[00:00:00] Speaker A: This week in the parish of bourses and market structure rights exit cex proxy off the new argument indian cross asset competition my name is patrick l. Young. Welcome to the boris business weekly digest. It's the exchange invest weekly podcast, episode 328.
[00:00:28] Speaker B: Foreign.
[00:00:37] 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 daily to your inbox. More
[email protected] exchange over in bit Carnage, no pardons POTUS has some standards when it comes to crypto persons, it seems. Trumps says he has no plans to pardon jailed FTX founder Sam Bankman Fried. 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 Bitcarnage, the daily updates on happenings in the world of crypto and digital assets, can find Bitcoinage as a standalone on substack in the world of legacy exchanges, Peter Wright, the man who should have been DB1 CEO for the past decade, is standing down as CEO of eex, having taken a modest Leipzig power exchange energy market and turned it into a diverse powerhouse worldwide just as most of DB1 entered its PowerPoint atrophy period of blobism and seeking protectionist underpinning as opposed to that old capitalist mojo thing growth which has remained the focus of Peter's excellent EEX. And just like that, the proxy oligopoly is looking DOA not good for DB1's foolish conflict of interest assets. AI is on the verge of eating a significant fee flow. NSE India is moving into gold markets as NCDEX prepares to compete in stocks and bonds. Saudi Arabia's Tadawul they're going to be opening financial markets to all foreign investors. Good news. Tadawul is doing many great things but still needs to quite get together a push on the PRIR and other fronts to be more visible in the broader world. Albeit the regional focus seems to be working as a footprint builds to expand around the planet.
[00:02:26] 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 find this podcast.
[00:02:45] Speaker A: Igx, the Indian gas exchange is eyeing a December listing lining up its expansion and thus IGX may be spun out of by EX before NSE actually manages an ipo. On that topic, the Indian markets regulator SEBI apparently is ready to clear the way for an NSE listing, albeit where have we heard that before? National Stock Exchange of India at the same time is in talks with IGX on collaboration for developing an Indian natural gas futures contract. Over in Korea, KRX and NXT consortium they've won the preliminary nod to run Korea sto. The over the counter exchange holds an interesting development, albeit raises again the question of why the Korean Blob has to dictate what markets do even if they can maintain economic success unlike say the European Union who also practice this license. Raj idiocy Dow Jones they've signed a deal with Polymarket to prediction and market data across their outlets. And of course that comes in the wake of ICE investing up to $2 billion in polymarket, which we reported in EEI 3395 in new markets only on the new market and deal we have 24 hour foreign exchange market should be beginning in South Korea in July over in deals not the busiest of weeks headline there. TPI Cap they're buying vantage capital markets expanding their global broking capabilities having failed to deal with the internal Taliban style structure of their legacy business. TPI Cap is buying more headcount. Don't forget if you want to see some moving pictures to go with these dulcet tones, there's always the opportunity to catch our IPO Vid live stream is 5 o' clock London midday new York time the IPO video live show. Catch the back episodes on LinkedIn and YouTube via ipo-vid. Now online we have IPO Vid number 197 DMLL a new chapter with returning guest Paul Humphries, the CEO of DMLL. And coming next week IPO Vid198 Nasdaq's blueprint for Europe with their European supremo Roland Chai Our Finance Book of the Week this week Infectious Greed How Deceit and Risk Corrupted the Financial Markets by Frank Partnoy Document New levels of financial risk and complexity was able to obscure sickness in corporate America and thus Wall Street's evolving paradigm moved farther and farther beyond the understanding of regulation for ordinary investors and government overseers.
Product news and icy they're going to be listing US options for benchmark MSCI indexes. Great development there for the IC Nicee complex and the Intercontinental Exchange at the same time is extending its trading hours for EU gas and power, while the National Stock Exchange of India lurching into commodity markets, launching trading of electronic gold receipts. NSE getting into NCDEX's turf just as NCDEX is preparing to move the National Commodity Derivative Exchange into stocks and bonds.
Technology news it's game over for the proxy business. Perhaps an SEC official has said investment advisors can use AI for proxy votes. JP Morgan at the same time have ended their ties with proxy advisors and turned to artificial intelligence. There's a mega move here and DB1's proxy conflict of interest asset ISS looks like a dud. Automating proxies is hard to hear rocket science than that disintermediate secure oligopoly which has long since been past its sell by date. Even before discussing the extent of the conflicts of interest within DB1 operating one in the first place, cue lots of be careful who you disintermediate op eds. I think the Brussels Bugle had one already as folks try desperately to prove they had value. Bottom line they didn't and it's time to rethink who else we just don't need in the stack. Meanwhile, ISS may have IPO issues ahead, not looks as if the sweet spot was last year. The next sweet spot may prove to be never.
Cue lots of PowerPoints from the McKinsey management team of DB1 ahead of, I think Panic Group. Ask Tobias Paulin. He's been appointed as the new CEO of EEX as Peter Wright chose to depart EEX having built a titan of market structure. Peter was also our IPO vid guest on episode number 74 Building Sustainable Commodity markets worldwide. I applaud Peter's incredible career and look forward to what I hope will be a further chapter in the parish. SEBI have approved Rishi Nathani's appointment as MD and CEO of MCX's clearing subsidiary and the Pakistan Stock Exchange has elected Ruha Mohammed as Chairman over in Big World Looking at how regime change affects the world post Maduro in Venezuela, the big Kahuna is of course Cuba, with the Havana regime looking ever more of an outlier in a region where some form of capitalism is reigning supreme. Cutting off cheap oil and gas from Venezuela may be a catalyst for change to rid Castro era student politics forever, but it also then reorients the entire region as suddenly the tourist draw will be Havana and all other parts, barring presumably Guantanamo Bay which could grow the Caribbean's economy. But short term probably sees a massive substitution effect which could suck resources out of the rest of the region and on that mysterious and magnificent note. Thank you for listening to this EI weekly podcast number 328. 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.
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