Exchange Invest Weekend: August 7th
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 1974, U.S. stocks jumped more than 3%, as rumors that President Nixon would resign, intensified.
Big World
From Exchange Invest 2117: Monday, August 2nd:
Boris Johnson Must Learn To Love Capitalism Again
The Telegraph
PLY: A magnificent entreaty by George Trefgarne seeking to upend the ludicrous statist nonsense which is the current dismal state of the UK government. George goes on to note:
“When it comes to the London Stock Exchange, the situation is close to an emergency. It is shrinking relative to the US by the day. Being a listed company on the London market has become such a bureaucratic, expensive muddle that the animal spirits of creative businesses are frequently crushed by the experience. Growing companies with smart managers would much rather be owned by private equity or listed in New York, where red tape is less onerous.”
PLY: …The worry is just how much focus LSEG can bring to bear here of course given it has recently suffered a reverse takeover of catharsis from that data triffid, Refinitiv.
IPO VID LIVESTREAM PODCAST
In IPO-VID Podcast Episode 7 I discuss “To Capital Markets From Brussels without Love” with former MEP and capital markets expert, Jake Pugh — enjoy!”
Available via all the usual podcast sources:
EI WEEKLY PODCAST 106
Robinhood disappoints in Public Trading as there may be a singularity moment approaching and the Top tier of Young’s Pyramid.
The Exchange Invest Weekly Podcast 106
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.
Podcast This Week
Press Briefing Webinar “Ask A Banker: Countdown To LIBOR’s End”
AFX
The Future Of Fixed Income Electronification
ICE Insights Series
How The Crypto Market Really Works (Podcast)
Bloomberg
Parish Notes
Simple scintillating stuff, mentioned in passing but deserves another mention, all about ‘the power of passive,’ particularly ETFs. From the S&P Indexology blog:
“When we aggregate the results, we observe that the cumulative savings in management fees over the past 25 years is $357 billion.”
Elsewhere this week we were revealing yet more of the sad tale of TP ICAP whose latest disappointing statement looks unlikely to be the end of the company’s problems.
Macro Thoughts
UPDATE 1-Sub-Zero Yields On Over Half Of Euro Investment-Grade Company Debt-Tradeweb
Yahoo Finance
COVID-19
Sweden’s Lessons For The UK’s Third Wave
Spectator
Why We Shouldn’t Fear A ‘Fourth Wave’ Of Covid
Spectator
Brexit: Done
Yet Again The Eurozone Struggles To Keep Up With The Rest Of The World
The Telegraph
“Every time there is a major global recession, the countries sharing the single currency stage the most sluggish and tepid recovery of any major economic bloc. The zone is not about to collapse. But with each turn of the cycle, it emerges a bit poorer, a bit smaller, and a bit weaker — and there is no sign of that changing.”
PLY: This is the tragedy of the EU — a form of Sisyphean economic paralysis driven by a fear of freedom and an aversion to free markets wrapped in the inherently anti-innovation notion of the ‘precautionary principle.” It’s not even purely Sisyphean — every time the stone rolls down the hill, the boulder slips from his grasp a little bit farther from the peak.
Of Interest
Six Reasons Why You Should Run Your Own Bitcoin Node
Bitcoin Magazine
Long Waves: The History of Innovation Cycles
Visual Capitalist
Foreign Affairs
Xi Jinping’s Capitalist Smackdown Sparks A $1 Trillion Reckoning
Bloomberg
Xi Jinping smiled and hinted at a policy bombshell that would soon roil stock markets from Shanghai to New York. It was mid-June,
The Common Interests Behind China And The Taliban’s Talks In Tianjin
South China Morning Post
Last Word
Catch up Monday for Exchange Invest 2123…
the future continues in the water cooler for the bourse business…
-Patrick
