[00:00:00] Speaker A: This week in the parish of Bourses and Market structure. LSEG refinancing NSE's fee squeeze the growth race is on as a devoted European declares Europe obliterated. My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 338.
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Good day ladies and gentlemen. This is a very brief reduction of highlights amongst the key headlines from the many events happening in this week in Market Structure. All the analysis 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 BitCarnage, it's a question of taxonomy. The chairman of the SEC has spoken and the road to clarity appears distributed.
That was in Paul Atkins speech Regulation Crypto Assets a Token Safe harbor 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 update on happenings in the world of crypto and digital assets, you can find Bitcornage as a standalone on Substack. In the same week the LSEG refinanced a significant tranche of debt, Euronext CEO Stefan Buchner has been eager to encourage strengthening European capital markets. Former LSEG CEO Xavier Rolle, on the other hand, has declared the European stock market as obliterated, delivering a devastating critique of the EU's failed savings investment policy, which has long been identified as a total failure by Exchange Invest.
When it comes to Mr. Boujna and indeed Monsieur Roulet, both are right.
The SEC has enabled the NASDAQ tokenization pilot which runs along various initiatives, the latest which was signing a deal to cooperate with Talos across collateral.
Euronext, meanwhile, has made a seismic break from the original Jean Francois Theodore legacy which established Euronext, it is now a serious vertical silo.
Kalshi is reported to have raised $1 billion at a $22 billion valuation, the latest funding round. That didn't stop it coming in for all manner of troubles with various legal issues. There was a lot more growth discussion around as the Mongolian stock exchange looks to double its listed capitalization to circa $9.2 billion, while Nigeria is seeking to triple in the Russian are cooperating around hydrocarbon markets. Those prediction markets are of course still in a gold rush phase, albeit fuelling growth with old fashioned gambling tactics, which seems to be raising some eyebrows at least on the PR stakes.
[00:02:48] 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.
[00:03:07] Speaker A: The National Stock Exchange of India set modest advisory fees of just 0.65% for their upcoming 2.5 billion IPO canny deal making by NSE let's face it, there are small towns in the US where fewer people queue for the live auditions to America's Got Talent than wanted to be bankers to the NSE ipo. In that market, CEO Ashish Jaihan has sensibly adopted a pricing strategy that allowed for his IPO supply being in great demand.
There's a bun fight in Manila as the Dragon lady fights back against former PSE CEO turned SEC boss Francis Lim over directorial term limits. And NASDAQ has been also making steps forward with its tokenization plans, bringing a partnership with Telos on board.
Over in deals, there was that LSEG bond market deal, $3 billion in refunding for LSEG to keep paying down the purchase of Reuters Refinitiv with $14 billion being subscribed. A great turnout in a burgeoning US credit market. Then again, not actually issued on the LSE, which says a lot when you put that in perspective. Over to our advertisements this week. If you fancy some financial insights with moving pictures, check out our livestream Tuesdays at 5 o' clock London time, midday New York time the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO vid. Our latest episode online Reflections from Jamaica with Marlin Street Forest which was broadcast on 24th March. No new IPO next week as we're enjoying the Easter holidays and indeed this week in our book of the Week we're talking about on leadership, discipline, discretion and daring by Dr. Marlene Street Forest herself the former boss of the Jamaica stock exchange for 15 years and an interesting memoir this book is Euronext have successfully launched Euronext Nordville Power futures that is plotted to the well, Parisian centric but nonetheless pan European Euronext an elegant product expansion following their acquisition of the Nordic NASDAQ power business et al iex. Meanwhile in India it's moving closer to a coal exchange launch with the board giving in principal nods there. Good to see India going down the centralized exchange route. And incidentally during the 19th century the London Coal Exchange was opened by Prince Albert. The building sat opposite the Billingsgate fish market in Lower Thames Street, Spymax and Moex. They are launching a joint project to trade gasoline and diesel futures, an apt moment given what's been going on recently in the Straits of Hormuz News and elsewhere. And of course Russia remaining under sanctions from many, many nations around the world. Interesting in technology, extraordinary becomes ordinary FIA suprema Walt Lucan made some excellent points recently about the sheer reliability of the ETD Exchange firmament. It's sadly a message which gets lost in a world of clickbait media. To that end, Exchange Invest was born not as a media in the conventional sense, but as a champion of all that works in our parish of market structure. Therefore, vast evasions are richly deserved by the FIA which is flourishing under the leadership of Walt Lucan. The ETD business as a whole deserves the plaudits of achieving remarkable resilience while developing at a CAGR which, as retired DB1 exec Andreas Price once remarked, even 20 years ago, the ETD business has consistently grown levels exceeding expectations.
Career News this week, plaudits to Dani Lopez MBE and being elevated to acquis se chairman under its new owners. 6 and that leads us with, well, those Straits of Hormuz. Much has been discussed about how 20% of the world's oil transits through the Straits of Hormuz. At the same time, the breakdown of that oil itself is fascinating. Top takers of Hormuz Straits oil via the Persian Gulf China taking 38% of the oil, India 15%, South Korea 12%, Japan 11%, the European Union a mere 4%. And by contrast, the USA takes about 2.5% of the oil from Gulf countries.
And on that mysterious and magnificent note, thank you for listening to this Exchange Invest weekly podcast 338. Join us daily via exchangeinvest.com or if you have any exchange you'd like build, get in touch. My name is Patrick L. Young and I wish you a great week in life and markets.
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