[00:00:00] Speaker A: This week in the parish of bourses and market structure, nsx advances texas funds, nse ipo kickoff and arca meets t+50 years my name is patrick ellioun. Welcome to the bourse business weekly digest. It's the exchange invest weekly podcast, episode 341.
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 Board's business sent daily to your inbox. More
[email protected] as we move further down Yonge's pyramid for Q1 2026. We offered the Tier 1 review last week, turning our attention to Tier 2. At the top of that group, the hierarchy remained largely unchanged. NASDAQ leads, albeit the German bourse group DB1 has crept up again to within a billion dollars in market capitalization, 47.5 to $46.5 billion respectively. The crypto exchange Coinbase is in third place on 42 billion, and then it's a drop to Cibo just under 30 billion and Tradeweb at almost 25 billion billion, which one must presume helps underpin the tier one stock LSEG, which holds around 54% of trade web stock. Interestingly, Euronext now equates in market cap to Brazil's incumbent monopolist B3. Albeit B3 now faces increasing domestic competition. That's at around 16.4 billion. That's a huge testament to the work of CEO of Euronext Stefan Buchner and presumably makes the idea of a Euroclear merger of equals more plausible. Along the line over in the crypto world, tolls were being discussed this week. Tehran is still ruling Iran and now has a cash flow without touching the USD, thanks to the crypto tolls on the Straits of Hormuz as Iran demands crypto fees for ships passing Hormuz during the ceasefire.
If you enjoyed this excerpt from our Crypto newsletter, you can pick up the entirety of Bit Carnage for Real World assets, DLT trading and more via Subst Stack. Or alternatively, you can also subscribe to Exchange Invest Daily and receive Bitcarnage as part of that package. More
[email protected] or alternatively via substack, you can look for Bitcarnage in our main Legacy Exchange stories this week. Goldman Citadel have been clashing with brokers over options clearing to understand the nature
[00:02:53] Speaker B: of default funds and CCPs this week
[00:02:55] Speaker A: we were delving into none other than the Hitchhiker's Guide to the Galaxy. Douglas Adams memorably explaining somebody else's problem feels a funnier version of the bystander effect.
Placing that in perspective, the permanent bickering of who takes responsibility for creating risks and CCPS can be much more easily comprehended, as in this case of the occ, where accountability is running straight into capital required and thus everybody involved has a bonus pool concerned. Qv, we had some wise words we picked from LinkedIn this week from the former OCC boss John P. Davidson. Would it be prudent to have a CCP clearing fund assessment in the midst of a systemic financial crisis? He asked us. Has been well documented. Financial institutions in crises are always a rich source of additional collateral. Oh wait.
[00:03:38] 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.
[00:03:57] Speaker A: Meanwhile, as the Texas Stock Exchange looks towards funds to be its first listing when it launches in July, there are exciting plans for an active rival to the asx, the Mino National Stock Exchange of Australia nsx, freshly taken over by Canada's operator of the cse, its parents CNSX Global Markets, with ongoing NSX CEO Matt Cunningham now seeking to attack the ASX monopoly, an interesting logical play in the context of a tech upgrade too, which we'll get to in just a moment. Nonetheless, it is truly going to be a David versus Goliath contest.
the same time, the media panel seems to be taking place left, right and center against ASX and its failed monopoly, the New York Stock Exchange. This week they celebrated 50 years of NYSE ARCUS options trading. Few now recall that Peacoast, the Pacific coast stock Exchange, was an early options adopter alongside the existing west coast stock franchise headquartered in San Francisco. Ultimately, Pecostoner Archipelago enabled the NICE seat to go public when John Thne was CEO before the Duncan Dark Age. Anyway, in 1976. This week Peacoast entered the US national market for stock options and that was celebrated on Friday 10th April at Nicea on the East Coast London Stock Exchange. They've commenced a buyback program for up to £900 million of stock. And Thomas Petterfy echoing some comments we've been making recently discussing whether or not inside trading bans were really working, he said there should no bans on insider trading as he endorses the concept of transparency and all information within the stock as well as discussing the prediction markets. All those stories and more were in Exchange Invest Daily this week. Sign up for exchangeinvest.com and of course the big IPO is looming.
Exciting times. CNBC TV18 in India reckons that NSE is likely to file their draft red herring IPO prospectus by the end of June 2026. That's significantly earlier, six months at least from indications by N management at the tail end of 2025, an IPO could be looming by the end of the year, possibly even as soon as Q3.
Meanwhile, the changes to the regulatory regime and a new bill pave way for STX NASDAQ dual listings, which is certainly a very interesting move for the Lion State Coinbase. They've won the OCC Nod for a $376 billion institutional custody empire. That's OCC, the officer of the Comptroller of the Currency, by the way, not actually the one related to options clearing. We were talking clear banking. Behold, Coinbase is coming at the same time this and Krakens, being open to the discount window via the Fed and more services, is raising concerns about systemic issues within crypto and legacy finance alike. Interesting cross border discussions this week in Africa. The NGX Group of Nigeria leading a dialogue across African exchanges and engaging with the Dangote Empire discussing cross border listings New Markets Two fascinating new markets this week. First up Morocco have launched their financial futures trading, rather a milestone in derivatives being introduced in the Casablanca Stock Exchange while in Nigeria as well the Nigerian Commodity Exchange has been inaugurated to boost trade in the real economy.
If you fancy some financial insights with moving pictures, don't forget, check out our livestream. Tuesdays five o' clock London midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO IPO vid no IPO this week as we're still celebrating the Easter holidays. But we do have a Book of the week, More Money Than God Hedge Funds and the Making of a New Leaked by Sebastian Malaby telling the insider story of the hedge funds from their origins in the 1960s to their role in the financial crisis of 2007-2009, explaining why understanding the history of hedge funds is key to predicting the future of finance.
Over in product news at India's National Stock Exchange as well as preparing for the ipo, they're launching a Platts bank based accrued futures in a tie up with S and P Global at the same time as the CME Group is continuing its expansion of regulated crypto trading with the launch of Avalanche and Sui Futures. The irony of crypto there of course is that the biggest trading market on earth for crypto is increasingly absolutely not on a distributed ledger. It is rather the cme.
How does that lead to distributed nirvana after the brotopia fashion, I wonder.
In the week ICAP launched a new Global Drive Forward Freight agreement desk, there was an increase in competition for container futures as both ICE via Niche and Euronext announced intentions to pursue new container features contracts Technology News As I teased at the top of the show, the National Stock Exchange of Australia NSX have selected Aquis Equinox Technology to bring world class trading to Australia and Australia's smaller stock market.
Exciting times and a handy breakthrough for Acris Exchange whose appointment of former Lee Australian based tech guru John Greenan appears to have paid off as an added dividend with a sale to the newly rejuvenated through acquisition by Canada's cse third player in the Antipodes largest market.
From that great win for Acrus to controversy at the SEC, they announced their enforcement results for fiscal year 2025, although some people were cynical about what was being said within the report. At the same time the SEC has appointed David Woodcoc as Director of the Division of Enforcement, that is the man who is replacing the previous boss of Enforcement who left Margaret ryan after only 6 months. Securitize. Meanwhile they've appointed a previous SEC Director of Enforcement, Brett Redfern, as President Member of the Board of Directors. He has come from post his SEC career being Head of Capital Markets at Coinbase. And that leaves us to point out that a recent OECD study may just have put its finger on quite why the European Union is facing ongoing atrophy. No fewer than 3.9% of EU employees are engaged in compliance functions, whereas with 1.7% of the workforce engaged in research roles, it's easy to see that two and a half times as many people in what amounts to elf and safety for business is probably not the best way to develop an innovative economy.
And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast 341. Join us daily via exchangeinvest.com or or if you have a new exchange you'd like build, get in touch. My name is Patrick Elliott and I wish you a great week in Life and Markets.
This show relates to the business of bourses.
[00:10:58] Speaker B: It is not to be construed as investment advice, nor are we making any investment recommendations.
Please consult an investment advisor before you make any investments. And for goodness sake, do your due diligence and do not make investments without complying with the regulations in your home state.
Exchange Invest cannot be held responsible for any investment decisions made as a result of our program, which is for entertainment purposes only.
The material herein is copyright Patrick L. Young at the date of publication, while our music and sound effects are sourced from copyright free sources. Thanks for listening to Exchange Invest Weekly. The exchange of information.
