[00:00:00] Speaker A: This week in the parish of bourses and market structure, hong kong exchanges b3 carbon deal, asx, atrophy, nasdaq, jpx, power ahead, SME is okay on the nse ipo and there's a bloodbath in jakarta. My name is patrick l. Young. Welcome to the board space in this weekly digest. It's the exchange invest weekly podcast. Episode 331.
Foreign.
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 and any 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 daily to your inbox. More
[email protected] over in Bit Carnage what is DLT good for? Was the question being raised amongst others, Fortune magazine saying, is blockchain good for anything beside finance? The thing I wonder is what benefits does blockchain actually have for finance? It still seems more Hail Mary pass than an act of genius in all too many ways. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day on 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.
So there's an interesting cooperation as Brazil's B3 monopoly looks to add vigor to carbon markets. With Hong Kong exchanges input and with costs continuing to soar, ASX increases profits but remains what would appear to be a crisis masquerading as a coherent regulated entity. In Bangladesh, the government is moving to force a merger of the nation's two stock exchanges, looking at the merger of Karachi, Lahore and Isablamabad into the Pakistan Stock Exchange in the neighbouring nation in 2016. Now Bangladesh seeks to make one single market wrong move. In my humble opinion, Sebi has given no objection for the NSE IPO clearing A path for listing Exciting times and a big step in the road to public listing for NSE krx. They're going to be operating pre after hour markets starting 29th of June, although there's a hiatus in after hours markets in the Korean Futures Exchange for the time being. Given the Lunar New Year, Kenya's bourse is betting on M? Pez et al to attract retail investors. Nairobi's desire to reach 9 million traders by 2019 sounds like quite a task, but then again, in a population of over 58 million Kenyans, it's feasible. Leveraging the mobile money platforms like M? Pesa, which alone had 34 million users by the end of 2024, makes the numbers look more plausible. Shenzhen and the Singapore Exchange they're beefing up ties to bring more Chinese secondary listings to the Singapore Exchange. I mentioned last week the abject failure of SGX after executive CEO Lu Bunchai, perhaps the best example ever that investment bankers are often incapable exchange CEOs when it comes to dynamism. Now we're in a kind of parody tribute to our picking up mous wherever Bunchai goes. That's kind of plausible for a tiny struggling Caribbean bourse like Barbados, which was complaining this week about its capital markets. But it's embarrassing for Singapore, which at least through simex was once dynamic, where SGX has somewhat failed.
[00:03:17] 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.
[00:03:35] Speaker A: Find this podcast A couple of useful articles to read inside the ASX Competence crisis and Rampart is a useful breakdown by former parishioner Dmitri Birchstein and Professor Peter Swan. Spot on. Skewering cultural payment for underachievement and eye popping shambles of overspend at asx, all in order to deliver at best failure. Then there was The Coinbase article the 247 global stock market is impossible on today's blockchain.
An apt discussion as a lot of folly come wishful thinking is being distributed to a form of DLT nirvana. Big story in the courts. A NASDAQ executive barred from accessing their rival mix's secrets. That was quite something. In terms of court action, the LSEG is axing Financial Times subscriptions amongst an FTSE coverage retreat. Even the London Stock Exchange Group has realized that the Financial Times is anything but a true advocate or indeed paper of record for modern finance at point, which again Exchange Invest made many years ago. That would have saved LSEG enough to have a corporate subscription to this newsletter, I. E. Exchange Invest, which is of course the water cougar of the bourse business. Sign up now for your free seven day trial at exchangeinvest.com in results a very busy week of four results in the parish. Biggest news of the week, NASDAQ reporting Q4 and full year 2025 results. The annual results exceed $5.2 billion in net revenue and $4 billion in solution revenue. Super numbers all round GAAP operating income up 22% net revenue plus 13% defeating the analysts expectations. And of course analysts originally thought it was a really bad idea for Nasdaq to be bulking up on banking software, which is now proving that it is delivering the vision under Adina Friedman welcome to a Nasdaq sponsored segment. Investor appetite for Asia is rising, but post trade friction is holding markets back in the new Nasdaq and value exchange study, 25% of participants plan to grow exposure, yet 46% face artificial trading limits. The biggest pain point corporate actions, 60% report high error rates and 39% of platforms are still legacy. The fix is clear harmonized rules, standardized workflows, modernized technology in order to unlock efficiencies and settlement and corporate actions for exchange leaders ready to scale Download Creating Asia's Post Trade Operating model of tomorrow@bitly that's bit ly apac post trade that's apac dash post trade all one word bitly. No deals this week, but all the results were an exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. Where we were just highlighting today the spectacular Nasdaq numbers Our book of the week this week. Back to a finance book of the week. Other People's Money the Real Business of Finance by John Kay the finance sector needs to be reminded of its primary purpose to manage other people's money for the benefit of businesses and households. It's an aberration when some of the finest mathematical and scientific minds are tasked with designing algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading and security. To travel further down that road leads to ruin, argues Professor John Kay, who of course was a guest on IPO vid previously Product News this week Eurax has introduced systematic QIS index futures, a Euronext launched IPO Ready 2026, Europe's largest pre IPO program. Supposedly optimism in Toronto. Canada's IPO market is set for a revival.
Technology News Hong Kong exchanges to invest more in technology to stay on top of their game as Intercontinental Exchange launches Reddit signals and sentiment tools providing actionable market indicators for investors. LME and MCX both had unfortunate downtime temporary disruptions to trading for both those platforms and TNS has completed its acquisition of BT Radiance. Over in regulation there's a report the SEC will publish a change control audit after the loss of the Gensler text messages. By his own standards, Chairman Gary Gensler ought to be layered with a vast swathe of punishment. Meanwhile the SEC and CFTC are making moves to unify their crypto regulatory approach as Chairman Selignouli ensconced at the CFTC and Chairman Atkins at the SEC had a Kumbaya conference proposing greater cooperation. Korea passed news this week, obviously huge news that President Trump has nominated Kevin Walsh as the Fed chair. Nasdaq have tied Annex Citigroup executives. Their Chief Risk officer Christian Mittelberg becomes the new Nasdaq Global Chief Risk officer. One of his predecessors, Roland Chai, was a Recent guest on IPO Vid Episode number 198 Nasdaq's blueprint for Europe over in Jakarta, the OJK, that's the Indonesian derivatives exchange, has had a huge number of resig nations a bloodbath. In fact, all the details were in Exchange Invest Daily, the newsletter of the bourse business. With a series of interims being appointed from that bloodbath, we continue to the post Maduro, Venezuela those consequences have been a continuing theme in our big world over the course of the last week in Exchange Invest Daily. It's interesting point out that, well, there's a lot of talk in Trumpland recently about trying to discourage the Indians from buying more oil from the likes of.
Also worth noting, the vast increase that has been touted about Indian purchases 5000% up from 2023 to 2024 of Venezuelan oil. However, it's worth putting that in perspective at 63,000 barrels per day sounds large, but is dwarfed by Delhi's demand for Russian oil, which has been around 2 million barrels per day over the last two years. And on that mysterious and magnificent note, thank you for listening to this Exchange Rates Weekly Podcast331. Join us daily via exchangeinvest.com or if you've new exchange you'd like built, get in touch. My name is Patrick Eliang and I wish you a great week and markets.
[00:09:44] 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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