Exchange Invest Weekly (beta) 005

Speaker 0 00:00 In big world, the Cerisa government under Alexis Tsipras once a left wing Boston, but ultimately poodles of the troika were voted iters. The Greeks opted for an old old thing and a return to the status quo. Meanwhile, in the United States of America, it was valley to Ross Perot, the last major third party candidate while in the parish, LNG, p, n, g. O. M. G. So much data and indeed that too is amongst the stories in this week's exchange, invest weekly. Join me. My name is Patrick l, young Speaker 1 00:30 <inaudible> Speaker 2 00:35 <inaudible>. Speaker 0 00:51 Let's start in the world of market data. Nasdaq who produced that very interesting white paper, total markets a blueprint for a better tomorrow. They're advocating multiple changes to make markets more equitable and efficient and indeed in their first major policy change. In the wake of launching that campaign, they've called for reforms to the definitions of professional and nonprofessional users of market data in order to modernize them. It's an interesting idea, albeit it's going to be difficult to manifest what the cutoffs actually are. However, if Nasdaq can manage to solve much, much trickier problems than this as they have in the past, their efforts are to be encouraged. It could lead to something that's much more coherent, let's put it that way. In the whole world of market data pricing, something which is incredibly contentious throughout the parish at the moment, elsewhere in market data, Nasdaq in the LBMA, the London Billion Markets Association, they're the people who are behind us essentially. Lots and lots of stuff that makes the gold world go round. They are going to make more precious metals data available on a daily basis. Yeah. Who Speaker 1 01:53 <inaudible>. Speaker 0 01:56 They came, they saw, they conquered the Supreme Court of the European Union. That is the top watchdog has seen its appeal throw an out after it tried to ensure that it was going to be able to find TPI cap, a 14.9 million euro, 16 point $7 million fine from the EU. Antitrust regulator is finally dead in the water. It all dates back to 2015 when there was a rigging of the <inaudible> or benchmark, which was one of the many cases that took place during the course of discrediting our former interest rate regime. ICAP had denied wrongdoing while the banks admitted taking part in the cartels throughout ICAP have protested their innocence and ultimately justice has prevailed at the European supreme court level from the European Court of Justice, we moved to, well that ongoing standoff, the Swiss exchange versus the EU, or at least Switzerland versus the EU, which has impacted the Swiss exchange. Many comments this week, further media coverage and a lot of people seem think that the EU may be overplaying its hand <inaudible> as they say, as we're on the approach too. Of course, Bastille Day on Sunday. Speaker 3 03:07 Okay. Speaker 0 03:10 Perhaps the most surprising news of the week to those who still believe that Britain is about to be a sunder by what may happen in the course of Brexit in the near future. The Bank of England has come out and said, essentially, British banks are ready for a no deal. Brexit, not only that, they're actually ready for an overnight tread war. Hardly surprising really, despite the fact that the banks have been broadly Prue remain and want to stay within the European Union. Nonetheless, they've largely given up on effectively relying upon what the politicians can manage to deliver not such a bad idea given the fact that the current government under the hapless Mrs. May, which is about to fall apart in a week or so's time when the new leader of the Conservative Party is elected, has infected the being able to deliver precisely nothing. Well actually it's lifted more than nothing. It's delivered to degree of chaos and a large amount of damage to the British brand that hopefully is going to be overturned in the near future because it looks as if we're going to see the runaway favorite Boris Johnson being elected leader of the Conservative Party in the course of the next three days. Speaker 0 04:06 At the same time looking at Brexit, tectonic plates are moving true in Brussels. They're mostly immersed in stitching up the anti-democracy, which is called the European Commission. Opponents of the integration psychosis are being driven by a, well. They're being driven out of any of the possible positions of chairman or deputy chairman of the various different committees and the committees are being stacked by loyalists who believe only in one thing more Europe that's causing, well all sorts of Kerfuffles at the Europe parliament level. The most worrying part though is of course that while we've got the commission presidential and other candidates all around spruiking for their platinum plated pensions by talking to people left, right and center as they try to rally the votes that they need, where they need to be confirmed. That's leaving, well a bit of a void in EU thinking because actually the tectonic plates are moving. Speaker 0 04:56 As I said just a moment ago, even the chief executive of the British car manufacturer, Aston Martin, previously Uber remainers managed during the course of this week to note that a swift no deal is better than the chaos being wrought by the ineptitude of the blobs on both sides of the channel. By the way, that both equally inept in this whole process over the past three years, no, Dale is no more likely than ever. They are readers, they are listeners and therefore we have to be prepared for it. At the same time, some signs of a slightly less dogmatic EU approach may yet give us hope that we can manage to find a useful, beneficial overall agreement that can be brought together between the two. However, more than ever it's looking like a no deal is going to be coming up on October the 31st between Britain and the EU. Speaker 0 05:41 Despite the efforts of some anti-democratic politicians in the true Brussels mode who are still in existence at Westminster who are going to throw everything, including their toys out of the pram, frequently in order to manage to get their way, despite the will of the people ultimately ignore 17.4 million voters at your peril. It's good to see overall the city of London and its financial markets and the banks in particular are prepared for no deal because that's where me might be going. It's not the optimal approach for everybody, but at the same time being prepared is going to allow for hopefully a reopening of negotiations and some degree of pragmatism from the EU or it has been of course entirely absent when it's been dealing with Switzerland just recently. This is developing, even though I have to say the legacy media simply haven't noticed or don't understand the situation of what's going on. We shall see Speaker 1 06:29 <inaudible> Speaker 0 06:36 one of the sadder stories of the week and volt, Kenya and coffee. There are hope. They know I said for coffee, millions to be paid over because of course the government, they're pursued for some years. The approach of allying direct major buyers into the country, sidestepping the coffee exchange and ultimately ending up with, well a shambles. It's a tragedy in a Salvia tree tale of extreme disintermediation. Of course there are new died. There are layers of often parasitical middleman who play a marginal at best role of adding value to the producer value chain, but removing the coffee exchange was a foolish move at enabled direct purchase by often rapacious multinationals. Those same hypocritical multinationals who are eager in the high street to be seen as CSR friendly, but in reality are I'd say Ted, utterly hypercritical indeed as utterly hypocritical as the governments to who continue to enable their imperial behavior from the European Union and elsewhere. Speaker 1 07:30 <inaudible> Speaker 3 07:30 <inaudible> Speaker 0 07:33 on Friday we got some slightly better news on the coffee front, Tea Brazilian coffee cooperative, which is about to launch a coffee backed cryptocurrency, something that's going to allow a lot more flat payment structure and organization of the way that things are done in terms of the overall organization of the coffee market itself. In other words, it's a cryptocurrency concept, which is entirely sensible. So in other words, it's just like Libra. The Facebook project, except socially useful and coherent Speaker 3 08:00 <inaudible> Speaker 0 08:02 actively embroiled in much of the parish Docia Bank has proven well. The parable of Deutsche Bank and investment banking was an excellent piece in reaction by William Wright during the course of this week. As of course, the German bank finally did something which we all knew was going to be inevitable. Well at least those of us who could manage to use a slide rule and work out just about what was on their balance sheet or what wasn't. They've actually split off with their second bad bank in the decade. I think possibly an unparalleled achievement in the world of banking and ultimately their dreams of a global investment bank seem to be finally dead. Of course, there were all sorts of bloody scenes. Personally, I thought it was quite distasteful, but altogether on surprising that they managed to have a couple of workers and managers no less who were seeing tailors fitting them up for suits during the course of Monday afternoon when they were busy firing several thousand workers from the London office. Speaker 0 08:52 At the same time, things are all pretty millennial. The and or the incredible nature of the fact that Docia Bank could actually go and fire lots of people seem to me to be quite remarkable, wasn't it clearly obvious to anybody and these people were financial professionals that their bank was effectively bankrupt. How do they not work it out? I can totally understand and I sympathize with anybody losing their jobs, but at the same time I don't actually have great deal of sympathy with those who think that, wow, this was an incredible shock if they thought it was an incredible shock, I'm not sure they should be working anywhere near the parish as a sign of just how desperate the dodger bank enterprise was. I note that actually there's a story in the daily mail as a Friday, which pointed out the fact that Deutscha bank had only cut ties with one Jeffrey Epstein several months ago after an extensive relationship and had been lending him money pretty much all the way until the end and providing trading services despite being warned for some years. It was a reputational risk there in lies, well a parable of investment banking. Indeed Speaker 3 09:54 <inaudible>. Speaker 0 09:57 Of course the more crucial part about the aftermath of the Deutsche Bank closure is just how far it's going to impact the parish. We have few enough general clearing members at the moment and we need a lot more, or at least we need a lot more large balance sheets distributed around the world. If the parish is really going to be able to succeed going further, let's face it, we've seen another new African derivatives market opening up this week. More of that in just a few moments. But if that's going to really succeed, where are we gonna put our clearing funds? That was always the issue I had when I was running, for example, the the Cimex exchange. I mean, who wanted to actually and trust their money with some vaguely unknown and possibly, well, some, they would have argued precariously financed Romanian broker. The truth is we need more major gcms and the closure on the cutbacks of Deutsche Bank are going to cause a huge problem for the parish going forward because ultimately there needs to be a way to manage, to improve the intermediation to the clearing houses in the course of the near future. As Deutschebank begins what was described in Bloomberg as it's exciting new lopping off parts phase Speaker 2 11:03 <inaudible> Speaker 3 11:04 <inaudible> Speaker 0 11:06 when it comes to the governance of exchanges, frankly to many of the boards of directors in the parish over the years have resembled the aftereffects of the variation of well that North American dream catcher concept. In this instance, the mechanism catches the fluff of edge of middle aged white executive untalent on the breeze of headhunters for netic bio shuffling and it's been providing a fabulously anti Darwinian characteristic of delivering those with the most corporate titles, the most pump, the most circumstance, and indeed largely broadly the least extent of corporate curiosity. Thus the Zombie lands of non challenge thunder forth in a dismal fashion and we end up with fiascos like Ubers at LSE trying to merge on various attempts because executive of brilliantly captured the NTDs with something not even so elegant to Stockholm Syndrome. Thus, I had Tyler highlight this week and absolutely truly unprecedented story. It comes from the national business review in New Zealand and it's entitled New Zealand Exchange shows how to rebuild a board. It's nothing less than two pages of excellence. Explaining how James Miller, the seemingly indefatigable chairman of n zed x has largely against the odds and certainly in the face of a very, very skeptical media and public in New Zealand and he has to be praised for his ability to craft an elegantly balanced and intelligent, challenging board. Meanwhile, all the best for Sunday of course final the World Cup cricket, I'll be supporting England, but it's fabulous to see New Zealand or in that too well managed on both fronts. Ends FedEx and the cricket team Speaker 0 12:49 in data's this week. A smart Karma who operate a global investment research network had a significant investment from SGX. Otherwise it wasn't so much deals as new markets. Treasury spring made it a public launch. Very interesting business, former Nexar and a well fintech entrepreneur, Justin Meadows and team have created the FTF a very, very interesting concept for delivering short term funding. It's a fascinating project. It'll be interesting to see whether this, well mega nut can be cracked by what is a very, very interesting new concept. Meanwhile, over in India, it was the first budget by Finance Minister Nirmala, Sitho ramen and she produced some interesting proposals. It has to be said. One of her proposals raise the ire of Sebi staff. It seeks to transfer surplus funds from the savvy balance sheet into the government. Doesn't sound terribly safe and secure to me, but at the same time her other proposals are quite interesting. Speaker 0 13:52 On one level, she wants to develop a corporate bond market in India and see that become a great deal stronger. Who Re who re who ray is. All I can say to that. And then also there's the concept of a social stock exchange trying to improve access to capital for social enterprises. Trying actually to make also a step away from India as being traditionally a charity donor recipient nation and finding a way to fund for profit businesses, which actually improve the social good. Something which of course is being operated from all sorts of markets, including the Scottish Stock Exchange at the mall project, Heather, which has been developed in Edinburgh. Very interesting concept. The social stock exchange. The one problem I have is why, oh, why have sabby spent the last number of years endeavoring through effectively a legislative pogrom to push the regional stock exchanges of India out of business? Speaker 0 14:41 Surely, surely, surely the greater advantage to social stock exchanges would be to regionalize those throughout the course of India to which end those stock in the regions which are still in existence ought to be encouraged rather than trying to make some huge queries I totalitarian quiz I frankly Marxist centralized entity which is going to reach the 1.3 something billion people across the incredible continental nation of India. It's a great initiative. I sincerely hope it succeeds, but at the same time it strikes me a lot more focus on the micro on the regions, on the localities is going to deliver the advantage to social stock exchanges throughout India. Speaker 0 15:23 Perhaps the biggest surprise in new markets of the week was news that reached us that the New York stock exchange is going to be helping the Televiv stock exchange create a secondary tech based exchange. That comes as quite a surprise because of course, traditionally the relationship between Nozstock has been very strong in that territory and therefore nicest weeping in and managing to take this deal suggests that something interesting is a foot perhaps of course with those new owners that are not controlling the Televiv exchange itself. Over in Africa, we sold the launch of the Kenyan derivatives markets thanks to the excellent work of the NSC they've know launched next, which becomes the second major derivatives market in Africa. We wish it every success equally in Africa. Zimbabwe is looking to create another stock exchange. This time it's going to be in Bulawayo elsewhere. Aix, the Astana international exchange had a series of major market and ironsmiths during the course of this week following on what's been a rather frenetic period of deal-making deal doing an organizing as they really managed to get some steam under their, under their belt as they're moving forward. Speaker 0 16:34 Very interesting to see their ex COO, Oliver. Gary, sir, great friend of the parish in nine sings a several major market model enhancements, multicurrency settlements, securities lending and borrowing covered short selling in a new custody model were just several of the things that came out along with also, we saw aix signing a deal this week. They've got a memorandum of understanding with Nasdaq Dubai over in the world of Crypto Christian Katz, former president of phase a, the man who was once the boss of the Swiss stock exchange itself. He managed to step forward and his chairman as chairman of the Swiss crypto exchange, he announced their very interesting partnership with Ducasse Bank Speaker 4 17:16 <inaudible> Speaker 0 17:18 with a couple of dozen different swap exchange facilities. The staff's being approved in the United States of America. It was always difficult to see how many of them would ultimately prove economic. Interestingly, true ax is about to become the second such platform to exit its original business plan and it too is going to follow seed CX shutting down its original platform. Admittedly, seed CX was going to trade cannabis. True. Truex was looking at trading, well actual proper swaps. It was dealing in and it's going to be well also moving towards the crypto world. Expect that move in a couple of weeks apparently elsewhere at least one exchange die to death this week, the Polish crip to exchange a bit, market's suddenly shut down citing a loss of liquidity. That said there's more to come. I'm not sure what the Polish is for our Prim Walla delusion, but it's certainly going to be taking place across a lot more crypto markets in the near future who are simply uneconomic even as bitcoin managers to rocket forth in some form of a recovery rally as it's doing at the present time. Speaker 0 18:20 Perhaps the most interesting product news of the week came from plots and the intercontinental exchange. They're looking to turbocharge l and g trade through a window. The window system which is currently being used for a lot of cache oil consignments is going to be deployed for the same sort of process across the LE, the rapidly growing LNG environment. That is of course also going to be directly linked into and therefore feed volume, which has already been exploding in recent times across the LNG exchange to the derivatives complex on ice, a splendid virtuous circle in a commodity with explosive growth perhaps particularly in those enlightened regions which are fracking the way to freedom with LNG Speaker 4 19:04 <inaudible>. Speaker 0 19:06 When we think about people at the top of their game in New York this week, it would be easy to think only of the ladies soccer World Cup winning team of the USA as they celebrated wildly following their incredible and enthralling victory in France last Sunday with a ticker tape parade around Manhattan, but actually one of the most epic battles of all time, which has been played out at a very high level at the moment, relates to the IPO business in the United States of America. They're the two titans, New York Stock Exchange and Nasdaq are really playing an incredibly high level game, seeking to list billions of dollars in capital in the and that frankly embarrasses the rest of the world so far in their WIC. Are they in terms of the amount of money they can raise an IPOs outside of China and outside of Hong Kong. No one else is playing in the same game. Speaker 0 19:56 Therefore, it was exciting and interesting to read an IPO press release that came out this week from the New York Stock Exchange. They raised 75% of US tech IPO proceeds during the first half of 2019 parentheses. I suppose that's one of the sort of things that attracted the Televiv stock exchange to want to deal with them in terms of building a technology. Second Board, helping the world's most dynamic companies access billions of dollars in capital, give NYC number one position poll position in IPO proceeds so far during the first half of the year. Of course, that's a very fair argument, but then again we have to think about following the listings which offers an incredible amount of Beta and a host of other Greek letter opportunities, which is of course the situation with Nasdaq, which had many more listings overall but didn't raise as much money. The NYLC is obviously stating one simple maxim, follow the money for the rest of the world. We must be following a simple maxim. Why can't our financial centers do the same thing as the USA Speaker 1 20:55 <inaudible> Speaker 0 21:03 hyper competition between the two vast bear moths of listings in New York. There was also of course, as ever an echo about live or during the course of the week. risk.net had a very interesting article transitioning to alternative rates. The kind dine is on also looking for consultation on the issue of a new debt market is p. N. G. X. P. N. G. X. I hear you ask, well, it used to be known as Palm Sox, the Port Moresby stock exchange taken over by a group of Australian interests during the course of the last year. It's not going to be renamed to P and g x and they're looking to install. An interesting one might say channel island style. That market to some degree in the midst of the Pacific. It'll be very interesting to see how that goes. Well. Meanwhile, the Nigerian Stock Exchanges Mulling Using blockchain distributed ledger technology to raise cap to raise capital over at CME. They confirm the launch date for the Shanghai settled gold futures contract will take place in Q four and Hong Kong launch on August the fifth their dollar denominated London metal mini futures. Speaker 0 22:09 Meanwhile, back to, well, the response to Libra, it seems to have provided many shocks to the system. Colin Telegraph was suggesting that Chinese central bank is going to be developing its own digital currency in the near future and footsie Russell always eager to manage to find another green opportunity. Launched the first climate risk government bond index t zero partners. They're more working with Atari movie. Gosh, Atari. There's a brand that takes you back, doesn't it? They're going to try and tokenize the first major motion picture. Very interesting approach to this. I think it's something that's going to be fundamentally interesting in the future of developing all manners of risk-based projects, but particularly movies in the future. Meanwhile, the aix have improved and of their mining company rules on top of the other nine points they made earlier week. And Patty Basmati Puso 1121 is the catchy name of a new and CDX futures contract, which was launched at the national commodity-driven exchange of India on Wednesday. Speaker 0 23:10 Gold Grammar in deploying a native GGC, the gold gram token on our threes blockchain platform corridor. They informed us during the week and then finally on a more sanguine note for those who have transgressed in the world of peer to peer lending. Well, they must be hoping they've done it in Europe rather than China. A Shanghai court dismissed an appeal and sustained the original ruling of a fraud case against a one's high profile P2P lender, which scammed admittedly more than $6 billion from over 40,000 members of the public life in prison, all rind for two senior executives. Even the lowly executives barely escaped with less than 10 years in prison. Hm. It's interesting. You know, China gets tough on P2P scams. Meanwhile in Europe, if you get prosecuted for insider dealing, you can still become the eus high representative for foreign affairs. A curious dichotomy between the growing economic world and it's laggards in the west. Speaker 3 24:11 <inaudible> Speaker 0 24:14 over in regulation news this week. We had a very, very interesting announcement from the CFTC and the SEC, if you remember all the way back to the commodity futures modernization act. Well, one of the problems with that was that the reactionary forces of the incumbent oligopoly, which was the then existing effective lead four or five different stock options exchanges led by an extremely valuable bill Brodsky. Then the head of CBO pushed for effectively swimmingly high margins. Finally, we've only had to wait nearly 20 years. We're starting to see a downward path at least being approached through a document for general public comment. It's available to the end of the month. The tragedy is of course, how much risk transfer has been lost because of the shortsightedness of Bill Brodsky and his cohorts who were trying to protect their options turf, when really they should have been looking at the size of growth of the pie. Speaker 0 25:10 Of course, the rich irony is that one of the companies that really affected was none other than one Chicago, when which Bill Brodsky ultimately became an an eager investor via Thiebaud. When it became inevitable that we were going to get single stock or futures contracts. Having been somebody who was in the vanguard of wanting to see single stock futures way before the CFMA was even a glint in the eyes of the then democratic government or the democratic CFTC commission at the time. I have to say it's been a tragedy that we haven't been able to see a proper dynamic American securities futures market moving margins down to perhaps a something around 10% certainly going to be an improvement. They're still not going to be competitive with a lot of other contracts that are offered at OTC, but at least it's gradually making progress and one hopes that eventually the sec and the CFTC will actually allow a free market and the free market tiers to make the decision pragmatically incoherently what the level of margin in these products can be. Speaker 3 26:10 <inaudible>. Speaker 0 26:13 I mentioned recently in a previous podcast the issue of the new Woodford Saga, something which has been exacerbated by pure creation of rules that the European Union level, which ultimately locked large numbers of people into being unable to get their money out of the funds. Probably because in the first place it had been actually too liquid when it had been in illiquid investments. The Bank of England is nice, stepped in on Thursday. It said it will look at whether rules are required to help investment funds cope with multiple requests from customers to get their money back depending on what the type of fund in its investments and its redemption structure actually is. That sounds like a very pragmatic approach and therefore also something well post-Brexit may give the city of London an advantage if the European Union can't manage to clear up its own mess over in Japan with the incredible news that new less than 110 crypto exchanges want to set up shop in the Japanese state. Speaker 0 27:08 That sounds absolutely obscene. The ludicrous. I've been lucky to see war three surviving. I think over the course of the next five years. Equally Canadian crypto currency exchanges are going to fall under the watch of thin track in June, 2020 which is the Canadian anti money laundering body. Singapore's tax body is planning to lift taxation on Crypto, which could cause some very interesting ramifications there and even in Iran the government have been considering the idea of authorizing cryptocurrency mining, which could be very interesting given the fact that a lot of a really an electricity is heavily subsidized and therefore they've a very, very low cost of mining. Speaker 3 27:47 <inaudible> Speaker 0 27:49 simply appalling news on the regulatory front this week was the fact that the UK watchdog said all of the top accountants had failed the audit quality test. Good grief for back to the Drawing Board Repo tread clearly there at the same time. Of course, really the audit business, well it's very two dimensional. I've actually been discussing some elements of that triple entry bookkeeping, which is the new new thing and that's in the book DLT Molter, which is not available with a forward from the prime minister of Malta, the honorable Joseph Muscat and is in bookshops everywhere. Order it now on Amazon or wherever you buy books. It's published by DV books and it's a very, very approachable compendium to thinking from the blockchain island of Malta. Of course, as you may recall, I chair the blockchain multi association and that's why it was my delight to edit this book Speaker 3 28:40 <inaudible> Speaker 0 28:43 over in the Philippines, the Philippines stock exchange. We'll review its trading system and procedures after a local broker this week had a bit of a whoops nasty plus placing a wrong sell order, a fat finger error, which propagated all manners of issues which will ultimately cause a bit of a review. Then we had news from symphony communication services in technology, the Silicon Valley messaging startup, which is used by, well a multiplicity of the world's biggest financial services companies. Now they're expecting wait for it. Robot driven traffic on their platform to surpass human initiated use within the course of the next two years. Of course, some might say bank communication is heading, therefore from La bottom ISED humanity to just pure bots elsewhere. The tech industry bless it, is starting to have doubts that Facebook will be able to launch its Libra currentness cryptocurrency by 2020 those are the dates that the rest of us well in a low lit and see probably around the five second mark here when we first saw the rather ludicrously ill-considered procedure and process, which is leep. Libra, Libra is the ultimate lipstick on a pig designed to Hoover up client data with the paucity of service to a soccer client base. Oh, and it comes from Facebook. Who could have guessed? I'm sure everybody would trust it so much, but given the fact that they're such a reasonable sealiant and sapient judge of our data Speaker 3 30:10 <inaudible> Speaker 0 30:12 in people news, possibly the most exciting area is actually speculation. At the moment. The governor of the Bank of England position is going to be coming up in the near future and as we know that means the resignation or retirement of Mark Carney, one of the people who's managed to make project fear or watch word of his regime at the Old Lady of Threadneedle street interjecting at all points in time to see Brexit as being so absolutely dire that of course the last two years of his chairmanship has been overseeing us. Nothing other than recession beating, except of course for the fact that all of his proposals, all of his suggestions and all of his previous assimilations of what would happen in the wake of the Brexit vote have proven to be utter boulder dash. Therefore, he's actually sat over a very relaxed, calm period of stable economic growth despite his efforts to try and tell us that the world is about to end for various reasons. Speaker 0 31:03 Meanwhile, that Political Charlotte and George Osborne is trying to export himself to run the IMF to replace his europhile Buddy Christina regard. This leaves a series of names being mooted and some of them are super exciting. Probably not going to be the people who get the job tragically, but it would be interesting to see a genuine reboot of British government PLC. It could also help return credibility for the old lady, which has been crucially damaged by the courts. Well, chief virtue signaler Mr. Carney, so therefore even the standard issue, relatively stayed establishment candidate Andrew Bailey is not a bad choice. However, there are three incredible topknots names that are being bandied around. One of them is Christian Carlo, the outgoing chairman of the CFTC. The second is a truly brilliant economist, Gerard Lions, who's been a well household name and the city of London for 30 something years now. We live in hope that it could be possibly Jared lines or even someone possibly more stunning still and straight from the parish. Michael Spencer fresh from well turning a handy billion or some profit from his sale of next to CME could possibly be tapped on the shoulder as Britain under what looks to be the new conservative government of Boris Johnson could actually have, well actually an outbreak of government for the first time in a couple of decades. Ah, it's difficult to be optimistic though, given the low bri material that's masquerading as a parliament in the UK at the moment. Speaker 0 32:29 Elsewhere. There was a lovely story in business insider, the billionaire finder of Charles Schwab, the eponymous Charles Schwab was describing the day in 1975 knew once and for all that he would succeed the business insider article to really lovely read effectively there we were Nixonian deregulation was about to take hold. The stock market was about to have an incredible opportunity. The investment world, the financial markets were on the cusp of incredible mega achievement of all time on Charles Schwab was in the vanguard of offering discount brokerage services. Kudos to him, but at the same time, high utterly stunning that so few of the Wall Street establishment had any idea of the opportunity that was coming ahead of them elsewhere. J P Morgan may actually be in danger while their asset management arm may be in danger of losing a drug boat. Oops. One of those things that I suppose, you know, it's always in the last place you leave it, but well, they were fine to have 20 tons of physical cocaine on a boat that they happened to own, which was leased to a cargo company. Speaker 0 33:36 I suppose. Therefore, there's a huge number of all manner of legal conduits that won't ultimately harm JP Morgan, although hopefully they're insured in some way, shape or form for the boat being lost. And then meanwhile, quite interesting article on Friday, once again about Charles Schwab subscription pricing has helped bring in $1 billion in added assets to their Robo advice. Thanks to using a Netflix style pricing model of subscription high. Fascinating all together on the opposite side of the coin. Well, in the course of 2018 Asia Pacific's regional wealthiest lost something in the region of $1 trillion. China accounted for 53% or 530 billion of that decline in one fell swoop. Speaker 0 34:27 And then finally, some solitary comments coming out of the UK. Three quarters of UK crypto businesses are forced to bank overseas. Hey, we know the problem exchange investors have its bank account closed on simply because we provide a newsletter of exchanges. Argo exchanges include crypto exchanges, Ergo that means we're dealing in crypto currency without sort of Zany Stalinists logic. What hope is there for entrepreneurship anywhere in the world at the moment? That said, I don't want to leave this section on a pessimistic note. There was a fabulous article this week in city am by the excellent John Holsman. He's returned to city I am as a columnist, and his latest column was an essential geopolitical macro. Read how the u s shield revolution changed the face of geopolitics, which of course brings us all the way back to the side of the section where we were talking about those fascinating u l n g contracts being produced and the opportunity for the <inaudible> window with plots at the intercontinental exchange <inaudible> Speaker 0 35:26 in people news. This week, the Cameroonian native Zhang, Claude and Guam became the first managing director of the newly created Central African unified exchange. He's the former president of Delilah stock exchange and he's going to be the managing director of a unified bore Sporn from the merger of the DSX, the dwell stock exchange in Cameroon and Libertyville and the Gabon breast exchange boss' Develare Mobilia de la Freekeh BVM AC. Meanwhile, Kofi a Mower, the managing director of the Ghana Stock Exchange. She's had a 29 year career with the exchange. He's been MD since 2003 has a nice tears retirement at the AGM of that business at the CMA g m Ghana's stock exchange at nine state was going to transfer into becoming a company limited by shares are for profit entity. Another one in the parish. Hooray. Speaker 0 36:25 And Ladies and gentlemen here endeth the latest exchange, invest weekly. This has been beautified, presented by myself, Patrick L. Young. If you want to get up to date with the daily path on exchangers, on all of the news about the world of bosses in one single simple read, then subscribe to extension vast. It's 200 US dollars per annum per single user license, and you can manage to get well at least a hundred and something extra stories. In addition to those that we cover in the weekly review in your mailbox every day, Monday through Friday. My name is Patrick L. Young. Thanks for being part of the exchange. Invest Weekly. All feedback will be welcome to me, [email protected]. Have a great weekend markets, Speaker 2 37:14 Huh?