[00:00:01] Speaker A: This week in the parish of Bourses
[00:00:02] Speaker B: and Market structure horror stories 24 hour consultations points mean prizes Clearstream at 60 soul searching as NASDAQ Bahrain has tech upgrades My name is Patrick Kell Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 350.
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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 BitCarnage the rich irony of it all, CME trumpets how a central market is simpler. I actually support the thesis. Then their tech promptly falls over handing the field to everything distributed. If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day in Exchange Invest. Alternatively, if you want to follow Bit Carnage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcarnage as a standalone on Substack.
In our top stories this week, the AFR jumped in with the untold story of ASX $250 million tech implosion. The former Chanticleer column editor Tony Boyd was going through his notes and assembled utterly damning evidence which is kind of zero shock but nonetheless ought to leave nobody under any illusion about the whims of ASX developing a toxic culture and as we know that led to the once world beating entity now being a provider of failure as a service.
At the same point in time, some questioned the fact that where was Boyd well more than a decade ago when publications like Exchange Invest were deeply cynical about what was happening therein.
[00:02:02] Speaker A: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickervativesvision.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.
[00:02:22] Speaker B: Speaking of deep cynicism, some short sellers are casting aspersions on Abax as it marked a two year anniversary of the Exchange Viceroy research being the subject of some very pithy rejoinders from the ABAX management as they try to preclude and argue against the short seller's thesis. Elsewhere, Coleman produced a fantastic article, that's Paul Kohn, the Key people behind Computer Share, discussing a year of tokenization from a man keeping a close eye on the growth of the tokenization project, and that was one of our must reads of last week, while meanwhile Clearstream in Luxembourg is linked to Nairobi, a landmark 60th market being settled by the Clearstream CSD for European global investors.
Meanwhile, we were discussing the South Korean paradox. Visit Seoul, Busan or head around the country and this is undoubtedly a first world market economy which puts first world markets to shame. Yes, that's you, the UK and Western Europe for starters. Yet the Korean exchange struggles to be seen as a properly developed market despite its prominence in industries from chips to electronics to good vehicles and scintillating beauty products. And no, I'm not forgetting K Pop either, which remains a rounding error in the South Korean economy, but is the equivalent of anything up to 20% of the northern neighbor's DPRK's definitively less developed economy.
Meanwhile, KALG is apparently raising money at a value which seems stratospheric even at any of the recent rounds for prediction markets, $40 billion being the target for the next fundraising, as Indeed Donald Trump Jr. Set for Akalce wouldn't fall with the platform after it gave him a stake. There was an interesting profile this week of nasdaq's Exchange tech client of Boris Bahrain as they're modernizing their CSD with Nasdaq Eclipse or worthwhile Q and A to read, you can find the link in our show notes. At the same point in time, DTCC of America announces that 24x5 clearing is working. It's now live and DTCC can now clear therefore From Sunday at 2000 hours Eastern to Friday 2000 at Eastern a full 24, 5 5. Do we really need more?
[00:04:36] Speaker A: No.
[00:04:36] Speaker B: But big question is when does the SIP catch up or did I miss the something therein? In the Philippines, Manila is looking to reduce IPO size which optrovider welcome Philip to the local market and indeed as well as that they're trying to make stocks easier to buy and sell across the vast Philippine nation. Mark Zuckerberg is apparently looking at developing a prediction market called arena as the sector booms, but it's not going to involve any hard cash and fiserv they've announced pricing of tender offer for any of their outstanding 5.150 Senior Notes due 2027 4.40 Euro Senior Notes due 2049 the Jamaica Stock Exchange have introduced their new trading platform for micro and small enterprises as Hong Kong exchanges, third largest IPO market on earth at all points in the day is making enhancements to its client margin framework at its derivatives clearing houses RMB yield curve. Here we go. Ugly times for Poly Market. It looked as if a lot of influencers were getting rich, but unfortunately a lot of it was was not remotely rail. Strange as Kalshi has also been suing Illinois officials over prediction market restrictions amongst others and Polymarket. They had unfortunately a $2.9 million theft with users being refunded. No results this week, just one new market. The Carbon Exchange has officially opened in Vietnam and in deals Deutsche Beza are seeking approval under EU subsidies rules for the all funds deal.
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Our Finance Book of the Week appropriately for this wonderful Independence Day weekend. Happy Demicentennial for the United States of America. God Bless America indeed. Our Book of the Week Megan Gorman's journey to understand the different personal money stories of the Presidents over the years all the President's money how the men who governed America governed their money Product News CME are planning to launch wind derivatives for Europe, US and Australia. Korean exchanges delaying listing of weekly options due to single heavyweight stock issues. And in technology, there's an InterContinental NOKX joint venture to bridge traditional and digital asset markets. That story wasn't new. What was new was that the serially accused sex abuser Andrew Cuomo, who was a man who exited his gubernatorial office in disgrace as well as sending many to die in Covid homes during the pandemic, is, well, rather grotesque and an ugly face being foisted on the parish by the folks of OkX in regulation. The CFTC is seeking public comment on the extension of standard futures contracts to 24x7 trading and on perpetual contracts referencing physically delivered or storable energy commodities. That is of course a direct reference to the CME Group seeking to expand 24. 7 trading for WTI crude oil and gold.
Meanwhile, shock horror probe SEBI proposed sweeping revamp of technology rules for stock exchanges. I clicked on this story with a heavy heart, but I'm delighted to see SEBI is favoring deregulation and simplification of a technology canon which is complex, confusing and overseen by an agency not overly renowned for cutting edge technological leanings, even by the relatively low bar of being a national securities regulator. Meanwhile in Big World so much to choose from this week. Fascinating to see how the AI chip boom has repriced stock markets. Taiwan and South Korea have been huge gainers of late. Total market cap, according to HSBC has leapt while the US is gliding along sublimely. The world's market cap at the end of May 2026 was 77.2 trillion and the AI growth story carried on into June. The next nine markets after the USA are worth collectively 56.8 trillion, with China, India, Canada and the UK both together. The AI repricing of recent years means the total market cap of Taiwan, 12th in 2004, is now in sixth place overall, while South Korea has leapt from third 13th to running neck and neck with Canada in equal seventh ahead of the UK and ninth and France rounding out the top 10.
Continuing the recent thread on AI repricing stock markets, both fast movers of recent times, Taiwan and South Korea have considerable index concentration risks. In Seoul, Busan, Samsung Electronics and SK Hynox make up a record 42.2% of the Cosby Index, which is celebrating its 30th anniversary this week, I do believe, while TSMC alone is over 40% of Taipei's market capitalization.
And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast 352. Join us daily by exchangingvest.com or if you have a new exchange you'd like built, get in touch. My name is Patrick L. Young and I wish you a great week in Life and markets.
[00:10:10] Speaker A: 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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