Exchange Invest 2385 Weekend Edition: The Yield Curve Awakes!

Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.

This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.

For a free trial to Exchange Invest Daily, send me a message.

In BigWorld

From Exchange Invest 2382: 21st, June 2022: Tuesday

Interesting to report on Italy which has been broadly ignored politically as the French Presidential elections have hogged the limelight of late. However, their recent local elections point to Giorgia Meloni now being the major player in the coalition of centre right parties there as she has revolutionised what was once the far right National Front into a populist conservative party for patriotic libertarians based on the views of British academic Roger Scrutton.

The relatively Eurosceptical nature of La Meloni’s party will cause widespread angst in Brussels which has had a habit of imposing Italian Prime Minister’s (e.g. incumbent Mario Draghi) to suit its viewpoint… Interestingly Meloni’s party went from the laggard on the right to the leader by not joining the Draghi national unity coalition which Lega Nord and Forza Italia agreed to.

Elections must be held by June 1 2023 and after months leading in the polls, the first round of local council elections Fratelli D’Italia led the right coalition to victory in 9 of 13 major cities from Genoa in the north to Palermo in the south. Overall the right polled 44% which would be sufficient for an overall majority in a general election, triggering shockwaves inside an EU which is likely to be under financial pressure if the current economic volatility continues even in a muted fashion.

Parish Notes

I enjoyed a very productive time at the #AFM 23rd conference in London. A fascinating location opposite the hallowed Lord’s Cricket Ground while the conference was illuminating throughout.

It was great to be able to meet so many colleagues once again in person while we’re looking forward to seeing all the other delegates who could only join via hybrid means this time around.

The whole event is available to watch here — spoiler alert, my keynote is the first thing on the agenda, so not much need to scroll through!

IPO-VID LIVESTREAM

NEXT WEEK TUESDAY

Season 12: Episode 05, IPO-VID Livestream 071

IPO-VID Guest: Mark Schaedel

https://www.youtube.com/watch?v=IqQuqlIhigc

Tuesday, June 28th: 800 UK, 1900 CET, 1300 EST

“Mark Schaedel — Defending The Data Economy”

Mark Schaedel is CEO of DataBP, a global provider of data commercialization technology and services to the world’s largest financial institutions. Mark is also an advisor and founding member of the CalcGuard consortium which provides investment management participants with technology to support order routing transparency.

Previously, Mark was MD and Global Head of Index Services at IHS Markit and served as an executive board member of IHS Markit Benchmark Administration Ltd. Mark spent 13 years with the New York Stock Exchange where he was the Global Head of Information Services Division and an executive officer of NYSE Technologies. After relocating to Amsterdam in 2009, Mark became active in European capital market structure and chaired the FESE MiFID data working group and was a member of CESR’s MiFID working group. In 2012, Mark Co-Founded The COBA Project Ltd., a consortium established to create a European consolidated tape.

IPO-VID LIVESTREAM PODCAST

Episode 53: “Two Diverse Tech Musketeers”

https://podcasts.apple.com/us/podcast/ipo-vid-livestream-podcast-with-patrick-l-young/id1598905410

In IPO-VID Episode 053: I was joined by Streets Consulting Founder / CEO, Julia Streets and Speaker, Writer / Researcher, Dr Eliza Filby.

Listen to this interesting discussion with “Two Diverse Tech Musketeers”

Anchor Spotify Google Podcasts Apple Podcast

EI Weekly Podcast 149

https://exchangeinvest.com/podcast/149-exchange-invest-weekly-podcast-june-25th-2022/

Binance bets big

David Goone is forming an ICE tribute band at tZero (and why on earth not?)

Les Male quits DGCX

Math Nerds love BMLL

…and FTX buys Embed

The Exchange Invest Weekly Podcast 149

https://www.nasdaq.com/?utm_source=https%3A%2F%2Fexchangeinvest.com%2F
https://bmlltech.com/
https://www.sinara.com/?exchangeinvest

Victory Or Death

https://exchangeinvest.com/victory-or-death/

20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.

Available worldwide.

Macro Thoughts

QE is finally so last year as the US Fed Chairman Powell threatens to raise rates often to battle inflation.

Beyond the crazy world view of the Eurozone or the Federal Reserve (who showed no reserve whatsoever for a couple of decades and we’re all now paying the price…) that fabled beast the yield curve has stirred from its lair, sometimes with vigour qv Poland which is back up to 6% (Poland raises rates to 14-year high as central bank battles inflation) …an amount which is deemed impossible by an awful lot of highly leveraged, often millennial folk who have never seen the like of 4% and think that’s as high as anything GBP/USD/EUR etc might go…

Quite a quaint opinion to be hanging on to really.

Of Interest

As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!

Could Giorgia Meloni Become Italy’s Next Prime Minister?

The Spectator

A World Debt Typhoon And The Domino Effect

Times of India

Why China Is Not Rising As A Financial Superpower

Financial Times

How The Exchange Fund Has Protected Hong Kong Dollar Peg, Fought Off Soros

South China Morning Post

Last Word

Catch up Monday for Exchange Invest 2387…

The future continues in the water cooler for the bourse business…

-Patrick

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