[00:00:00] Speaker A: This week in the parish of Bourses and Market Structure, NCDEX looks forward Titanic sightings, another ASX red alert and New York's perfect uptime whiteout. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 334.
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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] over in Bit Carnage a tale of hero to zero winter is coming Talk looks optimistic compared to this headline from Decrypt Bitcoin Going to zero. Google Searches rise with Crypto sentiment in the dumps, Arguably this could be the first contrarian bullish crypto signal in months. I suppose. If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every day on Exchange Invest. Alternatively, if you want a full of Bit Carnage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcarnage as a standalone on Substack. In the mainstream world of exchanges, it was a week of Titanic references.
We chose Gemini Splashdown as a headline, but our cartoonist preferred a White Star line reference to that crypto company's woes well beyond Gemini. Stefan Bujner noted this week Euronext may have missed the Titanic by not making an LSEG type data deal.
Meanwhile, in response, tacit or otherwise, to a possible brand clash, the prospect of an Indian carbon exchange clashing with the Intercontinental Exchange is no more as the Energy Exchange iex, that's Indian Energy Exchange, not the Flash Boys renames its wholly owned subsidiary from International Carbon Exchange to ICX Private Limited. Meanwhile, the Wall street bond trading hub Trade Web struck a deal with Kalshi. A very interesting perspective for data from the perspective of both companies. And down under there is a profoundly worrying headline in the Australian Financial Review, the AFR noting red alert. The ASX's systems leave it vulnerable to further outages. This is of course a tale that's been going on for years and years on end. Ladies and gentlemen. All the details were in Exchange Invest Daily, the newsletter of the Boris business. No sensible person in financial market structure can afford to be without the water cooler of the borscht business, the exchange of information. Sign up
[email protected] Meanwhile, the disaster which is ASX looks worse still after this latest report as it appears the Australian monopolist may have been censoring a management report which has serious qualms about the aged settlement tech stack suggesting chess is even more precarious than previously imagined and none of that outlook was overly clouded with sunny optimism. On a much happier tech note, the New York Exchanges and the New York Data Centers take a buy ICE Futures, iex, NASDAQ and nyse, along with all of those good folks working in and around Mahua, New Jersey. Everything operated smoothly through a mega blizzard in the Tri State area this week. Wonderful upbeat news which it warms the hearts of PLY and Team Exchange Invest to impart to the broader Exchange Parish audience.
Meanwhile, over at lseg, the big concern is that out of his depth Dave Dave Swimmer, the CEO appears to lack human touches even compared to much earlier and less dynamic LLMs. This week he's been under the kibosh as he's been urged to calm nerves from investors over the threats of AI to the LSEG's second hand data monopoly. Alas, AI isn't the threat to LSEG directorial greed, incompetence and a total lack of management focus plumped up with a million consultants integrating sick the business are are amongst the problems. I mean that list has been abbreviated for space reasons. Actually, LSEG is in danger of fulfilling that old smart alec answer from exam papers making an essay on what's wrong with X, to which the pithy answer is everything.
Over in India, NCDX is pivoting to equities and that's amidst a lot of controversy around AGWI futures having been near obliterated on occasion by the regulatory constraints of product bans. Where the Indian blob listens to agri interests upset by the concept of free market pricing, contradicting the perennial economic dream of a free lunch. I suspect NCDEX may prove fascinating competitors in the equity and other product business lines as they arrive with a raw hunger to perform over in Africa. Zimbabwe's capital markets are broken. Don't Blame Ekenet was probably the best article of the week. Actually a powerful piece by journalist Alan Mangava in Newsday Zimbabwe outlining the failure of Zimbabwe's capital markets, albeit with the hope that the Victoria Falls Exchange may rectify at least some of the foibles of Harare.
[00:05:20] 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've we would welcome you giving us a thumbs up. Or if you have time, a positive
[00:05:36] Speaker A: review will always be welcome wherever you find this podcast in the SAR of China Stunning news. The headline in the Standard ran Hong Kong welcomes 24 new listings this year. Nearly 500 in the pipeline. Even if we downgrade that to the 488. Being precisely stated, it's quite sensational by any metric. While more than 90% of the world's exchanges would have been ecstatic to have 24 new listings in a calendar year or Hong Kong exchanges have done this in the eight week interregnum between the Gregorian and Lunar New Years. Over in Results it was a busy week for results in the Parish. All the details are on Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. Sign up
[email protected] for your free seven day trial. For the sake of this podcast, two edited highlights excellent results from Euronext the Boujner Revolution continues. Q4 underlying revenue and income up 10.8% net income unfortunately flat, but overall for the year, net income up 9.8% and underlying for the year, revenue and income up 12.1%. Absolutely terrific results. The Bougina legacy, even as he teases what may prove to be a final big deal, continues to deliver terrific incremental growth across the Euronext empire. He has materially expanded back to those equity market challengers coming out of the troubled agri commodity markets of India, ncdex. Their third quarter as they are in India, financial results were published. Operating revenue up 54%. Admittedly there's still a net loss there because the amount of money that's being invested, but nonetheless very, very promising numbers because NCDX has expansionary zeitgeist pulsing through its veins right now. After a huge fundraising to get itself positioned in equity and other markets over in deals. One highlight of a deal coming up, the bill privatizing the Cyprus stock exchange has been passed unanimously. The Finance Ministry obviously welcomed the development debate aplenty in Nicosia as the Cyprus SE looks to sell itself through privatization, albeit presumably it seems, to a foreign bourse, which I'm not sure makes sense for a petite enterprise. We've been here before with small minded governments. To that end, major Cyprus investor Roman Lockoff, a serious brokerage player over the years has been arguing for a more pluralistic approach.
That 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 harmonized rules, standardized workflows, modernized 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 Bitcoin, ly, apac, Post Trade, that's apac, Post Trade all one wordtly.
Meanwhile, if you fancy some financial insights with moving pictures, check out our livestream Tuesdays 5 o' clock London time, midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Now online, a compelling discussion about a new book that's coming soon, Tech A Guide to the New Game of Technology Investing, which was with the author Igor Paich. And coming next, over of all, we're going to have a new IPO vid which will be episode number 203 predicting the future of Market Tech with Dan Davis of Connemara EP3.
Our book of the Week this week is also by our recent guest Igor Paich. It's a previous tome to his new volume Tech Money. This is Blockchain Babel, the Crypto Craze and the Challenge to Business. Our next Book of the week, if you want to read it in advance, will be unveiled on Saturday in the Exchange Invest Weekend Edition. Don't forget EI Weekend Edition. A more Mac macro read than pure of exchange and market structure material is absolutely free. But of course if you want to be at that water cooler of the Boris business to read the Exchange of information, remember, $499 gets you into the exclusive club. Sign
[email protected] over in Product news, something that was simultaneously on Bitcoinage and Exchange Invest. This week CME Group is going to be launching 24. 7 cryptocurrency futures and options trading that's going to start on May 29th while in the Nigerian exchange NGX recorded its first commercial paper listing, perhaps unsurpr. Amazingly, it's the 500 pound corporate guerrilla empire of Nigeria itself, Dangote providing the first commercial paper offering the London Stock Exchange. I don't know whether this is a sense of hurrah celebration or just plainly a relief. The LSEG launched their Private Markets initiative with much fanfare in September last year as Exchange Invest noted at the time, the entire approach was incoherent, albeit in keeping with LSEG contemporary standard operating procedures during the era of out of his depth. Dave and his stock market operator masquerading as management. LSEG as I recall, were eager to note that demand was so high at launch for their private market platform they would give issuance on the platform away for free. A cunning reworking of free market economics to fit in with the socialist UK of the moment. Of course those who read EI could see this was a doozy refashioned as agate prop without any fundamental merit and thus after not quite six months plus a vast length of planning cum media hype before that, it seems there might be a single deal on Pisces.
The Old Farmer's Almanac notes that not related to the private market platform, but perhaps it's illustrative. Pisces individuals are known for their empathy, creativity and strong emotional intuition. They are often artistic, compassionate and adaptable, but can also be overly sensitive and prone to escapism. Escapism. That's the nicest word I have seen to frame the LACG's dismal approach to management for quite some time. Over in technology news, BMLL and Features analytics have partnered to accelerate trade surveillance and market integrity Analytics Uzbekistan Stock Exchange they're launching a major technology infrastructure upgrade. I'm inclined to suggest Nasdaq are entering this RFI and Pole position given Michel Carlson's engineering of a meeting between the Uzbek President Shavkat Miseryoev during Un Week last September with none other than the Nasdaq supremo Chairman and CEO Dina Friedman. That was reported of course in Exchange Invest episode number 3385. Sign up
[email protected] Finally, a bit of latency news. The National Stock Exchange of India, they're getting faster still. They're going to be slashing trading latency to nanoseconds from April 11th. They're targeting 100 million transactions per second.
Over in regulation, the CFTC is endeavoring to reaffirm its exclusive jurisdiction over prediction markets in an amicus brief, an NADEX case which provoked the CFTC who were squaring up for a fascinating bonds fight. Ironically, this was actually filed on Fab Tuesday. Mardi Gras were in Poland. There is a pre Lenten donut eating ritual. Over in the UK regulator FCA CEO Nikhil Ratti confirms there will be less rules in the future. That's CEO of the UK regulator Nikhil Ratti after six years in office now preaching deregulation.
Hester Pearce Interesting speech this week. Seems to be agreement coming out of the sec suggesting a 2% haircut on stablecoins in the clearing margining system is going to go ahead that could be quite revolutionary for the quality stablecoins in Korea paths. Market Access's CIO Nanish Kumar Panchal will be ending his term on April 1 and elsewhere the becamped perma disappointment ICE subsidiary backed as a new VP of Corporate Affairs Mika Kawano was previously ICE's director of brand Partnerships. Kind of catch all title which concealed considerable corporate power. I'm minded to wonder if the redoubtable MICA has been parachuted in his cavalry to perhaps execute a body bags ahead of profit restructuring to reinvent this. Fascinating, but in execution terms since COVID deeply flawed entity given the backed balance sheet value ought to be feasible in this world of exchange opportunity over at the FCA. Once again the FCA's chair this time Ashley Alder we are not going to be hiring more staff to take on ballooning workload. As you may recall, the FCA was reportedly having problems as we discussed in EI3484 when they were trying to get office attendance up to a dizzying 50% for the government sector. So therefore with struggles over work from home, perhaps they think that there's a little bit of headroom to get more productivity out of the staff.
Let's give you a late Valentine's day update. The February 14 data is in from Royal Flora Holland, the world's biggest exchange for flowers, which you may recall I had the pleasure of visiting with an AFM delegation a few years ago. The 2026 Valentine season saw a healthy growth ply was not trading the underlying with some 464 million flowers traded 2025 that was 12 million less at 452 million, almost a third of total floral volume during the week of Valentine's Day was perhaps Unsurprisingly, roses with 150 million traded out of the 464 in the previous year. That was 144 out of the 452. Apparently tulips and chrysanthemums also traded significant volumes. And on that mysterious and magnificent note, thank you for listening to this Eiwikly Podcast 334. Join us daily via exchangeinvest.com or if you're new exchange you'd like build get in touch. My name is Patrick Al Young and I wish you a great week in life and markets.
[00:15:25] 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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