[00:00:01] Speaker A: This week in the parish of bourses and market structure trim beef and single stock futures AI unleashed the paradox of value australia shames the new world and nse ipo on the fast track my name is patrick l. Young. Welcome to the boris business weekly digest. It's the exchange invest weekly podcast, episode 353.
[00:00:32] Speaker B: Foreign.
[00:00:43] 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 sent daily to your inbox. More
[email protected] over in Parrish Notes Great deal of discussion this week. You had to be a subscriber to Exchange Invest in order to read it all. We were discussing Exchanges brokers clarity or calamity, looking at the big world of market structure and indeed the possibility of the Clarity act being passed on many occasions. There was also an in depth discussion of Young's pyramid of exchanges, all three tiers being reviewed there. For these and all other pieces of pith, you need to be reading Exchange Invest, the water cooler of the Bourse business, the Exchange of Information. Sign up
[email protected] over in bit Carnage well, the tricky bit is with the SEC and the cftc. Trump has to hire commissioners first, but as we ran in our headline, he can now fire at will according to a recent judgment from the Supremes.
At the same time, we were looking at predicting good clearing far from the madding headlines such as Trump denies corruption in Crypto after his billion dollar earning revelations. The great news in the crypto world is proper exchange tech being delivered to an as yet unnamed crypto venue with their prediction market. Vermiculous is going to be delivering that 247 clear for the prediction markets to this leading global crypto exchange.
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 A Bit Carnage, the daily update on happenings in the world of crypto and digital assets, you can find Bit Carnage as a standalone on Substack.
Top of the stories. Well, that man from the crypto discussions again, Donald Trump, President of the United States of America, number 47, rang Wall Street's opening bell simultaneously tying his presidency to stock market gains, according to AP News. Quite the occas. The President of the United States rang the bells jointly for NASDAQ and NYSE remotely for the first time in history, both running together from the White House. Even Taylor Swift's wedding didn't manage this. Then again, Tay Tay didn't create a new tier of savings accounts for babies either. Excellent to see Jeff Sprecher, Adina Freedman and Lynn Martin lining up inside the Oval Office to lead Paris representation on this remarkable day.
[00:02:58] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrivatives vision.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.
[00:03:17] Speaker A: Meanwhile, over at CME alongside their Trimby futures, they're going to be launching single stock futures on July 27. In other words, where One Chicago failed, of which CME was a founder shareholder, they're now going to go it alone with the stock indicator Individual Share Future product, of which I was a huge advocate some 30 years ago, back in the day when only Hong Kong exchanges were looking at it. ICE are launching more compute futures as competition intensifies in the age of AI. In this case it's ISON Native X. That means they're launching energy normalized compute futures which contrast with the ORMN GPU compute futures contracts also coming to ICE amongst a myriad of other compute futures, the US as it was approaching its 250th birthday last weekend, was a powerful economy, a massively powerful economy. Over in the historical lands that created the EU itself but have since lost touch with their principles of liberty, egalitarian fraternity, the European Union, industry bodies and markets are seeking competition. The tragedy is, I doubt that Brussels Blob, underpinned by the ludicrous precautionary principle, even comprehend the question. Meanwhile, NASDAQ have been celebrating a sensational first half 2026 while the Indian court bowled somewhat of a googly. That's a cricket term, not relig to search engine optimization about how NSE is in fact somewhat government controlled. Interesting to see how that impacts on the ipo. Meanwhile, in Terra Australis, which is Latin shorthand I believe, for land of dismal management and failed market monopoly, the courts were spot on, applying what was admittedly a fairly derisory traffic fine of 20.5 million Australian dollars for ASX being perma shabby and frankly ASIC gutless in ultimately fining pocket change for a company which has cost the market a billion dollars or more and heaven know an economic penalty for the ASX's ongoing failure as a service over a generation Meanwhile, the Dar es Salaam Stock Exchange they celebrated 30 years of existence earlier this week. Their market capitalization now stands at $13.49 billion with 870,000 investors and US$607.51 million of cash mobilized through equity issuances in Tanzanian dollars.
Over in prediction markets, usual issues, lots of sues, lots of litigation. Kalshi on the other hand, according to Integrity Research, their attempt had failed. Wall street needs workable compliance for prediction markets and according to that correspondent Calci has not delivered yet. Other people also making their concerns about that and indeed Garbage Day. What an interesting crazy name. Crazy title. They spent a month hiding in a Kalshi discord clipping Discord I should say. And the net result was yuk yuk and thrice yuck. It seems that Polymarket who exposed by the Wall Street Journal recently are also doing much the same sorts of things. Somewhat it seems dubious practices of incentivizing influencers who may or may not in many cases actually be trading the prediction markets when they tout huge wins. As I mentioned at the top of the show, NASDAQ delivering their strongest first half in US Exchange history. Their public markets momentum has billed they had the largest IPO, of course, thank you SpaceX and Elon Musk. The highest volume of capital raised in the US Exchange history. Again, thank you Elon Musk. And in total the Note scores were $129.3 billion raised in the first half of 2026, or in other words, roughly 10 times the market capitalization of the entirety of Tanzania. Seven of the 10 largest IPOs of the year listed on NASDAQ as leading companies. NAI, Aerospace and Biotech chose the Nasdaq venue to accelerate growth and indeed NASDAQ Texas has debuted as a new dual listing venue with the first cohort of companies and the inaugural advisory board. A stunning six months for Nasdaq Inc. As the country club duopoly against your clean pair of heels on listings to pre every bourse on earth, bar Hong Kong exchanges, the nse, India moving up, ramping up the progress of the ipo. Not ramping the IPO per se. They're now looking at a September launch for the $3 billion IPO as early as mid August. They look to be on the international trail trying to sell that. That's quite an incredible change from where we thought even six months ago. It would be somewhere into next year before the IPO actually takes place.
Canadian Derivatives Clearing Corporation subsidiary of tmx they announced the inaugural subscription of Secured general collateral notes, and LME is considering easing rules to boost Hong Kong as a metals hub. Meanwhile, if you fancy some financial insights with moving pictures, don't forget to check out the IPO Vid show. Catch the back episodes on LinkedIn and YouTube via IPO vid. As we're currently on our summer holiday, don't forget as well that Exchange Invest is now a seven day a week enterprise. If you want to read the free weekend macro reads, you can get those for free signing up at Exchange.
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[email protected] Our Book of the Week this week is a classic from a few years back. The Rational Optimist by Matt Ridley makes the case for an economics of hope, arguing that the benefits of commerce, technology, innovation and change, what Ridley calls cultural evolution will inevitably increase human prosperity. Hear, hear. I say, Fabulous. Read this book. Really, really well worth reading. And don't forget our next Book of the Week will be unveiled on DEI Weekend Edition.
And don't forget, if you want all the news in the Voice business sent daily to your inbox, subscribe to Exchange invest via exchangeinvest.com Only US$499 per annum to join the exchange of Information in products the Texas Stock Exchange launched on Monday 6 July. A MeToo that has raised $250 million plus still looks like a project without a valid business reason. However, it's a win win for Texas as both NYSE and NASDAQ now have hedged their exposure to the loony left New York City mayor and his cohorts and they've hedged them in the in the Lone Star State. The trouble for Texas Exchange is that with the country club duopoly in situ within Governor Greg Abbott's state, the imperative for an independent Texas Stock Exchange has evaporated, thus further reducing what was always a tenuous business case to copycat existing processes. The end aim of various investors to seek to reduce listing FEES, especially for ETFs, Special Product etc's ETPs etc may not prove as successful as has been in Europe, largely because U.S. bors managers have a stronger backbone than than many of their transatlantic cousins in technology. Vermiculous. They're delivering a 24.7clearing system for prediction markets to a leading global crypto exchange, which is great news for another rollout of the very clear clearing solution. BMLL and Exponential have partnered to deliver a new class of investor flow analytics and Hong Kong exchanges are entering into a data licensing agreement with China Bond Pricing center to support CGB futures. Launch another move toward the great Leap forward in RMB yield curve trading beyond the Chinese mainland. Over in Career Path, the Indonesian Stock Exchange shareholders approved the CEO appointment of the interim CEO Jeffrey Hendrick four year term to 2030. MCX appointed Sanjay Rajpal as executive director for five years and Tom Mulwah has taken over as Chairman of the dynamic Nairobi Stock Exchange from Chairman Katone.
Meanwhile, in Big World in case you're sipping a suitably caffeinated drink and wondering why your wallet feels lighter, between 2019 and 2026, the cost of a one pound bag of coffee in the USA rose a staggering 130.46% over the course of those seven years. That means it went from $4.17 to $9.61. And on that mysterious and magnificent note, thank you for listening to this EI Weekly Podcast353. Join us daily via exchangeinvest.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.
[00:11:15] 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.
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