[00:00:00] Speaker A: This week in the parish of Bourses and market structure, ASX's graft machine honking exchanges soar one beautiful big bill Tell anger and squeamish Sebi My name is Patrick L. Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 360.
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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 dibby to your inbox. More
[email protected] over in Bitcornage Family crypto banking was a topic this week arising are even beyond the usual Trump Derangement syndrome heartlands. The occ, that's the officer Controller of the currency, approved the Trump family crypto company for a trust charter. Or if you prefer that news through the lens of the Communist News Network brazen act of self dealing lawmakers watchdogs alarmed after Trump regulators let Trump firm start a bank. Or as the New York Lie put it, a blatant and gargantuan conflict of interest. The truth is out there, but probably not always in American stream media.
If you enjoyed this excerpt, you may be interested to know you can read Bit Carnage every day and 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 bitcornage as a standalone arms substack in the world of exchanges, mainstream exchanges themselves unmasked. The biggest political donor in Australia is the entity protecting its egregious monopoly and market structure. Who's buying dinner with Albanese and what they're Paying was the AFR headline, a Financial Review analysis of 20 years of data revealing the shape and scale of the country's pay for access system. And I quote from AFR, the biggest corporate donor to both major parties is the Australian Securities Exchange, a company with a monopoly dependent on government legislation station, which has poured $2.8 million into party coffers since 1999.
As Gubo. That's grotesque, unbelievable, bizarre and unprecedented as it is unsurprising, ASX has shaped Australia and now looks dubiously like an engineer of hideously contorting influence. Whatever the truth, the optics are coyote ugly on this one. The fact the Australian media cannot further join the dots together and see that it will look to outsiders that ASX directly maintained a monopoly through influence purchase is also disappointing.
[00:02:54] 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.
[00:03:13] Speaker A: Meanwhile, at NSE they've become the valuation exercise for the Mega IPO Permission is happening. It's all go, go, go by the looks of it. For the NSE IPO slightly further south, the Hong Kong exchange results reinforce the contract extension for CEO Bonnie Chan announced earlier in the week. Hong Kong exchanges interim results are revenue up 19%, net profit up 24%, interim dividends sitting at 0.95 Hong Kong cents on the dollar. No wonder Hong Kong Exchanges extended CEO Bonny Chan's contract this week. The results like this and the excitement of the RMB Offshore ETDU carve beginning thanks five year CGB Futures ICE's CEO Jeff Sprecher praised the one big beautiful bill which is unlike the Clarity act, something with potential to make better markets, particularly in energy.
LTE Duffy on the other hand, was extremely annoyed, and understandably so at the CFTC after recent events resulting in a row with the Mono Commissioner Sellig. The trouble is, confidence in the CFTC has been buffeted by another chairman who seems to owe more allegiance to crypto than mainstream markets in Hong Kong. The Hong Kong exchanges have been facing an interesting challenge, a myriad of opportunities in fact, which may prove a challenge depending on how the growth mindset is adopted. At the same time, one could argue that the diversification drive focus problem identified by Reuters is more Hong Kong exchanges has a wealth of opportunities, a vast wealth of opportunities. In fact, the issue is how the firm truly implements a growth mindset. And that's always a problem in big corporations operations which usually do incremental but not radical expansion well, even in one area of focus.
Meanwhile, the NSE IPO appears to be progressing smoothly. Indian regulator Sebi still cannot come to terms with the exchange stock trading on its own platform, but the market regulator retains what appears to be a core version to free markets. Alas, in Manila, integration of the bond and stock market platforms continue at pace as the Amman Stock Exchange celebrate their upgraded optics system via Euronext and Nasdaq. They're confirming their 23R trading will start in December with a new overnight session. Exciting times the overnight trading market as the level acquisition runs alongside the plan alone. Of course, at an exchange level the SIP is unable at the moment to truly enable exchange trading. Or is there a power move here which helps move that rather Soviet Committee forward with NSE on the track towards their ipo. We also have long the Hong Kong Exchanges results this week. NZXO New Zealand their Internal report for 2026 first half of the year Operating revenues up 13.3% Net profit up 18 Very encouraging results from NZX which came out the day after they unveiled their new CEO Hisham Mirza.
Deals Not a super busy week in the parish, but all the deals were an Exchange advice daily the Newsletter New person can afford to be without markets and Market Structure for the sake of this podcast some edited highlights the Intercontinental Exchange have extended their $3.9 billion revolver, they've secured a 3 billion dollar term loan and they've got a 6.2 billion dollar bridge which has been cancelled. In other words, their M and A is well on track for the acquisition to close of Market Access.
Meanwhile the TMX Group they've completed the acquisition of Rafi Indices from Research Affiliates. Meanwhile, if you fancy some financial insights with moving pictures, check out our live stream Tuesdays 5 o' clock London midday New York time. It's the IPO video live show. Catch the back episodes on LinkedIn and YouTube by ipo-vid. Don't forget as well that Exchange Invest is now a seven day week platform. We started a Sunday supplement a few months back. You can read the Saturday and Sunday supplements. They are free of charge on more macro topics Monday through Friday. Though still a subscriber only publication, the watercolor of the boys business the Exchange of Information Exchange Invest the unique perspective on the world of market structure. Our finance book of the week this week is Naked Airport, a cultural history of the world's most revolutionary structure, building on our Aerotropolis theme of the course of the last fortnight. In product news, Kalshi are seeking to launch perpetual futures on equity indexes as it moves in on traditional exchanges turf, according to the CNBC headline clearly. One issue though is the lockup of licensing on the big indices ahead. Hence the use of Mercube as the benchmark for this Kalshi driven index of 500 stocks in the perpetual future.
Over in technology, as I mentioned earlier, Aman Stock Exchange launched an upgraded electronic trading system running Euronext Optics trading platform and the pse the Philippine Stock Exchange as well as working towards a better, faster and more voluminous integration of the PDS bond markets system that they bought earlier in the year. Their investments in technology are expected to reach a giddy 2.9 billion Philippine pesos or US$46.2 million in real money. Elsewhere, as I mentioned the top of the show, Hisham Mirza has been appointed Chief Executive of the New Zealand Exchange. There was a profile in Financial Times of Stefan Buchana Hooch which was headlined I don't have any close friends of Business the Earl CEO in a Decade show Shaping Europe's markets. Confirmation there that Booshin is going to be stepping down in 2027. And meanwhile, Hong Kong exchanges have appointed Carl Wong as Head of External Communications to better orient communication with the outside world on behalf of the vastly exciting opportunities which HKES is nailing down with his pedigree, Carl Wong is an ideal candidate to help expand Hong Kong exchange's external communications, meanwhile leaving the biggest retail emporia to one side in our summer season at Big Worlds this year we had to turn our back to some more serious and pressing global issues. Apparently the good folks of Canada can't buy Cheetos vodka. Nope, can't say I missed that one either. But anyway, even the Premier in Chief of the Canadian Federation, Mark Carney, is struggling to get the states to put US Booze back on the shelves of the liquor stores the states control import, it seems. So it's a bit like Norway, I suppose, where folks camp out to arbitrage the few bottles of first Growth Bordeaux the agency buys and then marks up modestly, allowing a colossal profit for those who are willing to camp in often inclement conditions in Oslo anyway, antipathy to the trumpy one up north in that place that was once being remarked about as the 51st state. And indeed that 51st state malarkey has not played overly well in targeted nations states. Perhaps Alberta accepted and it seems the media are reckoning a return to the stores of U.S. booze in Canada might not result in a wild turkey profit bounty as it were, Bourbonward and upward to some other export markets perhaps. And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast C60. Join us daily by exchanging invest.com or if you any exchange you'd like build, get in touch. My name is Patrick El and I wish you a great week in Life and markets.
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[00:10:15] 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.
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The material herein is copyright Patrick L. Young at the date of publication, while our music and sound effects are sourced from copyright free sources. Thanks for listening to Exchange Invest Weekly. The exchange of information.
