[00:00:00] Speaker A: This week in the parish of Bourses and Market Structure. It's morning at the SEC as ICE gets a UK carbon extension, EU polishing after food and there are some faas failure as a service Updates My name is Patrick Ell Young. Welcome to the Boris Business Weekly Digest. It's Exchange Invest Weekly podcast episode 325.
[00:00:32] Speaker A: Foreign.
[00:00:41] Speaker A: 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 Boris business and delete to your inbox. More
[email protected] over in Bit carnage, a case of forfudd finds a home in the week when Yihei, arguably Crypto's most powerful woman, has become Binance's new CO CEO. The curiously nomadic Binance seems to have found a home long anonymously dubious in its office locations. It seems Binance has chosen Abu Dhabi, where coincidentally, the now co CEO Richard Teng previously ran the ADGM Financial Center. If you enjoyed this excerpt, you may be interested to know you can read Bitcornage every day in Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on happenings in the world of crypto and digital assets, then you can find Bitcoinage as a standalone on Substack this week in Exchanges. Hooray. The excellent Paul Atkins went to Wall street and the Chairman of the SEC gave a magnificent speech, an ode to public companies far beyond the startup IPO unicornophilia, which has become a fundamentally flawed approach across the likes of Europe, in essence impeding value growth at the expense of fast leverage. There remains the worry about Chairman Atkins, given the TLD Trumpian cryptophilia, which is verging on the dangerous. Nevertheless, this is a terrific speech for free open markets, and the Atkins agenda is an exciting one, in precise contrast to how the Gensler doctrine was a NAF imposition of distrust and restriction on the fundamental optimism of the human condition as exemplified by the USA grow personally, culturally and through entrepreneurship and capitalism. It's morning at the sec, a welcome contrast to the depressing dismalism of Biden's Gensler era of bracket creep and expansive idiocy.
Chairman Atkins, as we always knew, trusts markets to deliver growth. Hooray. Now let's see the regime deliver a simpler regulatory system.
Then there's the ongoing growth of reluctance to have faith in the asx, where it's hard to find anybody left capable of supporting this monopoly, milking entity or disaster area, as I think the Exchange Invest Inbox could be reasonably surmised on the topic. In the wake of the IEX losing its monopoly on Indian electricity trading, the exchange looks to review its stock momentum with an IPO for its IGX Gas Gas Exchange subsidiary. News that ICE will extend their UK government contract for emissions auctions through 2028 reminds me of that zinger from the inimitable comedian long term professional geriatric George Burns. At the tender age of 98¾ or thereabouts, Burns was asked if he still intended to play the London Palladium to celebrate his 100th birthday. Burns responded in the affirmative, adding provided the London Palladium is still standing, I'm minded to wonder if ICE management feels the same way about the UK government looking at 2028 by which stage the UK's fabric may be stret. I won't say the next word after EU polishing, but essentially vested interests are wildly enthused because the Brussels Blob has proposed a lot of agate prop without any coherence, again masquerading as a capital markets union strategy again. How many times does Brussels have to fool its useful idiots before they realize they ought to be shamed? I make it about 8 times and counting just on the non existent CMU. The only coherent bit is the stupidest move yet. Oversight by ESMA of all markets. In other words, centralizing exchanges with the idea of creating a monobor switch is so socialistic the often doctrinaire Communists of China have eschewed this idiotic notion. Thus fecal matter polishing remains the order of the day in Brussels as opposed to any coherence. As discussed all too painfully often in this newsletter, the EU no longer understands how economy grows because all they can do is issue edicts and banalities like this latest drivel masquerading as a strategy for better capital markets. The clearest approach, of course would be to just get rid of the myriad of nonsense the EU has cocooned markets in for the past generation.
Lots of EU folk are very excited because the ECEU has issued some sort of verbal diarrhea which amounts to nothing. The whole system appears tragically rotten to the core. Alas, in this week's failure as a service update, ASX have issued verbiage which is pretty much equivalent to an EU missive on CMU, and CME's outsourced partner says whoops, human error because somebody seemingly forgot Chicago can get cold in November. Who knew.
[00:04:55] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrivativesvision.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.
[00:05:12] Speaker A: Find this podcast Binance meanwhile announced an HQ See bitcornage above and that happens to be ADGM where the Binance now co CEO used to be the boss. If you're a Cyrus staffer working for cme, you may be able to use the metaphor coming in from the cold. But as Binance is now headquartered in the desert, this may only appear logical if you can understand why CME outsourced critical infrastructure in the first place. Or something like that.
Over in Results Jamaica stock Exchange Group third quarter profit down 30% in a subdued market, although they're still doing pretty well overall year on year for the first nine months. New Markets the Electronic securities Depository has gone live in Windhoek in Namibia. A welcome exchange to the Namibian exchange landscape with the delivery of a CSD to sit alongside the NSX run by Tian Bazouin, who was our Guest on IPO Vid133 Unlocking Namibian growth it was still a remarkably busy week for deals in the Parish, even as we approach the festive season. All the deals were in exchange. Invest daily in 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 a couple of edited highlights. First up, iex As I mentioned at the top of the show, the Board of the Indian Gas Exchange has approved kickstarting the IPO process of the Indian Energy Exchange subsidiary, a fascinating potential spin off to help the iex, whose once stellar stock price has been trimmed by the opening of its previous monopoly in electricity trading to a wider range of markets. Then came news from Germany. Tradegate Exchange pretty much as expected, and Berlin are merging to form TradeGate BSX. De facto Deutsche Bose now becomes a 42.86% shareholder in the historic Bose Berlin through the retail focused tradegate Exchange. Don't forget we're running through our end of year reports at the moment on IPO vid. You can catch those by going to Facebook, LinkedIn or YouTub. Searching for IPO Vid Coming live this week we've got IPO vid highlights part two. That will be episode number 196 with 195 already in the can this week. The first half of the year summarized our finance book of the week. Jay Kuznos Face your financial fears the simple guide to fixing your relationship with money, making personal finance accessible with actionable steps to address money problems and setting measurable goals that are relevant to the person.
Don't forget Jake was also our guest in a recent episode of IPO Vid. Over in product news CBOE, they're going to be offering your 24 hour trading for Russell 2000 options extending global access to US small cap equities. In other words, I suppose the phrase there could be SIP off CBOE is creeping closer to delivering options for rest of the world options traders as the actual cash equities exchanges are being held back in the US by the Data Politburo of the sip, strangling US Cash expansion into longer trading hours.
Technology is Ugh ASX Another company announcements failure in this case the blackout was finally resolved. The latest technological meltdown. No coherent apology. C suite and board are still troughing their sinecures with no evidence they are actually fit for purpose Brewery excessive drinking organization having now eluded ASX in its supposed home domain. We're a technology company as the office of the CEOs were inaccurately representing for years. Folks in Sydney are finally getting seriously worried. Internally, the ASX has seemingly zero accountability. Externally, the ASX appears to be getting ever closer to being held in widespread contempt by the market participants and its peer group. CME's data center outage, as I mentioned at the top of the show, was caused by human error. According to Cyrus1 failure as a service personified. CME's outsourcing helped keep the clipboard wielding, lanyard wearing classes and a job, but it failed the markets. Will CME make a vault of our chain take charge of their tech? I'm not holding my breath for either an outbreak of management as opposed to cost cutting, nor an apology either in regulation. Of course, everything was dominated this week by that Paul Atkins speech revitalizing Americans markets at 250. Interesting news. @ the same time from India, SEBI may issue an LODR review paper in four to six months. So that's an upheaval in listings looming for the Indian marketplace. Will it match the seismic shift from the US SEC heralded at the NYSE this week?
Then we've got spot on comments from Ken Griffin. Indulgence of the tokenizers can only result in stock market harm or as the headline went, defi exemption could create a shadow equities market, said the Citadel boss Career Paz this week. Andre Helfenstein has been appointed Chairman of the Board of Directors of six with the retirement of Thomas well, our previously announced former Credit Suisse CEO who's been on the board of six since 2020, will now replace him the same time Deutsche Bose moved in swiftly and prematurely early. That is to extend the mandate of their Chief Information Officer, COO of DB1, Christoph Boom.
And finally in Korea Pass this week Connemara Technologies EP3 have promoted Daniel J. Davis to Chief Revenue Officer. All the very very best to Dan over in Big World the Ukrainian government originally needed around $100 million a day to defend itself against Russian invasion, a figure which has risen to around $130 million in the current times.
Ukraine likely goes bust in February next year, according to the eu, which has resorted to taking frozen Russian assets to fund the corrupt Kiev government. Belg government is currently objecting to this initiative from the other side of Brussels for the simple reason that it senses another short term EU fix which could result in long term consequences, in this case a likely perpetuity of Russian litigation. And on that mysterious and magnificent note, thank you for listening to this AEI weekly podcast number 325. Join us daily viexchangeinvest.com or if you have any exchange or marketplace you'd like build, get in touch. My name is Patrick Gally. I'm going to wish you a great week in life and.
[00:10:57] Speaker B: Markets.
[00:11:15] 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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