Exchange Invest Weekend Edition 2499: Rotten Money, Hot Commodities
Diverse tales: Money Is Rotting…from hairstylist to crypto millionaire trader, Twitter, Metaverse, Lithium, Li Qiang, Bitcoin Mining…
On this day in 2012, former British stockbroker Nicholas Levene (48), who swindled investors out of 32 million pounds in a “ponzi” scheme, was jailed for 13 years. Investors had handed Levene, a former deputy chairman at London football Club Leyton Orient, more than 250 million pounds between January 2005 and October 2009.
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.
Parish Notes
Very interesting update from Young’s Pyramid. DB1 and Nasdaq have been neck and neck in recent days for the lead of Tier 2 of the pyramid… That’s a blow but part of the long running journey down from one time Tier 1 stable for Deutsche Boerse which has lost its way somewhat across the generations of chasing rainbows in place of a credible M&A strategy. For Nasdaq it’s another gradual incremental step forward and even if it does not happen soon, there is an aura of inevitability that Eschborn is being eclipsed from Times Square, New York. (True the dollar strength and Euro collapse has not helped).
Worth considering that as the Adena era began, Nasdaq and CBOE were neck and neck in a range of circa $10-$12 billion market cap just a few years ago. CBOE sits somewhat adrift at $13ish while DB1/NASDAQ are both oscillating around $30.5 billion.
In BigWorld
From Exchange Invest 2195: November 1st, Tuesday:
Thank goodness somebody is saying it department:
“We lived through the Cuban missile crisis when we were stopping Soviet ships in international waters. These are really the most polarized times? I was around in 1968 when there were assassinations of public figures, when kids were blowing up draft centers, and the National Guard was shooting on campuses. We got through that, we’ll get through this.”
- Former Goldman Sachs boss Lloyd Blankfein.
…Then again EI 2197 Thursday, Nov. 3rd noted: As the MSM works itself into a lather that the world ending might be the best we can hope for… Bentley reported more than doubling profits in the first 9 months of the year (to 575 million euros — albeit how absurd that the Connolly leather trimmed beasts’ of the road are denominated outside of Pounds Sterling! — yeah yeah, I know their sister models include the Passat, and some Bentleys are assembled in Dresden…).
Then again balance sheet soundness is a wonderful thing, as the latest numbers from independent Aston Martin were once again ugly, as a manufacturer of wonderful cars but often ghastly balance sheets continues to struggle on the financial side with fewer deliveries scheduled this year.
When it comes to the the Europe freeing to death angle (EI 2198 Friday, Nov. 4th): Circa 50 of 278 tankers working worldwide are apparently now off the coast of Europe somewhere, laden with LNG and waiting for a moment to land (and indeed find suitable storage — government ought to have had a better energy policy than “what does Greta say?” for the past decade…).
…Then again hanging around until say a chilly December morning could mean that cargo is worth a lot more dollars…Albeit current projections infer that there may already be sufficient if not a surplus of LNG around the periphery of Europe.
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 14: Episode 05: IPO-VID Livestream 083:
November 8th: 1800 UK, 1900 CET, 1300 EST
“BMLL Liquidity Maps: The Data Magna Carta”
BMLL Chief Product Officer Dr Elliot Banks is responsible for data science, product development and product delivery of BMLL’s analytics and product suite to clients.
Elliot holds an MMath from the University of Cambridge, and a PhD in theoretical physics from Imperial College London.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 073: Patrick Young was joined by former HKEX senior executive, and author of “Financial Cold War”, James Fok.
Listen to this interesting episode discussing the fascinating balance of markets in a time of rising Chinese economic power…
EI WEEKLY PODCAST
ICE launched a new LNG suite
Boursa Kuwait profits soar as DFM leads the pack in Q3 results so far
LSEG gets UK antitrust clearance to buy Quantile
ESMA cuts off Indian CCP recognition while EUREX throws cash in an attempt to move Euro clearing away from multi-currency global London to Euro-parochial Frankfurt
and wild excitement for some of us — well, certainly the host of this podcast (PLY) as the Gibraltar Financial Services Commission approves the acquisition of the Gibraltar Stock Exchange by Valereum including the new management team.
The Exchange Invest Weekly Podcast 168
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
The One With Matt Levine And Mary Childs
The Reformed Broker
This week, Michael Batnick, Mary Childs, Matt Levine, and Downtown Josh Brown discuss Matt’s epic cover-to-cover Bloomberg piece on crypto, Elon’s first moves as Twitter owner, Facebook’s collapse, the future of Credit Suisse, the best finance books, and more!
Macro Thoughts
Visualizing S&P 500 Performance In 2022, By Sector
Visual Capitalist
The Spectator World
Breaking the Bank in Monte Carlo (Part 4)
Part 1: EI 2451 22nd September 2022
Part 2: EI 2487 22nd October 2022
Part 3: EI 2493 29th November 2022
On the men who broke the bank in Monte Carlo.
Lord Rosslyn and Sam Lewis simply struck lucky it seems, joining forces in the early 1890s and betting on black. Luckily for them it came up 17 times in a row the largest such run seen at that time…
Total winnings are not recorded — after that run of luck, methinks the chances of a sober reflection and audited accounting of winnings were probably tricky to achieve.
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!
From Hairstylist to Crypto Trader: A Cautionary Tale
Yahoo Finance
Silvia never worked a day on Wall Street. She was a hairstylist to rock stars. She never sat on a bank’s proprietary trading desk. She sat behind the velvet ropes in the VIP section of clubs you won’t ever get into. She was never a professional portfolio manager. She traded crypto on her phone from exotic beaches all over the world and was so good at it, her balances at one point would shame a baby banker.
A Brief History Of Elon Musk Sabotaging Matt Levine’s Time Off
The Verge
Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. Sure, he was at Sesame Place, the theme park just outside Philadelphia, with his kids when Musk announced his Twitter bid, and then stayed up until midnight that night to get his newsletter, Money Stuff, out.
Silicon Valley Tech CEOs Are Not Big Fans Of Metaverses
Cointelegraph
During a Wall Street Journal event, Microsoft gaming chief Phil Spencer and Snap CEO Evan Spiegel revealed that they are not big fans of the metaverse in its current form.
Bitcoin Mining Is Directly Impacting People’s Lives For The Better
Bitcoin Magazine
The Lithium Market Is Hotter Than Ever And Traders Are Moving In
Yahoo Finance
When the oil market liberalized in the 1970s, a group of commodity trading buccaneers led by the infamous Marc Rich made fortunes by connecting buyers and sellers and surfing the price swings of this newly tradable commodity.
Financial Times
It was on his watch that the Shanghai stock exchange launched a new trading board for technology companies and Elon Musk built Tesla’s largest overseas factory in the city.
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter — free 30 day trial.
Or Subscribe to our Weekend Edition — it’s free.
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.
At the least can you like this article, or leave us a comment, we welcome your feedback.
If you enjoy our multimedia, then please Like / Subscribe to our video channel: IPO-VID In Patrick’s Opinion.
Catch up on Monday for Exchange Invest 2500.
The future continues in the 26th century (!) for the water cooler of the bourse business, Monday…
-Patrick
