Jul 1
Exchange Invest 2392 Weekend Edition: From Commonwealth Expansion, to CCP
It’s been a fascinating week in the exchange parish while we hit our 150th weekly podcast and there’s a classic ICE House episode that is a must listen too! Multiple macro ponderings give you a lot of room to consider the big picture as always…
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
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.
On this day in 2012, Barclays chairman Marcus Agius resigned, paying the price for the “devastating” damage to the bank caused by the rigging of LIBOR.
In BigWorld
From Exchange Invest 2387: 27th, June 2022: Monday, June 27
You will be missing good news from the UK if you are still reading the likes of the egregiously inaccurate New York Times, (the outright media winner peddling whacky declinist nonsense about Britain), published daily from the crime ravaged streets of Manhattan where all roads point to Florida for the escaping bourgeois refugees (…2 can play this game…). True the current British government is unfit for purpose (will a fit for purpose govt please raise a hand? …Thought not…). The UK political class is a dire indictment of multiple incapable parties while if the elite could be squirrelled away on a Golgafrincham Ark Fleet Ship B equivalent* it would probably improve the tone of GB inexorably.
Anyway amidst the nonsense of perma-decline which is separately the ethos of the EU (never understood why) the UK was showing soft power in abundance last week.
The Commonwealth Summit in Kigali, Rwanda, welcomed 2 more countries to its membership with no historic ties to Britain: Togo and Gabon. Read that and weep those with an aversion to the positive legacy element of Britain’s Imperial past. (Rwanda and Mozambique were the first BTW). Togo is noting a shift away from failing France to the more dynamic anglophone centric UK common law jurisdictions… Perhaps unsurprising as the Macron bubble sadly crashes to earth as alas I feared it would over 4 years ago when a sense of optimism pervaded the Paris air.
Of course, media reports on the Commonwealth conference concentrated on the possibility that Jamaica and the insecure end of the Ozzie spectrum might soon exercise their shoulder chips and disintermediate the Queen in favour of Republic status. #Whatevs.
Princes Charles showed some regal flair by encouraging the Commonwealth to prosper and not stressing about who might choose to have the British Monarch as their head of state. In other words #doublewhatevs.
So far so much good soft power stuff as already noted. If the UK has another outbreak of government this decade they could maximize economic benefit too.
Incidentally, the Commonwealth consists of 54 member states, with 34 republics. 15 consider the Queen their head of state while 5 hold different monarchs.
*The Hitchhikers Guide to the Galaxy, Douglas Adams
IPO-VID LIVESTREAM
NOW ONLINE!
Season 12: Episode 05, IPO-VID Livestream 071
IPO-VID Guest: Mark Schaedel
Tuesday, June 28th: 1800 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.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
Episode 54: “From First North To Infinity & Beyond”
In IPO-VID Episode 054: I was joined by NASDAQ Senior Managing Director, Global Listing Services Erja Retzen.
Listen to our interesting discussion “From First North To Infinity & Beyond!”
Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
Shanghai leads in IPOs
Binance bending to regulation?
SETL Sold
FTX denies RobinHood talks
NASDAQ announces another SaaS Sale as their 18th Technology of the Future conference gets under way in New York City…
The Exchange Invest Weekly Podcast 150
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.
Podcasts This Week
Episode 308: ICE’s Chris Edmonds On Clearing, Credit, And Crypto
Inside The ICE House
PLY: An excellent podcast from the ICE team which is a must listen, particularly given the urgency of the CCP debate — is worth bringing to you ahead of the usual weekend round up. Excellent discussion between Chris Edmonds (given the presumably in Atlanta much coveted Top Gun derived call sign “ICE Man” by the ever smooth host Josh King.
John Hulsman
PLY: An excellent surmise as always from the brilliant John Hulsman.
Macro Thoughts
The EU’s Crumbling Unity Has Given Putin Another Opportunity To Win
The Telegraph
Trouble For Emerging Markets Could Spell Trouble For All
Atlantic Council
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!
The Man Who Helped Create Singapore’s Housing Boom Is Getting Worried
Yahoo Finance
Opinion: What We Learn From Caisse’s Bad Bet On The Crypto Bank Celsius
The Globe And Mail
If A Crypto Exchange Goes Bankrupt, What Happens?
Crypto News BTC
PLY: That the question is already being asked in the early stages of the crypto winter is highly revealing.
Bahrain To Be First Country To Hook Up With Saudi Arabia’s Virtual Hospital
ZAWYA
Ukraine Is Fighting The First War Funded By Crypto Philanthropy
Bloomberg
Ukraine’s government is using digital assets like nonfungible tokens to help fund the war against Russia.
The Big Picture — Barry Ritholtz
Despite the ironclad economic rule “There is no such thing as a free lunch,” people tend to forget.
One other thought comes to mind: You end up with a very different product when financial people deploy technology than when technology people roll into finance.
PLY: Barry Ritholtz ‘s My Worst Trades articles notes: “Robinhood’s 2015 seed round: “That is the dumbest investment idea I have ever heard.””
How A Small-Time Vancouver Bookie Helped Turn Sports Betting Into A Multibillion-Dollar Industry
CBC
That led him to hanging out at the race track, pool halls, and the Vancouver Stock Exchange. Roxy, as he came to be known, worked as a bookie, …
Global Financial Centres: Where Hustle’s The Name Of The Game
Financial Times
History Says US Stock Market Has Further To Fall
Financial Times
What’s A Fintech Even Worth These Days?
TechCrunch
Opinion | The Future Of The West Is In Question
Politico
PLY: I am no great fan of Polish PM Morawiecki but he hits the right note. Poland sees a future for itself where western Europe promotes decline from a tired elite. LIkewise the USA has difficulties (by far the least competent administration in living memory — quite.
Last Word
Catch up Monday for Exchange Invest 2393…
The future continues in the water cooler for the bourse business…
- Patrick
