal overall position, their absence as, not a member of FESE continues to isolate the group which needs to rethink its PR, lobbying and interaction on various levels. FESE: they are to be applauded for making a coheren

051 Exchange Invest Weekly Podcast
TRANSCRIPT Relief ripples across the parish at EU CCP agreement and a delay in open access. That clearing rule pragmatism comes thanks to Croatian competence as the US SEC gears up for data revenge. Albeit from Germany to the USA regulators were rebuffed and even ridiculed as German banks begin to panic that the EU will damage 27 financial markets by shutting the dominant UK out of finance post Brexit transition. My name is Patrick L Young, welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Coming first to Parish news this week. Well, Adena Friedman thought-led once again: “Now is the time to build a more inclusive economy.” As she said, “Until our employees look like the people we serve, we are holding back our own performance. This is a virtuous cycle of opportunity.” A perfect line surmising why diversity has always been assigned business practice, both for the bottom line and for realizing economic potential throughout the population. In the parish CCP news dominated during the course of the week. Indeed, just a week ago, the European Association for Clearing Houses each CCP launched a cri de coeur; an open letter: an EACH note on CCP recovery and resolution: “Let's make markets safer, not weaker.” It was a final throw of the dice after an incredibly tense negotiating period. And indeed, by the time we reached the next podcast, the news was good, ladies and gentlemen, clearing houses, Presidency and Parliament reached political agreement on recovery and resolution. The European CCP Industry Association EACH led with that cri de coeur last week. The good news is that once again a small EU state has had a coherent and successful EU presidency. The leader of these negotiations, the head of markets at the Croatian FSA, Anamarija Staničić, deserves plaudits for a dogged and consistent approach to making markets better, Given the EU's track record of overindulgent bracket creep, to put it mildly, with dismal initiatives such as MIFID II, the resolution here is as close to common sense as we can arguably expect from the EU's often infuriatingly zealous approach to regulation and its reliance on the precautionary principle as a backbone of delivering the resultant economic status evident in the Eurozone during the past last decade of growth. Now submitted for endorsement by Member States ambassadors to the EU a few i’s may be dotted and T's crossed and such like but substantive changes are not going to happen, given the uselessness of the EU's actions when in full swing qv the recent daft transport edicts aimed at helping the usual northern Europeans protect their high earning truckers and thus raising everybody’s freight costs and emissions through the European Union bloc. Croatian officials have done very well to draft a relatively balanced solution which vitally keeps taxpayers’ money away from CCP resolution by broadly preserving the robustness of clearing houses, which had grown up before the EU even became aware of them. Well done, Croatia Congratulations once again to Anamarija Staničić. A small dedicated country can do m

050 Exchange Invest Weekly Podcast
TRANSCRIPT The Swiss Exchange completes its Spanish acquisition. London Stock Exchange could be on the receiving end of a mega antitrust review. While the Hong Kong exchanges are celebrating 20 spectacularly successful years as a public company on their own market. Exciting technology news as serial entrepreneur, Nils-Robert Persson returns to the parish and indeed, exciting news emerges from down under: could the Australian Stock Exchange actually be open to settlement competition? My name is Patrick L Young, welcome to the bourse business weekly digest: It's the Exchange Invest Weekly Podcast. Beginning with parish notes this week, plaudits to Hong Kong exchanges marking their 20th anniversary as a public company. That was a good day for markets and indeed we applauded this week to the US stock exchanges who brought their case against the totalitarian stupidity of the SEC with a penny pilot which threatened to leave US markets with “one nation two systems” as an experiment where as we know previous efforts by the SEC to push progress have brought us such gems of dysfunction as reg NMS. As you will know if you're a weekly or indeed daily reader of the Exchange Invest Newsletter. Every edition begins with a little history lesson appropriate to the issue number. This week's podcast coincides with issue 1792. Of course, 1792 was the year when the highwayman Nicholas Pelletier became the first person executed by the guillotine in France. However, of more interest to the parish: under an American sycamore tree in Manhattan, New York 24 brokers and merchants signed the Buttonwood agreement Named after the tree, it read, “We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock, at a less rate than one quarter per cent Commission on the Specie value and that we will give a preference to each other in our Negotiations. In Testimony whereof we have set our hands this 17th day of May at New York. 1792.” Of course the modern NYSE has changed a bit since then (its inflection points curiously involve several key M&A events but that Buttonwood tree was witness to one of the most powerful events in commercial history... and with it, it helped to create Exchange Invest, a couple of centuries down the line. As I mentioned earlier, the appeals courts in the USA ruled in favor of the stock exchanges in their fee fight with the SEC. It's interesting to note the judges were appointed by, respectively, Presidents Carter, Obama and Reagan... not always a mix super conducive to disagreeing with regulators. After two strikeouts and a fortnight of legal actions, one is minded to ponder in the event of a third strike is the SEC out?. For perspective, we recalled this week in Exchange Invest Daily the powerful and poignant Stacy Cunningham Wall Street Journal opinion piece at the commencement of these proceedings brought by NYSE, NASDAQ and CBOE who were ”suing the SEC to protect the stock market.” It remains a very pertinent read to this day. And indeed, on CNBC the NYSE President Stacy Cunningham was discussing the reopening of her markets and in very, very measured tones she provided an overview and a background to the court ruling against the SEC and how in many other areas. relations are entirely cordial with the US regulator and the stock exchanges. Over in Brussels, the EU eased some rules for foreign clearing houses as a sop to the United States of America

049 Exchange Invest Weekly Podcast
TRANSCRIPT Tel Aviv go on strike. NYSE and NASDAQ emerged victorious from a court spat with the SEC while NASDAQ pulls ahead enjoying a bumper crop of IPOs: 44 to 27 against the New York Stock Exchange for new listings so far this year. My name is Patrick L Young Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast. Plaudits to Nasdaq, easing ahead of NYSE in the US IPO market, which has a vibrancy that would have been simply unbelievable three months ago as lockdown began. Likewise, Hong Kong is showing a remarkable degree of new issue activity. One issue this week from China was no less than 360 times oversubscribed!. That new issue activity is somewhat flying in the face of many economic fundamentals around the world. True those fundamentals are changing fast in a very, very volatile environment economically. But once again, the flexibility of modern for profit exchanges demonstrates the sound management and key benefits of the exchange model at the heart of digital commerce. NASDAQ leads right now and well done across 71 new listings in the United States of America. They have 44 compared to a very impressive equally 27 at the New York Stock Exchange. And that's before we look at the many successful follow on offerings enabled to prevent more financing in this COVID-19 era in the US capital markets. In Italy, there is a five star argument. It seems that that party: “The Five Star“ which is descended from a comedian, in disarray, wanting to buy the Milan Stock Exchange. We discussed that last week... Having considered the issue - and given this is Italy and the world's most Machiavellian investment bank Mediobanca are involved. I cannot help but think the motives here are much more ulterior than concerns about MTS trading. The closed minded nationalism of Five Star demonstrates fairly standard closed minded, outmoded left wing thinking so prevalent in Europe. It is killing the economy in Italy and far beyond. Meanwhile, on a settlement, which I don't think anybody can be too proud of T plus 8 years!. Finally, Turkish government bonds are going to be coming to Euroclear, the Brussels based EU settlement house. The negative oil mystery carried on this week ‘day traders are a new wrinkle’ went the argument. It was a worryingly misguided analysis suggesting that it was day traders at TD Ameritrade and E trade, as well as those already declared IBKR, who when suffering technical glitches due to the negative pricing in that huge Cushing crisis of more than a month ago, meant they couldn't sell once they realized prices had turned negative. It's a worryingly misguided analysis. At least there is one key takeaway: scapegoating brokerages who were left with a devil's alternative to either implement software changes on ludicrously short timelines or simply not be able to offer trading... That all took place at a time when priority was ensuring market technology functioned during enormous volatility. I would suspect goodwill to CME has drained despite the valuable claims of that entity to have been hugely ahead of the curve when it gave several days notice...And one might argue very muted notice that it all of a sudden enabled negative pricing and a previously untouched rather aged futures contract. The parish needs to seriously consider its stance going forward, as this sort of article is just the latest clarification of what remains a fundamental product design issue. Moreover, I suspect brokers will consider suspending contracts in future situations where exchanges attempt these mid air engine replacement approaches. Crunchy alternatives

048 Exchange Invest Weekly Podcast
TRANSCRIPT SGX under scrutiny in Singapore as the stock experiences a dead cat bounce following the MSCI shock. Italian government debates Titanic market structure deckchair repo as Rome dies a long economic death...or is something more macro afoot? Hong Kong exchanges are powering up despite the China situation, as London Stock Exchange, traders think they can shorten their hours in a curiously correlated vacuum just as Moscow expands their opening day to a multiple of LSEG. B3 restating the Bovespa goodwill and MOEX launched a nifty tweak to open interest. My name is Patrick L. Young. Welcome to the bourse business weekly digest, it's the Exchange Invest Weekly Podcast. “Italy’s ruling coalition debates a bid for Borsa Italiana” went the headline in the Brussels bugle aka the financial times this week. Ital coalition government is debating whether to bid for all or part of Boris italiana as Rome seeks to take back control of strategic assets. “Oh Lord,” I wrote on Monday “please preserve us from halfwits.” This is so spectacularly misguided on every level that if replayed as a parody, nobody would find the joke I'm using. The rationale appears to be that Italy is so bankrupt only controlling the secondary market for B2B trading can help the country secure funding. Nationalized industries are squalidly disorganized rent seekers at the best of time, without a purpose. The notion of an Italian state controlled nationalized industry is to put it mildly staggeringly unappealing. Italy, you may recall has an economy the same size as when I lived there in the late 1990s, 20 years ago. The government is fiscally bankrupt. And we can see from this idiocy not too hot on actually getting to grips with what it needs to do, which is deregulate a stifled economy and let it grow from an industrial base weathered by generations of mismanagement by political interference. And much more recently further encumbered by the use of the euro, the Italian state is playing with fire attempting to force control over market structure where it has been proven much more successful at serving clients and raising funds than state officials could ever manage. Of course, as I said that pith was written at lightspeed Monday. Upon reflection, I'm beginning to wonder might something larger be at play here? Watch this space. Over in Kazakhstan, the stock exchange perhaps as part of their competitive attempt to arrest more business from the newer Astana international exchange. item three from the AGM which was passed was “not to pay dividends on ordinary shares of the exchange on the 2019 results, but to spend net income profit in the mind of our Hundred percent of profits on the exchanges development.” Watch this space too I think Over at the World Diamond Federation - not an exchange we would normally look at but very interestingly they have acquired the Isaeli Get Diamonds digital platform. That's an attempt to manage to modernize the World Federation of Diamond Bourses in a move spearheaded by the Israeli Diamond Exchange President Yoram Vash, who was elected President of the World Federation of Diamond Bourses just a month and a half ago. I devoted a considerable amount of time meanwhile, in the Exchange Invest Weekend feature last Saturday to recent management failure

047 Exchange Invest Weekly Podcast
Transcript SGX, the big loser of the week as the city state of Singapore loses a vast portfolio of MSCI indexes to Hong Kong exchanges, CME appears to commit an elementary product design error, and Liquidnet looks to be offering itself for sale. Lockdown driven research reckons stock floors are of little value in a digital age as the iconic New York Stock Exchange floor reopens. My name is Patrick Young Welcome to the bourse business weekly digest it's the Exchange Invest Weekly Podcast. Lockdown is coming to an end it seems in most major locales and a great many minor ones too! The major temples of commercial capitalism are reopening: the New York Stock Exchange emerged Tuesday with social distancing and masks aplenty, while perhaps the most historic open outcry market of all, the Grand Bazaar in Istanbul is preparing to reopen as this podcast is recorded. About 20 Stock Exchange offices and jewelers have been able to ply their socially distanced trade from Constantinople during lockdown. I remain fairly cynical about the value added by exchange floors to the parish per se. Rings remain a different issue of course. But the psychological boost of the New York Stock Exchange reopening was considerable for the parish and that moment of 0930 Eastern Time campanology last Tuesday on Wall Street served as a moment for everybody in the parish to reflect and remember Governor Cuomo’s recollection of the frontline medical staff across the world. But also it was an opportunity for our parish to applaud the excellent operational brilliance of market leaders such as ICE, Hong Kong Exchanges, NASDAQ, London Stock Exchange Group and others. Sadly, CME and DB1 had some issues during the lockdown but nonetheless they were mostly there, most of the time, during the depths of lockdown. Clearly the debate on floors will continue with or without masks. The Cushing crisis festers on: in India they've managed to get software which allows them to have negative pricing, although of course, West Texas Intermediate did seem to settle in a much more orderly fashion just the other week. However Wisdomtree, the fund manager, they're shutting their oil ETPs after Shell terminated a swap steel, it's a clear backlash in the aftermath of the Cushing crisis. Elsewhere, huge arguments about China this week, various plans being put together by the United States of America as they are increasingly annoyed about issues such as laws for China, which appear to, well, run a bit of a Coach and Horses through previously agreed 50 year legally binding commitments to the United Kingdom of Great Britain's government. What will happen to Hong Kong in the future? Nobody can guess... it won't happen overnight but nonetheless, there could be issues with Chinese companies listed on stock exchanges. And ultimately, by the end of the week, we were looking at stories discussing the ultimate problem of Hong Kong itself and how that SAR would actually be viewed by the United States in terms of trade and other financial issues. Only one set of results this week, excellent news from the Tel Aviv Stock Exchange, Israel reporting the results of the first quarter revenue up 26% on a 49% rise in trading and clearing revenue driven by recent volatility in the US. A curious tale of legal issues from Sydney to the United States of America. Isignthis we've discussed previously they're trying to acquire the National Stock Exchange of Australia. Indeed, they say they've lifted their stick during the course of this week. H

046 Exchange Invest Weekly Podcast
Transcript Stunning results from B3 as Exchange Invest celebrates its seventh anniversary. India permits primary listings overseas as ESMA allows short selling once again, while CME offers a shock closure of their trade repository business. There's also surprise as Ashley Alder extends his tenure as Hong Kong's top regulator, while the CBOE has bought Virtu’s former ITG Canadian ATS Match now. Overshadowing it all however, the Senate in the USA have passed a bill with worrying consequences for Chinese listings. My name is Patrick L Young Welcome to the bourse business weekly diges:t it's the Exchange Invest Weekly Podcast. We begin this week with not so much a parish note as actually more an amusing PLY tale. Coming attractions Ladies and gentlemen, it seems I have finally made it To top tier TV drama, at least momentarily. Devils is a big budget Sky Atlantic financial drama series, which has been sold to 180 territories worldwide, including the UK and the US, and features big name stars such as Patrick...Dempsey. However, coming soon to a screen near your TiVo will be one Patrick Young, who has a cameo role in at least two episodes. Naturally having now made it to a Cinecitta production, I have instructed my management to seek out some more meaty roles.Who knows, perhaps we can at least parlay this into co hosting one of Italy’s legendary spettacolo. That said, the clear deep in the money bet is that I will be back here next week presenting the Exchange Invest Weekly Podcast as usual, musing on how what was once 15 minutes of fame for the Andy Warhol generation is now a low latency sub 30 seconds in the modern digital age. The breaking news from the CME last week as fortunately the West Texas Intermediate contract actually managed to settle in an almost orderly market admittedly with incredibly low levels of open interest before the end of that contract’s life. Rather, the trade repository business. CME Group will close their European and Australian repositories winding down, Abide financial and Nex regulatory reporting businesses as well as their other European and Australian trade repository franchises by 30th November 2020. I fundamentally don't understand this logic. Could the CME management not even sell those? Let's face it last week, we were talking about IHS Markit buying the Singaporean TR Catena. In terms of COVID this week, well, it's the Covid-ien China crisis that seems to have taken over. First up, NASDAQ were tightening their listing rules and restricting IPOs by Chinese firms in the wake of the luck and coffee disaster amongst others. However, the ominous portents from the Senate this week was the bill that could delist Chinese companies from US stock exchanges. Instantly the Chinese kicked into action: they've been urging firms to list in London in a renewed global push of that Alliance. While meanwhile the South China Morning Post was musing: will Hong Kong be the winner? Even the saber rattling by the US will be sufficient to encourage listings in other international financial centers presuming the legislation gets no further, Hong Kong and London will be the obvious likely beneficiaries. Reopening of the floor will take place next week after the Memorial day long weekend into which this podcast is being recorded. The New York Stock Exchange will be reopening a socially distanced floor To go alongside various option floors, already we've got the P coast in San Francisco open. And also indeed the NYSE Amex options floor is going to open alongside NASDAQ, Philadelphia e

045 Exchange Invest Weekly Podcast
Transcript Names mooted as the new CEO for the FCA. Moscow Exchange facing a class action suit from big names and traders alike. Interactive brokers expands its loss provisions on WTI. I was thinking. Australia, it may be the land of the free but maybe not free markets. Elsewhere, there's a big private market merger and much much more as the BIS is wobbling between Banks or CCPs. They clearly do the I but is it B before S? Welcome to the bourse business weekly digest. It's me, Patrick L Young, bringing you the Exchange Invest Weekly Podcast This was the week where 38 seconds was all it took to close the Colombo exchange. After 51 days closed the Sri Lankan market reopened only to hit its 10% limit down in just over half a minute, closing the market for the rest of the day. Indeed, it was an edifying week for those who reopened, Jordan finally made it through. That came a week after Palestine. The Nepal Stock Exchange saw steep losses after 50 days of being closed. And ultimately, we ended up with only the Bangladesh bourse being in splendid isolation without any trading sessions to go on: this 50 plus days after the crash of early 2020, driven by COVID-19. In other matters driven in some way, shape or form by COVID-19, we of course have the Cushing crisis. All traders are shunning West Texas Intermediate, Reuters told us as they worry about delivery issues. That said the oil business still seems to be thinking “inside the box” or I suppose one might say “inside the barrel.” Likewise, there was the same problem this week with the CFTC. The American regulator. Certainly it seems bizarre that a valid front month for oil trading appears to be somewhere in mid summer, despite the fact we're only in late spring. That happens in yield curves on occasion, but for a deliverable commodity that would smack of the market for some reason not being orderly. Again, one wonders why the CFTC are so keen to point out that oil prices could go negative once again. Well, not actually managing to do a great deal so far, at least in public or coherently wondering about whether it's not the contract that itself is deeply flawed. QV the super smooth settlement of Brent crude only a week ago. Licking their wounds is interactive brokers. It was a tale of woe this week: a man who started his day trading account with $77,000 and ended up owing IBKR over 9 million. That story was discussed in multiple angles, but at the same time, it does raise questions: Who in their right mind with $77,000 in their account as a day trader thinks that it was sensible to have 250 contracts of anything? Nevertheless, IBKRmoving their loss provision up from $88 million to 104 million dollars has repercussions as clearly as well ramifications strike me as follows. Complex markets take days to resolve technology shifts of which adding negative pricing to oil clearly as one which requires more than five days of notice. While brokers ought to have pointed this out, we await details of what communication trail there may been with the CME. Of course there can be no argument the highly professional CME IT team which surely themselves appreciate that changing prices in any way has consequences and take time to effect. In this case, a classic butterfly flapping chaos binary took place, just allowing it to go negative ended up with a veritable tsunami when it came to actually pricing trading Cushing, WTI. I know that raises the same age old question. if my memory serves me correctly, regulators including the CFTC, and the politicians who oversee the commission seek to have orderly markets which enable risk transfer speculation arbitrage at all. That ought to create a balancing price discovery mechanism. It remains difficult to justify how this sequence of WTI events involved an orderly m

044 Exchange Invest Weekly Podcast
In oil, Brent created a tale of two settlements. ICE reminded us what management looks like, with excellent results and another magnificent quarterly call. The FSB threatens a big CCP shake up. Are we moving towards a better system? Or just another example of the blob bending over backwards towards the banks? And Charles Li has set his CEO departure date as Hong Kong Exchanges miss their first quarter estimates. My name is Patrick L. Young Welcome to the bourse business weekly digest: it's the Exchange Invest Weekly Podcast ICE reported results with a reminder of how a professional management team deport themselves. There was education aplenty, with a delightfully elegant explanation of how oil settlement processes work (something which was desperately needed after the confusion following the Cushing crisis). It has become almost commonplace to expect a masterclass from the ICE but this quarter’s call not only rammed home the material difference between the somewhat rambling, amateur performance we had a day earlier but also reminded us of the depth of the ICE team. It’s management ranks may be appreciably thinner than others but each member brings a depth of ability. Ben Jackson was truly enlightening while Scott Hill shone once again. Jeff Sprecher was naturally peerless. One quarter on and I suspect there is a hint of realisation amongst the investor/analyst community that they hastily leapt to an erroneous conclusion over eBay. Certainly there can be no doubt that the difference between the well managed entities in the parish such as ICE and Nasdaq is exacerbated by a chasm to those other large entities who still appear blithely unaware that they are on the cusp of crisis. Speaking of which, the CME Group has secured $7 billion as a credit facility to protect against clearing member default, a very sensible caution. Albeit what happens if a GCM fails because of a flaw in CME contract design? Elsewhere, the Delhi High Court have refused to stay a user complaint about the WTI April settlement in India. A full hearing will take place on June the 24th. That tale of two settlements, Brent and WTI demonstrated an amazing chasm in the ability to create an orderly market and an orderly settlement process. Ultimately the media just passed by when there wasn't a meltdown...and missed a much more newsworthy event. Brent Crude Oil Futures settled last Friday at $25 29. That was May the first. Please note this was positive $25 29 not negative Moreover that settlement was achieved through hard work, concentration and absolutely NO DRAMA whatsoever. Moreover oil traders had such confidence in the ICE Brent crude settlement process they held Open Interest equivalent to 74 million barrels of crude, which is pretty much the entire working capacity of Cushing on a good day. By comparison, they held 74 million barrels I repeat: through to expiry. Traders and commercial interests had the confidence to hold to expiry and were rewarded with a perfectly coherent settlement process. I don't want to overly load the excellent staff of ICE here as they did the job they are expected to do and indeed regulated by government authorities to provide: a coherent settlement, as expected of modern futures markets. Sadly, the world's media didn't see fit to cover this smooth event because it lacked the crisis, they demand of modern news. Yet it does open up a whole new series of questions about practice a

043 Exchange Invest Weekly
Transcript Cushing we have a problem. This was the week where a West Texas Intermediate settlement issue became the biggest burning factor in the parish without a single barrel going up in smoke, as we record somewhere out there in exchange traded derivatives land for at least half a billion dollars in unaccounted losses floating around the system. That's before we start thinking about China and the rest of the world and the Exchange Traded Products business. These were accrued as a result of the meltdown settlement when oil prices went negative, exacerbated by a problem some had been complaining about for 12 years on more. My name is Patrick L. Young. Welcome to the bourse business weekly digest: it's the Exchange Invest Weekly Podcast. Regardless of whether CME are hoping their Cushing crush amounts to a temporary storm in an oil drum or are just in plain denial, the market is moving away from the one time dominant monopolist. “Cushing we have a problem!” is now a key phrase for the parish. It's always sad that for all the great efforts of so many parishioners in ensuring uptime during the COVID crisis, it ends up being oversight failures that have helped plunge us into a mire of headlines. Fortunately, the media mostly think it's just an oil price problem. They don't quite realize how much of a pricing due to contract oversight issue is looming, and just how many lawsuits are liable to be triggered to resolve, or not, a series of issues which ought never to have been allowed to happen in a holistic managed environment. I'm only going to skim across the surface of the issues here in this podcast. The full story has been in Exchange Invest Daily for the past week. It was worth a subscription for the past seven issues alone, including our unique Sunday special. So CME beat their estimates but ultimately the sludgy oil settlement conundrum dragged them down. From the start of this crisis CME messaging has been poor. When they sent Terry Duffy out to CNBC, the TV auto cuties of the retail financial news channel didn't really appreciate the scale of the problem, but Chairman and CEO Duffy opened up by noting on 22nd of April. “The small retail investors are somebody that we do not target. We go for professional participants in our marketplace.” Yet a week later on his Q1 analyst call the self same Supreme Commander of the CME stated “Our retail business was up more than 70% growth with considerable strength in the US, Europe and Asia. “ Does somebody sense at least an E micro if not an E mini of contradiction between these statements? Elsewhere Duffy added “The headlines were not good on day one. I think that was a lot because a lot of people didn't understand exactly what happened. That narrative has changed dramatically. I'm sure you've seen. So I think that the narrative and the headline associated with what went on in negative pricing is completely different than it was a week ago, Monday. So I just to make sure that we're clear on that.” Ladies and gentlemen, the problem with this assertion: do I really need to even finish that sentence? Then we get on to what was a remarkable series of assertions in their own right about WTI and also a key competitor benchmark Brent crude. CME appears to have sought to smear competitors with not having deliverable products while persistently sugge

042 Exchange Invest Weekly
Transcript New finance minister replaces the Bursa Malaysia Chairman after only a year in office Euroclear delays their stock sale, albeit that might counterintuitively accelerate the process! Excellent numbers as results season gets underway. Nasdaq, Tradeweb, LSEG and IBKR all sparkle. My name is Patrick L Young Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly podcast. COVID crisis marches on: The European regulators have extended their short selling ban. I'm not sure which is worse, the idiocy of anti capitalism, which is the EU's approach to markets or the fact that parishioners such as Stephene Boujnah, the Chief Executive of Euronext have publicly supported this dangerously business stifling approach of ESMA. Meanwhile, the UK demonstrating a bit of pragmatism, they've been leading the way to a lot of company meetings online or on the phone due to the pandemic, Malaysia said something similar over the weekend and pretty much all of civilization seems to be on a move to support virtual AGMs. Japan was amongst the markets who were reporting how many IPOs have been canceled. That's hit a record number in Tokyo this month due to the fact that well, just like Europe, the IPO market is virtually inactive since the March Coronavirus crisis. That crisis has led to the delay in the launch of a challenger exchange. MEMX, the members exchange, which was out there to try and attack NYSE and NASDAQ with a series of buy and sell side members at the core of the Members Exchange itself. Officially they've delayed their launch to Q3 from July the 24th. But in this environment I doubt MEMX manages to gain any traction if it even opens before being folded. The question is whether an incumbent exchange will offer a face saving purchase or if the entity is just left to do the “dangle whether die” trifecta of competitive bourse failure. Over in Bangladesh, some frankly rather weasel words from the Bangladesh Securities and Exchange Commission: They were fighting back from the damning remarks we reported last week by Mark Gordon James, the Investment Director of Aberdeen Standard Investments. They've said their existing infrastructure is not supportive to resume stock trading. Sounds frankly, like they can just keep digging into an already incredibly deep trench. Essentially, Bangladesh does not look fit for purpose within several standard deviations of the digital age. It's quite shocking and really a great disappointment in this era of Capital Market Revolution. Elsewhere. Good news, the CEO of the London Metal Exchange, is remarking that he expects to see the London Metal Exchange reopening the ring in the near future elsewhere. Of course, it was the week of the big oil crisis. All of a sudden everybody knows where Cushing Oklahoma is, even those people who are driving around in circles hoping to deliver a few hundred gallons of oil to one of the many bunkers which are already full. The CME Group said their markets are working fine despite the old contract plunges...And of course that infamous day of negative price action in the May West Texas Intermediate contract. Indeed CME are going to be allowing the listing of negative oil options effective from April the 22nd. The markets are indeed working fine. Bravo CME. However, the question remains about the issues where the product design may no longer reflect the market overall. Markets closed: we've had a bit of progress this week. Sri Lanka's Colombo Exchange opened for trading on April 22nd. Day one it dived 12%. Nonetheless, that means that all their markets are open as the bank and bond mar

041 Exchange Invest Weekly Podcast
Transcript Major concerns as ESMA appears to be rating rating agencies on their ability to hold off from re-rating! DB1 becomes the first major tech casualty of the COVID-19 era, impacting clients and markets across Europe for four hours. Aquis are on the cusp of profitability while the Warsaw Stock Exchange completes its first international virtual roadshow. My name is Patrick L. Young. Welcome to the bourse business Weekly digest. It's the Exchange Invest Weekly Podcast issue 41. So Passover began last week with the usual wine glasses which threatened to drown Zoom and similar networks, a virtual Seder giveaway to the virtual Easter. Nestle were already aggressively cutting chocolate egg prices by 50% in Malta even before we reached Good Friday. Thus there's probably more of me offering my pith this week compared to the usual dimensions of PLY, even if the Podcast itself may be slightly shorter thanks to the Easter / Passover week. It has been a very busy week nonetheless. Amongst other things, I had the joy of giving a webinar alongside the Aldermanic Sheriff of the City of London Professor Michael Mainelli. You can catch the discussion: “Michael Mainelli in conversation with Patrick L Young” on YouTube (and in the links below this Podcast on Exchange Invest.com). Meanwhile, at the nexus of bank technology, vending and alcoholism, many with unproductive lives will be gutted, that SIBOS has been cancelled for 2020. Given that this is one of the few reasons why SWIFT clings to any vestige of relevance, another piece of their raison d'etre dies. A technical glitch halted trading on the Frankfurt Stock Exchange for four hours taking with it a number of client markets: Zagreb, Ljubljana, Sofia, Malta, as well as Vienna, Prague and Budapest...were all affected by the systems outage due to their using the Xetra T7 system. Sooner or later somebody was going to fall over. DB1 clearly have achieved the first mover advantage in the egg on face repo nobody wants to endure. What a pity as parish uptime has been stunning overall during the crisis, and indeed leading the Parrish uptime has been Nasdaq. NASDAQ is well prepared to withstand the Coronavirus pandemic. Adena Friedman was once again trumpeting this week, ably abetted by various of her cohorts. Chief economist, Phil Macintosh, Bjorn Sibbern, and others were very eager to discuss the possibilities for how markets were being kept open and indeed running thanks to not just Nasdaq technology, but the great work of many parishioners throughout the parish and indeed, various other technology systems. Deutsche Boerse excepted. “The Coronavirus crisis will speed the end of shareholder primacy” argued Byron, Loflin NASDAQ's Global Head of board engagement. Stakeholders are important and I think good firms have long tried to achieve a balance between pure capital and other relatively soft factors. This I think we can resonate with the core thesis which has been outlined by Byron Loflin in this Fast Company article. However, doubt recollects one magnificent Goldie Hawn appearance on “Rowan and Martin's Laugh-In,” where she noted “and the meek shall inherit the earth. Trouble is the rich keep contesting the will.” Over at the EU, ESMA, the European securities and financial market watchdog, seem to be sticking their nose into other people's business. They were offering all manner of investment advice the other week: ‘follow index trackers’ which I have to say is as f

040 Exchange Invest Weekly Podcast
Transcript As Corona chaos continues. Analysts are alert to the attractions of investing in the parish away from the leveraged financials. Meanwhile, Stephane Boujnah, is ready to bid for Borsa Milano; albeit, unless, the LSE are telling porkies, that's a leveraged windmill tilt. My name is Patrick L Young Welcome to the bourse business weekly digest: It's the Exchange Invest Weekly Podcast. Whoa. life begins at 40 episodes. It's the all new latest edition of the Exchange Invest Weekly Podcast and indeed we are 40 episodes young this Passover / Easter weekend. And indeed Here we are on the cusp of Easter and it's only just under 50 days to go as I'm recording this podcast until Deutsche Boerse make their strategy announcement! Even better: after all those sleeps of the holiday period, IIt'll only be a month and a half to go before DB1 give us a clue as to their thinking for their futures strategy. Of course, Passover began just the other day with the usual wine glasses which threatened to drown Zoom and similar audio visual networks. A virtual Seder is giving way to a virtual Easter. Already Nestle has cut the chocolate prices by 50% in Malta before we even reach the weekend. Thus, there will probably be more of myself pithing this podcast next week, even if the actual podcast remains of similar dimension. As it's a slowdown in parish news, no Good Friday edition or Easter Monday edition of the Exchange Invest Weekly, but here we are on the weekend enjoying a review of the previous week's events. Meanwhile, if you're looking for some reading during lockdown, if you're seeking inspiration in these hyper volatile times, or markets where career paths are often looking decidedly imprecise, I have a recommendation: if you're trying to get a handle on how technology is affecting life and markets, then there's a new book to help you. 20 years on from the excitement of the original FinTech, best seller Capital Market Revolution!, It's time to look at some of those loose strands hanging around which need a spot of perspective. Whether you're an exchange parishioner, a FinTech professional or anybody just trying to stay abreast of where technology is now driving investments and finance, "Victory or Death - Blockchain Cryptocurrency and the FinTech World," is an easy read, explaining the differing and diverging role of banks and exchanges, explaining the winning business models of the New World Order and placing in perspective just what Bitcoin blockchain and cryptocurrency means for markets. It's 70,000 words of pure play PLY pith, basically discussing matters of moment and revisiting the original trailblazing first FinTech best seller "Capital Market Revolution!" which when published in 1999, proved if I even say so myself, rather prescient. It's a binary world Ladies and gentlemen, your career will sustain or collapse in the new stages of the digital world: what's coming next? Hence the title "Victory or Death" - lest you need reminding of the exciting times for finance in which we are living. Victory or Death is published by DV Books and is distributed by Ingram world wide. While you're waiting for the book Don't forget to check into our YouTube channel IPO-VID, that's findable via IPO-VID: My initiative to help addled investors of all hues confused by recent market volatility. A series of daily brief pug side chats: we've just hit number 10. If you haven't had a chance already, these three to five minute discussions are well worth a listen over on YouTube. So anyway, to this week's news: a couple of weeks back I highlighted the South China Morning Post for their excellent article "To trade or to halt? A vexing question in the tim

039 Exchange Invest Weekly Podcast
Transcript Euronext won't bid for BME leaving an electronic vote for the Spanish exchange shareholders on the SiX bid which comes with full BME Board approval. Helex: great results just as tragically, the recessionary tides are lapping around the Greek foreshore once again. New Zealand exchange will separate their commercial and regulatory arms. Euroclear blink on price hikes. While there is further confirmation that Jeff Sprecher represents good value for ICE and much much more. My name is Patrick L. Young Welcome to the bourse business weekly digest: It's the Exchange Invest Weekly podcast. Episode 39 of the Exchange Invest Weekly and my how the world has turned on its head...not just since we launched... - Gosh - since we launched issue 36 or 37! The old trope that ‘policemen move in groups of three: one to read, one to write and one to keep an eye on all those dangerous intellectuals allowed to roam the streets,’ deserves an airing. As in many countries, particularly the UK, the police force has descended into idiocy. drones have been following a couple of Ramblers in some of the most isolated spaces in England. There's as good an example of moronic state overkill as any of us can think of. In the current frenetic atmosphere. Rumor has it that in some nations if you're walking the streets in the company of two easter eggs, you may be guilty of a felony group meeting. Certainly the one thing that is clear in the course of the past week is that in many nations Two's Company and three is indeed a felony. In some respects, news flow has reached an eerie calm across the parish. We have done the first round of shouting to protect our markets...While few announcements are being made right now as everybody is in locked in. Interesting times. And once again, our parish ops and IT teams deserve huge plaudits for their remarkable uptime achievement during this crisis. FESE the European Federation of Stock Exchanges was amongst the leaders in the course of the last week crying out for open free markets. Something which of course is a clarion call for Exchange Invest Unprecedented times but exchanges are prepared they underlined in their messages. Bourses are prepared with the coronavirus and these extreme conditions. This of course, in response to a rather disingenuous questionnaire from the AFME Banking Association, trying to shift attention away perhaps, from banking where we know there is a creator strewn landscape of damage across their monopolies of dealing, and let's not even get into lending: We'll talk about that later. In contrast, exchanges are demonstrating their strong management and planning. Note too that exchanges such as Aquis are open without a single person present in their London or Paris offices. It was great to see FESE the European Securities Exchange Federation politely and robustly pushing back on unfounded accusations of exchanges being anything other but well prepared to deal w

038 Exchange Invest Weekly Podcast
Transcript Way out there well beyond the front door you're currently locked behind, the latest legal announcements from Britain and Germany make it clear that in Coronavirus-world “Two's Company but three is a felony for illegal gathering.” Welcome to this week's Exchange Invest weekly podcast. All the pith that's fit to pixel is being re-represented as a podcast! Here are the highlights of the week in market structure with me Patrick L Young. So this was the week for the first time in 228 years, the New York Stock Exchange opened its trading session without its infamous trading floor. But let's not forget the vast majority of equity trading has been fully electronic for years. Elsewhere in the parish, there were good IHS Markit results. SiX got the government and regulatory buy in from Spain to buy the Spanish Stock Exchange BME. Adina Friedman and Charles Li were leading the parish promotion of uptime, while NASDAQ made a significant COVID-19 donation. Moreover, the calm sanity of Charles Li and Adena Friedman was very capably aided by the wise words of former treasury secretary Nicolas Brady and his Undersecretary. Elsewhere, the serious market executives are focusing on their day jobs. But in a moment of what may prove to be utter madness, Deutsche Boerse’s CEO Theodor Weimer is joining the board of the embattled Deutsche Bank And to cap it all on a very busy week, if you need something to read while you're working from home, my new book “Victory or Death” is on public release. My name is Patrick L. Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly podcast. As Bjorn Sibborn the president of NASDAQ's European markets commented this week on Bloomberg: “To interfere with trading doesn’t necessarily help the market or market volatility by adding a short selling ban.” This week, some very small peripheral markets have been closed such as Nepal and Palestine. Others have punctuated their markets but the major markets throughout the world have stayed open. In India, word on Dalal Street has fixated on plans that were apparently leaked that a two week shutdown could happen for bourses in exceptional circumstances, as India itself has gone into total coronavirus lockdown...and the Rumors probably didn't help what was a tumultuous 12% down day in Indian markets. While brokers in India are complaining they cannot function due to the government excluding their staff from the essential services list while seeking to keep the markets open. It was good to see many industry associations across the United States of America and indeed in Europe, such as FESE, who were robustly behind open markets...and the case clearly has to be continuously made as some truly appalling articles in publications such as Politico have shown this week. While Washington DC and its ghastly media acolytes are fixated on politicking as opposed to crisis resolution, ditto many other nations too. There are very few voices arguing for open markets. To that end, Exchange, Invest, in our daily subscriber newsletter, and indeed through this weekly podcast: We're the only published media pushing for open markets every day. I appreciate your support as we endeavor to ensure government doesn't commit a radical act of economic self harm by throttling the feeding tubes of Finance. The struggle (to remain open) is real.

037 Exchange Invest Weekly Podcast
Links A Message To Our Community LinkedIN Philippine Stock Market Suspended Trade Indefinitely As Coronavirus Spreads and also less The Straits Times Philippine Exchange Aims to Reopen Thursday, Says CEO Yahoo Finance The Plumbing Behind World's Financial Markets Is Creaking. Loudly Reuters Exchanges And Data Groups Get Swept Up In Market Storm FT Wall Street Gives Thumbs Down To Potential Shortened Trading Day Reuters Britain's FCA To Keep Stock Markets Open In The Face Of Virus Volatility Reuters European Exchanges Pledge To Stay Open In Face Of Coronavirus Stampede Reuters FESE: European Exchanges Will Remain Open FESE CME Reacts To Mnuchin Shortening The Trading Day… CME London Stock Exchange Says No Plans To Suspend Trading Yahoo Finance Philippines Shuts Markets; Other Bourses Plan To Stay Open The Straits Times Philippine Bond, Forex Markets Reopen March 18, PSE On March 19 Rappler

036 Exchange Invest Weekly Podcast
Transcript Only a week ago at the start of the sequence gathering data for this podcast, I was reporting MOEX results and an E-FX acquisition on a quiet day. A quiet day Ladies and gentlemen, if anyone can remember what that was, it seemed at that time as if people were holding back news ahead of justifying their expenses for a trip to the sunny southern parts of the USA. Ho hum how things have turned out in the parish. True Euronext have launched a stock scheme for all staff. The Nasdaq deep data pivot continues. But indeed, what a difference a week makes! Market structure works with aplomb. On another series of crazy days, The Small Exchange gets a DCM status and now we end the week with closing floors, flight bans and exchange staffers across the parish working from home. It's been a tectonic week in markets and indeed a tectonic plate moving energy markets that partly reflects the stock markets’ panic, this may yet presage a very different world indeed. Welcome back. It's the bourse business weekly digest with me Patrick L. Young. Welcome to the Exchange Invest Weekly Podcast. Things have got so crazy recently I've taken to appending parish notes to the beginning of the regular daily subscriber missives this week. Each is a variation of the same core vital message. “It's been a remarkable day of trading, a remarkable, record breaking day of trading and volumes and open interest; another robust performance by the technology and operations dervishes of the parish: Keep up the good work one and all in the parish of markets.” This has been a remarkable ongoing test of our technology. And so to our top story, as COVID-19 dominates the headlines across the world. The virus has achieved something even the advancing technology from two decades of “Capital Market Revolution!” could not. The CME Chicago Mercantile Exchange floor has been closed. It's a temporary precaution of course. At the same time as the LME have been looking at alternate arrangements. And indeed, the New York Stock Exchange has been taking various steps to keep coronavirus away from the trading floor at a time when indeed their offices have been closed in other parts due to staff testing positive Indeed, it has been a week of mass cancellations of meetings. Just last week, lots of people were looking forward to their lovely weekend in the sun at Boca Raton, the rats mouth, in Florida, but rather the FIA had to cancel when the bankers suddenly pulled out en masse. And indeed there are travel bans by organizations such as the conservative Swiss Exchange SiX and thus FIX EMEA has been called off. And indeed, perhaps the most ironic of them all, the US Council For Foreign Relations canceled a meeting in New York on ‘doing business in a time of coronavirus due to, well, fears of COVID-19.’ Looking ahead to next week St Me’s Day, the Festival of St. Patrick looks like being one for the solitary drinker. Looks like a smaller crowd for the traditional Irish delicacies across the world. And indeed, there have been further rate cuts. Following on from the Federal Reserve last week, of half a point. The Bank of England, the old lady of Threadneedle street cu

Exchange Invest Weekly Podcast 035
Transcript This week we reached a little milestone in our daily newsletter of the bourse business: Issue 1700 of Exchange Invest, which coincided with the year Protestant Western Europe adopted the Gregorian calendar, albeit England opted to hold back control until 1752, when it too moved from the Julian to the Gregorian calendar. 1700 feels like quite a milestone for Exchange Invest Daily, our newsletter of the bourse business. If you look at history: 1700 AD left us on the cusp of the early industrial revolution and a great leap forward in all forms of recognizable modernity. EI will endeavor to integrate that historic momentum with our own progress. And so to the week in bourses, where the headlines include LSE and BME results, the European Banking Federation goes all pro business on Brexit, while TMX falls over, as it seems to be doing once every two years these days, while the London Stock Exchange decries the idea of selling assets so they can do the Refinitiv deal. Aquis purchase of Nex exchange approved by the FCA. And indeed there's much more including Seth Merin handing over the CEO reins at Liquidnet and NASDAQ appending a great message promoting the parish. Boca has been cancelled after an apparent delegate outflow as have other parish events. Welcome to the bourse business weekly digest; it's the Exchange Invest Weekly podcast with me Patrick L Young. And so to results: London Stock Exchange, impressive numbers coming in, in the course of the last week. Indeed, they decried the concept that they were ready to sell assets in order to get the Refinitiv deal across the line, despite a story to the contrary in The Times of London, and indeed Of course, those many bidders circling like sharks in the water such as Deutsche Boerse, and indeed Euronext, if by any chance, European Union antitrust should be able to shake Borsa Milano out of the London Stock Exchange group. Aquis Exchange: the FCA, the UK regulator have approved their acquisition of the NEX exchange, formerly owned by CME and of course, part of the Michael Spencer NEX Empire. The SME listing bourse and the trading market is now going to be incorporated into the Aquis Group, which gives it a headline European Stock Exchange license, and it's going to be renamed the Aquis Stock Exchange as a group. That's great news for Aquis who are probably pleasantly surprised the FCA didn't take longer to approve the deal which helps further transform Alisdair Haynes fast developing platform. BME reported the Spanish extend results and net profit of 122.8 million euros in 2019. Meanwhile, the TMX, they've agreed some share buybacks. And for those of you who love the whole concept about, well, investing over the very, very, very long term, and can manage to live, well, essentially longer than the longest humans have managed so far. Interesting news, the four best performing stock markets since 1900. Australia, the US, South Africa and New Zealand. In terms of new markets, well, at least one demutualised market this week: Nigeria is going to be joining the public company fray as oft trailed in this podcast and indeed the daily pixels of Exchange Invest News. Finally, the Nigerian Stock Exchange via court order is demutualised and is soon going to be listed on its own exchange. Meanwhile, interesting to see China have launched a registration system for bond sales.

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,

Exchange Invest Weekly Podcast 033
Links Deutsche Boerse Posts 52% Rise In Fourth-Quarter Net Profit Nasdaq Deutsche Boerse CEO Wants To Grow Through "Good Deals" Nasdaq Deutsche Boerse Expects More Brexit Wins From London Financial News National Stock Exchange Of India Consolidated Net Profit Rises 16.77% In The December 2019 Quarter Business Standard Sebi Examining NSE's Request For Initial Public Offering, Says Ajay Tyagi Economic Times Nigerians To Own Shares As Stock Exchange Goes Public The Nation Newspaper Nigerian Stock Exchange Launches Comic Book To Boost Financial Literacy Nairametrics Coronavirus Cancels London Metal Exchange's Asian Event Reuters Intercontinental Exchange's Busted Bid For Ebay Is An Opening For Investors Newstral.com Maybe Not eBay, But Intercontinental Exchange Still Needs A Deal Motley Fool Shareholder Alert: Purcell Julie & Lefkowitz LLP Is Investigating Intercontinental Exchange PRNewswire (press release) Singapore Exchange: A Wide-Moat Marketplace To Benefit From The Rise Of Asia Yahoo Finance Nasdaq Options Excha

Exchange Invest Weekly Podcast 032
Transcript ICE masterclass call fails to sway box bound investors, France ever eager to get more CCP from London. No Connect linkage for Alibaba stock and CME results disappoint. Also news of the NCDEX IPO and more! Welcome to the Exchange Invest podcast with me Patrick L Young. It's all the bourse news that's fit to pth. Having enjoyed the speed of Concorde in the same direction way back when, it was quite the excitement to see storm Ciara helping record breakers across the Atlantic this past weekend. A British Airways jet managed a record breaking four hour 56 minute trip from JFK to Heathrow (Concorde averaged three and a half hours) for the same trip but with de facto Economy Class legroom for all. Presumably there was a slightly more agreeable meal to be had in the premium classes on the 747 which belted along at its top speed of 825 miles an hour, thanks to a 265 mile per hour tailwind. By comparison, that tailwind alone was more than 2.5 times the top speed of the Vickers Vimy used by Alcock and Brian for the first transatlantic flight in June 1919, involving 16 hours of flying over the shorter distance from Lester fields St. John's Newfoundland to Clifton county Galway. Indeed, several people were flying into their own adverse storms this week, no tailwinds to be found. CME earnings were the biggest of the pile as their leader of the pack status would suggest. Their earnings nonetheless, were lagging estimates in Q4 and were going to drop year on year lower trading activity walls to blame. Well the thing is with CME a silo-gistic trade processing Titan, there's no pivot when markets are calmer, giving it a high correlation to volatility. At the same time ASX results, they posted a 250 million Australian dollar profit after tax. They're trying to build ‘the exchange of the future’ and making much of Digital Asset in which they invested some more money recently and which is building their new blockchain CSD. Tradeweb they had numbers as well: they beat estimates by one cent. And CBOE, they managed well: the profits of parsimony. They helped keep CBOE above analyst expectations while posting disappointing results for growth mavens .TMX Group's results were, well, I suppose the most exciting thing was there was no sign of Lou Eccleston after his voluntary retirement, which of course was not linked to any shenanigans at Pravda-Berg his previous employer. Meanwhile, Euronext, they had the first numbers to come in with input from the Oslo bourse which they acquired during the course of the last year. But unfortunately Dubai Financial Markets saw a profit and revenue decline for the whole of 2019. And that brings us ladies and gentlemen to the Intercontinental Exchange, who had an epic earnings call even by their own high quality standards last week, just as this podcast was being recorded. Overall, a great set of results 9% increase in the quarterly dividend, another set of record breaking revenues and profits.It was a good result and a remarkable call: a must listen. At the same time, there were problems of course in relation to what might be called investor myopia. As we know last week, as was discussed in podcast 31. The news leaked out that there was some sort of a discussion ongoing between eBay and ICE. Although at the time of the leak, it seemed as if discussions had drawn to a conclusion. To put it mildly, analysts and investors were, frankly, very, very skeptical about the possibility of a tie up. If nothing else, it's a very interesting lesson in the modern ultra low latency edge of how once a leak can get out, it can spiral out of control. Ult

Exchange Invest Weekly Podcast 031
Transcript The realpolitik of the week: ICE and Nasdaq are making cool acquisitions (which more or less nobody has noticed). Elsewhere in an exciting development, after only 2 years with Theodore Weimer as CEO, DB1 are proclaiming an outbreak of strategy - albeit they won’t announce it for a few months yet… Therefore While eBay’s “buy now” button isn’t working for ICE, DB1 have barely favourited their items, let alone adding anything to their basket or seeking to check out … Welcome to the Exchange Invest Podcast with me, Patrick L Young, it’s all the bourse news that’s fit to pith: Greetings Ladies and gentlemen, just in case you've been hanging around in a ditch lying dead for, say, tax reasons. Then you need to know: Brexit has happened. It's done, it’s over and the trade negotiations are ready to begin. Indeed, let's start with a segue into European history. This week included issue 1674 Exchange Invest coinciding with the year John III Sobieski was elected by the nobility, as King of the Polish–Lithuanian Commonwealth... He's best known for his ousting of the Turks from Austria in 1683, at the Battle of Vienna, when the massed ranks of his Hussars charged... Some say their winged uniforms made such a noise it helped terrify the Ottoman Turks under Kara Mustafa into flight. Either way, those wings are stars of Poland remained undefeated for two centuries, which given the Super Bowl Weekend just passed, rather puts the New England Patriots recent record into perspective. 47 years ago, Britain joined the EEC, an entity which represented as the European Economic Community 35% of global GDP in 1975, with barely a handful of members by February 1st 2020 the perennially ambitious European Union, may be 27 nations, but it represents just 15% of global GDP, a shrinking power in a growing world. We all hope for sound trade and the best of relations with the EU and the UK going forward. That is in many ways within the EU’s ambit to decide. For Britain it marked a day from which there can be no grounds for excuses going forward. The UK government needs to move and move fast to secure the benefits of the UK is rebirth of sovereignty. The ‘blame EU” excuse is being removed. I believe a sovereign UK means growth and I mean growth for all throughout the world. That means more prosperity in the world. It has long been my conviction the EU is a failing top down project, which like so many pretentious attempts at Empire before it will fail. And the EU’s failure to achieve anything of substance during its elongated lost decade has only made that even clearer to me. To that end, I was celebrating on January the 31st, along with millions of Briton's across the world. At the same time, I appreciate many were not. I am genuinely sorry if you could not share in what was a great day of excitement and opportunity for the UK and indeed for world trade. However, no matter how much you may love the European Union, no matter how much you may have disagreed with Brexit: You are welcome to join our optimistic movement for growth anytime. That will be growth for Britain, for Europe, for the EU and for the world. At least thankfully, the main argument is over: Britain has left the EU. Now we need to move on. It is beholden on all forms of government to deliver the best trade for their citizens. So living standards may continue their dizzy ascent of the past two

Exchange Invest Weekly Podcast 030
Transcript: Ladies and gentlemen, the Hound of Hounslow avoids jail. He's going to be confined to his kennel instead. There are encouraging NASDAQ results and a new CEO for Oslo Bors. That's perhaps the least shocking news of the year so far. They say life begins here: Welcome to Episode 30 of the Exchange Invest weekly podcast. It's another curious hybrid of super optimistic weapons grade grumpy snark once again today, but the feedback remains solidly favorable: not necessarily in agreement I hasten to add. But what I am saying, is the whole format of opinions or feedback is welcome as always, whether in relation to the Exchange Invest Daily newsletter or this the Exchange Invest Weekly Podcast. This is Episode 30. My name is Patrick L Young. ...And so on to our top line stories this week. Decent results from Singapore Exchange, their second quarter net profit Rose 2.6%. Perhaps most interestingly, they are buying an Index Provider for $206 million: Scientific Beta PTE. No acquisitions from Japan Exchange Group, they produced some solid consolidated results for the nine months ended December 31. Meanwhile, NASDAQ profits: they topped Wall Street's estimates on the non trading unit strength with a declared dividend of 47 cents per share. NASDAQ beats estimates thanks to earnings beyond pure exchange listing and trading. But it keeps being referred to as ‘non core’ by the media: leads me to wonder just when Nasdaq’s core will not be its core, or vice versa, as clearly the Adena Friedman era is reshaping the behemoth Bob built for a new generation of growth. Finally on results for this week, the Dar es Salaam Stock Exchange, their profits plunged after a historic sale of Voda shares. Hong Kong is open as usual for business as I speak to you at the end of a wondrous week in markets. But at the same point in time, China is not going to be open until Monday 3rd February, a post festive reopening day pushed back as a result of Coronavirus. Some of the media have been fallaciously suggesting China is trying to reduce risk to stock market prices. Whereas, it looks more to me like a common sense move restricting the commodity exchanges as well as the stock exchanges and thus reducing movement over what then becomes a long weekend, hopefully helping to contain the Coronavirus outbreak. Over at the National Stock Exchange of India, institutions are rushing to sell their shares as unfortunately, the uncertainty prevails over whether there will ever be a listing of the National Stock Exchange of India's shares given Sebi’s ability to seemingly find something buried under the carpet every time an IPO is mentioned. You know, readers, it's the year 2020. I mean, I'm just reiterating that in case you feel locked into a form of NSE IPO centric Groundhog Day because this could be more or less anytime during the past decade. Our second story this week concerns Brexit. By the time you listen to this podcast, Britain, the United Kingdom of Great Britain and Northern Ireland will have left the European Union after 47 years, having joined the European Economic Community, and then subsequently discovered that what came after it, which was the urge for a European super state didn't actually gel with the British people's idea of what they signed up for in the first place. This week, there have been a series of stories. Academics were in the House of Lords this week, and talking to parliamentarians, Brexit could mean a 5 bill

Exchange Invest Weekly Podcast 029
Transcript Could it be the new dawn on Refinitiv? Could it be sealed by anti trust in as little as three months? All this and more and this week's Exchange Invest Weekly. And a very fine Good day to you ladies and gentlemen, my name is Patrick L Young, the founder of Exchange Invest, the daily newsletter of the bourse business. And indeed We lead this week with a very optimistic prognosis from the head of the Borsa Milano, part of the London Stock Exchange group, reaffirming that the borsa Milano is not up for sale for the time being. Raffaele Jerusalmi, has said that he believes that the EU might actually be able to decide on anti trust in the LSE Refinitiv deal within a few months. Strikes me as highly optimistic. On the topic of highly optimistic things, the week began with news via Reuters that, according to a survey by a consultancy, 1000 EU financial firms plan to open UK offices after Brexit. Gosh, that's a wake up call! A wake up memo In fact, to the remoaner flat earthers. Who would have ever thought that folks in the EU 27 might want to service the firm's based in the world's most dynamic cosmopolitan financial center, London and the UK? Over at Clearstream, they've agreed an interesting deal: they're going to acquire 51% of the UBS fund distribution platform Fondcenter AG. Very interesting. UBS remains the minority shareholder at 49%. But nonetheless, Clearstream, a division of Deutsche Boerse demonstrating commercial acumen where Euroclear is currently even more, becalmed than usual due to shareholder issues. Sebi ended last week with the exciting news that they were going to exonerate Ravi Narain and eight others in the infamous NSE dark fiber colocation case. Good news all round for the executives and former executives who no longer have a stain on their character. At the same time, the Bank of England was threatening a lot of stains on: Well, the pox on all your houses effectively! They're going to use all manner of “tools” to scrap libel, all those little incentives which are akin to a form of tension torture, rather like the medieval rock for a bank balance sheet. The curious thing going back to that LSE story...only last weekend and the Sunday Telegraph; Jeremy Warner, their business columnist, had huge concerns that the EU is going to effectively take part in a backlash over the LSEG’s world leading pretensions, arguing that they're going to twist their antitrust policies to make a political Brexit point. I can't say it would really surprise me but then again if it stops LSEG being anchored to the de facto dead weight of Refinitiv, Margarethe Vestager would ironically be doing London Stock Exchange group and the UK a great favor. Of course, one of the big stories of the week was also about volume: the NSE, the National Stock Exchange of India, they've turned into the world's largest exchange in futures and options trading by contract. Of course there's a lot of headlines on this topic without much consideration of value of contracts traded. Parishioners may recall the similar discussions when KOFEX was trading massive numbers of contracts over in Korea 20 years ago, overvalued to suit crazed puntingHousewives in Seoul or Busan, amongst others. the NSE are to be applauded for their volume growth, but obituaries for the CME cash generation powerhouse are wildly premature, even if volumes were somewhat static year on year. That said, there are obviously going to be concerns in the United States of America and the big wide advanced world. Because it is clearly true that this is a great sign that Asia is rising, the volumes in small,

Exchange Invest Weekly Podcast 028
The first deals of the year the first results of the year. Everybody's out there executing. This is the Exchange Invest Weekly podcast. Hello Ladies and Gentlemen, welcome back to issue 28 of the Exchange Invest Weekly podcast. We begin with an investigation into rebates. The Financial Times was spot on this week in its opinion pages: “an investigation into rebates for brokers is much needed,” Yale school Professor Jonathan Macy noted, “but NYSE and the other exchanges are putting their thumbs on the scale by offering brokers rebates. I think they are kickbacks on the fees charged for placing certain kinds of trades.” Think about it for a moment there, parishioners, Libor or was a shambles, where the industry paid insufficient attention to the Pinocchio stretching of interest rate. benchmarks by a few lags. And look where that ended up. The risk is clear here too with the American stock market. If you can't perceive it, I'll happily indulge you by writing a few tabloid headlines of how this will look when it blows up. Broker rebates and the egregious bribes for order flow paid by broker dealers, amount to little more than a form of ‘payola’ according to Professor Macy. If, finally, the dark stuff hits the wind turbines, this is going to blow back and with the broker dealers payola for order flow scam, enabling i’free’ brokerage. That one will expire within 120 days of the top of the next bull market. One-800-my-broker-scammed-me-with-free-commission will be the number one number being dialed by retail punters at that time. On broker rebates. If they are useful, the industry must make a clear case for them, within, and well beyond, the parish. I am struggling to justify what the point is to these rebates, but then again, US equity trading is such a dog's dinner you have to be certified OCD to even get a copy of cash exchange equity rules. I believe life is way too short to spend so much time complexiifying any stock market, but then again where rebates go, you must make a case or rid us of their presence. Then so too a lot of the US market structure needs a big bonfire to rationalize what is merely a big binary at its transactional heart overlapped overlapped gift wrapped, coddled and swaddled in ridiculous additional rules, regulations and complexity. US equity trading remains an over regulated hubristically complex mess. Rebates need to go but then again, the market needs a lot of reform from top to bottom. That is surely, Ladies and Gentlemen, what we have GOP governments here to achieve? Gosh, I feel so much better after that! On to our second story, and it relates to Well, something else that could very easily pique the rantometer: Brexit, Ladies and Gentlemen. Reuters led us into the week with a very happy headline, “UK financial firms sentiment improves for the first time in four years, according to a survey” #despiteBrexit, or indeed perhaps because we now have some degree of clarity. Brexit is happening, although we don't quite know what the rules and regulations are going to be. And there have been some rather sanguine articles doing the rounds, noting how the UK Government is probably going to have to completely change their attitude. And let's face it, so will the good folks of Brussels too, if we're going to reach some sort of an EU trade deal. At the same time, Reuters also followed up through the offices of the excellent AFME: “Global banks urge the EU to improve market access as Brexit looms.” The interesting shift here is how the

Exchange Invest Weekly Podcast 027
Transcript In the wake of the Golden Globes, the new year is underway. And indeed thanks to Ricky Gervaiss epic hosting, Anything I say about the business of bourses will appear like the apotheosis of the politically correct. Welcome to Podcast 27: Exchange Invest Weekly, the first edition of 2020. Thanks for listening, My name is Patrick L. Young founder of Exchange Invest, here's a review of some major stories over the festive period on the first week of 2020, which have been making headlines in our daily newsletter devoted to the business of bourses. Reuters hailed an exciting exclusive, just as the New Year was dawning: China holds British stock link over political tensions. They said according to sources. Of course, it was tough immediately not to suffer some degree of schadenfreude and indeed schadenfreude was fully eclipsing my inbox at that juncture, given the evidence can be discerned that a major exchange is saddled with management tending to the myopic, having refuted the excellent Hong Kong exchanges bid last year with a haughty “Our Connect is cuter“ defense, LSE finds itself outmaneuvered on all fronts as suddenly China un friends LSEG or so it seems. Geopolitically, the LSEG “C” suite looks plotting. If not, I'd right clods. They've already wasted vast amounts on big data but don't seem to be able to process the data which ought to have been clear to them given their impeccable analog anachronistic - dating back to monopoly times - links to the UK Government. And let's face it, those links to the UK government are quite sublime, Fast Track mobile lines to the Prime Minister are commonplace when you're the boss of the London Stock Exchange group. Nevertheless, they didn't seem to see this coming in terms of what the Chinese might be doing to their Connect. Ironically, some of the jingoistic protectionist lamebrains masquerading as the UK financial media, were eager to suggest home Kong Exchanges was a territorial risk for LSEG. Looks like the truth was quite the opposite. I have made a suggestion in one of my last podcasts before Christmas: we may have seen the high watermark for LSEG stock. Sadly, even in the micro short term, the Chinese government left London's legacy bourse business adrift in Asia. Instead of building the ultimate Trans Pacific Tiger from London to China via Hong Kong, LSEG has started the year on a self inflicted defensive tack in what promises to be a tough year for the group as the reality of the unreformable Refinitiv sinks in. Of course, that was day one. By the time we got today two things had become well altogether more complex. It seemed perhaps the link was still open according to certain parties at the Chinese regulator the CSRC in China. So it doesn't really matter: the headlines are then being written: the Wall Street Journal. “The Shanghai London Stock link is a financial white elephant.” “politics are behind the London Shanghai Stock linkage” said the Gulf News. Really truthfully Ladies and gentlemen, whether the London Shanghai Connect is open or shut, and indeed, even when it's open, it's proven a remarkably anemic link so far, users are now going to avoid the linkage in favor of the more stable Hong Kong Exchanges - China mainland links amidst the perception that LSE is a hapless passenger hostage in the UK - Sino realpolitik, Whatever the truth of the matter is somewhere along the line, somebody badly damaged the LSE’s aspirations in China. Who's going to risk paying all the money for a secondary listing when there's the possibility that the plug is being pulled, has been pulled or could be pulled, albei

Exchange Invest Weekly Podcast 026
Transcript In the Exchange Invest weekly issue 26 we are celebrating a six month milestone in podcast terms but of course it's been seven long years with Exchange Invest newsletter every day. What we're looking forward to today December the 20th: It's a Friday the last Friday before Christmas indeed the last Friday before Hanukkah as well. And of course for those of you who aren't celebrating either: The new year is looming. Welcome to our last weekly review of the bourse business of this year. My name is Patrick L. Young, founder of Exchange Invest daily, the newsletter of the bourse business. Thanks for joining this podcast, Episode Number 26. Our weekly review coming up to December 20th. And what a week it's been even as we were approaching the end of year slowdown. No major deals as such, but one major non-deal: Euroclear have delayed their decision on their sale of a stake. As you'll recall, Euroclear is the CSD in Europe that's pretty much a duopoly alongside clear stream. They have been looking for some time at some sort of a market exit, possibly even an IPO strategy. However, it seems that either within the management or within the 62 or there / there abouts, different shareholders they have amongst financial infrastructure players and particularly European based banks. There has been some form of backroom bickering or indecision amongst management perhaps... the seven tiers of Belgian management for which Euroclear is so famous, and a fair amount of rancour one would imagine. In terms of my argument for the future of Euroclear, I've long said it's going to be a Vienna Congress settlement, which is going to find the future way forward for this business. Looks as if that could be coming up. Certainly this is a story that's going to run and run in 2020. One stake acquisition bourse to bourse this week is Zagreb bourse, of course, they already own the Ljubljana exchange within the Yugosphere, the former Yugoslavia. The Croatian exchange have also now acquired a 5.3% stake in the Macedonian Stock Exchange. Very interesting altogether to see How Ivana Gazic's business has been expanding over the years, as well as of course, being a prime mover in the SEE Connect enterprise, which was part financed by the European Bank for Reconstruction Development, the EBRD. Elsewhere, the options exchange company Miami International, they've signed a letter of intent to acquire a stake in Mid Chains, which is another one of those blockchain cryptocurrency thingies. Elsewhere, the bourse of Malaysia, they're revising their listing rules to support the national anti corruption agenda. Let's face it, of course, that 1MDB thing: that's been a bit of a fiasco all right for Malaysia in recent years causing a huge change of government and the return of Course of Dr. Mahathir Mohamad, who was in retirement for many ‘s a good year. At least if nothing else, I'm excited because I wrote an article about this time 20 years ago for the FIA monthly magazine talking about how the world would look in 2020. And I actually talked about how Dr. Muhammad would still be the Prime Minister of Malaysia. Well, at least I got something right in that particular look to the future. However, there was also great a headline I had to make a pause for breath when the Wall Street Journal alert blinked on my screen Thursday evening. “It said Goldman Sachs in talks to admit guilt.” Gosh, I thought, this could take all of the combined hours of Christmas, Hanukkah and any other festivities looming, not just the new year that we're looking towards on the first of January, but in fact, all other New Year's right up to probably the Iranian one in the

Exchange Invest Weekly Podcast 025
Transcript One little Clearinghouse goes to market. One small interest rate platform gets re-funded. Welcome to the Exchange Invest Weekly with me Patrick L Young This week in the bourse business, CBOE, formerly the Chicago Board Options Exchange (now calling themselves Global Markets although they really sort of transatlantic markets, but anyway…) their European arm has agreed to acquire the European equities Clearinghouse Euro CCP. Was this an aggressive bid or was it simply the opportunity to rescue something that was at death's door? Certainly given the fact that Euronext seem to have taken a significant mark down on the sale of their stake, which they've only had for a couple of years, it looks as if it was somewhat of the latter... CBOE get to secure the clearing franchise for their equities trading, which must be quite useful within the European marketplace, although a few analysts were getting rather overwrought with the concept that this would somehow rather allow them to jump easily and expeditiously into the world of clearing equity options and derivatives. In the small step for mankind, this is definitely a giant leap altogether. At the same time. Interesting to note, David Howson, the incoming CEO was quoted on the press releases with no mention of outgoing CEO Mark Hemsley, who's clearly already left the building, attained unperson starters, or at least retired. Full points there to Sam Agini of Financial News, he was the man who brought us the news of this little deal as a scoop via his excellent columns. Meanwhile, elsewhere in deals Curve Global, ‘the little interest rate platform that can’ continues to be growing, innovating, building momentum, and indeed has got another $20 million in funding to match the 20 million it got last year. Actually, I digress. It was 20 million pounds and funding even better given the fact to the strength of the pound during the course of the last day or so, as this podcast was going to pixel on the basis that indeed, the Brexit deal seems to be assured and therefore the pound was roaring thanks to the reelection of the Boris Johnson government with a stonking majority. However, back to Curve Global: interesting platform. They have produced a credible product base. It's still far from mature, but it's building its niche and endeavoring to do the right thing serving clients. It's a good thing it helps keeping the market competitive for clients all around. And it'll be interesting to see how they fare during the course of 2021. When of course, I-bors are supposed to be dying, nobody is quite sure what shape the new Pokemon of interest rates will be. Meanwhile, over at Refinitiv which is of course in the process of being acquired by the parent group of Curve Global none other than the London Stock Exchange Group, representatives are looking to slash the costs on their borrowing. They've got US dollar 6.45 billion of loans. Just after the record buyout. It's actually only one year of Well, it's very simple: it's effectively a balance sheet arb but given the LSE is in a rather healthy financial position overall investors are basically much more relaxed and therefore willing to pay a lower coupon for. As one investor put it, and I quote, “Investors view Refinitiv as a much better credit given the announcement from the LSE. A lot of the concerns around the financing from Blackstone have settled too. The concerns are not the business, but the loan documents, sponsor risk and high leverage.” In other news about Refinitiv, the South China Morning Post broke the news that actually Refinitiv apparently have filters on the desktop, which keeps Hong Kong unrest news away from mai

Exchange Invest Weekly Podcast 024
Transcript In people news, “the best of times, the worst of times,” but something very exciting for the Parish throughout. Of course, that's all wrapped in with wonderful letters for Santa, a couple of deals and much, much more! Welcome to the Exchange Invest Weekly with me, Patrick l young. Before we get down to the weeks wheeling and dealing, this episode of the Exchange Invest Weekly, number 24 no less is recorded against the backstop of it being Saint Nicholas day. What more appropriate message could there be than the fact that on Thursday, the European Union's financial watchdog ESMA called for a single feed for stock prices. across the region. This amounts to perfect seasonal timing to be reporting on St. Nicholas day, and indeed in a world exclusive Exchange, Invest has been able to find the original ESMA memo containing the distributed tape request, which reads as follows: “Dear Santa, as you may know, our efforts to deliver a consolidated tape across European stock market prices have to date been an even greater failure than our Capital Markets Union plans. Even without the UK, we're still nowhere near getting this done as 27 nations. So as we have all been good boys and girls this year - even the ones in Brussels assure me this is true - We were wondering if you, Santa, could bring us a single pricing stream for Christmas? Yours sincerely Stephen Maijoor & the ESMA team.” And in deal news this week, the Swiss exchange operators SiX have added three major Spanish banks in their attempt to court BME. They've been added to the investment banker register, those people who are going to be working assiduously to get the deal over the line on behalf of the Swiss exchange group. So Santander, BBVA and Caixa Bank have all joined the SiX advisors roster, making for a pretty compelling argument one suspects on the ground in Spain that SiX is leading the way. Indeed, I think that perhaps suggests that Euronext is sitting out the bidding for now. What on earth can be on their minds? Meanwhile, they did conclude one minor deal this week: Euronext are going to buy a controlling stake 66% of the share capital of the Nordic power market operator Nord Pool - interesting acquisition on top of their Oslo Bors buy to acquire the neighboring energy pool hub physical power market. Not a huge amount of money, the whole enterprise value basis about $93 million dollars, but nonetheless quite interesting, particularly given the fact that Euronext with a 34% minority stake through a joint holding company held by the previous owners, that means that the Paris based or at least, strictly speaking, Amsterdam based, but we all know it's Paris based. Euronext is going to be entering into the power market with strong and experienced partners. That's very, very interesting because of course, it adds Euronext power back into its mix.As you may recall Powernext, which is now part of EAX, which then became part of DB1, was part owned from its foundation in 2000. AD by Euronext but they ultimately sold their stake in 2008, during the Duncan years. It's an interesting low cost acquisition for Euronext which can't do the entity any harm, albeit the asset portfolio is beginning to sprawl a little, even if Nord Pool is Oslo based. This week we've heard that CBOE amongst others is talking with Euro CCP over a possible takeover. CBOE Europe clearly needs to protect its CCP clearing relationship for cash equities. But at the same time, it's equally possible that several of the other parties that are already shareholders, including for example

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

Exchange Invest Weekly 022
Transcript The rain in Spain. Well, who cares frankly, it's the bid for the horse that’s what interests us in this week's Exchange Invest Weekly Welcome to another Exchange Invest Weekly. My name is Patrick L. Young, the founder and indeed publisher of the Exchange Invest Daily, the newsletter of the bourse business, and we have a battle for the bourse this weekend: BME the Spanish Stock Exchange which operates all of the exchanges in Spain, including derivatives and also of course the CSD clearing depository and clearing house; they are under a pretty staggering bid actually, Swiss exchange group has made an all cash 2.8 billion euros bid for the beleaguered BME, as it truly is. As we were racing to pixel on Monday the stock had already reached the 34 euro offer price that was some gosh 30+% different to where it had closed as we recording this podcast last Friday. Euronext have been left behind instantaneously, they need to pony up according to the BME if they're going to get into the battle. And indeed who knows it could be a battle royal because of course, that would give the opportunity for Stephane Boujnah’s empire to unify its way all the way from Portugal, right up to through the lowlands and then also its outer points of course in Ireland and Norway. The battle is very, very interesting indeed. Jos Dijsselhof used to run Euronext Amsterdam. He clearly has a very exciting plan going forward for the bourse. It might not even involve delisting the BME stock itself. That sounds very interesting Could it be they're looking at some sort of an interesting vehicle for the SiX group to go forward and make acquisitions in the future, given the fact that of course, the SiX group are not going to be listing in the near future, because of the, well, historically interesting position of the mass duopoly of Credit Suisse and UBS, as well as the many other banks who are held delicately in a state of well diplomatic status through the current ownership of the SiX group. Nonetheless, SiX looking dynamic, Dijsselhof looking dynamic, and of course, only barely days after he said there were no conversations going on about acquiring the BME. Stephane Boujnah, Euronext looking pretty flat footed. This is going to be an interesting development moving on from the Antonio Zoho era because of course, he stepped down several months ago. Other bidders are in the fray potentially Deutsche Boerse, mentioned for this one. It's interesting to see that UBS analysts, Commerzbank analysts and others can't perceive that there's any value to DB1 buying the BME they can't understand how BME; their sale rating could be turned around by the Deutsche Boerse management through restructuring... or perhaps that's a telling insight, how even analysts view the management direction of the DB1 C suite nowadays. I'm not sure that it makes sense for Hong Kong exchanges to be involved the Hispano-Sino- Hong Kong relations don't strike me as immediately logical, but clearly HKEX could have the money if they want said European operations within one country, but it hardly delivers the sensational transpacific pact, which was the incredible pivot that could have been delivered if the London Stock Exchange had been listening, instead of making eyes only towards Refinitiv. Incidentally, coming up next week: We have the exciting vote on Refinitiv: will the LSE shareholders old jump in and decide to vote for what is going to be the worst restructuring project in the history of the entire parish in the near future? Well, coming back to the SiX and BME issue, very, very interesting deal all together. Any counter offer, as I mentioned at the start of the segment, for Spanish Stock Exchange would have to top the SiX bid, the BME has stated and that's obviously going to mean that a lot of people are going to be spending the weeke

Exchange Invest Weekly 021
Links The Move To Free Stock Trading Led To A Big Jump In New Accounts For Charles Schwab CNBC Schwab Boosts New Trading Accounts 31% After Fees Go To Zero Bloomberg Intercontinental Exchange To Launch New Exchange In Abu Dhabi Global Market (ADGM) To Host World’s First Murban Crude Futures Contracts ICE Intercontinental Exchange To Launch New Crude Futures Exchange In Abu Dhabi The National Oil Majors Partner In New Exchange Listing Adnoc's Murban Crude: ICE Reuters Adnoc Says Murban Contract Will Help Capture More Value From Oil Output Nasdaq EEX Group Buys Commodities Business Of Nasdaq Futures (NFX) Nasdaq Nasdaq to Exit Energy Futures Wall Street Journal Intercontinental Exchange Sets Up India Operations With Headquarters Opening In Hyderabad United News of India Intercontinental Exchange Launches India Operations With 500 Staffers Business Standard Intercontinental Exchange Sets Up Facility In Hyderabad Yahoo India News NYSE Chicago Lowers Fees, Eliminates Rebates Reuters If Delaware Stock Exchange Flops, NCCO Would Own A Wrestler-Founded Tech Company

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

Exchange Invest Weekly Podcast Ep 019
Transcript A big week for NASDAQ excellent results lead the way in the parish this week as well as a huge shake up amongst the vice chairman. This is the Exchange Invest weekly with Patrick L Young. It took until Friday to get our lead story this week but what a humdinger it was! The Financial Times was to the left right and center or at least bank right and center in eschewing or at least espousing what is, an interesting mantra. Essentially, a series of global banks and global funds have decided they want to see more capital in derivatives clearing houses. Now, readers, as you will know if you've been an Exchange Invest reader for many’s a year. We have been talking about the Homer Simpson buffet equation for many’s a year. And indeed, there is undoubtedly an issue that if you keep filling up the buffet from one end to the other, there will be a problem with concentration risk within Central Counterparty clearing houses. At the same time, of course, the people who caused this whole problem in the first place where those people who actually couldn't manage to do anything coherently on the OTC Markets, which they indeed fought against being regulated for many’s a year because that allowed the casino capitalism of the OTC trading era.Therefore, we have the incredible rampant hypocrisy, indeed, as one might call it, standard operating procedure for bankers. They want somebody else to pay for their mess. No danger that they're going to be throwing in lots more money, of course, up front Oh, no, that's what the clearing houses have to do, because, well, of course, they are banks, they are funds, and therefore, everybody else is expected to pay for their lunch. There's no doubt whatsoever, we need to look very, very strongly and very closely at the relationship in terms of how well capitalized our clearing houses are. At the same time the people who need pay for it are the people who are paying the margins. Therefore, whether you are Allianz, BlackRock Citi, Goldman Sachs, Societe Generale, JP Morgan, State Street, T Rowe Price or Vanguard, we want to see you contributing to the better default buffers and not relying on other third parties to manage to allow for the fact that well, essentially, what we have here, ladies and gentlemen is the road manufacturers, the people who operate the highways, they're being told they have to raise the level of the tolls, because the people who are speeding at 180 miles an hour through the autobahn are actually the people who are allowed a completely risk free run. How absurd. Overall, this is undoubtedly going to run and run. But I refer you back to the Homer Simpson theory I was explaining a decade ago as it comes home to roost. The fact that the participants see it as somebody else's problem to fix, as opposed to using their own money or paying higher margins is well illuminating. Unsurprising but you know, standard operating procedures for banks and other people who think that the world owes them a living. That's another one of those ultimate problems that comes from bailing out entirely feckless, disorganized organizations that should have been allowed to go bust 11 years ago. Anyway, that may strike a lot of people as a cheap backdoor way for certain financial market participants to regain control of market structure through a long drawn out Repo process, where the market participants themselves caused the original problem. In results this week, NASDAQ led the way. Very, very encouraging numbers all round from them, equally good numbers from Marketaxess and indeed Singapore Exchange reached a 12 year high on a cross asset basis - 114 million dollars was the Singaporean dollar total for the SGX.

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.

Exchange Invest Weekly 017
Transcript A Deal! A dea!l My kingdom for a dea!l Finally ladies and gentlemen we've got it: One bourse and another... doo doo doo doo doo doo doo doo doo doo doo doo doo doo. Welcome to the Exchange Invest Weekly. Well it was the best of times and the worst of times. In M&A-land we finally got a deal ladies and gentlemen. After lots of merger speculation, precisely none of which actually talked about the deal in question: the Berlin Boerse, that August institution most recently run by Jörg Walte and Arthur Fisher, who are both now going to be in the process of retiring their posts. Indeed Arthur was going to be retiring anyway. The Boerse Berlin is being taken over in a curious deal. Tradegate with which it has always had a certain degree of relationship which is owned 75% by the Deutsche Boerse itself. So therefore Deutsche Boerse which owns Tradegate is ultimately acquiring the Berlin stock exchange a venue in recent years of all manner of interesting high speed trading and other platform driven marketplace operations. Good luck to all parties concerned, particularly the incoming erstwhile Tradegate CEO who's going to run the Boerse Berlin Oliver Szabries. Of course, in other news, there was another deal that was being much discussed this week. In fact, we started the week with lots of people saying Hong Kong will sweeten the deal for the London Stock Exchange when it wasn't to be. Tuesday morning came and news reached us from Hong Kong, that Hong Kong had decided for various reasons to withdraw from going hostile. Is it the end of the hostile merger? Who knows? Certainly, it was an interesting and fascinating deal while it lasted. And indeed it may yet rise again. Of course, the Telegraph in its role as continuity London Stock Exchange advocate in chief interviewed Stephen Schwartzman at the weekend, which was quite interesting. He was certainly very aggressively defending the Blackstone side of the Refinitiv deal and it looks as if well, at least if nothing else, come November, maybe December, there's going to be a vote on the LSE Refinitiv. Shareholders seem to be increasingly restive though as concerns rise. Just how capable is the London Stock Exchange of integrating the un-integratable: the good folks of formerly Reuters, formerly Thompson, formerly Thomson Reuters, formerly Refinitiv, none of whose management teams managed to get together with the behemoth and actually managed to run it as a modern digital configuration. Wonder what's going to happen in the future? It's going to be very, very interesting. Certainly, Hong Kong have dropped their bid, they cannot re-bid for another six months. I can't help but feel though that the London Stock Exchange if it actually acquires Refinitiv is going to end up looking a little bit like Graf Spee during the Battle of the River Plate in September 1939. As you may recall, the Graf Spee was hit by a series of other smaller British cruisers. At that point, in the South Atlantic, it suffered some remarkable damage to some degree through bad luck. It crawled into the harbor of Montevideo, where it was promptly informed it could only stay for 72 hours under the rules of the Uruguayan state being neutral. Thus, actually, when it was given the choice, the Graf Spee was stricken. It couldn't effectively defend itself and indeed, ultimately, it was scuttled by the captain. Now, no one's going to suggest that the LSE is going to scuttle itself. But I do feel with all of the interesting things that are coming ahead, particularly the likely reconciliation in some grand Vienna settlement fashion of the business of Euroclear that we're going to see, a huge number of opportunities that the LSE are going to be missing because they're all going to be below decks, in the engine rooms,

Exchange Invest Weekly 016
Apart from all the other excitement of the past week in London, a sudden cold snap and a lot of rain had helped me almost lose my voice, hence a slightly hoarse and even faster than usual review of the week! Transcript below, links this week: Some LSE Investors Call On Hong Kong Exchange To Up Bid By 20%, Add Cash Reuters China's Financial Market Reform Opens Up Opportunities For Hong Kong, Strengthens Gateway Role South China Morning Post HKEX To Seek Up To $9.8Bn Loans To Fund LSE Takeover Gulf Times Nasdaq Sells Scila Stake To Ab Max Sievert Finextra Hellman & Friedman Considers Joining Battle For Stake In Euroclear FT Boursa Kuwait Public Offering Launches Today MENAFN.COM Nasdaq And CBE Come Together To Advance Governance Excellence Nasdaq PSE Spends P445 Million In Buyback Program Business Mirror Borsa Istanbul Restructure To Boost Interest In Stocks, Capital Markets Daily Sabah Indonesia C.Bank Paves Way For Derivative Clearing Houses To Reduce Risks Reuters SGX Aims To Be The Single-Point Access To Asia The Business Times Quiet Start For CBOE’s Brexit Share Trading Hub In Amsterdam Euronews SIP Operating Committees Seek Comment On Proposal To Add Odd Lot Quotes To SIP Data Feeds Globe Newswir

Exchange Invest Weekly 015
The September 27th 2019 edition was recorded in London, England, hence sound is a bit different to normal... The recording was made under some duress as I was dressing for the Sheriffs breakfast of the City of London at the time! Transcript There was a class of at least one Titan of the battle for Hong Kong exchanges and the London Stock Exchange heated up. This is the Exchange Invest weekly with me Patrick L Young. Leading the news this week: the Hong Kong exchanges attempts to buy the London Stock Exchange. There was a huge showdown in London: 9000 bankers in between drinks at SIBOS managed to get together and listen to back to back presentations - question and answer sessions no less - with, first of all David Schwimmer of the LSE. And then subsequently Charles Lee, the boss of the Hong Kong exchange. Interesting discussion, or at least a rather one sided discussion. I mean, David Schwimmer was frankly foolish. He derided Hong Kong for its free laws, its free markets, its judiciary, which is well, much more independent than dubiously politicized legal systems. You know, I'm talking about regimes like say, the United Kingdom, during the course of this week. Of course, one could concern himself but China is much more closed system: but this is Hong Kong, we're talking about remember one nation two administrative systems, totally different, Hong Kong being so close to UK law. It's an absolutely totally different kettle of fish. And that's why of course Hong Kong is the astoundingly perfect gateway in the correct time zone, in the correct geographical area, to link Chinese capital with Britain's capital. Underneath the opportunities for content for trading for investment for bonds for stocks between the two which is quite sensational with the incredibly interesting spar of Milan alongside. Frankly, Hong Kong exchange remains the trusted, stable internet gateway to China. The London Stock Exchange have a one shot pony bet on a relatively youthful Shanghai Stock Exchange and we all know how many Chinese exchanges have ended in the past being, well, how about one patter, I’m talking to you this morning from London, so I suppose one could say they've been prorogued on many occasions in the past. That's not the situation with modern Hong Kong, and it's the focused myopia of LSE, undeclared, the ignorance of broader UK media, the elephant in the room we keep ignoring is in fact the bond market that plays to all Hong Kong strengths much much better than just simply trying to access the Chinese mainland through one vastly different timezone of London into the much much earlier in their overall daytime, and UTC Chinese trading day. When it actually came to the face off at SIBOS, so of course, it wasn't a face off takeover panel rules, we can't have the two men in the same room at the same time. Fortunately, they had both been booked to speak at SIBOS earlier on rare moment of excitement at SIBOS in between the many parties and drinking which seems to be the main occupation or preoccupation at the delegates these days. That was taking place in London of course, and if you find the time to watch the videos, well they make for quite arresting viewing. To put it mildly, watching the dawn in London the other day when I was doing the Exchange Invest daily newsletter to the background of the David Schwimmer interview was one of the least inspirational activities I can recall. Interviewer Jeremy Grant is a solid sharp he's not exactly super inspirational, but he understands the parish incredibly well. Alongside Vague Dave. Jeremy look well, positively Churchillian in charisma terms. Schwimmer didn't look like a man in charge of anything,certainly not his brief. He stumbled on simple questions after he extolled the great merits of the Refinitiv FX market being rolled into the London Stock Exchange. He was promptly a

Exchange Invest Weekly 014
This was the week when the HKEX - LSE bid was brutally repudiated by a rather haughty LSE while CCP clearing was in the spotlight as the CFTC-EU spat broke out again with broad mistrust over Europe... Transcript (links below) Ladies and gentlemen, welcome to the business of bourses, all the news that's fit to pith in a podcast. It's the Exchange Iinvest Weekly with me Patrick l Young. Leading the news in the burse business this week. It was obviously all about Hong Kong exchanges and the London Stock Exchange group: that potential bid which was being rebuffed. And just as we were recording the previous episode of this weekly review, The London Stock Exchange, they have rejected the Hong Kong's $39 billion takeover, albeit it's quite interesting. I mean, you take some of the analysis by the likes of Berenberg, they're talking about 82 pounds per share being essentially a fully valued, integrated definitive, in parentheses. Anybody who can fully integrate definitive is a better man than me, I suspect and indeed a better man than several generations of management at Reuters, Thomson Reuters and Refinitiv all of whom have failed at this task. And the London Stock Exchange, it has to be said aren't even very good at actually integrating their purchases. Nevertheless, of $39 billion, we were talking about something like 82 pounds: Berenburg values at 83 pounds. What's the difference? Ladies and gentlemen, I suppose it's going to be the element of cash. That's presumably why we've got the Hong Kong exchanges making a lot of moves around London at the moment. They're going to visit all of the different investors they can possibly see. And why we have had one or two investors suddenly come out and slam the deal instantaneously. In parentheses. Would you trust a man with your due diligence who actually tells you that the deal is rubbish before he's even talked to the person making the bid? I don't think so. At the same time, much is going on beneath the scenes. I laid out a lot of the well, political and indeed the basis of the deal in a post for CapX That's the central Policy Studies website, last Monday. Blocking Hong Kong's bid for LSE would be a disaster I said I'm I still fully stand by that opinion. Indeed, the Hong Kong exchange may yet be forced to go hostile. And indeed, in terms of going hostile, it's actually fair to say that the people who went hostile first were the London Stock Exchange Board themselves. In a very measured statement last weekend, “the Board of Hong Kong exchanges had hopes to enter into a constructive dialogue with the board of LSE to discuss in detail the merits of its proposal and are disappointed that LSE has declined to properly engage.” That was in response to something that seemed like well, frankly, it wasn't quite that scene in “Downfall” where the hitler character starts stabbing the map and blaming all and sundry. But nonetheless, the London Stock Exchange did absolutely nothing to demonstrate their gravitas or their history through what was actually a rather snarky sniping, aloof, arrogant and unreasonable statement. Amongst the many things they said the chairman Don Robert and his letter stated there was “no strategic merit.” Really? Frankly, for someone who's only been in the job a few months, it would be fair to say that might be a neophytes view of the stock exchange business, but clearly doesn't demonstrate a great understanding of actually the bourse parish and the many dynamics that are underpinning it. The concept that the deal would be a significant “backward step,” as the LSE also asserted: was just unnecessary language from LSE. It was a sharp and unjustified rebuke, which did not become a regulated entity, let alone a very large, multinational regulated entity with a history like the London Stock Exc

Exchange Invest Weekly 013
This was the rather epic week when the Hong Kong Exchange surprised us all with a bid for the London Stock Exchange who are eager to imprison themselves in a Sisyphean restructuring - or the acquisition of Refinitiv as it is better known. Transcript (Links are below) This Week in the business of bourses, Hong Kong makes a surprise bid for the London Stock Exchange. Welcome to the Exchange Invest Weekly. Welcome to the Exchange Invest Weekly. My name is Patrick L. Young. Thanks for joining us. In the business of bourses this week, obviously, the Hong Kong exchanges surprise bid for the London Stock Exchange scoops the headlines, a $39 billion dollar offer coming out of the blue in many respects, advised by Moelis, seems quite interesting: why only one small investment bank would be the people who are advising Hong Kong exchanges? True, we don't need to have a plethora such as the London Stock Exchange where it's quite embarrassing to see, well essentially pretty much every bank that's ever been known to man or beast, what how many? Wasn't Refinitiv 36? 39? Something like that. Anyway, looking at this bid: quite sensational noise, fire, fury and actually nothing totally significant per se with a lot of curious juxtaposition between Hong Kong and China. It was generally a week for the pooling of ignorance amongst the chattering classes of financial media. Those who appeared on TV channels were generally, well, mediocre, frankly, in terms of their insights. The one thing that the Hong Kong exchanges approach has demonstrated so far very clearly is the rather closed mindedness of white middle aged man in London. Apart from that, it's all to play for in this deal, George Trefgarne, Boscobel, PR comms guru wrote a very good blog piece on the topic of the Hong Kong exchange deal during the week, and the glaring comms shambles which, well, it was worth reading whether or not PR fascinated you. I'd already been discussing that topic previously in the course of exchange Invest daily. There are, generally speaking, only a handful at most, of positive correspondents. Maggie Pagano added in a note for subscribers to the reaction service in the UK. Christian May the editor of City AM give it a positive if obviously guarded welcome. But it's a worrying paralysis of negativity from the section of the ‘media analytical complex,’ who are railing against nations curtailing free thinking, but seem broadly incapable of consideration beyond their own narrow white male bourgeois biases, whether within the M25, or indeed, in the case of former chairman of the CFTC Giancarlo - with whom I finally find something to disagree! - those within the Beltway. It's quite incredible given the fact that actually a successful Hong Kong bid for the London bourse would benefit both cities. This is about creating a mega massive power house between the two largest international financial centres of capital in the world. Nonetheless, this is of course tinged also with ‘Remoamian’ worry: for this is truly the ultimate deal in Global Britain! Forget LSE Refinitiv. LSE Refinitiv - yes! - built on the principles of global Britain and a post Brexit UK. But of course the terrible problem there is the execution risk. And the more we look at it, the concept of the LSE, itself a not terribly well integrated group trying to swallow whole the frankly irreconcilable to future reconciliation, staff of Refinitiv, nee Thompson Reuters, nee Reuters, is, well... it's impossible to see how they're going to manage to come together. These are people who've survived 10/20/30 years - whole careers, in fact! - with their heads down, effectively avoiding being a finite, organized, progressive

Exchange Invest Weekly 012
Links To Articles Mentioned CBOE Readies Amsterdam Hub Despite Brexit Uncertainty FT Deutsche Boerse Promoted To Euro-Zone Blue-Chip Stocks Index In Reshuffle Yahoo Finance NSEL An 'Employee Fraud', Could Be Resolved In 6 Weeks: Jignesh Shah Economic Times Nsel An 'Employee Fraud', Could Have Been Resolved Within 6 Weeks: Jignesh Shah Livemint HKEX To Invest In Data Technology Firm HKEX Hong Kong's Exchange Suspends Afternoon Derivative Transaction After Reporting 'Connectivity Issues South China Morning Post HKEX Website Hacked While It Halted Derivatives Trading To Fix Bug South China Morning Post A German Tax Case Is Putting The Entire Finance Industry On Trial Bloomberg Biggest German Tax Fraud Case Goes To Trial Deutsche Welle Bankers Face German Court In First ' Cum - Ex ' Tax Fraud Trial Brinkwire (press release) $11 Billion German Tax Scandal Probed By EU Bank Watchdog Bloomberg Law Freshfields Denies Wrongdoing In Tax Advice Amid 50M Euro Settlement Payout Legal Business (blog) How NSE Versus SGX Ended Up In Gujarat

Exchange Invest Weekly 011
Show Links & Transcript: Links: Fraud 1: Tax Fraud Searches At Deutsche Boerse's Clearstream Unit Continue Bloomberg FRAUD 2: Exclusive: Fake-Branded Bars Slip Dirty Gold Into World Markets Reuters Results: Tel Aviv Stock Exchange Second-Quarter Profit Down On Impairment Reversal Reuters Nairobi SE Profit Fall 82% On Brexit, Slow Economy The Star, Kenya DEALS: JSE Buys Share-Register Business Business Day PSE Launches Buyback, Creates Preferred Shares For Brokers Business Mirror The Long-Term Stock Exchange Raises $50 Million In New Funding Axios PTC India -Led Power Exchange Close To Launch The Hindu BusinessLine Power Exchange Backed By BSE, PTC, ICICI To Divest 60% Promoter Stake Primetime Brexit? 'No Deal!': Did Brexit Kill These Major UK Takeovers? PitchBook News & Analysis The “We Will Support Corbyn” editorial in the Financial Times Technology WSE To Launch WSE Data System In 2021 Warsaw Business Journal

Exchange Invest Weekly 010
It's our second official Alpha episode - issue 10 in the canon, after a break of a week... the major news flow is amalgamated from 12th -24th August in this episode, presented as always by Patrick L Young. Links to Stories: CFTC Removes Website Statements Concerning Wheat Price Case FT Kraft Heinz blasts commissioners' comments after $16M settlement CFODive HKEX Trading Fee Drops As Protests Dent Sentiment, But Ceo Hopeful Of Big IPOs Reuters ASX Limited Full-Year Results To 30 June 2019 (FY19) ASX Moscow Exchange Announces Results For The Second Quarter Of 2019 MOEX SIX Reports Solid Operational Performance For H1 2019 SIX London Stock Exchange Suffers 90 Minute Outage KITV Honolulu London Stock Exchange Suffers Worst Outage In Eight Years Financial News ECB Shuts Down Compromised BIRD Website ECB ASX's In-The-Works DLT Settlement System 'On Track,' Says Yearly Report Yahoo Finance Moscow Blockchain Voting System Is Easy To Hack, French Researcher Affirms Bitcoin Exchange Guide ACCC’s Rod Sims pushes for competition in e-conveyancing The Australian Marketaxess To Acquire US Treasuries Trading Operator Liquidityedge

Exchange Invest (Alpha Launch) 009
The Exchange Invest Podcast With Patrick L Young, all the exchange news that's fit to pith... To Sign Up For The Free Podcast Newsletter - never miss an issue - Click Here Also Sign Up For A Free Trial To Exchange Invest Daily The Live Launch Issue - Exchange Invest Goes Alpha! Hello Good Evening and Welcome, Ladies and Gentlemen, I have peppered the stream with some of the beta versions but on Sunday 11th August we mark the momentous day the Exchange Invest Weekly goes Alpha live! It's a review of the week in financial markets infrastructure, all the news in exchanges, market platforms, clearing houses, settlement depositaries et al looking at the leading stories from the Exchange Invest daily newsletter. The pith is all mine and the transcript of the show is below: Key Links In This Episode: China China Plans Biggest Futures Market Overhaul Since 2015 Clampdown Bloomberg Exclusive: Shanghai Asks For Slack For Debtors To Ensure Trouble-Free October 1 South China Morning Post Unrest Gives Hong Kong A Chance To Start Afresh Inkstone Hong Kong's Bourse Agrees Terms For Dual-Class Share Trading With Mainland China Reuters Results Tradeweb Earnings Beat As Revenue Meets Forecasts Investor's Business Daily Tradeweb Earnings Beat As Volume Surges; One-Time Expenses Hit Profit Nasdaq Virtu Announces Second Quarter 2019 Results Virtu B3 Announces Results For The Second Quarter Of 2019 Bovespa TP ICAP Hurt By Investment Bank Trading Woes Reuters

Exchange Invest Weekly (Beta) 008
• August 3rd, 2019 A big week as LSEG seeks to acquire Refinitiv, the TASE IPO takes place and much much more....

Exchange Invest Weekly (Beta) 007
• July 28th, 2019 Back to the Review of the week and lots happening around the parish as we look back to the amazing Apollo 11 mission anniversary... There's news about Tradeweb and sellers remorse, on the Star Market in Shanghai, oodles of product and a fair few job moves plus of course Brexit and an interesting interview with Stephane Boujnah...

Exchange Invest Weekly (Beta) 006
Issues? Mea Culpa - Commodity Futures Trading Commission - I seem to have inadvertently said Corporation...d'oh! ...but I wanted to retain the usual flow of live unscripted chat so here it is! Everything from the major week headlines, the TASE IPO, the poor perspective of some journey with regard to Blockchain and finance plus much much more... Enjoy!

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

Exchange Invest Weekly (Beta) 004
It was a full 5 day week despite the Independence Day holidays for the Exchange Invest newsletter and here are the highlights of the week including the Aquis purchase of NEX, some pondering outside the exchange parish on the EU's new presidents, the passing of Lee Iacocca, Arte Johnson and Christopher Booker as well as how the EU's protectionism against Switzerland's markets are faring as well as multiple job moves and indeed news from the parish of our representation at the World Soccer/football cup final... Production notes: still in beta but closer to launch formally than ever!