[00:00:01] This week in the parish of Bourses and Market Structure Trade webtrue made exceptional results all round. Nice CD advantage and ETF split. My name is Patrick Kelly Young. Welcome to the Bourse Business Weekly Digest. It's the Exchange Invest weekly podcast, episode 369.
[00:00:29] Foreign.
[00:00:38] Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines for 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 boss business and delete your inbox. More
[email protected] over in BitCarnage, the regulators say no in perp wars as the US CFTC rebuffs the CME legal stance in the consequential fight over perpetual futures as participants weigh in on the broader consequences of whatever US regulatory road is ahead. Then there's a robot who can tokenize who A controversial issue at all times as various public companies have objected to Okx ICE's tokenized stock plan. Will there be more issuers seeking to be excluded from the plans of tokenization? If you enjoyed this excerpt, you may be interested to know you can read Bitcarnage every day and Exchange Invest. Alternatively, if you want full of Bitcarnage, the daily update on happenings in the world of crypto and digital assets, you can find Bitcarnage as a standalone on Substack in the mainstream of markets this week, tradeweb is buying Trumid. Trumid, which has been for sale for quite some considerable period of time, marks the second big bond tie up of the year after Intercontinental Exchange acquired market access. The $1.96 billion acquisition of TruMid essentially involves complementary assets and credit and reminds us that in the wreckage of LSEG there remains one old Reuters asset which is a market platform with value management and potential. The closing bell is growing ever louder as markets race towards 24. 7 trading. Nice research have released a paper on how closing auctions expose the gap between price discovery and settlement. You can download the busiest room on Wall street by visiting the Exchange Invest website. The diligent researchers of NYSE released a fascinating report which is of interest to everyone who wants to see the best possible settlement prices in the world's best equity market, the usa. The Country Club have worked wonders over the years with their duopoly for listings, but with new upstarts like TXSE having an erratic debut with their listings as discussed previously in Exchange Invest, a timely piece of research from NYSE discusses how their floor continues to add value, particularly in the closing auction phase of the NYSE day. Fun fact. Floor broker volumes have grown by 44% to 700 million shares a day, representing over half the NYSE closing auction. It's an interesting point about the floor too. Even back when I wrote Capital Market Revolution, published 1999, I was clear that anywhere human interaction can add value, it will continue to exist. QV also of course, that wondrous global market pricing mechanism, the ring of the lme. The importance of market close is only going to be yet more important as the trading day extends in the 20 something by 5 or indeed by 7 day market environment of the future. And that's why we need high standards of daily closing reference settlement prices to which we've become so accustomed. From the country club listings duopoly 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.
[00:03:51] Elsewhere, the ETF business is being cleaved apart by the Cheapster Board, Options Exchange, CBOE and who else? TXSE shareholders. Again, they're being the kind of people who love exchanges as long as they're completely pliant at bargain basement price.
[00:04:04] That disruptor battle was covered this week by the Financial Times, essentially underlying and reporting content that we gave you on during the course of 2024. We reviewed it in our Christmas edition on December 26, 2024. In fact, in the context of the Texas Stock Exchange. You can sign up for a free week trial for Exchange Invest. Exchangeinvest.com meanwhile, over in the courts, Brian Rudnick have successfully secured denial of a motion to dismiss fraud and contract claims $175 million earnout case against the London Stock Exchange. That case will proceed amidst recriminations about the May street deal.
[00:04:45] NASDAQ Chair and CEO Adena Friedman has called for unified public private collaboration to combat the $579 billion global financial fraud epidemic. And over day ASX. They had their annual meeting. No great insights, but then none were particularly expected. Albeit the chairman Dawes appeared to remain somewhat unrepentant, having long since lost the confidence of many in the Parish. As I know from my Inbox, Exchange Invest ASX's chief meanwhile has said that Australia risks falling behind Asian finance hubs. I suspect the danger is that actually Australia already has fallen behind Asian financial hubs due to the indolence or poor management of ASX in the past.
[00:05:23] Meanwhile, exchanges are urging the CFTC to block Kalshi's perpetual oil futures plan. The Commodity Markets Council, which includes the leading U.S. commodity exchanges, seeking a strikeout of the proposed Kalshi oil futures contract.
[00:05:36] At the same time, CME CEO says crypto perps are swaps while suing CFTC over their approval. And CBO Clear has received approval for its US arm to expand clearing capabilities at the same time. Uzbekistan Interesting moves there. The Tashkent Stock Exchange and NASDAQ are reviewing their stock exchange upgrade plans in Indonesia. Rather unfortunate news as MSCI has been forced to pass through its decision and it is therefore downgrading by two levels all in one fell swoop. Indonesian Stock Exchange that's a rather profound cluster mess causing a huge splunge in Jakarta's stock exchange valuations as the stock exchange drops straight down through Frontier to nothing burger status. Meanwhile, Euroclair have joined the Nordic Compass to strengthen capital markets. Interesting point to this of course. Nordic Compass is having a conference next month. They want to discuss a unified force for the Scandinavian Nordic nation in results. It was a very very busy week for the Parish. All the details were an Exchange Invest Daily. And let's summarize this week's results. They were horrific. Excellent all round in a clearly booming market. And as I said, all the details were in Exchange Invest Daily, the newsletter no person can afford to be without capital markets and market structure. Hats off to the likes of CME Group, particularly nasdaq and sensationally also it has to be said the Nigerian Exchange one stagnant entity. Market Access take over by ICE cannot come too soon in deals. Good news for ICE Market Access. They got an early termination notice from the ftc. A hurdle passed with the overall arbiters of free trade in the usa, so therefore no antitrust issues arising. And that gives them a great deal of impetus to close the deal in the near future. Regulatory permission from other regulatory bodies outstanding of course, lseg. Meanwhile they're going to be acquiring Octus. That's an interesting thing. They're back acquiring data assets, having mismanaged the acquisition which made it the current moribund entity, bereft of truly appreciating the markets themselves and held hostage to the old line payroll of Thomson Reuters Refinitiv, don't forget. If you fancy some financial insights with moving pictures, check out our IPO vids stream that usually drops every fortnight. Five o' clock London time, midday New York time. The IPO video live show. Catch the back episodes on LinkedIn and YouTube via IPO dash vid and don't forget Exchange Invest is a nice seven day a week publishing effort. Free on Saturdays and Sundays. Sign
[email protected] while you're there, tick the button. Get yourself a free one week trial to the Exchange Invest subscriber newsletter exchange invest.com, the water cooler of the Boris business the Exchange of Information in products Hong Kong exchanges have launched artificial intelligence and semiconductor indices NCDEX they managed to launch their equity index indexes at the end of October. Very interesting time there. Looking towards early 2027 now for the launch of their individual stocks, slightly behind their original hoped for aspiration of Q4 2026 the London Metal Exchange CEO has affirmed his support for the use of Yuan the Chinese Ren Nimby during the course of LME Week 2026. Matt Chamberlain being pragmatic about enabling RMB at LME as Chinese mainland counterparty participation increases on Metals Exchange and finally in products Miax They've launched physically settled fertilizer futures on Miax futures, adding to the former MGE brand Sunfertilizer for the grains launching at a point where the grain market has issues due to the supply choke point in the Straits of Hormuz for the fertilizer business technology. This week Vermiculous have launched Varindex, a real time index engine for the next wave of specialized indices. Another cool addition to the Vermiculous tech stack, coming hot on the heels of the Edge AI infused corporate action system which we discussed in Exchange Invest 3722 recently.
[00:09:48] Career paths William Sonoma have appointed an IC Group President, Lynn Martin to their Board of the Non executive, but she's not going anywhere at the moment from the ICE NYSE powerouts and the Singapore Exchange CEO Munchai is finally handing over the reins after a decade to a new CEO BSE in Bombay. They're hunting for the next CEO as current Chief Executive Sundar Araman is going to be retiring next year. Left to wonder if there's a window for BSE to consider the recently departed NCDEX CEO Aaron Rast nasdaq. Meanwhile they've strengthened their Asia Pacific leadership team, in particular with the addition of Andrew Marius, Senior Vice President who'll be looking after the vast tech stack and sales of nasdaq's tech assets around the Asia Pacific region.
[00:10:35] Meanwhile, in big world, Poland remains on track to be the biggest beneficiary of EU largesse, albeit the budget of the EU is shrinking and every government receiving funds is having se fit that demand. Magic money tree is not what it once was. Debate over the EU budget for 28 to 2034 remains challenging, while the latest proposals seek to reduce the overall EU budget by 8% or US$157 billion.
[00:11:00] And on that mysterious and magnificent note, thank you for listening to this EIWeeky podcast 369. Join us daily by exchangeinvest.com or if you have a new market like Bilt, get in touch. My name is Patrick Young and I wish you a great week in Life at Markets.
[00:11:28] This show relates to the business of bourses. It is not to be construed as investment advice nor are we making any investment recommendations.
[00:11:39] 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.
[00:11:58] 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.
[00:12:07] Thanks for listening to Exchange Invest Weekly, the exchange of information.
