Exchange Invest Weekend: 2nd April

6 min readApr 1, 2022

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.

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On this day in 1986, the Stock Exchange of Hong Kong Limited (HKEX) opened a new trading hall. At that time, a total of 249 companies were listed on the Exchange, total market capitalization was HK$245 billion.

In BigWorld

From Exchange Invest 2312: 29th, Month 2022: Tuesday

Welcome to Generation HighVol

Lest you haven’t noticed — and I doubt dear parishioners it has escaped your notice — the generation of QE addled funny money low interest rates is all over.

Jeff Kutler wrote a great article about various macro aspects in his latest missive for GARP: The Risk Landscape Is Crowded and Complicated. What Happens Next?

One of the key concerns is of course that once all those tediously self-defining ‘grown-ups’ of the Davos classes agree on something, it’s quite clear we ought to be looking in another direction — as the WEFsters are experts in observing some trends while missing the Everests under the carpet (or at best arriving a decade or two after the party started and then proclaiming thought leadership. Not that they are wrong with their obsequious, tardy bandwagon jumping…it’s just that they will have mastered the linear and missed all the non-linear possibilities. To which end, we’re now — after a prolonged period of linearism in many respects — entering a very destabilising period.

To that end, we also, therefore, have a very exciting opening which will at the same time strike fear into the hearts of many in the parish — for our divide into what remains a rather modest cadre of lateralists and a vast swathe of linearists.

Clearly, Rumsfeld’s ‘known unknowns’ malarkey is impactful here but suddenly after this QE ‘lowvol’ generation (essentially it has been ongoing since 2000AD) we are moving into what I am terming generation ‘highvol.’

Now, even the linearists will recognise something here — “highvol” could mean a golden age for the bourse biz…

So, if you haven’t noticed in the past 2 years, Welcome to HighVol.

….Post Covid it isn’t going away anytime soon.

IPO-VID LIVESTREAM

NEXT WEEK TUESDAY

Season 11: Episode 1 IPO-VID Livestream 061

IPO-VID Guest: Hamish Adourian

Tuesday, April 5th: 1800 UK, 1900 CET, 1300 EST

“Sinara Bringing Trading Solutions to Life”

Hamish Adourian is Head of Sales and Marketing at Sinara, a London-based software house established for over 30 years and known as a trusted software partner to leading financial institutions around the world.

Hamish joined Sinara in 2006 as a software engineer, building a strong background in the design and development of systems for exchange operations, commodities trading and market data distribution. Having a keen interest in business, he progressed into sales & marketing, bringing to Sinara’s customers his insights into how technology can help solve challenges faced by participants across the financial markets.

In 2021, he became responsible for Sinara’s sales and marketing operations, and continues to champion the SinaraTLC initiative, which has resulted in Sinara investing in a new suite of trading lifecycle components for brokers, exchanges and clearing houses.

Watch the Stream on:

Facebook

YouTube

NOW ONLINE!

Season 10: Episode 6 IPO-VID Livestream 060

IPO-VID Guest: Catherine McBride

Tuesday, March 29th: 1800 UK, 1900 CET, 1300 EST

“After Brexit Where Next For World Trade?”

Catherine McBride is a senior Economist, writing and researching about international trade, agricultural trade and innovation, financial service regulation, corporate governance, competition and public policy. She sits on the UK Trade and Agriculture Commission Member and is a former staffer of the London IEA think tank.

Watch the Stream on:

Facebook

YouTube

IPO-VID LIVESTREAM PODCAST

Episode 41: “The New Frontiers of Private Markets”

In IPO-VID Episode 41: I was joined by the CEO of Rialto Markets Shari Noonan, talking about “The New Frontiers of Private Markets” — enjoy

Available via all the usual podcast sources:

Anchor Spotify

Google Podcasts Apple Podcast

EI WEEKLY PODCAST

A Chinese Olive Branch for US listing while a key shareholder finally comes out against TP ICAP Management and the ASX delays CHESS replacement yet again.

The Exchange Invest Weekly Podcast 138

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

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.