Episode Transcript
[00:00:00] Speaker A: This week in the parish of Bourses and market structure. Terrific numbers from NSE Rich McVeigh retires. SEBI have clearing concerns. There's going to be more Terry Duffy and six Buys Aquis. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 271 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 many events and happenings from the past seven days can be found in Exchange Invest Daily subscriber newsletter. The unique guide to the boss business. Send daily to your inbox. More Details Exchange Invest com over in Bit Carnage one weekend down well actually by the time we read this she'll be in the middle of her second weekend, still about 100 to go, presuming she serves a full term. Carolyn Ellison has begun her two year sentence for her role in the Bankman Fried FTX fraud. According to AP News, she reported to the Federal Bureau of prison in Danbury, Connecticut on Thursday, 7th of November. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day in Exchange Invest. Alternatively, if you want to follow just Bitcarnage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcarnage as a standalone on Substack this week in Exchanges Big news Tokyo Stock Exchange's arrowhead is in place. That means the TSE now opens a half hour later until 3:30pm in the afternoon. First extension of opening hours in 70 years over in India. A little bit worrying. India equity clearing corporations need diverse ownership, says a Sebi official. That's a huge concern. Just when the mood music seemed to have changed towards an NSE ipo, suddenly we have talk of forcible demerger of equities clearing at all. Worrying news from India Prediction markets basking in their election win. Can it last? Well, who knows frankly ladies and gentlemen. But of course what we know is there's always that massive cycle between four years events which are the presidential elections and all the other stuff which just isn't remotely as exciting. Meanwhile, in results it was a mega busy week for results in the parish. All the details were in Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. And don't forget, Exchange Invest can be yours for a mere $499 per annum. For the sake of this podcast, let's look at some edited highlights. Rich McVeigh buys out as chairman of Market Access, a company he co founded with a 20% rise in revenues, 30% rise in net income. Great numbers to go out on. All the very, very best to him. Meanwhile, Euronext, they produced a revenue and income of up 10% net income minus 4.2% and are thus adhering to the European rate of growth over at NSE India, where of course, they're optimistic they might get an IPO away in the near future. Total income up 25%. Consolidated net profit up 57%. Oh, the irony of this, ladies and gentlemen. The results were up on the grounds that they didn't get fined as much for previous indiscretions as they expected, so returned some money that they had locked off back to the balance sheet in deals. It was a busy week for deals in the Parish. All the deals were again in exchange. Invest Daily, the newsletter no person can afford to be without in capital markets. Market structure. One deal we're going to look at this week. 6. They're expanding their European exchange capabilities by acquiring Aquis. Very, very interesting deal. Alistair Haynes was always going to be looking for an exit soon and this is a very encouraging deal for the Aquas team, which has done many great things over the course of 12 years, but ultimately sat on the wrong side of the Atlantic as the transatlantic gulf exploded. It's a fascinating deal for Six as it gives the Swiss exchange a fascinating angle into the unique European subscription exchange. And it's hard huge price, $267 million, albeit a significant premium to recent trading. This deal subtly reshapes the broader European equities listing and trading firmament, as well as IT systems vending to exchanges. I think it's a great deal for Six and a good deal for Alistair, who goes out at around 12x. What I recall was the original valuation 12 years ago. Clearly the big impact is that 6 are also going to be making noises to continue selling Aquis it, along with the question, will Aquus replace the existing NASDAQ tech stacks in 6BME as well? For now, it's a rather seismic balance sheet edition, which makes essentially Aquis a leading player in the world of exchange tech sales all of a sudden, alongside the likes of Vermiculus, with of course the clear leader being nasdaq.
There's also going to be a rejigging, by the looks of it, of Six's euro consolidated tape plans. Previously they were a member of that consortia of 14 exchanges. Euro CTP. Six have now signalled they may join the Aquisebo Joint Venture Complict.
[00:05:31] Speaker B: Thanks for listening to ExchangeInvest Weekly. We welcome your feedback. You can contact me directly patrickderrivativesvision.com with any comments. Meanwhile, if you enjoyed this show we would welcome you giving us a thumbs up. Or if you have time, a positive review will always be welcome wherever you find this podcast.
[00:05:50] Speaker A: Meanwhile, Exchange Invest is very proud to have launched a special edition inspired by my visit to ring the closing bell at the New York Stock Exchange in July the fifth. My original bestseller Capital Market Revolution has been updated 25 years on with 10,000 extra words of additional pith, placing the past quarter century in perspective alongside the original text which has proven remarkably successful through the years. Capital Market Revolution 25th Anniversary Edition is published by Exchange Invest is now available as an e book via Amazon Kindle at the ludicrously Reasonable price of $9.99 a quarter the price of the original shorter print book a quarter century ago.
Don't forget. Also, if you fancy some financial insights with moving pictures, check out our live streams Tuesday 5:00 London time, 12:00 New York time. The IPO Video Live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Now online is Mellow your Money with Mick Hayman as our guest. That was IPOVID160 and coming up next week we're going to have IPO Vid161 the evolution of Markets Technology by the fabulous Louis Jan Bontes in Finance Book of the Week. Well good grief, the folks who wrote this have even got a Nobel Prize now and deservedly so. Why Markets fail draws on 15 years of original research with Nobel Laureate Durham, Assamont Blue and James Robinson conclusively showing that it is man made political and economic institutions that underlie economic success or the lack of it. That's a fabulous book ladies and gentlemen. An absolute must read. Good for Christmas stockings as well if you're looking something. And on to Technology News. R3 Corda have been selected as the first authorized DLT platform for the European DLT pilot regime. Interesting. Also vermiculous. They have opened a new office in UMEA to support their continued growth. Way back then good reef we were in single figures of Exchange invests. Exchange invest94 September 20, 2013 There are reports of Snober opening their UMEA development offices with then Zinnober Chairman Nils Robert Pearson generously inviting me to cut the ribbon to open the facility. Now his latest venture Vermiculus is opening a development hub in the same Pulsating University City in the north of Sweden. Interesting times. I wish Vermiculus all the best with this latest element of their incredible startup expansion journey. And indeed I'm still available for ribbon cutting if requested.
Regulation News Lockpal that's the Anti Corruption Ombudsman in India. He's making inquiries about the recent accusations by Hindu research which have dogged the Sebi chairman even after the regulator itself cleared her of malpractice. Career News One year contract expansion for Terry Duffy, the bse, the Bombay Stock Exchange. Their chairman surprisingly resigned. Apparently Pramod Agrawal reckons he's got a new appointment coming up which would provide him with a conflict of interest. The Pakistan Stock Exchange have appointed a new CEO. He's the former SAP CP chief Farooq Zab Zwari. As I mentioned earlier, Rick McVey is retired from market access after 25 incredible years. And all the very, very best to Rodrigo Buenaventura. He's been appointed the Secretary General of Iosco, the international regulatory body. An interesting move. And of course it means that Rodrigo doesn't have to move house, presumably because he'll only be commuting from one side of Madrid to the other.
A rich list compiled by Research Group Harun had sanguine data about dollar billionaires in China recently. Their ranks have shrunk by more than a third over the last three years. There are now 753 Chinese dollar billionaires, representing a 36% decline since the 2021 peak of 1185. During the last year alone, the number of dollar billionaires in China fell by 16%. Henley and Partners separately note that Chinese millionaires and billionaires are leaving China in record numbers. Some 15,200 are expected to emigrate this year. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast or 271. Join Us Daily viexchangeinvest.com or if you have a new exchange you would like built, get in touch. My name is Patrick L. Young and I wish you a great week in life and markets.
[00:10:26] Speaker B: This show relates to the business of bourses. It is not to be construed as investment advice nor are we making any investment recommendations. Please consult an investment advisor before you make any investments. And for goodness sake, do your due diligence and do not make investments without complying with the regulations in your home state. Exchange Invest cannot be held responsible for any investment decisions made as a result of our program, which is for entertainment purposes only.
The material herein is copyright Patrick L. Young at the date of publication, while our music and sound effects are sourced from copyright free sources. Thanks for listening to Exchange Invest Weekly. The exchange of information.
