Episode Transcript
Speaker 0 00:00 In the week that saw the demise outside the parish of Arty Johnson famously of ruin and Martins laughing. This was a week where many things were very interesting but stupid. Well, I'll leave it to you to judge. Welcome to the exchange of information. This is the exchange invest podcast
Speaker 1 00:16 <inaudible>
Speaker 2 00:22 <inaudible>.
Speaker 0 00:37 As I mentioned in the pre-roll, we have the demise this week of course of Artie Johnson, the famous comedian who was one of the stars of Rowan and Martin is laughing alongside them. Sadly, people we must say valet to this week where Lee Iacocca, the famous man who reset the Chrysler balance sheet and of course most famously was responsible for the birth of the Ford Mustang. Finally, we had the death of Christopher Booker, a man who voted down to the e e C in 1975 but later realized the remarkable folly of that organization as many writings against, well a suite of stupidities that came out of the Brussels blob. He was in many ways the father of euro skepticism in British modern life. All three of them will reappear quite feasibly during the course of this podcast. For the simple reason that their writings were used to od to the p l y pith in the Thursday, July the fourth episode. This of course is you'll know, was following in keeping with the famous September 24th, 2015 edition where we use the grit words of the late incredible Yogi Berra as the sole pith for the day, replacing myself, Patrick Hill, young
Speaker 3 01:43 <inaudible>
Speaker 0 01:45 over in big world. Perhaps the biggest surprise of the week was that after multiple sleepless nights and all degrees of chaos, the European Union actually managed to find suitable candidates that they seek to propose for their top posts. Of course, there wasn't actually any vestige of democracy about to thing, you understand, but nonetheless, we managed to find ies loyalist and can kick her from Mrs Marco and Mrs Urschel Avanda Lan being proposed as EU president, a stunningly underwhelming German defense minister who is therefore in keeping with the standard metric of all European Commission. Presidents must be in some way, shape or form a thoroughly field politician. In some ways though it has to be said. She seems to be a bit more failed than boost. Leaving aside all of the details of this tawdry affair, I have to say the words of Christopher Booker came back to haunt me. The key to understanding the unique system of government known as the European Union is that everything about it is based on smoke and mirrors with nothing ever being quite what it is pretending to be
Speaker 3 02:41 <inaudible>.
Speaker 0 02:43 The biggest parish deal of the week was relatively small in money terms. A solitary one pint plus 2.7 million pounds for working capital. However, it is a somewhat transformational deal across the parish. Allister Haynes is aquas. MTF has an I going to acquire a full r. I. E. A recognized exchange license from the UK. Plus he gets a push into SME listings by buying the next exchange what was originally plus markets. That gives him a very, very interesting opportunity to expand in so many directions given a relatively short small price being paid, albeit for a money losing entity and it certainly looks for next exchange to be a much better deal. In a more exciting future than the previous deal, which was a bid by Oliver Hemsley, which failed to complete given comments that has been previously in the media. We must expect that CEO of next exchange, Patrick barely now expects to exit the next CEO role when the deal is completed with regulatory permissions, et Cetera.
Speaker 0 03:41 Anyway, this is marvelous news all around and a clear win win for both next exchanges listings as well as aquas and indeed London's exchange firmament, which after all has been under threat according to those who believe that Brexit is a major disaster elsewhere at a week where we solve several, many deals. Six fintech ventures acquired a stake in pxl vision arguer which is a company providing unique software solutions powered by artificial intelligence and VR ar algorithms. Meanwhile, Hong Kong exchange is complete the acquisition of their wrongly tongue gene majority stake and indeed there was interesting news from India because the petition for the development of a new power exchange has been filed with the regulator. The cer seat. Then came the news that Dimitri gala off after his well, somewhat controversial exit from urine next after they bought his venture fast match a year or so ago, gallon off is returning.
Speaker 0 04:38 He's going to launch an electronic trading FX derivatives exchange in association with Jason Wortz, the former head of execution at Bridgewater associates, the Hedge Fund and Paul Milward who was head of FX product strategy at the u s exchange, CBU Global Markets Until August, 2018 very interesting development there, gallon off, putting some $600,000 into the venue of his own money and also seeking an additional 1.5 million. Meanwhile on Friday elsewhere of course related to fast march, the urine exed parent group of fast, much to me to go on os former company, well you're an x finally announced total complete nutter victory. They own 100% of Oslo versus vps shares elsewhere. Urine ex rando at a very, very interesting deal. Weak on the, well, not very, very large deals, but nonetheless quite interesting. All the same. So your next invested in token e solutions. Our compliant tokenization platform taking a 23.5% stake, the complete rind being offered for a 5 million euro investment. Fascinating times and deals all together despite the u s holiday
Speaker 3 05:44 <inaudible>
Speaker 0 05:46 Monday, July. The first was two things. It was first of all the 20th anniversary of a book coming out called Capital Market Revolution, which was launched at the British library in 1999 I know when, remember the day, well as the author, the book of course, but elsewhere. The really interesting news on July the first was the fact that well the Swiss stock exchange cleaved from Europe thanks to the protectionist measures of the European Union. This is the European Union instantly, which is able to find equivalence in one of the Indian stock exchange clearing houses this week and I CCL but was only able to actually agree to equivalence with the Swiss stock market parentheses. Does that make you wonder if Europe is largely politically motivated close brackets? Well anyway, Monday Swiss stock exchange came in, it was closed off from business from the rest of Europe. Um, promptly. They saw exchange volume jump. They actually recorded the highest level of volume in six weeks on Monday, July the first, even though the protection is European Union, is trying to throttle the mark
Speaker 1 06:45 <inaudible>
Speaker 0 06:49 in technology news. We had two very interesting stories. First of all, confirmation that the GP w the Warsaw Stock Exchange Management Board will start work on the development of a proprietary trading platform with co-financing from the NCB are a Polish governmental organization. That's obviously a bit about news for next to have been leasing the platform to the Warsaw Stock Exchange for some years now. In fact, dating back all the way to the days of Duncan, the value destroyer running the dicey your next part, but at the same time a fascinating one for the Warsaw Stock Exchange, which has said that it wants to get more into providing it solutions and indeed tech as a whole for its clients and indeed obviously for its own market. Alongside that on Whedon state, we hit the excellent news that the good folks of now's doc have secured yet another CSD client. They're going to deliver post-trade technology to or Dolores, the Argentine central securities depository.
Speaker 0 07:39 Perhaps the best news of the week for clients came from the Middle East from the Emirates. No less Abu Dhabi exchange. 80 x made an incredible nine splint on Monday in keeping with a government plan, Gulden 2021 which seeks to eliminate barriers and cut the costs of doing business in Abu Dhabi. The Abu Dhabi securities exchange is going to cut its commission fees out of the 1st of July this year by a simply stunning 50 to 90% I'll repeat that. The cutting them in at least half if not all the way up to 90% Bravo Abudabi exchange. This is incredible news and I'm sure it's going to see a great deal of progress on the marketplace, which is making great strides forward amongst the <inaudible> and indeed the broader Middle Eastern and mea marketplace structure. What a great move by Adx
Speaker 1 08:30 <inaudible>.
Speaker 0 08:32 Perhaps the most interesting product news of the week, concerned a product that isn't actually being broadly traded. Nonetheless, Prime Minister Martir, the incredible nonagenarian leader of Malaysia has according to a report in the south China Morning Post impacted a sea sand ban on neighboring Singapore. Neighboring Singapore, as you know, expands its territory quite regularly. Reclamation. It's out at about 10% or so to the level of the extent of the country in the course of the last number of decades. See, sounds a very interesting market. It's curiously, we'll pick, there's no available index yet. There are a lot of people who are very, very eager to do a great deal of reclamation and therefore that and indeed river sound, which is also something we've been talking about in exchange invest recently because Riversand is very pivotal when you want to use it for the development of things like cement and building products.
Speaker 0 09:21 See Riversand is well, we're suffering a shortage of that in many, many places thanks to the incredible Chinese building. Boom. Nevertheless, the actual sounds themselves are generally applies to the level where the transport is the key pricing factor for distance importers. That's obviously a blow for Singapore as they would have been clearly hoping to get the sand relatively easily and shipped stripped on from Malaysia without too much difficulty. Now they're going to have to rely on exports from the likes of India and the subcontinent and other places which are gonna cost them a great deal more. What's this space? Who knows will 2020 with the year when we finally get coherent markets in water and perhaps even sand. Meanwhile, Hong Kong launched spot aluminum trading on their mainland Chinese platform, Quinn High Mercantile Exchange and indeed on Friday, no doubt hearts were a flutter, particularly in Hong Kong Exchanges as they hope to be the listing venue when the economist that our gusts, English weekly stable magazine and nines that Saudi Aramco, the world's potentially largest IPO may be on once again elsewhere.
Speaker 0 10:24 We had some news about ETFs, a new ETFs being added in aix and Astana and a two x in South Africa as well as other parts. Turmeric was another commodity which made it to tradable markets onto the BSE, either Bombay stock exchanges, commodity derivatives segment, and then there was also news of Portuguese power futures auctions to help Portuguese retailers. Under the series of auctions, Iberian energy exchange, omic will be running an indicative monthly periods of city over in Vietnam. We had a couple of product launches to the hotel, Lehman Stock Exchange launched trading in covered warrants. Meanwhile, it's rival and rumored to be its merger partner for many years. The Hanoi Stock Exchange has launched a new government bond future in Tanzania. The commodity exchange, the Tanzania and Mercantile Exchange is finalizing procedures with the coffee board of Tanzania before hopefully starting trading and coffee in the near future. While Dallian commodity exchange, it was a big week for product launches daily and commodity exchanges rolling out styrene and polished round grinned rice futures.
Speaker 0 11:27 That's another one. Of course, I mentioned sand dimensioned water this week in previous podcasts even as well as many times in exchange invest. I've always been discussing how incredible it is that thanks to government subsidy. We don't really have a better marketplace in rice the world over despite of course the many variations there are in that market. Finally for this weekend product news, U Koreans, Newark Electricity Market Work started on that on July the first and for time being under the bilateral agreements within the course of the next three months, temporarily trading's going to be carried out on the Ukrainian energy exchange. What a busy weekend. An interesting one from turmeric to Ella minium and much, much more in the world of products
Speaker 3 12:08 <inaudible>.
Speaker 0 12:10 Just in brief, a couple of exciting anniversaries this week. First of all are happy birthday to bond connect, which was highlighted in the South China Morning Post Hong Kong exchange as opportunity to give foreign investors greater act tests. Access to China's $9 trillion u s bond market is of course working rather well, albeit of course there's still no mention of the longer weighted south bind trading opportunity, which would give Chinese investors access to foreign bond markets at the same time as that happy birthday to Zagreb Stock Exchange to Ivana Gazi Chan, the team, the exchange is 28 years young. On Friday. Absolutely marvelous to hear the Zagreb exchange continues to go from strength to strength. Of course, it's a centerpiece to the southeast in European marketplace and has many initiatives in place. Happy Birthday to everybody in Zagreb,
Speaker 3 13:01 <inaudible>
Speaker 0 13:03 people news. We had a Cornucopia of information this week. First of all, for x, the African upstart competitor stock exchange to the JSC, one of several in that country. At the moment, I noticed that fe McAdam has stepped down as CEO, the CEO of Rayon Finn, Sean Emory is going to take over as the interim CEO. While Macadam is leading a rigorous recruitment process for the future longterm CEO over in the Lusaka Stock Exchange, a little bit of a cause for concern. They've employed a chief financial officer who apparently is unregistered with the Zambian Institute of Chartered Accountants. Sounds like a bit of an elementary era to me.
Speaker 1 13:44 Okay.
Speaker 0 13:45 Meanwhile, we have the name of the former Hong Kong exchange official who was arrested last week in the IPO graph probe, Eugene <inaudible>. He was formerly a co-head of Hong Kong Exchange and clearings IPO vetting team
Speaker 0 14:00 over at the UK regulators. Feedback Paddle Nikela Rati CEO of the London Stock Exchange, the actual and the stock exchange itself, not the group per se, has succeeded the UK boss of Euroclear on the fcas panel of market representatives. Meanwhile, over at project how the Scottish Stock Exchange a nice new hires to round to its team with the appointment of Alien Morton, formerly of sensories bank as chief regulatory and compliance officer. While Helen Webster becomes chief operating officer having previously held a similar role with Aberdeen Standard. A series of interns were also were nines and the staff will all be taking offers in the boss's new George Street headquarters, which will as a permanent staff of 12
Speaker 1 14:42 okay.
Speaker 0 14:43 Meanwhile, over at e x doctor Egbert Legere has asked to stand down as of 30th of June, 2019 he will resign from his as president of par next based in Paris and ultimately by the end of this year he will step down as a member of the <inaudible> management board in the sub constant. Not such a good week for former exchange board members. The former Pakistan stock exchange chairman who seen Laowai heart, his post-arrest bail plea rejected over a case relating to fake bank accounts, which we've been discussing for some months now. And meanwhile, Sebi in India find the former director of MCX Hariharan Vijaya Lingam for would you believe insider dealing, I mean, who in their right mind expects to get away friends for insider dealing these days? Oh, except of course for that Spanish bloke who's just become one of the presidents or the something or other of the European Union. Well, there you go. Anybody else? We'd would see it as the end of our careers. But if you're sufficiently well connected, you can just manage to carry onto greater things yet with the blob. Who knows what will happen in the career of Mr Harry Heron.
Speaker 4 15:50 <inaudible>
Speaker 3 15:51 <inaudible>.
Speaker 0 15:53 And finally on a slightly more uplifting note, the backed CEO, Kelly Lafleur, who's also the CO owner of the Atlanta dream women's basketball franchise, has been chosen to be one of the ladies who are members of the president of the United States of America's delegation to the finals of the women's soccer football world cup. This Sunday. I wish the USA every success, and I hope Kelly has a great trip.
Speaker 4 16:19 <inaudible>
Speaker 3 16:20 okay.
Speaker 0 16:23 Given it's July, given it was independence week, that was a relatively fewer number of stories than we might normally publish, but nonetheless, some very, very interesting articles. The rest of them were covered in extension invest newsletter itself. We covered about 120 stories this week as per usual. If you miss them and you'd like to subscribe, send me an email, Patrick app derivatives, vision.com. Alternatively, go to the website exchange, invest.com we'll be happy to sign you up. You can have a brief free trial and thereafter it's 200 US dollars per user per year with corporate discounts for larger groups of people at the same demand. And we would be delighted to welcome you to the exchange of information. This has been the exchange. Invest Weekly Podcast from myself, Patrick Hal young. I hope you have a great weekend markets. Thank you for listening.
Speaker 2 17:10 Huh?
