[00:00:00] Speaker A: This week in the PowerShell bourses and market Structure Moldova launches storm in a data center as TXSE raises again. There's Lux's SIU and a tale of tells. 10 green barrels my name is Patrick Kelly Young welcome to the Boris Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 360.
Foreign.
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] in Paris Notes this week Young's Pyramids getting its quarterly update tier 1 very, very exciting news. Well, first of all, let's start with the fact that the biggest thing of all is actually not officially in the pyramid in terms of market structure, but it's a way proving that brokerage pays. IBKR remains the king of the kids in the parish of markets with a market capitalization just shy of $150 billion, a little off the Q2 close of $152 billion. CME continues to lead Tier 1 of Yang's pyramid in the world of market infrastructure, etc. Ahead of ICE, which is respectively $95 billion for CME to $85 billion for ICE and Hong Kong exchanges. HKEx are a solid third at $62.5 billion. However, the big movement of the quarter was one perhaps inevitable provided you've been reading Exchange Invest. Of course. If you're not, sign
[email protected] that was the ongoing discussion of the inadequacy of the reign of out of its depth Dave and the CEO's team at LSEG. The LSEG itself subject to a form of reverse takeover by its Reuters financial refinitiv arm, having slipped further in valuation terms from $54 billion to $52 billion during the quarter, LSEG has been relegated to Tier 2. Taking LSEG's place in Tier 1 is a slight surprise. Despite not overly inspiring management and a low profile, the bulking up of various assets into the DB1 portfolio has helped the stock from $50.8 billion to well over $60 billion by the end of Q3.
Thus we end Q3 with a four way leading the field. At the top of Young's pyramid of exchanges in tier 1 is CME, then ICE, then a bit of distance to Hong Kong Exchanges Group, and then a very, very small amount of distance to 4th place Deutsche Berse thanks for listening
[00:02:48] Speaker B: 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.
[00:03:06] Speaker A: Over in Bitcarnage Crypto Mom Farewell the very fact that the departure of Hester Peirce from the SEC has made so many headlines in crypto strikes me as rather a worry that the crypto movement is at best a touch listless, at worst in big trouble right now. If you read this excerpt and you enjoyed it, 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 find Bitcoinage as a standalone own substack over in the mainstream world of exchanges, the new Moldova Stock Exchange backed by the Bucharest BVB amongst others has officially launched. Good to see that launch taking place smoothly with 26.7% of the equity being held by BVB.
Meanwhile the state also owns 20% of the shares. There are worries meanwhile in India that MCX may be contravening SEBI rules by moving to a foreign owned Equinix data center. A growing concern that a move into an Equinix data center is not permitted by SEBI or runs amok of existing regulation itself. Kind of calls into question some elements of regulation I think if all else fails over in Texas at least Texas Stock Exchange has proven to be prodigious at raising capital. Another 155 million is raised, making a total of over $400 million raised after the latest round. Luxembourg Stock Exchange is claiming a great leap forward for pan European retail bond investors AKA precisely the kind of innovation that the perhaps already discredited Monobo nonsense cannot achieve from Brussels.
Meanwhile, all 10 of Eltel's 10 green barrels of crude oil have deliberately been withdrawn, killing a CME 24x7 energy move with miniature contracts which arouse the hour of the commercial fraternity.
This is messy 24. Seven isn't happening for essentially commercials clearly fired two shotgun barrels across the Nano 10 oil barrel contract, which is literally a drop in the ocean per contract compared to the 1000 barrel Brent crude norm where ice is gradually breaking away the CME commercial monopoly and crude trading one barge which is very much greater than 10 barrels at a time.
CME retains a certain index related massive passive linkage heft but the energy world is shifting fast and the Chicago centric CME mentality doesn't reflect the new new globality of oil and its many volatile peccadillos. 24x7 oil of course has led to near breakdown in relations between the CME and the at best mercurial monocommission of the CFTC of Chairman Selig.
Over in the world of exchanges going more broadly, CIBO and S and P Dow Jones indexes, they have signed a 25 year extension of the exclusive licensing agreement. That's through 2051 core cash cow licenses extended by a hefty period to reduce investor concerns. Meanwhile, the NYSE owner Intercontinental Exchange and The crypto exchange OkX are planning 24. 7 trading in 63 tokenized US stocks.
The SGX Singapore Exchange's CEO Liu Buon Cai's financial year 2026 pay rose 7.1% to s 8.37 Singapore dollars. That's 6.5 million US. After a decade where it's hard to know what SGX has truly achieved, SEBI apparently has no plan to allow NSE or BSE to trade their own shares on their own platform, according to Chairman Tuan Kantapande and Broadridge in the Korea Securities Depository of SAND and MOU to support modernization of proxy voting for international investors holding Korean OCC has welcomed IEX to its growing roster of participant exchanges as the first tranche of IEX options went live on Friday, October 2nd. Congratulations to the flash boys on their latest endeavor which rolls out fully over the forthcoming weeks all the way until tranche 6 will see a full market rollout by October 30th with trading on a customer priority order matching proactive basis in deals. No completed deals at 1. Interesting discussion. Kalshi is apparently in advance talks to raise new funding at a $40 billion valuation according to Reuters. At the same time, if you fancy some financial insights with moving pictures, check out our livestream Tuesday 5 o' clock London time. They go live at 12 o' clock New York time. The IPO video live show. Catch you back episodes on LinkedIn and YouTube via IPO vid now online we have a cracker IPO vid 211 from Market Ambition to exchange ready technology with our guests heimish Adourian and Dr. Aaron Raster. Don't forget also exchange invest in our seven day a week publishing platform the Exchange Invest weekends are absolutely free and that includes a phenomenal weekend this weekend talking about AI and its impact on exchanges and market structure. You can get those for free by signing up to exchangeinvest.com and while you're there, don't forget to have a free trial of the water cooler. The Bosch Business the Exchange of Information itself the Monday through Friday newsletter whose subscribers are in effect subsidizing this podcast Finance Book of the Week this week is Artificial Intelligence Applications and Financial Markets, edited by Abdulmuttaleb Masleh Al Sartawi. An interesting tome discussing how deep learning, sentiment analysis and hybrid predictive models are transforming financial analysis and investment decisions, particularly across emerging markets. Product News this week ICE have launched a new JKM LNG Plats options, LNG Balmo Freight Futures and UK Electricity options in an expansion of the global natural gas and power markets. At the same time, ASF also launched VLCC tanker and container freight contracts as customers hedge freight risk across the many and often volatile global trade routes. Egypt Stock Exchange, the proved new mechanism on government debt trading and the Singapore Exchange and the Vietnam Exchange are working towards mutual issuance of depository receipts in technology Big news in Warsaw, the GPW Watts trading system developed at home in Poland is now working, having been first put into to code under the previous management entirely operational has enjoyed a smooth and successful series of first days as we record this podcast NASDAQ Calypso that's launched gentic capabilities to scale AI adoption across the trade life cycle and Exchange Data International has partnered with RegTech Data Hub to expand integrated market and regulatory data offerings. BML and Simidine finally have partnered to power an AI market simulation with high fidelity historical data. Over in regulation some concerns albeits coming from the New York Times has of course got Trump Derangent syndrome, but nonetheless it's a moot point under Trump. CFTC has scale backed enforcement and that apparently worries farmers elsewhere. The CFTC is apparently teeing up new prediction market rules for White House review in career paths. The DTCC has appointed Sameer Panderi as Chief Client officer, Hong Kong has found a gold trading head from former Hong Kong exchanges executive Brian Chan and China on the mainland has prosecuted former top securities regulator Yi Huy man, which is of course one in a series of recent prosecutions of leading Chinese regulators past and present.
And that brings us ladies and gentlemen to big world when we talk about Iran. Unemployment maybe over 9%. That might not be such a catastrophe after a prolonged period of US attacks, but Iran does seem to have some more challenging economic metrics. Currently the real currency fell to roughly 2.2 million to the dollar in September from around 958,000 a year earlier while food prices have more than double, inflation overall is nearing 70%.
And on that mysterious and magnificent note, thank you for listening to this EI weekly podcast number 366. Join us daily vixchangeinvest.com or if you've an exchange or marketplace you'd like build, get in touch. My name is Patrick Audio and I wish you all a great week in life and markets.
[00:11:09] 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.
The material herein is copyright Patrick L. Young at the date of publication, while our music and sound effects are sourced
[00:11:45] Speaker A: from copyright free sources.
[00:11:47] Speaker B: Thanks for listening to Exchange Invest Weekly. The exchange of information.
