Episode Transcript
[00:00:01] Speaker A: This week in the Parish of Horses and market structure. JPX stunned Tanzania Soares Padwal stumbles ICE provide M& A as expected, provided you're reading Exchange Invest and there's an RMB bond launch to make that RMB overseas yield curve a thing My name is Patrick L. Young. Welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 357 and a vertical magnum it is too Foreign.
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 of S Daily Subscriptions Subscriber newsletter Unique guide to the Post Business and daily to your inbox. More details exchangeinvest.com over in bit Carnage, Clarity Died. We told you weeks ago. We hinted at it months ago. It now transpires that the Senate leadership have abandoned a bill which were not remotely close to any form of agreement. Note that we told you this weeks and months ago. The Senate was currently 5,146. The White House was seemingly eager to push broader ram the Clarity Calamity act, depending on how you wanted to define it through the Senate. But it needed at least nine Democrats to switch side. As I had a time of growing disillusionment and particularly accusations of the corruption of the Trump presidency directly in the world of crypto, I could not have been clearer. And yet still the crypto media and the bros pushed it where it was, a task even Sisyphus would have sought to avoid. If you enjoyed this excerpt, you may be interested to know you can read Bitcoinage every day on Exchange Invest. Alternatively, if you want to follow Bitcoin, it's a daily update on happenings in the world of crypto and digital assets. You can find Bitcoinage as a standalone on site substack in the world of exchanges themselves. JPX delivered stunning profits this week for the most traditional reasons. On the day that the Clarity act died, the MLL and OCC announced new chairman Amidst a welter of interesting headlines throughout the course of the week and with stunning results once more from Dar es Salaam on a day when Tadwil, disappointed from Saudi Arabia and CME headed into Sporting Futures as ICE Data embraced AI connectivity, a veritable vast swatch of results was ours during the course of the week and the big news was as expected, provided you were reading Exchange Invest, of course, that the Intercontinental Exchange has bought Market Access. Also, TMX and MX have created an inspired Win Win that drives Memex Forward enhanced by the box assets.
[00:02:37] Speaker B: Thanks for listening to Exchange Invest Weekly. We welcome your feedback. You can contact me directly patrickrevativesvision.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.
[00:02:57] Speaker A: When it comes to Intercontinental Exchange acquiring Market Access, all I can say is I saw this one so far out I might be asked to be on the deal fee schedule as no one else seems to have realized it. We were talking about this, well a year or so, a year and a half and more ago as being clearly what was going to happen. That's the Exchange Invest advantage. Ladies and gentlemen, sign up for your subscription, not exchangeinvest.com exchange in the meantime, ICE's results were also another set of very sound and encouraging numbers across the board, which contrasted with some other disappointments during the course of the week. None other than Market Access.
Hong Kong Exchanges they have got the RMB yield curve off and kicking. The five year Chinese government bond futures are now a thing at the Hong Kong exchanges, which gives us a very, very exciting move as another piece of the Jigsaw cup puzzle comes into play for the future of the offshore R and B yield curve. Elsewhere in Spark deal from Memex and TMX, combining assets from the TMX, that's the box options exchange plus some cash to create a $2.3 billion organization. Very, very exciting times. A great deal for Jonathan Kellner and the Memex team who will run this at arm's length. And an inspired one for TMX CEO John McKenzie, who clearly has been inspired by the original Boston Options box deal, which was itself the brainchild of then Montreal CEO Luc Bertrand, who is now of course the TMX Group Chairman. Possibly there might be a resolution, ladies and gentlemen, to the 63 Moons settlement for the NSCL scandal, if you remember that the National Spot Exchange of India finally looks as if a judge has allied a court approval for a one time settlement scheme. Meanwhile, also in the courts US Judge has temporarily blocked Minnesota's prediction market ban and Governor Hocco of New York and the Attorney General have said sued Kalshi for running illegal gambling operations.
Just another week in crypto will leave out the worst the tabloid excesses from the course of the week. But all of that was of course in Exchange Invest as to results. A very very busy week for results in the parish. All the details in Exchange Invest daily when you let her know person can afford to be without capital markets and market structure. For the sake of this podcast, let's look at some edited highlights on top of the staggering ICE results from record to record. Terrific reporting by Japan Exchange Group. Total revenue up 50% net income up 71.8% fantastic results from start to finish. Unfortunately for Coinbase, they seem to be the everything Exchange except profits over in deals alongside that TMX Memex car up and also the other great deal of the week, which was of course none other than Intercontinental Exchange, as expected acquiring market access. The NSE listing in India is likely in September after a SE nod for the IPO draft next month. That sounds very, very exciting indeed. And over in Indonesia, they're preparing the stock market there for privatization, demutualization. All of those details were of course in Exchange Invest. As always.
Meanwhile, don't forget we started a Sunday supplement newsletter you can read seven days a week. Exchange invest exchange invest.com on the weekend. The broader newsletter is free of charge. The in the weeds of the World of the Borses Market Structure Exchange Invest.com Newsletter is of course a subscriber product that helps subsidize well the likes of this podcast. For starters, Finance Book of the week this week, the House of Saad, a comprehensive biography of a wealthy Arabian family, and that ties in elegantly with what are this week's fascinating themes of royalty and more. And of course markets and money in product news as Future Sports have launched as a new index provider, transforming sports statistics into tradable financial instruments and very, very rapidly being signed up in a deal by none other than the cme. Presumably women's golf futures will follow shortly.
Also great read this week it was an Exchange investor, streetwise professor Craig Perron, majestically hitting the spot on Much Ado about Perps, taking down a lot of the myths and indeed pointing out a lot of the problems with perpetual futures in technology, ESMA have authorized that EUROCTP is the consolidated tape provider for shares and exchange traded funds. Great news for the European market. Space Career Paths Very busy week. BMLL appointed Brad Hunt as Chairman of the Board. The OCC announced that Stephen Liberello will retire in January as OCC Board Chairman and his replacement is none other than the former boss of the dtcc, CEO President of DTCC for many a year, Michael Baldson, who's going to become the next Chairman of the Options Clearing Corporation. And that leaves us, ladies and gentlemen, in a pickle of looking only towards the wonderful world of Big World and almost a decade old. But it's still a cool fact. Kim It's a story in the m Technology Review 2017 In 2018, Goldman Sachs's New York cash equities desk had 600 traders. By 2017 it had two, plus a couple of hundred engineers, presumably fast forwarding that nearly a decade to 2026 from 2017. A large number of those IT personnel have also been automated out of employment too. Me. Thanks. And on that mysterious and magnificent note, thank you for listening to this Eiwiki podcast number 357. Join us daily by exchangeinvest.com or if you're a marketplace you'd like build, get in touch. My name is Patrick Elliot. I wish you a great weekend. Life and Markets.
[00:08:22] 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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