[00:00:00] Speaker A: This week in the Parish of Borusses and Market Structure. Normal service from Exchange Invest as Hurricane Erin tore through the Caribbean in results Hong Kong exchanges sparkle Manila soars as ICE published their bond rules, a token crackdown is sought for misaligned market integrity and in central Southern Europe, a form of Sea Link 2 is rising. My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 310 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 and happenings from the past seven days can be found in Exchange Invest Daily subscriber newsletter, the unique guide to the boss business sent daily to your inbox. More details and details of a free seven day trial are
[email protected] over in Bit Carnage, a reign of token terror is upon us. The inadequately named World Federation of Exchanges, WFI as it's known without affection, is a fairly inept body and hardly meriting the notion they are truly the leading Exchange parish global trade body. Spoiler alert, they aren't. A body with grand title and broadly trashed credibility has nonetheless come up with a sound idea to challenge the fiasco which has been tokenized stock trading with a DLT settlement. Thus MSN via Reuters Stock exchanges urge regulators to crack down on tokenized stocks. Clearly this initiative by wifi that cannot have been discerned by their own inept C suite, but has rather been suggested by rate members trying to get some value from the membership fee. It also helps the US country club listings duopoly not be seen in the primary wave just when a lot of crypto companies are seeking to list in the usa. To that last point, once again, don't start me on the fact there is such a fantastic new market structure that to get your stock properly priced and traded you list it with the legacy system. Not in crypto world. However, by starting the discussion this way it places a primary line of pressure through Iosco, which is a good idea. The SEC crypto task force now needs to show it has ability to discern between what regulation is supposed to do and what look worryingly like a get rich quick mentality from some folk very proximate to the President. However, the key takeaway is the crypto industry has overstepped in its hubris with tokenized schlock, not stock masquerading as a supposedly coherent financial product. My original point of VLT stuff from the last crypto winter is still valid and with no movement to a 2.0 element to crypto at all, this seemingly invincible thing is going to all but disappear. QV for all the hype, the global value of crypto is still less than Nvidia and Microsoft's market cap. At least when these shares are traded on proper stock markets, that is. If you enjoy this excerpt, you may be interested to know you can read Bitcornage every day in Exchange Invest. Alternatively, if you want a full of Bitcoin, the daily update on the happenings in the world of crypto and digital assets, you can find Bitcornage as a standalone on Substack this week in exchanges it was great to see a nice Texas gearing up with Governor Abbott ringing the bell of the nyse, which was itself on tour in as his former staffer Brian Daniel is stepping up to run Mycie Texas itself. Albert Pithily noted in an address at the ATT Stadium in Arlington, this is the home of the economy. It's going to be the home of financial exchanges going forward. It's going to be y' all street instead of Wall Street.
Meanwhile in Romania, the Ministry of Finance, the Bucharest Stock Exchange are joining a project to integrate regional capital markets. Excellent news that is. A formal agreement is to be signed for a larger version of C Link with EBRD stewardship creating a network of Bulgaria, Croatia, Hungary, North Macedonia, Poland, Slovakia and Slovenia looking to maintain their separate identities but more cross border cooperation. A story we first covered last November. CME Group and Fanduel they're going to be partnering to develop innovative event contract and indeed over at Deutsche they've inaugurated a new office in Hyderabad. Indian coding can be fabulous, but I'm minded to wonder just what has TB1 powering into another new mega office with lots more bodies on the payroll when the people who lead the tech market and big world are all killing coders because they can deploy AI prompts to do a lot of the required work. Hashtag asking for a friend.
It's finally happening. After a lost decade, the NSEL settlement is happening. Meanwhile in that fragrant disaster area in Australia.
ASIC's inquiry into the ASX has apparently hit a speed bump, but work is ramping up. Apparently former CEO Dominic Stevens was reluctant to participate in the ASIC forum initially.
[00:04:19] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrevativesvision.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.
[00:04:37] Speaker A: Find this podcast in results this week, HKEX great numbers altogether revenue plus 32% EBITDA plus 44% Bonnie Chan and team ought to be making a fuss. Bang a gong. Scintillating results from Hong Kong exchanges as the SAR roars back in the world. Meanwhile, record results as well at GPW the Warsaw Stock Exchange sales revving up 19% EBITDA 43 net profit up 42.9% healthy growth at GPW and Q2 and H1 as the new management team led by customer centric CEO Thomas Bodzielowski is obviously paying off. In Manila, staggering results altogether operating revenues plus 82% as finally the PDS the bond exchange is added to the balance sheet of the Philippine Stock Exchange in a cross Manila merger. Over in new markets, the new Moldova Stock Exchange is launching with bvd, MYB and Premier Energy as key investors. Apparently the Chisenau Stock Exchange's license had expired, so now there's momentum to build a capital market around the Moldova Stock Exchange, a legal entity for several years but never authorized or operational. Bucharest SE is looking for shareholder approval to invest in the Moldova SE entity and the launch is scheduled for September 15. Elsewhere in the Middle East, Tadawul is studying the feasibility of a Damascus stock Exchange project. Our finance book of the week is Market Unbound, a classic unleashing global capitalism. Rather dated these days by Lowell Brown and Diana Farrell, but it's a classic roadmap from the turn of the century, outlining how the power of the global market would come into being.
Product News this week ICE have announced their treasury clearing application rule book having been published by the U.S. securities and Exchange Commission. Fabulous news all around. MCX's share price rose 4% after the company launched nickel futures and the NSE launched their indices on the Nifty India FBI 150 index as Poland plans to restore the obligation to trade electricity in a free market via the exchange, which is great news all round.
Technology this week, hackers from the guerrilla movement ATTES attacked the largest commodity exchange in the Russian Federation, SP Bimex. In St. Petersburg, a network glitch hit the Zimbabwe Stock Exchange and S and P Global partners with Google Cloud to expand AI ready data access to the commodities sector.
Great news this week in the Will he be approved? Telly novella about CFTC nominee Brian contends he looks frankly to be increasingly in new territory. Nominee in name only. Elsewhere, the SEC has tapped a senior military judge to be Enforcement Director Margaret Ryan, known affectionately as Meg, a senior judge of the United States Court of Appeals. The Armed forces will take up the position on 2 September. Meanwhile in New York, with a truly loony left candidate and skewed to be the next mayor of the City of New York and his closest opposition being not exactly super credible themselves, New Yorkers might like to consider ahead of a new His Honor election later in the fall that New York State lost a stunning 2,009,577 people between 2015 and 2024. If Zoran Mundani is elected and alongside his state owned grocery stores adds another 2% local tax rates, then New York City could even surpass the leading state depopulation numerically far larger California at 38.9 versus 19.6 million residents respectively, but nonetheless the leader in people fleeing for better pastures and more investor friendly states of the United States of America. And on a mysterious and magnificent note, thank you for listening to this EI Weekly podcast coming to you from a rather odd recording spot, the Turkish Airlines Lounge at Miami Airport. Join us daily by exchangeinvest.com or if you have new Exchange, a marketplace you'd like to build, get in touch. My name is Patrick Elyoung. I wish you a great week in life and markets.
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