[00:00:00] Speaker A: This week in the parish of Bourses and Market Structure O Calcutta, NSE sellers LTEL dominates the headlines and is there perpetual harmony in Washington D.C. my name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 351, which I guess makes it a hot rod tribute to Barry Lee Foreign.
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 Subscribers newsletter. The unique guide to the Boris business sent daily to your inbox. More
[email protected] over in Bit Carnage Amongst the many headline points he was making this week, LTEL and the CME are intending to litigate CME CEO as he was then. Stay tuned. Terence Duffy says the Exchange operator will sue the CFTC over perpetual futures. The gloves are off with Chairman Mike Selig and that means a mega spat as CFTC continues to atrophy confidence from the established derivatives community it has regulated for a half century. Is Seligon target for a full term or will he do a Brooksley?
If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day on 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 Bitcarnage as a standalone owned substack. Regional exchanges that Sebi was pushing out of business just years ago looked to be back in vogue as NCDX amongst all others create new stock markets in India. And there's another to come as we'll mention in new markets in just a second. Over in Assam, the NCDEX have also launched their campaign to expand their investor base elsewhere and it was big news. The propaganda aforethought is in the media that preceded the digital age, while curiously the open for all new ideas innovative CFTC seem to have had second thoughts about CME's retail centric 24.7Futures. That's bad news for that particular retail oriented crude oil contract, but there's surely a rich irony in the CFTC saying yes to anything that doesn't come from the established exchanges and then saying no to CME when it kind of wants to be down with the kids of retail perps at all.
[00:02:37] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly Patrick DerivativesVision.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 Seller lineup is forming up for the NSE IPO. About 6% of the stock is going to be available. SBI may be the largest seller at the ipo. No new stock being issued and indeed also just in case you missed it ahead of the NSE ipo, SEBI have been warning investors against trading in unlisted shares and indeed the NSE IPO red herring was published marking an exciting new event in the move towards the NSE ipo. At the same time as India's market regulator SEBI approved an NSE settlement of past lapses. Another box ticked on Route to a mega IPO I mentioned earlier on LTEL was having a week of dominating the headlines and first up, well, here's the big news. He's standing down as CEO to revert to being merely Exchange Chairman, where he came to claim both major C Suites positions as an executive several years ago. An insider has been elevated to CEO. Good luck to Lynn Fitzpatrick and that may raise questions. It looks like the Permatan Chicagoan is still in charge firmly, but with just one job title this time around. A move to the exit by ltel probably more a typically CME very long goodbye. Then there is the more seismic news still that ltel, as we mentioned earlier, is heading courtward bound against the cftc. That may also be a cri de coeur that the one time mooted Senate candidate Duffy is now somewhat alienated from the gop. Then again, LTEL had some heroically bad calls in the past as we explained in Exchange Invest this week with the lawsuit in perp futures. That was also a top story in bit carnage. It was a question of would the CME soon build a concrete monstrosity tribute to LTEL akin to the $850 million Obama presidency, Chicago Library building and related outbuildings? Time will tell I suppose. However, back to the politics. CME is taking litigation against See FTC and that has a major impact on Chairman Selig. Simply because I can't think of an established legacy ETD player with anything particularly good to say about the er, boy wonder Mr. Sellig, who alas, has not shown any wonder. Anyway, I would not be surprised that Monopost Chairman Duffy will outlast Chairman Selig. Well, maybe not on perps or on predictions, but maybe. Anyway, the good news is SEC and CFTC are opting for more harmony. How will definitions of ETDs and indeed swaps tally with recent and CMTC moves on prediction markets. Thus as I mentioned at the top of the show, NSE have filed for their 30,000 crore IPO, potentially India's biggest ever.
The draft red herring is out. NSE IPO looks to be ahead of schedule versus some talk of early 2027.
Six percent of the total stock is being offered by existing shareholders and the biggest bourse IPO of the decade to date. Meanwhile the Korean Exchange are weighing dropping their pre market trading session and keeping the aftermarket trading not much in results this week one from the private markets Vienna Borsa. They announced record results pre tax profit up 6.6%, group revenue up 10.4% in new markets. Two fascinating snippets. The Moldovan International Stock Exchange has submitted its license application. Remember the Bucharest Stock Exchange next door In Romania holds 26.7% of this entity. Elsewhere, a new bourse may be a revival of a very historic name, a plea to revive the city Bourse as Calcutta Stock Exchange seeks a trading return. A welcome development as the SEBI move to close the regional exchanges has already unravelled with a new era of entrance into the stock market such as ncdex.
Meanwhile, if you fancy some financial insights with moving pictures, don't forget you can always check out our IPO vid shows. The back episodes are on LinkedIn and YouTube via IPO vid. And of course don't forget if you'd like to be reading a more macro, read at the weekends free of charge. Exchange Invest now has supplements on sale Saturday and Sunday making us a seven day a week platform. While you're signing up for that, go get yourself a free seven day trial of Exchange Invests mainstream newsletter, the one that pays the bills via subscribers. Thank you very much to all those who are paid subscribers. And that is available too via exchange invest.com so you can access the water cooler of the Bors Business Finance Book of the Week this week is from our IPO Vid202 guest Igor Page. Tech A Guide to the New Game of Technology Investing is his latest fascinating must read book.
Over in products, usually we don't highlight IPOs, but when the biggest listing in history, both by money raised and market cap goes smoothly, we certainly need to trumpet the achievements of the Parish. In this case a hearty hat tip to NASDAQ As Nasdaq welcomes SpaceX to public markets in another mega development coming early August August 3rd to be precise, Hong Kong exchanges will be debuting China Government Bond Futures. The RMB Offshore Yield Curve is coming to the SAR soon bse. Meanwhile in Bombay they've launched India's first Sattvic themed equity index. That's in other words Ayurveda Hindu friendly. While Dubai Exchange is to launch same day gold contracts targeting the safe haven flows.
In technology news, the Warsaw Stock Exchange have updated on the implementation schedule for the new trading system. GPW Watts planning the migration away from the UTP system of Euronext. We've now got 3rd to 4th October for the migration. 5th of October will be the planned production launch date of the W system. Hopefully that Polish IT transition will be better than some of the banks. Citibank's Polish arm was sold its retail client accounts to Velo bank which has been a total cluster mess. Quite embarrassing one which presume for shareholders such as the EBRD and Cerberus. Elsewhere talking of tech glitches back in the parish, SEBI imposed a 6.04 crawl penalty another US$7.25 million on the NSE over their April 2024 technical glitch. Therefore the NSE inches closer to IPO after this latest fine is paid. Regulation Just reminding you CFTC Chairman Selig has defended his decision to approve Perfectual futures in the usa, but at the same time the big news was of about that interesting concept of harmony. The SEC and the CFTC seek public input on data reporting frameworks for security based swap and swap markets. That also includes possibly prediction markets or maybe they come in too. The second part the CFTC and SEC are seeking public comment to further clarify and harmonize derivatives product definitions.
Over in Pakistan, Dr. Kabir Ahmed Sidhu has set a 2.5 million investor target for the nation as he unveils the SEC. See Pakistan's reform agenda Career paths of course led by that news I talked about earlier on CME Group CEO and Chairman Terry Duffy is standing down as CEO and transitioned to being purely Executive Chairman of the board in March 2027 with President and CFO Lynn Fitzpatrick appointed CEO. That's huge news. Altals monopoly milking machine has de facto stalled and now the Chairman CEO is going back to being just the exact guy upstairs. Difficult to read quite why, but all the best to Lynn Fitzpat who really needs to challenge the orthodoxy of CME if it is to truly move forward. Instead of being a blobby monopoly linked to its US dollar haven status, Robinhood meanwhile they've cut 10% of their workforce while co founder and CEO Vlad Teneff is touting the business's strength.
Over at Six Changes to the executive board. The head of security services, Rafael Morrell Santiago is leaving six and Marin Leslie, head of financial information, will assume responsibility for the business unit on an basis with immediate effect in Big world the famed TV naturalist Sir David Attenborough celebrated his 100th birthday with a knight devoted to him at the Royal Albert hall in London last month. Given his century, the Spectator magazine offered a timely reminder of creatures believed to have lived even longer than a man, famed for his TV show devoted to the animal kingdom. Amongst the top five of long livers, the Greenland shark can live for up to 500 years. Tube worms can survive up to 300 years. The giant tortoises, they can go for at least 200 years. Fresh water pearl mussels can live 200 years. And indeed so too can the bowhead whale, 200 years long, twice the age of TV's most famous naturalist, Sir David Attenborough. All the very, very best to him on his centenary.
And on that mysterious and magnificent note. Thank you for listening to this EI weekly podcast number 351. Join us daily via exchangeinvest.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 great week in life and markets.
[00:12:09] 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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