Exchange Invest Weekend 2927: Emerging Markets — meh!?
Eros Without Love? Ditching dollars, emerging markets — meh! Heretical philanthropy, SEO optimization & Algorithm tyranny.
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.
On this day in 1999, Priceline.com went public in one of the hottest initial public offerings ever. Timed nearly perfectly with the tech bubble inflating, shares of Priceline were initially priced at $16, the shares opened for their first trade at $26.625, traded as high as $85 and closed the day at $69, a first-day return of 331% (for those lucky few who could get in at the offering price). After its IPO, Priceline had a market cap larger than that of United Airlines, Continental Airlines and Northwest Airlines combined!
IN BIGWORLD
From Exchange Invest 2923, Monday, March 25th:
Here’s a fun thought for a new market, albeit a single gram would upend the entire planet’s CCP provisioning (where in the status quo, parish CCPs are doing a great job in balancing risk).
So, how about antimatter futures, anybody? It seems the substance weighs in at a staggering $62.5 trillion per gram.
Global GDP is about $105 trillion, so two grams of antimatter and you can make considerable headway in buying the world, in some sense. Total CCP collateral (BIS Liquid Assets At CCPs And Systemic Liquidity Risks — was $1.3 trillion in June of 2023 — amounting to 2 grams worth of antimatter.
…and you thought Saffron was expensive at $10,000 a kilo after 150 flowers are pressed to create a single gram!
In terms of untapped potential, there are big possibilities for antimatter in energy and medicine to name but two avenues. However, I think prices may have to come down a bit before we can get around to the ETD variants…
IPO-VID LIVESTREAM
NOW ONLINE!
IPO-VID Livestream 137: Season 23: Episode 05
Guest: Magnus Haglind
Tuesday, March 26th, 1700 UK, 1800 CET, 1300 EST
“Modernizing Markets: Magnus Haglind”
Magnus Haglind is SVP, Head of Marketplace Technology within the Market Platforms division of Nasdaq responsible for business management and product portfolio strategy across a broad suite of mission critical market infrastructure solutions for market operators.
Previously, Magnus’ high profile roles within the group have included Head of Global Commodities, and CEO of Nasdaq Futures.
Magnus holds a Ph.D. in Industrial Information Systems, and a M.Sc. in Electrical Engineering from the Royal Institute of Technology, Stockholm, Sweden.
Watch the stream on:
X
IPO-VID LIVESTREAM PODCAST
In IPO-VID podcast episode #135, Patrick L Young was joined by our guest returnee, a sociologist, and a celebrated Author, Rainer Zitelmann.
Listen as Dr. Rainer discusses his latest book, “The Unbreakable Spirit.”
Now available from multiple different podcast sources:
EI Website
Spotify
Google Podcasts
Apple Podcast
EI WEEKLY PODCAST
India Starts T+0,
Aquis Powers Ahead,
SGX changing CCP rules,
JSE IPOs Rising.
The Exchange Invest Weekly Podcast 238
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.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
FINANCE BOOK OF THE WEEK
The EI weekend edition highlights interesting books pertaining to exchanges and markets, investment et al.
— Anybody can sign up for EI Weekend for free at ExchangeInvest.com.
This week’s book was written by our IPO-VID 131 guest, polyglot commodities trader, musician, author & widely read columnist, Brad Schaeffer:
“Life in the Pits: My Time as a Trader on the Rough-and-Tumble Exchange Floors” recalls those last, most glorious days when red-faced alphas in colorful jackets performed thousands of transactions per hour, even as computerized trading heralded the floors’ ultimate demise. Schaeffer recalls the uneasy camaraderie of working right next to fierce competitors, the sheer intensity of dealing in stacks of money changing hands with a simple scream or hand signal, and the hijinks, excesses, and collection of characters as colorful as the jackets they wore, giving the reader an intimate look into what life was like down in the financial mosh pits.
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $375 per annum to join “The Exchange of Information.”
BITCARNAGE
By the time you read this we will be celebrating Easter and it will be an Unholy Week for SBF in the Valley of the Depraved Super Villain as he is due to be sentenced sometime later Thursday 28th March just before Good Friday…
SBF, the crypto king of “random probably bad ideas” can go to prison with the self-appointed epithet of ‘Depraved Super-Villain’ (CoinTelegraph) which is how he apparently views the perspective of a 50 year sentence in the slammer.
Certainly, the FTX CEO cum liquidator John Ray made it very clear he was closer to the villain end of the scale on SBF having cleared up the mess left behind by SBF.
FTX Victims Will ‘Never’ Be Whole Thanks To SBF’s ‘Dumpster Fire’ — John Ray (CoinTelegraph)
FTX Was Down To Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray (CoinDesk)
FTX’s Caretaker Boss Blasts Sam Bankman-Fried’s ‘Life Of Delusion’ Ahead Of Sentencing (FT)
The market was 6.5–50 years with the prosecutors looking in a range of 40–50 years, let’s see what eventuates… However, the SBF legal team are eagerly pushing the notion that high redemptions due to AI investments and crypto values rising means real dollar value returns will be significant for FTX creditors but had the original investments been held in crypto and AI their money would have quadrupled.
Elsewhere in the world of distributed fecklessness, 3AC Co-Founder Kyle Davies Says He Won’t Apologize For Crypto Hedge Fund Going ‘Bankrupt’ notes CoinDesk and CoinTelegraph Kyle Davies ‘Not Sorry’ For 3AC Collapse, Plans To Avoid Jail. Don’t even start me on these awful people.
Mr Davies remains a fugitive from Singaporean justice while in the tricky position of apparently having surrendered his US passport in order to take Singaporean nationality.
Then there was Crypto Fugitive Do Kwon Out Of Montenegro Jail Pending Extradition reported Bloomberg on Saturday… albeit he is awaiting the ongoing lottery of where he gets extradited too, South Korea or USA.
It is after reading these stories unsurprising that The Register reports Crypto Scams More Costly To The US Than Ransomware, Feds Say.
Meanwhile, one Binance exec was indicted for tax evasion in Nigeria but his colleague managed to slip away thanks to a Kenyan passport having surrendered his UK one.
On April 1st, Coinbase To Launch DOGE Futures, Says It ‘Transcended’ Meme Origins (Cointelegraph) / Coinbase Derivatives Plans To Launch Futures Trading For Dogecoin In Letter To CFTC (Yahoo Finance).
Could it be a meta joke? On reflection we suspect not, as in all his public outpourings it appears Brian Armstrong’s sense of humour has long since been, at best, distributed…
Anyway somebody will be the butt of an April Fool’s prank methinks.
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
Emerging Markets Face ‘Why Bother?’ Problem
Reuters
China Wants To Ditch The Dollar
Noema Magazine
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 Sad Decline Of Piccadilly Circus
The Spectator
Why Philanthropists Should Become Heretics
Foreign Affairs
What It Takes To Build Democratic Institutions By Daron Acemoglu
Project Syndicate
How Google Perfected The Web
The Verge
The Tyranny Of The Algorithm: Why Every Coffee Shop Looks The Same
The Guardian
LAST WORD
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The future continues in the water cooler of the bourse business…
— Patrick
