[00:00:00] Speaker A: This week at the Parish of Bosses and Market Structures, Siptastrophic piranha fish and more. La Femme into orbit. There's a healthy IPO pipeline debate and more. Welcome to a Christmas Festive Season Catch Up Edition. My name is Patrick L. Young. Welcome to the Borscht Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 327.
[00:00:32] Speaker B: Foreign.
[00:00:44] Speaker A: 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 Boris Business sent data to your inbox. More
[email protected] over in BitCarnage, well, there's a delivery void as the CFTC withdraws guidance on actual delivery in crypto transactions, leaving regulatory void as payments noted, the CFTC withdrew its previously issued guidance concerning the meaning of the term actual delivery in the Commodity Exchange act as it applies to digital asset transactions. Whoops. The actual delivery of pixels.
It's complicated.
If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day in Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on the happenings in the world of crypto and digital assets, you can find Bitcoinage as a standalone on substack. NASDAQ wants to serve its customers across the World outside the narrow 0930-04:00 Eastern Standard Time window. But that miasma of regression which is the Politburo of the SIP is precluding the US country club duopoly from taking their world beating brands to the globe. Utter madness. And Nasdaq are right to be pushing the issue. This is way more important than trying to keep the crypto bros happy. Hong Kong is looking to a bumper multi asset future in 2026 and beyond as the Texas Stock Exchange has now raised $270 million and some folks say the bubble is an AI. CBOAS has been discussing its future even as it's on the sale block and Hong Kong exchanges pondering longer hours.
TXSE still resembles a ketchup lather diver in a pool of piranha fish. Caroline Pham, the acting Chairman of the CFTC and is joining Moonpay as their top regulatory honcho, having had a remarkably high profile year as acting CFTC Chairman.
[00:02:35] 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 find this podcast.
[00:02:55] Speaker A: Elsewhere some fascinating tweaks in Hong Kong which ought to make the IPO market bigger and better than ever as Japan faces a content squeeze next year and a raft of delistings. Nasdaq are however, confident of a healthy pipeline. Its prediction markets appear to indulge insider trading and the Manila Stock Exchange has bought another line of SPDS stock as Ethiopia prepares opal futures. The optimism for IPOs such an extent that I'm beginning to wonder there's something hugely wrong with the world economy or the well, let's put it this way, there's an infallible rule that when every exchange is hyping the listings pool, it's usually a sign more of desperation or of an extended economy.
Funnily enough, I think we may be okay for now, but it is a cause for concern, especially among sports where their C suite have a track record of predictions several sigma removed from a wet lettuce in the same field, AKA sub zero credibility. That said, Nasdaq being optimistic. That said, Nasdaq being optimistic is vastly more significant as let's face it, nice. Nasdaq and Hong Kong exchanges are the world's listings right now, so what they say about the pipeline has a lot more data points to be credible. Elsewhere, Israeli stocks are following various Middle Eastern markets by moving to Monday to Friday as a work week. Meanwhile, over the holiday season we produced a cornucopia of year end catch up editions. If you start a free trial right now, ladies and gentlemen, you can actually read everything from discussions of the Great Gatsby through our reviews of public and private markets, a review of new markets, discussions of deals, technologies, the key obituary section, career paths and regulation, and indeed much, much more, including a preview for 2026. Go to exchangeinvest.com to subscribe now. Nasdaq are seeking to exchange their trading hours as we mentioned at the top of the show, as Wall street is gearing up for 24x7 moves, I can fully appreciate NASDAQ's abject frustration as the SIP Common turn continues to do its Polity Bureau paralysis of progress, all in the interests of. Well, the interests of what really. The SIP project is now as redundant to Paris progress as the Australian Stock Exchange as discredited too. Nasdaq wants to provide markets to customers, as does NYSE, which was approved to go 23 hours long this year, but SIP said no. Technically SIP couldn't actually say anything as they agree on less than those negotiators representing north and South Korea across that old building straddling the dmz.
Thus, as a reward for being the best franchises listings worldwide making a Super League of Two, the US blob is stifling the opportunity for the US's mega bourse brands to deliver the services the world wants. Of course, dynamic entrepreneurs like the good folks at Blue Ocean have created the overseas market most never saw coming. But the notion the US by dent of its own stupid rules is harming the ability of US firms to export their services sounds like the sort of case that ought to be egregiously feeding MAGA missives. China, Vietnam or whoever haven't done a thing here. Good old Uncle Sam's own are shooting national progress in the foot. Readers will recall that Niceie first filed AFTRA's permission in October 2026 and was granted approval in February 2025. But as we all know, the SIP said no because the SIP is an embarrassing legacy of 1975. I remain uncertain. Even Rig Man NMS is such a great idea. And by the way, I can recall an SEC commissioner years ago pointing out he didn't believe in it much either. His name was Paul Atkins. I wonder what happened to him and the rest of the pith was an Exchange Invest the Exchange of Information. Sign up today at exchangeinvest.com, a subscription to Exchange Invest Daily means you can also access our useful explainers such as sips A Guide for the Perplexed Hong Kong is looking to improve its connectivity. It's got all sorts of great product plans. It's looking to improve the retail investor base. All very, very exciting stuff. The key now for Hong Kong exchanges is also the Multi Asset Era with RMB Yield Curve a truly scintillating prospect to multiply Hong Kong exchanges alone. NASDAQ President Nelson Griggs he was the man who put his money where his mouth was and said he was looking at the most diverse IPO pipeline in years. While Singapore Exchange even seems to be optimistic on the idea that there's going to be more IPOs as momentum apparently continues in the city state Fanduel and CME have launched, FanDuel predicts to give customers the power to predict and trade on tomorrow's headlines. As LTel's Retail Trader Emporium grows further, TradeWeb CEOs talking about how round the clock trading is going to become mainstream in the very near future and the Israeli Bourse it's not trading around the clock, but the Tel Aviv Stock Exchange is going to be shifting to Monday to Friday trading to woo capital from the world's markets that trade Monday to Friday. NSDL, the Indian Securities Depository paid 15.57 crore rupee to Sebi to settle a regulatory norm violation case and the board of the NSDL has approved a dilution of their stake in NSDL Payments bank by 4.95%.
No results over the festive season. No new markets either. One deal though. The PSE, the Philippine Stock Exchange in Manila, they acquired Land Bank's 2.15 stake in the PDS, the Philippine Dealing system, the bond platform exchange that Manila now owns. 94.21% off 100 is insight.
Don't forget ladies and gentlemen, if you'd prefer to add some pictures to your listening to my dulcet tones, we're back next week. IPO-VID is coming Tuesday 5 o' clock London 12 o' clock New York time. The IPO vid show it's going to be BMLL a new chapter with returning guest the excellent redoubtable Paul Humphrey. Our Finance Book of the Week this week is Philip Auger the Greed Merchants how the Investment Banks Played the Free Market Game, explaining how banks make money by acting simultaneously for buyers, sellers and themselves while avoiding fee based competition. You can catch our Book of the Week every week in our free newsletter Exchange Invest Weekend, the EI Weekend product. You can also sign up to by dropping by our website exchangeinvest.com join us for a more Mac read over in Products the New York Stock Exchange They've entered into agreement with MSCI to become the US options listing venue for benchmark indexes in early 2026 from the MSCI stable while in technology. Finally it's approved. In the quiet days of Christmas the announcement came out that ESMA have selected Euro CTP to become the first consolidated tape provider for shares and ETFs across Europe, granting a five year license, albeit granting a five year license to the only bidder. And of course it raises the question of just what is the common turn of the Europe Shame Commission even doing issuing these sorts of licenses in the first place. As I mentioned in Career Paths, acting CFTC Chair Caroline Pham is joining the crypto payments firm Moonpay, having trailed privately for months that she had a hot new gig. And at the same time Michael Selig was sworn in as the 16th CFTC chairman and a nine star Mirzaidi as his Chief of staff.
BMLL the data mavens. They announced the appointment of Karen King as the head of Sales and APAC based in Hong Kong and LME Clear is announcing the appointment Julie Carruthers, current Senior Independent Director of the LME Clear Board as the interim Chair and she's going to be replacing David Warren when she's suitably approved as David Warren has reached his term limit of period as Chairman. Bangladesh Securities Exchange Commission have appointed Nuzat Anwar as the new Managing Director of the Dhaka Stock Exchange. That gives DACA its first female CEO and NCDEX on the cusp of great expansion into equities and bonds, of course from commodities. They're inviting applications for the post of MD and CEO over the festive break we had some exciting geopolitical news and in fact you can find that I mentioned even over that festive break ahead of the Trumpy Ones raid on Venezuela via fintech TV that it was clearly approaching the end of the presidential line for former bus driver Nicolas Maduro, which reorients a vast number of regional power dynamics across the Caribbean and South America at the same time. I'm reminded of a statement by President Ronald Reagan when he was leaving office at this time of the year in 1989. We've got do a better job of getting across that America is freedom. Freedom of speech, freedom of religion, freedom of enterprise. And freedom is special and rare. It's fragile. It needs protection. And on that mysterious and magnificent note. Thank you for listening to this, our first podcast of the year 2026 EI weekly podcast number 327. Join us daily by exchangeinvest.com or if you new exchange you'd like built. Get in touch. My name is Patrick L. Young and I wish you all a great week in life and market.
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