Must read Supreme Court brief, Chinese CCP Congress preview, dodgy old Masters, who influences TikTok & more…
On this day in 2001, in Zimbabwe Pres. Mugabe announced the abandonment of market-based economics and a return to a socialist-style economy.
Lest you feel the need to ask: Oddly enough, no, once again socialism didn’t work.
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.
From Exchange Invest 2478: October 12th, Wednesday:
Interesting / scary to note that the total assets of China’s securities firms hit 1.49 trillion USD (10.59 trln Yuan) in the same week US government debt surpassed $31 trillion…
NEXT WEEK TUESDAY
Season 14: Episode 03: IPO-VID Livestream 081:
October 18th: 1800 UK, 1900 CET, 1300 EST
“Delivering New Parish Tech”
COO & Board Member of Torstone Technology, a leading global post-trade technology company for financial markets, Mack is also a Director of Yaala Labs, a next-generation market infrastructure technology company. Formerly CEO at MillenniumIT, an industry-leading global capital markets software company, part of the London Stock Exchange Group Mack was previously President of SunGard Technology Services.
Watch the Stream on:
Season 14: Episode 02: IPO-VID Livestream 080:
October 11th: 1800 UK, 1900 CET, 1300 EST
“Olivier Gueris: Building Better Markets All Over The World”
Olivier Guéris is COO of Astana International Exchange (AIX) in Nur-Sultan, Kazakhstan, Board Advisor to Wethaq Capital in the Kingdom of Saudi Arabia and ID Plizz, a US-based Smart Tech company, as well as MD of Nellcôte Consulting in the UAE.
Olivier specializes in setting up and running trading, surveillance and post-trade operations for stock and derivatives Exchanges. Over more than 30 happy years in the parish, he has set up from scratch &/or moved, merged, spun off, managed operations for 7 Exchanges in 6 different countries on 4 continents including Matif, Euronext, the Australian Derivatives Exchange (ADX), Boston Options Exchange (BOX) and Turquoise in London.
After over 7 years as Qatar Stock Exchange COO, during which the market was upgraded from Frontier to Emerging market by MSCI, Russell FTSE and S&P, Olivier moved on to Kazakhstan to set up, launch and run operations for Astana Int’l Exchange and the AIX CSD to become the financial hub of Central Asia and beyond.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 069: Patrick L Young was joined by SIX Digital Exchange Head of Equities Max Butti.
Listen to Max on “Developing Digital Assets.”
EI WEEKLY PODCAST
A new technological architect for Hong Kong Exchanges
Half a billion dollars were hacked at Binance
New York Stock Exchange and Johannesburg Stock Exchange announced their co-operation
Meanwhile, the Nickel nightmare lawsuit against LME is given grounds to proceed
…and the New Zealand Exchanges Chairman succession plan has been announced
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
Inside The ICE House
Chinese Communist Party Congress Special
PLY: It’s the 20th party congress Sunday, here’s a bit of background as Premier Xi seeks to essentially cement his position as leader for life with a third five year term the first time this has happened since Mao Xedong.
South China Morning Post
South China Morning Post
Facts & Details
PLY: I am not convinced Wikipedia can be relied upon but this bio looks like a decent baseline (and as it is about a socialist figure probably more likely to be correct given the inner bias of that platform).
Anyway, here’s my takeaway. Premier Xi actually has to stay leader for life now. He has upset too many people along the way (rightly/wrongly? I am not sufficiently well placed to make that judgement call) that if he stands down / is not re-elected, then the rest of his life is likely to involve some degree of score settling from those who reckoned he wronged them.
The Xi family have lived to admirably old age: his Mother is still alive aged 96 while his Father lived to 89, despite a period of incarceration under the cultural revolution and a bracing youth as a revolutionary… So Premier Xi is likely to be actively running China for at least another decade to 15 years (he is 69 now). Clearly the current US gerontocracy will be over by then (both Biden & Trump) but it’s a long view into the future and not clear quite how China shapes up given its population will likely peak (if it has not already) and India (if it has not already) will soon be more populous than China.
How to conclude? Well, “May you live in interesting times” has been inaccurately attributed as a Chinese quotation. I think that’s a sound surmise.
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!
By far the best article of the week about the UK’s meltdown where a vast blob of the self-interested are eager to tear the UK apart rather than admit their own failings. Alister Heath is perhaps the most prescient columnist in the UK right now.
The Art Newspaper
South China Morning Post
PLY: An unsung legend of Honda leadership, Kume stood up to founder Soichiro Honda when necessary, and insisted the NSX get the company’s VTE.
PLY: It is sublime watching Britain’s blob blow the country up while blamestorming the virgin government of PM Truss. Even more bizarre is how the EU is taking this as a sign they can survive. For all the talk of American downfall, it is Europe that is determined to be doomed inside and outside the EU it seems. Alas.
US Supreme Court
PLY: If you have never read an Amicus brief in your life, now is the time to amaze your friends by dropping in how you read this paper, docket 22.293 filed with the US Supreme Court this year. Listen to that pin drop as the dinner party comes alive to the silent realization that you are #srsly hot intellectual stuff, well informed in a Sean Connery does James Bond style comprehensive manner.
Why do we include such arcane stuff? Here are three hints:
- It’s the weekend;
- It’s a spirited defence of free speech;
- This brief was submitted by The Onion;
It even has exchange parish content:
“For example, in NYSE v. Gahary, 196 F. Supp. 2d 401 (S.D.N.Y. 2002), the district court found it “entirely plausible” that “no one in their right mind” would believe that the defendant — who posted obscene and vulgar messages online under the persona “Richard Grasso” — was the real-life Richard Grasso, the CEO of the New York Stock Exchange. Id. at 406–07.”
(Meanwhile the “no one in their right mind” clause at least goes some way to normalising the idea we exchange folk are human after all).
I particularly liked “To be clear, The Onion is not trying to compare itself to Jonathan Swift; its writers are far more talented, and their output will be read long after that hack Swift’s has been lost to the sands of time.”
This is truly A Modest Proposal for the 21st century…
Korea Joong Ang Daily
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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