[00:00:01] Speaker A: This week in the parish of Bourses and Market Structure Token times or bonds? DB1 crack in Indian fat fingers and a parish first while Victoria rises My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 342.
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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 Bosch business sent daily to your inbox. More
[email protected] what a moment to look at our review and close out Q1 2026 of the Young's pyramid exchanges review. We discussed Tier 1 and Tier 2 in previous weeks. Turning to Tier 3, perhaps the most significant move was the elevation of leading T3 stocks Warsaw GPW and Johannesburg JSE to Tier 2 as each remains significantly valued at $800 million. Tier 3 has just Hellenic exchanges close to the $500 million mark these days, albeit that is effectively now a Euronext asset waiting delisting. Thus the tier is realistically led by the Mandala Bourse, New Zealand and Nigeria, all in the 250 to 300 million dollar region.
Over in Bitcarnage we were discussing, well some concept of open banking. After a bit of a hiatus, Islamabad, Pakistan is working to enable BTC banking that was lifting an eight year crypto banking ban in Pakistan in the wake of Trump family Binance deals and indeed one might also say a spot of geopolitics thanks to Pakistan's proximity to Iran. In recent weeks the UAE just demanded a vast slew of cash back from the Pakistani system, equivalent to 21% of the nation's currency reserves. In any way related to the bitcoin banking opening. I wonder in the legacy exchange world asx is it a case of the belated first mover into DLT now looks like a laggard as times have turned token ASX reaches innovation inflection point was a rather, well actually positive article in in many respects the first part of the article correctly identified the multi generational failure of ASX C suite. Although we could go before to understand just where the monopoly milking rot began which led to the non entity lanyar bearers who hunter to count like we're a technology company while conspicuously failing to be the technology company ASX actually was during the 1980s and 90s.
[00:02:45] 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.
[00:03:04] Speaker A: Meanwhile, Japan is seeking to enhance, reform and improve its corporate bond market at a moment whose time has surely come.
Over at Deutsche Bursa they had a busy week and they acquired a stake in Kraken 1.5% in the crypto exchange for US$200 million while also Deutsche Bersa Group invested in the index provider Mercube.
Thus Icechap using Kraken gets a capital sum from DB1 where ICE invested in OKX on polymarket. The Mercube deal is interesting as DB1 is co invest with Seven Ridge, whose principal is none other than former DB1 CEO Carsten Kangatur.
One day on from the DB1 investment news, Kraken confirmed it had confidentially filed for an ipo.
Over in India, Sebi is concerned about fat fingers, planning to cut fat finger errors in option trading and perhaps asking exchanges to come up with dynamic narrow price bands.
In another deal, ondo, Clearstream and 360X announced a partnership to bridge traditional and digital assets. That was the day after the DB1 investment in Kraken. DB1 acquired a stake in Kraken for $200 million. As I mentioned just a moment ago, there was this interesting tie up between two DB1 subsidiaries, 360X, a subsidiary of 360T alongside the CSD Clearstream and Ondo Finance S and P Global. They rocked the world of exchanges. This week the Parish saw its first ever downgrade of an operating firm that is listed ASX being who else being downgraded after the Australian regulator had found governance and risk failures.
Tragically, a parish first a downgrade by a credit ratings agency. No, seriously, ASX is now so ineptly run that it has a vast monopoly spread of product in one nation with a government penchant for at least turning a blind eye to monopolies. And yet ASX is so badly run the credit status is going down a notch the you couldn't make it up and goodness knows we wish we didn't have to record this tortuous perma failure continues in Sydney. One good news story from the week is Zimbabwe's upstart dollar denominated bourse in Victoria Falls has overtaken the 132-year-old Zimbabwe Stock Exchange for market capitalization. Just 19 listings on Victoria Falls, but still larger than the incumbent 132-year-old Zimbabwe Stock Exchange, the National Stock Exchange of India. Busy week for them. They got government approval to name their new subsidiary the National Coal Exchange of India. That's at the same time as another competitor coal exchange was being launched. Also the NSE overall has been expanding their play across commodities, strengthening their gold and crude oil offerings amongst other things. The cross asset play in Indian exchanges is growing as NSE aims across the commodities markets and NCDEX has of course raised funds to head into the stock and perhaps options markets Multiple celebrations this week in Warsaw, Poland there was a good interview with CEO Tomasz Paczewski as GPW celebrated its 35th anniversary with the exchange's pioneering CEO Vswarzewitzki cutting a cake alongside former KDPW boss Ivana Shroka. It was also wonderful to see at a grand event in the Warsaw Stock Exchange headquarters illustrious politicians at the PM of the time of the launch of gpw. Jan Krzysztof Bielecki, that rare animal, a respected economist and the greatest Polish economist of them all, perhaps of finest Finance Minister of the late 20th century anywhere, Leszek Baltzarovich joining a panel with that original CEO Viasaw Rozowitzky in Romania, some possible state owned enterprise privatization IPOs coming up. Terrific news to see new content being added to any stock exchange, albeit Bucharest Stock Exchange may view a slightly poisoned chalice as it will be an influx of loss making Romanian government companies being issued. Some parishioners may recall the British Leyland rump stock left behind after part nationalisation as being a likely model for the future outlook for these Romanian companies.
Meanwhile in the NSE IPO in India managing various public state entities to sell stakes under the offer for sale ipo. And just back to that Coal exchange in India, GNA Energy is the company that's entering the Coal Exchange space launching bcx. No results of such this week in the parish and we just mentioned the new coal exchange BCX in India. 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. This week's Finance Book of the Week inspired by our art collection of late. You can pick that up in Exchange Invest Weekend which is our free offering on a macro. Read exchangeinvest.com, go there to sign up for either our daily exchange of information for subscribers or indeed the free Exchange Invest Weekend exchangeinvest.com Dmitry Ryboloviev the man behind Monaco's fruitful renaissance. But much more still tells the story of an interesting man who's also become a massive art collector. In product news, Hong Kong exchanges are expanding their index business with the launch of the HKEX Tech 100 index. CME Group are going to be launching Era software swap options on June 16th. The DTCC and CME Group have received regulatory approvals to launch expanded U.S. treasury Cross margining arrangements for end user clients and ESMA has recognized in Europe the CME Group Group benchmark administration as a third country benchmark administrator. Technology News Historical data is now available via Databricks 6 and Chainlink have brought the data of Swiss and Spanish equities with a combined value of 2 trillion euros on chain and Euroctp is partnering with XG to power the European Union's first equities Consolidated tape Crib has exciting times at ACWIS in the wake of being taken over by the Swiss exchange. Their headcount has grown 47% after a tech hiring spree. Aquis on the front foot and as last week's NSX Australia sale of technology shows, it's not merely about providing the tech stack inside six but also servicing more third party clients in the courts. An Amsterdam court has rejected minority stakeholder Italy CDP their bid to block the reappointment of Fabrizio Testa as chief executive of the Milan Stock Exchange. Trouble at the urinex Mill Meanwhile in Big World RIP Mark Mobius the Exchange invest community mourns the passing of Mark Mobius and pioneering investor. Widely regarded as one of the architects of modern emerging markets investing, he passed away at the age of 89, leaving behind a legacy that reshaped how global capital views developing economies. Mobius was amongst the earliest advocates for treating emerging markets not as peripheral or speculative, but as core components of global portfolios. During his long tenure at Franklin Templeton, he helped launch and manage pioneering funds that brought institutional capital into markets previously considered inaccessible or too risky. His approach was deeply hands on, traveling extensively across countries, visiting companies directly, relying on first hand observation to guide investment decisions. This led him to being known as the Indiana Jones of emerging markets. Mark's influence extended far beyond performance figures. Mobius helped redefine an entire asset class, shifting the perception of emerging markets from outliers to essential pillars of global investing. His legacy endures in the portfolio's frameworks and thinking of investors worldwide. Rest in peace, Mark Mobius and on that mysterious and magnificent note, thank you for listening to this EI weekly podcast 342 join us daily by exchangeinvest.com or if you have a new exchange of marketplace you'd like build, get in touch. My name is Patrick Eliot. I'm going to wish you a great week in Life and Markets.
[00:11:01] 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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