[00:00:00] Speaker A: This week in the Parish of courses market structure, CME council swap, NASDAQ's transatlantic league 24x7 post CME's T plus 2890 one day plus integration and there are EU curve fuffles to boot. My name is Patrick El Young. Welcome to the course Business Weekly Digest it's the Exchange Invest weekly podcast episode 35 4.
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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 fun in Exchange Invest Daily Subscriber Newsletter the unique guide to the ports business sent daily to your inbox. More
[email protected] Once Upon a time, as our latest crypto fable goes, a tale not of fairies, but of what was almost the death of a major element of crypto infrastructure Ripple, considered shutting down after the XRP lawsuit, the CEO has revealed. If you enjoyed this excerpt, you may be interested to know you can be Bitcoinage every day in Exchange Invest. Alternatively, if you want to follow Bitcoinage, the daily update on happenings in the world of crypto and digital assets, you can plan Bit Carnage as a standalone on Substack. In this week's top stories in the world of exchanges, the Chicago Mercantile Exchange where their CME CEO Terry Duffy is saying the exchange operator will sue CFTC over perpetual futures. They've swapped the council in favor of former CFTC Enforcement chair in their antipurps lawsuit. General Block has moved to withdraw from representing the CME lawsuit challenging the US CFTC's decision to like predict the market platform Kalchin Coinbase to list perpetual futures. Aytan Gulman, who led CFTC administration during the Obama administration representing the law firm Zuckerman Spader, is now representing cne. Meanwhile, tech vendor and sponsor Invest Vernaculous have powered ahead with a second new very clear customer in a week as the Brazilian power market gets state of the art CCP processing.
[00:02:14] Speaker B: 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.
[00:02:33] Speaker A: Meanwhile, great news from nasdaq. The country club duopoly is a unique facet of the US market landscape and across the Atlantic, nasdaq's European subsidiary is leading the EU with a simply perfectly formed IPO ecosystem that self supports the raising of capital and remarkable liquidity centered around the Scandinavian region.
At a time when the EU is atrophying and national leadership is dismal, the Nordics lead. This is a fascinating tale of a developed interrelated infrastructure across borders. In other words, a regional formed capital markets union just like the one the EU has not been able to centrally plan from Brussels, despite bloviating on the topic for a generation now. Meanwhile, the CFTC are refusing CNE self certification amongst reluctance to enable 24. 7 energy markets just yet. At least at the regulated end of this futures curve, things like crypto are regularly open to Sunday market manipulation after all. In this sense, CME and self certification have long been resented by other US exchanges unable to avail of this privilege. But then again, if energi cannot trade 24x7, what is the clear, coherent, considered position on what assets can or cannot trade 24. 7 even in ETD alone? Meanwhile, we all know merger integration is tough. But seriously, is it worth noting it has taken six years for CME to provide a seamless integration access to trade cash, bonds and futures on the same platform after acquiring Nexgroup in 2018.
Over in India, NSE is on the road. They're pitching their IPO. First up were 30 global investors this week in their bid to reshape Indian capital markets. Exciting times as NSE India is on the road with its IPO at least half a year earlier than many expected, even at the start of this calendar year. Finally, there are considerable moves of foot to push through the Clarity Calamity act as I record this podcast that would enshrine an benefits to being a crypto exchange, including dubious practices like internal market making which becomes even more toxic matched with the practice of margin stops. The big push to be moving the bill over the course of this weekend next, because the clock is ticking, was on a knife edge even before last weekend. The tragic demise of Senator Lindsey Graham depletes the GOP majority. Each party is a senator incapacitated currently from the GOP it's Mitch McConnell while the Democratic Senator Ben Ray Luhan is also also incapacitated with a stroke that makes The Senate currently 5146 across party lines, with the White House seemingly increasingly eager to push, prod or just ram the Clarity Calamity act through the Senate during the course of the next few weeks before the summer recess, all this story was an exchange. Invest daily this week for the full pith go
[email protected] and avail yourself a free seven day trial. Meanwhile in the EU the ongoing battle of corporate globe politics, which is a key of European Union failing, has vexed the exchanges so much that they're appealing to finance ministers to find a means to manage to break through against the entrenched bank monopoly. Elsewhere, ESMA published the first market capitalization data for EU member states, which was a curious conundrum. Rather than looking to promote capital markets, it seems they were more all about how to deploy withholding taxes. Valdin ready. Meanwhile, it's been reflecting on 100 days as Johannesburg Stock Exchange CEO. Indeed there is a hard push. Further, what I was saying earlier about clarity calamity bill already coming from the Democratic side. Senator Warren amongst those very, very keen to ensure that no Democrat is supporting Trump, either family or president in the pursuit of a clarity calamity bill. Elsewhere in exchanges tadable have marked four years of regional market connectivity with H1 2026 trading value already surpassing the entirety of 2025, a considerable success.
The weakest launch of a mega stock exchange in history took place as the launch of Texas Stock Exchange was absolutely wiped out in PR terms by the Trump account sucking the bandwidth of the business and broader media. With the bell ringing for both members of the country club duopoly at the White House the other day, history in various senses being made. Meanwhile in Texas, the best funded competitor to the country club duopoly is I fear still doomed to failure. But at least it is the best funded competitor to the country club duopoly. The money still would have been much better spent elsewhere in terms of capturing alpha from exchange development.
In Nairobi, Kenya, the new NSE Chairman, Tom Milwauke is vowing to democratize the Kenyan stock market. And of course coming in the wake of the fabulous opening towards payment firms such as M? Pesa to be able to directly access stock market IPOs earlier in the year. No results this week, no new markets either. It must be summertime and a paucity of deals. Although all the information was an exchange investment. Don't forget if you also want to catch up on our archive of IPO vids, you can check those out linked below, LinkedIn and YouTube via IPO vid. And if you're looking for more reading, don't forget we've started a Sunday supplement. Exchange Invest is now 7 days a week, 5 days paid for by subscribers. Subscribe not exchangeinvest.com Also go to exchangeinvest.com if you'd like to and sign up for our free macro reads. This week we're looking at the exciting business of the FIFA World cup which is also the title of our Book of the week. The Business of the FIFA World cup, edited by Simon Chadwick, Paul Whittup and Christos and Agnostopoulos. The first to focus on the business and management of the World cup itself. Very, very interesting to that, even if you're not interested in football product news this week. ICE Benchmark Administration is now operating the LBMA Platinum Palladium prices and auctions. That means that they have taken over a suite of metals, having successfully administered the London gold fix since 2015 and silver prices in 2017.
Elsewhere in London, offshore Renminbi denominated Chinese government bonds are now eligible as collateral at lch. Great move for the London clearing out there and also for the Trans Pacific Pact between LCH and Hong Kong as the Hong Kong exchanges look to enhance the opportunity to trade the Chinese offshore yield curve through the Hong Kong sar.
Still talking about Hong Kong exchanges, we move swiftly and smoothly into technology. HKEx and SIPS have signed an MOU to strengthen Hong Kong's offshore R and B settlement infrastructure as well as HKEX inaugurating a trial operation under the Gold Clearing and Settlement System.
Meanwhile, ESMA have selected E Trading Software Netherlands BP as the consolidated tape provider for OTC derivatives and that leaves us, ladies and gentlemen, with a possibility to look at Big World and in the middle of summer. Bp, which was once British Petroleum, especially when Barack Obama wanted to blame non American oil firms for an oil spill. BP has just tried to become all New age and green over the course of the last decade with the mantra beyond Petroleum, but has since reverted to just BP if not selling the P word itself. At the same time as BP opted for ESG friendliness, their corporate management has seen some volatility. The company has had four CEOs and three chairmen since 2023. Perhaps it can reinvent itself as a C suite telenovela. And on that mysterious and magnificent note, thank you for joining this the EI Weekly Podcast 354. Join us DailyVIRExchangeInvest.com or if you have a new exchange or marketplace you'd like build, get in touch. My name is Patrick Earl Young and I wish you a great week in life and markets.
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