[00:00:00] Speaker A: This week in the Parish of Bourses and Market Structure OPEC upended as Hong Kong shines Ice hits a home run amid strength and depth in Paris results My name is Patrick Hill Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest Weekly podcast, episode 344.
[00:00:26] Speaker B: Foreign.
[00:00:40] Speaker A: Good day 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 BITC Carnage. It's a topic that's going to run and run.
What on earth possesses Europe's EU regulator ESMA and the EU itself to keep centralizing, regulating and throttling the economy in crypto? Many are worried and one plucky little island archipelago in the middle of the Mediterranean is leading the pushback against Paris's mad ideas of Marxist markets centralizing crypto while Malta's clash with the ESMA is about more than one small state, goes the headline in Cointelegraph. It seemed all somewhat appropriate to have Centralizing Zeitgeist just at the point when we were discussing May the First Communism and all its failures. If you enjoy this excerpt, you may be interested to know you can read Bitcarnage every day and 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 Bit Carnage as a standalone on Substack. Over in the world of legacy markets, huge news. Recent discussion on the Hormuz Straits Remodeling the price of oil has given way to the biggest upheaval in oil pricing by a sovereign state since the oil crisis of the 1970s. That was the true OPEC heyday.
Now the cartel has been dealt a huge blow as the uae, the United Arab Emirates have withdrawn from the organization. That amounts to a heady hydrocarbon revolution in the making. Meanwhile, Citadel is trying again to stop by EX having an options market which is slightly different to the other 18. And polymarket has confirmed it's in talks to return to the usa. Elsewhere in markets NSE National Stock Exchange of India shareholders are going to be divesting over 4% of the total shareholding SBI amongst 20 leading investors looking to sell at least part of their stake.
[00:02:38] 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
[00:02:55] Speaker A: find this podcast Good news for Nasdaq employees. NASDAQ is going to be matching the federal contribution to Trump accounts $1,000 for all their employees.
Six making a very very interesting statement. We strive to be that pan European infrastructure provider. The gauntlets are down between the parochialists of Germany at DB1. Please can you protect us from the pesky competitors being their apparent TLD mantra from the C suite, even if they have some more dynamic operatives outside the boardroom Euronext a remarkably broad EU dimension and beyond which comes from all the way to Norway, outside the European Union and six which is a huge footprint inside and particularly outside the eu. From London and Switzerland bey the EU and Paris and Spain within the eu. It's a fascinating moment for European exchange competition. It's just such a pity that the European Union is incapable of delivering a stable platform for economic growth. And on that note, we were saying Happy Labour day comrades on 5-1-24 exchange, that's 24x. Their letter has urged the SEC in the USA to agree an approval of a temporary exemption to allow them to launch overnight trading. This is all tied up in the SIPs, of course, and it's under attack from all angles, something which will doubtless vex the multiple committees next time the Politburo handling US Equity data meets. And in Italy we have news that, well, workers of the world unite indeed. Oops. The Italian bourse Euronext Milan. Their unions appear even more aggrieved than the worst days of the CGT dominated Euronext Paris and they're looking to strike for better terms amid tensions with management at Euronext. Over in results, it was not merely a busy week, it was a frantic week for results in the parish. All the details were an exchange Invest daily the newsletter can afford to be without in capital markets and market structure. For the sake of this podcast, looking at some edited highlights, let's take two TLDs and magnificent they were. Intercontinental Exchange Record profits operating income up 36% net income up 77% operating margin of 56% a sensational quarter for the Parish overall turned out to be a spectacular one for ICE Team Sprecher knocked the numbers out of the park, which just shows how good a quarter the CME has had, but is once again vastly trumped by a coherent management team as opposed to a more politicized structure underpinned by monopoly milking. I applaud all the Parish entities which have had terrific results this quarter. But ICE just raised the game for all the derivatives centric's markets with yet another stunning record breaking quarter. Hong Kong Exchange is equally having a sensational quarter's results. Q1 2020 revenue up 24.49% profits up 27.11% Hong Kong exchanges continue to soar under CEO Bonny Chan. The gateway to Mainland China continues to excel as the local SIR market meshes with PRC and Cascades value. Either way, the fascinating thing about Hong Kong exchanges remains how there is vast scope for internal rationalization along with the expansion of Connect. And of course the product side has that incredible opportunity to exploit the offshore RMB yield curve, particularly in exchange traded deriv. Exciting times. All those optionalities await alongside simply sensational results such as this latest set of Q1 results amongst a series of recent strong quarters over new markets dominated by prediction markets. Polymarket is seeking CFTC approval to reopen their main exchange to US traders according to multiple media reports last week. That is of course polymarket, which recently received an investment of up to $2 billion from the Intercontinental Exchange.
Speaking about that, one of the deals that has been going on this week. Well, the world's largest stock transfer agent is moving into tokenization through a partnership with Securitized Computershare.
They are joining the fray, creating a fascinating new play for the Australian born global phenomenon which has always stayed just beside the CSD layer but can now move further if it so desires. Meanwhile, if you'd like some more insights, 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 and moreover, ladies and gentlemen, remember Exchange Invest is now a seven day a week publishing platform. Monday through Friday there's the subscriber option. All the news from the Boris business to get you right up there with the water cooler of the Boris business. And on Saturday and Sunday it's our More Macro content. What's more, our More Macro content is still free. You can sign up for a seven day free trial for
[email protected] and tick the box and you can be added to to the weekend for no cost whatsoever. Our Finance Book of this Week. Well it's reflecting a topic we've been discussing last weekend and this in the Exchange Invest Weekend Coachella. Our Book of the Week Inside Coachella How a desert festival became a billion dollar brand Discussing everything you need to know about the profitability and the big business which is the Coachella Festival in products, well of course it was dominated by the seizing stuff. The UAE leaving OPEC as it did on 1 May amid the Iran, lots of geopolitical issues under the hood there. And KRX and Hong Kong exchanges they've unveiled joint chip index targeting global investors. Meanwhile, Clear street, the broker, have signed up to Kalshi in a prediction markets push. IBKR of course created their own market. Clear Street, a slightly smaller overall fcm, have signed up as the first major FCM on the Kalshi platform in regulation.
Interesting times. Gillibrand and McCormack teaming up for a bipartisan law to crack Donald Prediction markets It's not agreed line by line by the prediction people, but Kalshi and their finder Tariq Mansour has offered broad support for the bill.
Over in Career paths, one big piece of news of the week asx, the embattled beleaguered Australian market monopolist have announced a former hedge fund sales guy, Darren Yip, as their interim CEO, elevating him from within the ASX structure, at least temporarily. And in Big World well, two interesting big world discussions this weekend we've been going on about the Stanford University professor of biology Paul Ehrlich died last month after honing a career as what amounted to Planet Earth's Malthusian in chief. The battle to feed all of humanity is over, he declared in his 1968 bestseller, The Population Bomb. In the 1970s, he went on, hundreds of millions of people will starve to death in spite of any crash programs embarked upon now.
At this late date, nothing can prevent a substantial increase in world death rate.
Let's just put that in perspective. Planet Earth had a population of circa 3.5 billion in 1968. It now supports around 8.3 billion inhabitants, and indeed, the number of people in danger of starving to death is lower than it was in 1968. Clearly, Ehrlich never really understood the power of technology and free markets to deliver better lifestyles for more people living longer. More on Paul Ehrlich in the course of this week. Weekend's newsletter as well.
And on that mysterious and magnificent note, thank you for listening to this Exchange, the best weekly podcast number 344. Join us daily via exchangeinvest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick El Young and I wish you a great week in Life and Markets.
[00:10:53] 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 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.
