[00:00:00] This week in the parish of bourses and market structure on data moats up and at ya ibkr predicts and the parish in the wake of air force one as hong kong leads in ipos. Welcome to the bourse business weekly digest. It's the exchange invest weekly podcast, episode 346.
[00:00:32] Foreign.
[00:00:41] 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 sent daily to your inbox. More
[email protected] Big news from the Parish this week and it's all about us. Actually, Exchange Invest has turned 13. We're officially a teenager. The law of startups suggest you always validate an idea and when there is traction, you execute. With Exchange Invest, I saw the opening and precisely none of the Baker's dozen of first line recipients of the beta editions early in 2013 thought it was a valid pitch. Then I sent the initial issues out and within weeks they all agreed. Don't stop. The insight is vital. They hollered. Thus 13 original readers received the embryonic exchange of information, which now turns 13 years old and its pith reflects the water cooler of the borscht business. For the record, yes, there is apparently a word for the fear of the number 13 triskaidekaphobia, which if anything, sounds more alarming than the number itself. Some markets and some buildings prefer to skip the 13th floor. We never considered that option. Market structure doesn't care much for superstition. It clears, settles, fragments, consolidates and occasionally reinvents itself, regardless of numerology, sentiment or architectural preference.
[00:02:00] 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, Exchange Invest has become more than an archive. It's 13 years of market structure memory. For analysts, investors and infrastructure professionals, that context is edge. The real story rarely starts with a headline. It sits in the regulation, technology, clearing model, zone ownership shifts and incentives that shaped it. Exchange Invest helped readers see the plumbing behind the market story.
[00:02:38] Do you suffer from tristakaidecaphobia? Who's brave enough to join us on our 13th year of the journey to celebrate the best of the borscht business? Join
[email protected] 7 day free trial available and of course the weekend product is entirely free, but we'd really like you to sign up and get the exchange of information the Watercolor the Boris business viexchangeinvest.com meanwhile in bitcoinage this is perhaps the most interesting development of the week as the U.S. monolith cash bond Equity Settlement House has tapped Chainlink for its tokenized collateral platform ahead of a Q4 launch.
[00:03:13] If you enjoyed 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 asset, you can find Bitcoinance as a standalone on Substack.
[00:03:26] In the world of Bourses, Anthony Attia is a surprise choice as the new ASX CEO, can he turn around the discredited shambles of Sydney? Certainly the established Euronext executive Anthony Attia represents a proper growing up exchange manager. This contrasts with pretty much anybody I can recall as chairman or CEO of the ASX during the century to date. Clearly the problems are enormous. The brand is discredited, the board looked like troughing hangers on and alas, none of the C suite are exactly oozing reputational binary points. Although one may imagine in his due diligence Anthony Attia will find some folks worth keeping, what is required is wholesale change and all of the rest of the information was in this week's Exchange Invest. Sign up via exchangeinvest.com for the full PIF delivered to your inbox every day.
[00:04:15] Meanwhile, alongside their ForecastX platform, IBKR have announced direct access to the other major prediction markets. IBKR's choice of EP3 by Connemara must represent the broker's largest outsourced source tech to date given the extensive proprietary stack developed by the genius of Thomas Petroffy and his developers. Now, Alongside Forkastx, the EP3 powered platform, IBKR is linking to the leading prediction markets to make IBKR a perfect epicenter for trading and thus facilitating its customers with a single access point for the major prediction platforms of today.
[00:04:47] While the terminalist did a great job explaining the datamote effect for vendors this week on Substack, it was huge Paris news that NYSE President Lynn Martin joined US Presidential delegation for the historic Trump Xi China Summit in Beijing. What a great day for the Parish. To have the President of the Nicee in the contrails of Air Force One in Beijing is terrific news to underpin the importance of the bourse business as a whole. And of course the unique success of America's Bourse businesses, which are somewhere between 60 and 70% of the world's entire market cap. Lynn Martin not only underlined why the USA is the world's biggest economy and runaway biggest sports venue, she also reminded us of the advantage intercontinent exchange brought to the once sleepy, still somnolent in parts world of exchanges via nyse. As she remarks, technology doesn't wait for institutions to catch up, it evolves and forces organizations to evolve with it or risk disruption and the economies, the companies and the people who are ready for it will drive what comes next. Driving innovation in science and technology isn't a passive act. It requires deliberate investment, deliberate inclusion and deliberate cooperation.
[00:05:57] Amen. Lynn Martin what a great set of remarks she made in the Chinese Summit this week in Beijing. And I feel like we ought to have a whip around to add that to the career tombstones of the many who just didn't get the plot at any stage of the capital market revolution. Number of the month, incidentally is 1.2 trillion. The number of messages that NYSE handles per day has trebled in four years.
[00:06:21] Meanwhile, there's been a phenomenal IPO expansion at Hong Kong exchanges with 53 listings in 20 weeks of 2026 so far. That's right. In the first 20 weeks of the year, Hong Kong Exchanges has listed a statistically juicy 2.65 companies every week. In US regulatory circles there are concerns over the ambitions of CFTC and its ability to truly regulate effectively, as well as a fundamental issue about the lack of commissioners overseeing complex financial markets from the us.
[00:06:50] It's a big risk for cftc, particularly given the loss of staff in recent times as the agency became demoralized under the failure of Chairman Benham and now Chairman Selig is moving fast and that's difficult to sustain with big expansions of remit into prediction markets and crypto products without some really good management and even a full slate of commissioners elsewhere in the parish. In a wave of mostly same old same old renewals of boards at CME and cibo, one name stood out. Retiring CEBO Board member Alexander J. Muturi Jr. Who joined the Board of Directors of Cebu Global Markets in 2026, has retired after a full term.
[00:07:25] All the very best to Alex Maturi, who has served effectively over a full six year term as a CBO Ward member, having previously been the index pulse of SPG QV IPO Vid006 all that time ago we were discussing the view from an index powerhouse for the Exports Group. Looking to add experienced intellectual heft and expertise. Alex is an excellent choice for your board of directors. Over in Results Another busy week for Results in the Parish. All the details we're on Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, let's look at some edited highlights. Tel Aviv Stock exchange revenues up 40% adjusted EBITDA up 87% adjusted net profit up 112% absolutely spectacular and indeed another spectacular set of results. But not remotely in the same league. But all the same. Very very good. Philippine Stock Exchange net income up 49.9% on an 18.5% operating revenue increase.
[00:08:19] Fundamentally awesome net income from PSE as finally PDEX is absorbed into the PSE structure after a generation of bidding, negotiating, wrangling and finally doing a deal for the bond market platform.
[00:08:30] All the other news was of course in Exchange Invest this week. But hats off. Mazel tov to Tel Aviv for those spectacular numbers despite a pretty tricky geopolitical quarter in the neighborhood of Israel.
[00:08:43] Meanwhile in deals this week, E.J.
[00:08:46] little start again. Meanwhile in deals this week, eBay rejected GameStop's $56 billion bid as neither credible nor attractive.
[00:08:56] If you fancy some financial insights of moving pictures, check out our live streams Tuesday at 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. Meanwhile, don't forget we are now a seven day a week publishing platform with a Sunday supplement. The Saturday and Sunday editions are free of charge. If you want to sign up at Exchange Invest. And while you're there, don't forget to offer yourself a free seven day trial to the Big Kahuna, the water cooler of the Boris business, the exchange of information itself. Exchange invests daily Monday to Friday Exchange newsletter online with IPO Vid from the 19th of May was the IPO Vid 28 Understanding the IPO market with guest Jay Ritter upcoming this week, no IPO Vid Live because of course it's US Memorial Day. Our best there to all those veterans of course who we are remembering on this incredible day for their sacrifice.
[00:09:52] Meanwhile, our book of the week this week something slightly different. Len Dayton, the great novelist died recently. Billion Dollar Brain by Len Dayton features a tec Texas oil tycoon funding a billion dollar supercomputer to orchestrate anti communist operations. This is back in the day when the billion dollars really amounted to a lot of money people blending espionage with themes of massive capital deployment and technological leverage. Sounds like a day in a parish, albeit without quite so much espionage I think.
[00:10:15] Anyway, in product news Kalshi became the official prediction market partner of Madison Square Garden while Trump Media have scaled back their plans for prediction markets and lots of other discussion was around the world of prediction. Once again the EGX chairman he made an interesting statement. Next week the next phase of the Egyptian market development will focus on deepening the derivatives market technology. I mentioned previously the distribution fallacy, moats, mechanisms and misreads by the terminalist was a great think piece about data which you can pick up on substack in Regulation All About Prediction Markets this week just for a change, the CFTC is in talks with every major sports league about policing prediction markets, even talking to all the pro leagues. That surely is a lot of bandwidth. Which brings us back to the top tier discussion on the regulatory front this week of just how much can the CFTC spread itself and still be an effective regulator?
[00:11:08] That's at the same time as CFTC were reaffirming their exclusive jurisdiction over prediction markets in the sixth Circuit. Amicus Brief Korea Pals this week two sad pieces of news RIP Nigel Ackerman, a spectacular floor trader on the floor of life. And also sad News from South Africa's former chairman from 1990 to 1991 of the Johannesburg Stock Exchange and long term technical advisor Peter Redman has also passed away. Meanwhile, here's a fun fact that once you read it, you'll never forget and you won't hesitate to share at the water cooler in ultra low latency mode. Bloomberg's annual revenue as a corporation is $12 billion. $10 billion of that revenue comes from the terminal business. I would presume there are no prizes for guessing what must loom large on the risk matrix in the board papers.
[00:11:56] And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 346. Join us daily via exchangeinvest.com or if you have a new market you would like built, a new exchange, a new marketplace, a new platform, whatever it may be. Get in touch. My name is Patrick L. Young and I wish you a great week in Life and markets.
[00:12:30] This show relates to the business of bourses. It is not to be construed as investment advice nor are we making any investment recommendations.
[00:12:40] 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.
[00:12:59] 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.
