[00:00:00] Speaker A: This week in the parish of bourses and market structure. Ice bond clear approved, nasdaq wins ose ice x sells, cqg sells and nse looks to coal my name is patrick l. Young. Welcome to the boris business weekly digest. It's the exchange invest weekly podcast, episode 332.
Foreign.
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 data to your inbox. More
[email protected] in BitCarnage shocking news as Gemini withdraw from several jurisdictions this coming Barely a year or two after the Winklev was Hector lecturing the then US Administration that Europe was the future. Of course, Bitcarnage Exchange Invest and indeed this podcast was swift to disabuse you of how nonsensical this was. If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage 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, you can find Bit Carnage at a standalone on Substack. Amidst our top stories this week, ICE have received SEC approval for their treasury clearing house. It's a great leap forward as the DTCC comes under pressure from another angle. Meanwhile, also looking into fixed income Hong Kong exchanges profiled in the South China Morning Post discussing their fixed income foray. And it's the future. As we've noted for a very, very long time, the RMB yield curve trade becomes a vast driver for Hong Kong exchanges in cash and even more excitingly, derivatives markets. More on big fixed income markets in a moment. Meanwhile, NASDAQ are mulling new fast entry roles ahead of big IPOs like SpaceX.
CQG itself, the subject of a management buyout in 2023, is selling to Broadridge, with which it's been cooperating for years. A handy payoff for the CQG management who exacted that buyout in November 2023. And clearly Broadridge will now scale up their end to end execution approach to etd, A remarkable journey for CQG from that original market profile centric to screen terminal that so many of us deployed to trade profitably in the 1990s.
Back in the bond markets and also in their embrace is nse, the National Stock exchange of India, which has had another good week. The bond market is no longer a nice to have. It's a financing necessity, noted CEO Ashish Chauhan, as IPO progress is beginning to crank up after the recent SEBI nod.
[00:02:56] 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.
[00:03:15] Speaker A: Meanwhile, NSC India is moving to establish a coal exchange, albeit with the possibly confusing title of Indian Coal Exchange. Think about the acronym and of course the bigger picture in coal markets demonstrates that perhaps net zero in small nations like the UK is less than coherently sensible in results. It was not just a busy week, it was a frantic week with results in the parish. All the details were an Exchange Invest Daily 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 two edited highlights, Intercontinental and CME at the top of the Pyramid from the USA, both reporting excellent numbers, strong single digit Q4 growth and very strong 2025 net income of 21.5 and 15.5% respectively. Of course, earlier in the quarter we had another set of fabulous results from the usa, courtesy of nasdaq, which brings us elegantly to our NASDAQ sponsored segment. 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. Harmonize rules, standardized workflows, modernize technology in order to unlock efficiencies in settlement and corporate actions for exchange leaders. Ready to scale Download Creating Asia's Post Trade Operating model of tomorrow at Bitly, that's Bit ly Apac.
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Meanwhile, if you fancy some financial insights with moving pictures, check out our livestream. Tuesdays 05:00 London time, midday New York time. It's the IPO Video Live Show Cat SABACC episodes on LinkedIn and YouTube via IPO Vid now online is IPO Vid 200, all about the roaring twenties with Anne Berg and Dan Davis of EP3 Connemara joining the panel. Coming next week we've got a splendid discussion all the way from Sims to floors and back again into the world of electronic trading Product News this week Nodal Exchange they've announced the launch of Power Daily futures contracts while Thailand's TFEX have widened daily price limits for gold and silver futures amid fairly unprecedented volatility in recent days. Sebi, alas, looks likely to extend its ban on many agricultural futures and ASX has announced a collaboration with Bloomberg Indices to launch ASX. Bloomberg AusBond Index Futures finally, in a busy week for product development, Egypt is considering sugar trading on commodities exchange to boost the transparency and price stability that is of course on the new Egyptian commodities exchange which is about to be launched. Technology News this week Spectacular story. Japan's Osaka Exchange have adopted Nasdaq Eclipse as the trading and surveillance technology for their next generation derivatives platform.
So welcome expansion for Nasdaq with the installation of Eclipse at ose. Nasdaq will be a bulliant after a strong vermiculous challenge failed to deliver the Swedish upstart their first execution venue client over in Pakistan. Well there's a little bit of a shock. February 9 Pakistan moved their stock and bond settlement to T +1, vastly ahead of the UK and EU's ability to move from T2 to T +1, which has still got some months to run.
NSDL, the Indian settlement platform. They had a glitch which stalled trading settlement for several investors last week. And that brings us elegantly to career paths where the big news is the replacement for Joe Longo. Sarah Court is the new Chairman of asic over in Big World, a key Chinese export hub, Yiwu, home to a vast array of products, particularly trinkets, has weathered the Trump tariff storm particularly well. According to the South China Morning Post, the city's imports and exports surpassed 700 billion yuan, which is US$99 billion in the first 10 months of 2025, a year on year increase of 25.2% and more than the total recorded for the whole of 2024. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 332. Join us daily via exchangeinvest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick L. Young and I wish you a great week in life and and markets.
[00:08:03] 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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