[00:00:00] Speaker A: This week in the Powership, Bourses and market structure NSE advisor choice E6 each Hong Kong exchanges at 40 driving super connection My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 348.
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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 sent daily to your inbox. More
[email protected] in parish notes we welcome Vermiculous Financial Technology as a sponsor. Exchange Invest is delighted to say that Vermiculous is our latest flagship sponsor. Founded In Stockholm in 2020, Formiculus supports exchanges, clearinghouses and market infrastructure organizations with systems spanning trading, clearing, csd, collateral risk and post trade operations. Built by a team with deep market infrastructure experience and on strong Sonobra heritage, Firmiculus has already worked with institutions including B3, Bermuda Stock Exchange, OCC, CERC, Mayax Futures and NOAM.
Its products use a modern technology stack with no legacy code designed to meet the demands of future markets. Firmiculus delivers its projects through a unique agile customer dedicated project model backed by many years of experience in delivering mission critical systems. A focus on resilience, adaptability and long term infrastructure capability makes Firmiculus a strong fit for the Exchange Invest community of Exchange leaders, clearing professionals and market structure decision makers. Nils Robert Pearson, the founder and Chairman of Firmiculus noted we see a fundamental shift underway in market infrastructure towards more modular real time 24. 7 operations and resilient systems. Partnering with Exchange Invest allows us to contribute to that dialogue and connect with the leaders driving this transformation. Thank you Firmiculus for your vote of confidence in Exchange Invest. We're delighted to welcome you as a flagship sponsor.
[00:02:17] 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 wait welcome. You giving us a thumbs up or if you have time, a positive review will always be welcome. Wherever you find this podcast in bit
[00:02:37] Speaker A: carnage this week Is the bill off? I've been feeling this way for some time but it's interesting to hear others giving the opinion. TD Khan saying the crypto bill is unlikely to pass this year. Amongst worsening political environmental issues, the realpolitik is that the Trump administration has a problem passing this bill and the likes of Coinbase Being intransigent hasn't helped either in the mainstream world of exchanges each the European association of Central Counterparty Clearinghouses has been lobbying the E6 that's the US biggest nations. The European CCP industry body is seeking a post collegiate approach to rationalizing CCP regulation. This could help the EU safely, securely and more smoothly speedily innovate financial products at a time when the Savings and Investment Union looks more like a fantasy than Zendaya in the Dune movies. A stronger role for the euro in the world can't be regulated, but a judicious push to have ESMA as a single regulator for the multinational CCPS has immense logic for the future of the eu.
Meanwhile, there have been a series of judgment days for ASX this week as the stock has tanked off 25% in one calendar week alone, almost 40% over five years. As we record this podcast, the stock is back at levels last seen in 2015. Frankly, ASX are lucky it's at that giddy multiple sharks must be circling for both fund managers who passively oversaw the unfolding crisis as well as the AS management board themselves. As to Anthony Attia's outlook, how golden the market just priced in his failure, giving him nothing to lose. Marvellous odds and a helpful fillip to a man who is clearly competent and elegant. Per is in contrast to the incumbent shambles of the ASX board and below as the former four stock exchanges of Hong Kong exchanges were celebrating 40 years of unified trading in their central HQ, Hong Kong exchange remains an IPO powerhouse even as Nasdaq's SpaceX IPO pars towards Times Square and therefore gives a global IPO primacy to Nasdaq in a market dominated by the US Country Club and China's sar, there's also been interesting views on Hong Kong's Super Connector potential. That's worth reading in Exchange Invest this week with some fascinating comments by Charles Lee and at the same time the IPO league tables may be turning, but Hong Kong exchanges remains an incredibly sticky IPO as the leader in Asia and far beyond.
Congratulations to the Bourse on its long standing HQ and Exchange Square at the heart of Central and the 40th anniversary of the merger driven by legislation of the four local stock exchanges, Hong Kong Stock Exchange, Far East Exchange, Kam Ngan Stock Exchange and Kowloon Stock Exchange. Their interesting plans for the Exchange square including a museum. Hopefully it will be at least as engaging as the Thai Stock Exchange museum in their Bangkok hq.
Over in America, while NASDAQ are celebrating the fact that They've won the SpaceX IPO. A great IPO win for the USA and a terrific win for Adina Friedman's NASDAQ. The New York Stock Exchange's parent ICE have been discussing how they held multiple talks with Hyperliquid, the unregulated venue, to evaluate online perpetuals in the US Options market. A court loss from Citadel helps the IEX come closer to launching their options venue. And I have just landed in Taipei, a dynamic city of the future. Looking forward to the AFM conference hosted by Tifex later this week. Elsewhere in the world of bourses, the Irish stock exchange operator is calling for stamp duty on share transactions to be scrapped here, here long overdue FTSE Russell have introduced IPO fast entry requirements and enhancements for the Russell US Indexes, which is a hot topic at the moment. There's been fabulous debate ongoing in various circles, including online on LinkedIn between ace parishioners Mark Makepeace and Alex Matturi, respectively, former heads of index mega firms.
Meanwhile, Euronext is said to be preparing for its new era when Stefan Bujner is due to step down in May 2027. At the same time, I'm wondering, will he actually be going at that date? Apparently a search is underway for a successor, but will that prove academic? We shall see.
And in Taiwan, where I am this week, the Taiwan Stock Exchange are planning longer trading hours and odd lot reform. It's interesting to see Taipei's principal stock market considering longer hours, particularly given their significant listings in tech and especially chips TSMC at a time when that stock alone has significantly helped Taipei to become the fifth largest stock market by market capitalization worldwide.
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 Cats to back episodes on LinkedIn and YouTube via IPO vid. Incidentally, Exchange Invest itself is now a seven day a week platform. We started a Sunday supplement newsletter. Saturday and Sunday are free with more macro reads. You can sign up for
[email protected] and while you're there, tick the box for a free seven day trial so you too can get closer to the water cooler of the Boris business with the Exchange of Information Exchange Invest Online. At the moment we have a rerun of IPO Vid 209, a new code for market structure with our guest Tarana Dariati, CEO of Vermiculous, who've recently become a flagship sponsor of Exchange Invest 2 and also of course you can pick up in our Sunday supplement, our finance book of the week where we will always provide you with a nomination of something of suitable interest in reading around the world of business and beyond.
In product news, NCDX are set to relaunch pepper futures in a strategic push for the commodity markets being grown. And CBOE in the USA have received SEC approval to offer extended trading hours for select multi listed single stock options Group has CIBO again. They've hired Bedouin Dwindstra as EVP Chief Risk Officer. And congratulations in London to Penny Chung who's been promoted to Head of Interest Rate Derivatives at ICE and will report the fabulous Katerina Karamashi, VP of Financial Derivatives. Katerina of course was guest on IPO vid number 77 coming of age with ICE.
MCX meanwhile, have appointed Sanjay Raipal and Manoi Jain as Executive Directors in big world Pianist Ruth Shlencinska, the last surviving pupil of the Russian virtuoso Sergei Rachmaninoff, died at the age of 101 recently. She was a child prodigy who first performed at the age 4. Born to Polish parents in California, her career spanned a whopping nine decades. Her debut with a full orchestra was at the age of seven in Paris. With her last album released in 2022, Sajinska played for five US presidents, even performing a four handed Mozart duet with Harry Truman at the White House. Truman also, incidentally, famously played Mozart's own piano in Salzburg, making for quite a remarkable connection between very different virtuosi Rachmaninoff and Wolfgang Amadeus Mozart across the centuries.
And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 348. Join us daily via exchangeevest.com or if you have exchange you'd like build, get in touch. My name is Patrick L. Young. I wish you a great week in life and markets and I reflect ruefully on the fact that 348 was of course the last great mechanical Ferrari I can recall. Possibly 355 or 360. I suppose one could include two, but certainly those were the apotheosis years long before they started building electric toaster design studies. What a strange world we live in.
And if you like petrol headed thoughts, catch up on my alternative site Island Races for a dose of fascinating vintage motoring and motorsport.
[00:10:25] 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
[00:11:01] Speaker A: from copyright free sources.
[00:11:04] Speaker B: Thanks for listening to Exchange Invest Weekly. The exchange of information.
