Exchange Invest Weekend: 7th May
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 2020, in the wake of the Cushing Crisis, NSE announced it was readying its systems to handle crude-crash-like crises with negative pricing.
From Exchange Invest 2340: 3rd, May 2022: Tuesday
A mega shift is taking place in CEE/SEE. Poland, despite a rather socially reactionary (left wing economically) government, has leapt to the forefront of world attention. In part, the government was a passenger as Poles unilaterally help millions of Ukrainian neighbours to flee Putin’s invasion folly. However, the government has talked tough and not diverged from being strong in their military support of Ukraine, even when Joe Brezhnev’s pillocks masquerading as policymakers blinked volubly before regaining their mojo and going near full war-hog (not a position that entirely leaves me comfortable given the incapability cum senility of the US administration). In recent moves, the Czechs said they would send their Soviet-era jets to Ukraine provided somebody covered their air space while new fighters were assembled out west. Poland promptly stumped up.
Poland was in the vanguard of ensuring an oil boycott over the Russian demand for payment in Rubles — exposing the declining German hegemony which (as I have noted previously) is stuck in its version of Britain’s 1970s.
There are big ramifications here and for the EU that is probably bad news as Brussels was still in punishment beating mode towards Poland weeks into the Ukraine conflict while the world has given Poland an exponential lift in soft power influence.
The contrast with Brussels — which as a bureaucracy can never expect to be loved — gives Poland incredible leverage. Meanwhile, US-Poland relations remain strong through US military imperative and hugely leveraged by the wisdom of Donald Trump delivering ESTA visa-free travel for all Poles to the land of the free.
Watch this space — CEE SEE doesn’t have anything remotely like equivalent economic clout but it is growing and western Europe is conflicted and in stasis. A subtle shift of power east across Europe is happening.
NEXT WEEK TUESDAY
Season 11: Episode 4, IPO-VID Livestream 064
IPO-VID Guest: Thomas McMahon
Tuesday, May 10th: 1800 UK, 1900 CET, 1300 EST
“Thomas McMahon: Energising New Markets”
Tom McMahon is the Co-founder and CEO of Aircarbon Exchange. Tom is an exchange architect with extensive experience across the gamut of energy, as a director of NYMEX and more recently a welter of Asian initiatives.
From helping launch WTI to Henry Hub and NY Harbor Gasoline, LNG and more recently moving into renewables with Air Carbon Exchange, Tom maintains a fascinating portfolio of interests in Singapore across ETD, OTC, CCP, often, nowadays with Blockchain technology as part of the mix.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
Episode 46: “The Market View From COP26”
In IPO-VID Episode 046: Patrick L Young was joined by Bionic Planet Podcast Producer, and Net-Zero Correspondent for Carbon Pulse, Steve Zwick.
Listen to their interesting discussion “The Market View From COP26” via the usual podcast sources:
EI WEEKLY PODCAST
A shock management reshuffle at LME, the Tel Aviv Stock Exchange Chairman resigns and sadly another parish veteran Chris Prior-Willeard has passed away.
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.
Christopher Prior-Willeard — An Appreciation
By Patrick L Young
A one-time junior naval officer, Chris Prior-Willeard has died after suffering from ALS in recent months following a significant period of ill health. That said, Chris remained indefatigable, still working passionately on plans for a new issuer-based CSD amongst other projects and eagerly enthusing about the exciting world of opportunities in the parish of exchanges and related market structure. We exchanged emails most days — Chris was a devoted EI reader. He was top of my list of people to invite to IPO-VID but there followed an anguished email where he apologised that, due to a stroke, he hadn’t been able to speak for some months…
The stroke seemed to barely slow Chris, although it robbed us of the chance to do investor briefings together although he still appeared on Zoom calls, excitedly typing in answers on occasion while listening thoughtfully throughout. Likewise, he was an active audience participant via keyboard on IPO-VID, even if he could not be the principal guest.
He was delighted when I called him a “market maven” in the first Exchange Invest 1000 and styled himself thus for the rest of his career. That was only appropriate as — like Brian Taylor, who left us just weeks ago, Chris represented the passionate pro-market enthusiasts who got things done.
It would be impossible to discuss every project which CPW had been involved with but they ranged from introducing ECU/USD futures with NYCE soon after an abortive attempt to create the London Meat Futures Exchange which ran via the Baltic Exchange where he became overall director of futures markets. Chris had been an early participant in stock dematerialisation and in CCP he was involved with CapClear which had a fascinating model for a guarantee based clearinghouse, sadly curtailed by the financing drought post dotcom bubble. He was a leading participant in the internationalisation (through ADRs et al) of the London Stock Exchange, launching SEAQ International. After Big Bang, he was transferred to The Market Department where he acted as UK Equities Market Manager and Secretary of The Markets Committee of the Stock Exchange Council.
We shared a passion for new markets and particularly micro exchanges, regional stock markets et al. Chris had been involved with several attempts to revive UK regionals right up to his death and was part of the Birmingham InvestBX exchange which launched briefly in the early years of this century.
Ultimately Chris had a passion for markets which was undimmed by his conditions and he maintained a passionate belief in the power of exchanges to improve the world. His focus on regional and smaller exchanges — and frustration at the lack of funding for such endeavours — was an ongoing bugbear for both of us. In commodities, Chris saw huge opportunities everywhere — even in the redevelopment / repurposing of the LME floor outside ring dealing hours, while he was actively improving the clunky models of settlement from so many angles, including spells with Computershare, running a BNY project to create a new CSD and many others…
Chris summed himself up better than I can in one exquisitely mot juste sentence: “Insatiable curiosity around market development and the application of new technology to improve the use of formal markets by all stakeholders.”
I was already missing our regular chats as his health declined, Chris will be missed throughout the parish.
We have added, “Christopher Prior-Willeard — An Appreciation” beyond our paywall as many readers wanted to share it.
All are welcome to share the links below (both the same story) to ensure Christopher’s incredible legacy is remembered clearly.
The Japan Times
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 state of Bitcoin can be demonstrated with on-chain metrics that paint a more bullish picture than the current derivatives market sentiment.
PLY: Hat tip to Ann Berg, a pitch-perfect piece of modern diplomacy from Kenyan envoy to the UN, Martin Kimani.
Catch up Monday for Exchange Invest 2345…
the future continues in the water cooler for the bourse business…