Episode Transcript
[00:00:01] Speaker A: This week in the Parish of Bourses and Market Structure, Namibia demutualizes Hong Kong Exchange's profit blitz. It's a dire DB One day and Affix gets a deal Tweak My name is Patrick L. Young. Welcome to the BORSC Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 321 Foreign Ladies and gentlemen, this is a very brief reduction of the highlights amongst the key headlines from around the world in market structure this week. All of 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 Boris business sent daily to your inbox. More details exchangeinvest.com over in BitCarnage if you don't read anything else, read the speech which we have linked on our website by Governor Moran of the Federal Reserve on stablecoins and monetary policy, a central banker's lament on what may or may not be the future of stablecoins and a fair appraisal of what yet could go horribly wrong. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day and Exchange Invest. Alternatively, if you want to follow Bitcoin, the daily update on happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on substack this week in exchanges the EU antitrust body has struck they're 26 years later. They're probing Deutsche Beza and the Helsinki Exchange now owned by Nasdaq over financial derivatives issues. It's a very, very strange tale. So 1999, that was way back when Nokia was the Helsinki stock Exchange in many ways. Then again, is this sufficient for such a broad based complaint or is there more here around exchange traded derivatives and say indexes? On the other hand, if the European Commission's ANT Trust are so concerned about Helsinki and Frankfurt skewing non competition and trading clearing of financial derivatives, where does this leave the Monobor's madness alongside intentions for a monopoly exchange and indeed the idiocy ongoing of Monoccp at Eurex for Euro instruments, which is beyond Trumpian in its contempt for free trade. DB1 at one stage was down 4% on the day in European afternoon trading and I would note too that Nasdaq were named, albeit OMX only acquired the Helsinki exchange in 2003 and it was several years before OMX was further acquired by Nasdaq itself.
Over in Korea a protectionist stabilizer kicks in, precluding more trade on the nextrade its platform for fear of taking too much volume from incumbent monopolist exchange krx as under the enforcement decree of the Financial Investment Services and Capital Markets act, the six month daily volume average in an alternative trading system must not exceed 15% of the Korea Exchange volume over the same period.
Great news from Namibia. The Namibia Stock Exchange is going to be listing on its own bourse and it's going to be operating as a profit making public company and Burson Zeitung in an article headline Mertz stops short of addressing the real problem demonstrates pragmatism where German Federal Chancellor Mertz has expressed profound pillory with the daft and pro notion of a monobourse which is essentially a gift to the Powerpointers of Eschborne, also known as the DB1C Suite.
[00:03:23] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly directly patricerivativesvision.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.
[00:03:43] Speaker A: Over in Results it was a busy week for results in the parish. Major, major highlight though. Spectacular profit jump from Hong Kong exchanges plus 56% on the period on pretty much universal good news underlining the success of the bounce back alongside sign management under Bonnie Chan. Meanwhile you're next at a more 10% growth but still record territory for a business which is based in the heart of Europe.
Over in deals this week, various things happening. A submission of request for the revision of the voluntary share exchange is a very boring headline from Euronext, but with only hours to go now as the offer closes on November 17th and clearly an element of panic as the decline in the Euronext share price has provoked concerns the previous outright purchase is not happening amidst some broker worries, etc. Which the bidder has been eager to rebut. Albeit I can see that both ways. Ways while believing Euronext doubtless has no intent per se to dilute local brokers. However, what they're asking for now is 50% plus one share being sold as the benchmark, which we can clearly construe as Eurex having had at the time they requested it no more than 50% plus one share pledged, this looks as if it's going to go down to the wire. Charles Schwab They've bought the private share platform Forge Global in a $660 million deal. According to CNBC that was a $2 billion SPAC in 2021 sponsored by Motive Partners which since much like public markets not quite lived up to the hype. Fabulous news from Trading Technologies. They've announced the closure of their investment from Thoma Bravo continuing Thoma Bravo's history of dealing in financial technology companies around about the Parish. Meanwhile, don't forget you can catch up with our live streams, financial insights with moving pictures. Check out IPO Vid Tuesdays 5:00 clock London midday New York time, the IPO video live show, catch the back episodes on LinkedIn and YouTube and indeed if you look for IPO vid you can now find Face youe Financial Fears. A fabulous show we hadwiche Kuzeno and coming this week we've got highlights from the AFM's Tech Day supported by Connemara in Chicago with the incredible, the inimitable, the OG of exchange traded derivatives, Dr. Richard Sander our Finance Book of the Week is from our dear friend Reiner Zitleman, examining how we think about a minority that, while undeniably powerful, can still be the subject of scapegoating, often with dire effects for us all, the rich in public opinion. What we think when we think about wealth is our Book of the Week.
Don't forget it's the conference highlight of the year is looming, ladies and gentlemen. You've just got time to get there. If you're listening to this very early in the release cycle of this podcast. After keynotes from Nairobi, Yerevan and further afield, I'm joining the AFM Tech day on Friday 14th November to chat with the OG of ETD and many other markets beside Professor Richard Sander. How can you possibly not be with us? Ladies and gentlemen, and indeed Exchange investors delighted to support the AFM Tech Day 2025 hosted by association of Futures to Markets at the Union League Club in Chicag, Chicago this November 14th. The event brings together innovators and operators who are shaping tomorrow's exchange technology, exploring everything from matching engines and APIs to digital asset integration and real world implementation strategies as the exchange of information. We're delighted to support this forum where technology meets transparency and ideas drive the next generation of market evolution. See you in Chicago Technology news this week Market Access have unveiled fixed incomes first opening and closing auctions designed to improve pricing and liquidity, a first major initiative for Market access in the post Richard Vicvay era of management.
News from the Euroconsolidated tape EuroCTP BML the Dervishes of Data. They're going to be supplying data quality calibration for the European Consolidated tape initiative. Even in the blurb speak, it's remarkably clear BMLL will help Euroctp validate its data quality control designs and calibrate thresholds and parameters ahead of the tape's potential go live. The collaboration will enable Euroctb to bridge the historical data gap inherent to launching a new data product. With access to BMLL's extensive data sets covering over 100 trading venues, quality data is the watchword of making great markets. Excellent news and richly deserved by bmll, recently acquired by Nordic Capital. It was a fabulous day with this announcement improving what a proper consolidated tape can look like. For once, a European delay looks like being worth the wait. Over in Regulation One story to highlight Texas Proposition six prohibiting taxes on certain transactions Amendments in Securities Motion approved Zero transaction taxes via Texas Exchanges will be the order of the day going forward in career paths. Alessio Mottola has been appointed CEO of your next clearing. Alessio is replacing Roberto Pecora and Viral Davda has been elected as CIO after a period as Deputy at BSE India. He was also the former CTO of ncdex. And that leaves us just to the wonderful world of Big World Ladies and gentlemen, the sinking of this Celtic Tiger may be looming once the Trump administration focused fully on a nation which just elected a seemingly anti semitic hard left independent in a presidential election contested between indentured mediocrities of the left. Bear in mind one simple, stunning economic fact, which, if we know it, US Trade Secretary Howard Lutnick knows too. Ten US multinationals amount to 60% of all Irish corporation tax revenue, amounting to a critical $30 billion and more of revenue every year to the Irish Exchequer. The Irish cavalier attitude of repeatedly defying the US at the UN might yet haunt the defianbly anti Israel bien pont political types of Dublin. And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast number 321. Join us daily via exchangeinvest.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.
[00:09:42] 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.
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