[00:00:00] Speaker A: This week in the parish of bourses and market structure chess on nse colo settlement tmx bulk buy nasdaq sparkles saudi divvy drop zero coal bse my name is patrick l. Young. Welcome to the boris business weekly digest. It's the exchange invest weekly podcast, episode 343.
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 daily to your inbox. More
[email protected] over in Bitcornage, it seems that all that defi malarkey has resulted in a classic case of can it be concentration risk?
Chokepoint reports Forbes concerning remarks by analyst Mark Bauman that coinbase custody holds 84% of all US spot Bitcoin ETF assets.
Meanwhile, in the world of legacy bourses, ASX smugly announces Chess with its usual shrugist motif of sorry, not sorry, zero apologia for perma failure management. The better part of billion later, ASX has confirmed that Chess release one is ready for market open after merely a lost decade or so. Meanwhile, BMLL have announced considerable ongoing expansion thanks to Nordic Capital Investment as a third Indian coal exchange is being lined up. We'll talk about that in a moment. Sebi's panel has approved the NSE colocation case settlement, expecting to render a fine of 193 million US dollars to NSE to settle.
That however means that the IPO is on after the ongoing COLO affair which has occupied much of the last decade since the downfall of then CEO Chitra Ramakrishna. Meanwhile, having not raised money for oh my goodness, it must have been weeks now, prediction platform Polymarket has taken advantage of uber willing investors to trouser a bit more cash. And why not? Polymarket in talks to raise 400 million at a $15 billion valuation, according to reports.
Given everybody now seems to want to have exposure to prediction markets at these lofty valuations. Could one call it a bubble alert? There was good news for Australia this week as another credible exchange, TMX has invested in Australian markets. In fact, TMX have bought a brace of CiboE assets as Cibo retreats to a more trad loop centric view of the world. From Chicago, TMX have bought a Canadian rival and more excitingly still purchased the Australian CBOE exchange, making for a potential competitive revolution in Australia. Just as AS remains more dysfunctional and delusional about their capacity than ever.
[00:03:10] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patricion.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.
[00:03:30] Speaker A: So bse, the Bombay Stock Exchange won't be joining the trio of coal exchanges. Plus perhaps IEX in India as NSE have sold a sliver of their IGX holding pre ipo and Sebi has been demonstrating a liability on paper with news of tinkering with Aegis rules which serve no purpose other than to keep Sebi micromanaging. That is of course the concept of raising the cap on age from 65 to 74 C suite executives. Who cares what age they are as long as they can do the job elsewhere. Hong Kong has been celebrating nearly US$18 billion in IPOs.
Yes, that's US$18 billion. It amounts to about 140 billion Hong Kong dollars. And Tel Aviv, they got their first IPO of the year, Euronext. They've rolled out a Greek tech center as Athens has a welcome upgrade in the ratings and indeed the Athens becomes Euronext Athens.
The LSEG has a succession struggle. The utter failure of the LSEG board to be anything but short term greedy without perspective remains apparent. Out of his depth, Dave has been, well, let's just say, not exactly fab.
He's probably not a bad man, but he isn't up to running a plc, let alone being a visionary leader of a firm which needs one. The difficulty is ultimately Dave will whatever leave LSEG with its markets in a mess and a clear failure of the exchange platform side of the business where there is few in management other than Dan Maguire. It was a busy week for results in the Parish. All the details were an Exchange Invest Daily newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, we're going to look at some edited highlights. Fabulous numbers from NASDAQ. Total revenues up nearly 14%, but more importantly the net income up 31.39%. Once again an opportunity for Adina Friedman and her team to remind the analysts of their feelings when they didn't understand Adina's logic and recent M and A transactions. NASDAQ has diversified into an elegant powerhouse at the epicenter of markets and technology.
Good results and great to see. CME on the other hand, not bad. Net income up 20%, total revenues up 14%.
Impressive results after a great many quarters of relative torpor in recent years. Nonetheless, they were topped as results by IBKR, the juggernaut. Total net revenues up 17%, net income up 21.47%. Another quarter another staggering leap for IBKR, which by the way has exploded upwards again to $135 billion in market cap, thus making a single brokerage considerably larger than CME, which hops Young's pyramid of exchanges at just over 103 billion.
Mentioning in New markets what we said at the top of the show, MCX has received a SEBI nod to launch their new coal exchange subsidiary. That means MCX is making the third coal exchange officially announced following NSE and bcx, while IEX retains ambition in the sphere. But BSE announced they will not be creating a coal exchange in deals. One dealer, as I mentioned, also at the top of the show, NSE in India. They've offloaded a stake in the igx. That's the Indian Gas Exchange ahead of the Natural Gas Exchange changes IPO Meanwhile, ladies and gentlemen, if you fancy some financial insights with moving pictures, check out our live streams. That's usually on 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 significant news this week as we celebrate pan European dev indolence on my first. We will be back on not just Saturday the second, but also we're launching a Sunday supplement on May 3rd. Yes indeed, Exchange Invest goes seven days a week and what's more, our pithy weekend content is absolutely free.
Sign up right now. Add yourself a seven day trial to the Exchange Invest newsletter of the Bourse business while you're at it. But you can sign up for the weekend entirely free via exchangeinvest.com finance book of this week is Invest for Good, a tribute to a healthier world, a wealthier you, and it was written by the late Mark Mobius, who passed away just recently alongside Carlos von Hardenberg and Greg Conychne. It's full of entertaining and informative anecdotes from Mark Mobius data to day experiences in the world of sustainable investment.
Product News this week oil is no longer trading like a market went to headline an oil price. I discussed this recently in Big world in exchange invest 3553. A very salient point and not the fault of any parishioner. But we cannot take for granted global benchmarks when the supply is not able to flow, sail or move between the pertinent points of delivery, particularly with the Straits of Hormuz under duress. Technology News this week the Werner Borsch and Deutsche Birse AG have extended their existing technology partners partnerships until the end of 2033, continuing to rely on Setra T7 technology. And as Christophe Beauchamp noted in a separate blog post, not only was it a Good day for DB1 who don't formally sell their tech these days, but it also is a good day for their legacy clients. Vienna Prague is renewed alongside Zagreb and Ljubljana on DB1.T7BMLL partnered with SpiderRock to expand their cross asset market analytics and as I mentioned previously, Euronext have inaugurated their technology and support centre in Athens, Greece. Career Paths this week Condolences to the family of Bjorn Tenander, a key business developer at Vermiculous who has passed away after a short illness. He was a popular and productive member of the dynamic Vermiculus team developing Parish solutions from Stockholm with previous stints at Nasdaq and a long spell with Sonober. New Chairman at the EGX Egypt Stock Exchange has announced that Omar Radwan is going to be replacing Islam Azzam who recently moved come the head of the country's fra. That's the of Egypt Hong Kong exchanges. They're building an FIC leadership team with a new appointment. Mr. Lawrence Lau has become Managing Director and head of Debt Market Development.
And that leaves us with not just the headaches in the Straits of Hormuz, but let's talk about the Cuban economy and big world on the ropes. There are issues in the nation famed for producing the cigars generally chomped by the world's plutocrats and occasionally even by ply. Anyway, for those who seek evidence that socialism works on this Mayday weekend, avert your gaze now.
Thanks to all manner of supply issues,
[00:09:45] Speaker B: not just the current paucity of energy
[00:09:46] Speaker A: to power anything much. The average Cuban Cigar worker with 15 plus years of experience gets paid around US$12 per month to make cigars which retail even in Havana's foreign oriented stores for $116 for a Cahibo Ciglo 6. That's surely a wealth disparity from $12 a month to 116 buckaroos for one cigar, a wealth disparity to make even the hardiest of comrades weep at the latest failure of a communist revolution as we celebrate Mayday. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 343. Join us daily vixchangeinvest.com or if you have a new exchange you'd like build, get in touch. My name is Patrick L. Young and I wish you all a great week in life and markets.
[00:10:47] 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.
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 programme, 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.
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