Exchange Invest Weekend Edition 2595: A Web of Lies
Another investment conman. Failure: from Sturgeon to Turkey-Syria fault line buildings. Break the equity cult as China’s economy confuses.
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.
On this day in 1899, Paul Julius Reuter died (born Israel Beer Josaphat; 21 July 1816), he was ennobled as Freiherr von Reuter (Baron von Reuter), was a German-born British entrepreneur who was a pioneer of telegraphy and news reporting. He was a reporter and media owner, and the founder of the Reuters news agency, which became part of the Thomson Reuters conglomerate in 2008.
IN BIGWORLD
From Exchange Invest 2590: February 20th, Monday:
Twitter Becomes First Social Media Platform To Allow Cannabis Ads In U.S.
Reuters
PLY: Presumably, the competition to be Elon’s lead supplier ought to be sufficient to set the whole platform back in profit after the Musk cost cuts?
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 16: Episode 06: IPO-VID Livestream 096
February 28th: 1800 UK, 1900 CET, 1300 EST
“Jeffrey Kutler’s Journey from ATMs to Cryptocurrencies”
Jeffrey Kutler’s journalistic career has seen quite an arc, from the mass adoption of ATMs through the growth of technology to fintech and most recently the rise of cryptocurrencies with every technological innovation in between!
Jeffrey is an award winning journalist and contributing editor to TabbFORUM. He is also a contributing editor of the Global Association of Risk Professionals’ GARP Risk Intelligence site. He served as editor-in-chief from 2008 through 2019. Before joining GARP, he had senior editorial roles at Institutional Investor, Securities Industry News and American Banker.
Watch the Stream on:
NOW ONLINE!
Season 16: Episode 05: IPO-VID Livestream 095
February 21st: 1800 UK, 1900 CET, 1300 EST
“Tim Worstall: What Have We Got In Reserve?”
Tim Worstall has been the world’s major scandium wholesaler, is a Senior Fellow at the Adam Smith Institute and lives by writing on matters economic and financial.
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 086: Patrick Young was joined by the CEO & Co-Founder of Clockwork Systems, Balaji Prabhakar.
Listen and enjoy this discussion about “Accelerating The Cloud”
Available in different podcast sources:
EI WEEKLY PODCAST
ASX eat sits writedown on the Digital Asset CHESS debacle
CZ’s $400 Million Shuffle
President Zelensky Sanctions MOEX
And there’s Indo-European CCP Confusion
The Exchange Invest Weekly Podcast 182
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
Former SEC Chair Jay Clayton Stays Focused On Protecting Mr. & Mrs. 401k
Inside The ICE House
PARISH NOTES
From Exchange Invest 2588:
As many readers will know who have seen my speeches in recent years (available on decent commercial terms for conferences and internal meetings), PLY is partial to noting how frustrating it is that unthinking pillocks grace too many startup conferences with gushing statements to the effect of “OMG, Uber is the world’s biggest car service but doesn’t own any of the vehicles!” and related comments on other Web 2.0 megastar businesses.
Naturally, the simple answer to this unthinking gush is to note that “it’s because eBay, Uber et al are exchanges!” Albeit beyond the regulatory world’s remit.
Anyway, congratulations to one of their number, a household name in every sense which has finally broken into profit.
AirBnB’s move into the fiscal black has been considerably helped by revenue from “cleaning fees” — probably not something exchanges in the regulated parish can consider but it must be tempting to try…
NB Please read carefully, that’s CLEANING not Clearing fees!
BITCARNAGE
An excerpt from our daily commentary on the disaster which is Bitcarnage, the ongoing crypto meltdown:
“Speaking of the SBF one, maybe if he was using that VPN to contact other FTX formers, the plan is backfiring as now (“et — actually is anyone still with me? — tu brute?”) moment of the weekend was confirmation former Director of Engineering Nishad Singh is nearing a plea deal with Manhattan prosecutors, following in the footsteps of Gary Wang and Caroline Ellison (Top Bankman-Fried Associate Nears Plea Deal In US Probe Of FTX — Bloomberg Law News). What does Sam do now? “Say it ain’t true!” ain’t working, could he go down the line of “Say it is true” and break the family’s guilt free ethos?
At the same time, the word “peeved” is probably a delicate way of referring to the current trial judge’s opinion of SBF himself:
Judge Raises Possibility Of Revoking Sam Bankman-Fried’s Bail Over Possible Witness Tampering
ABC News
Judge Warns FTX’s Bankman-Fried: Your Freedom Can Be Revoked.
Yahoo Finance
Judge Suggests Jail To Limit FTX Founder’s Communications
AP News
…Then again as noted above, it seems the more SBF may be contacting folk, the faster they emerge cutting deals with prosecutors so the judge’s eagerness for ‘fair trials’ and all that malarkey may be at odds with the desire of prosecutors to get as many FTX staff as possible to roll over and admit their guilt. Certainly, the speed of potential prosecution looks all the more remarkable — and we still have over 6 full months to the schedule start of SBF’s trial.”
…Full coverage daily for subscribers in Exchange Invest Daily, only $349 per annum.
MACRO THOUGHTS
Analysis-Why China’s Reopening Isn’t Inflationary
Investing
Empty Shipping Containers Pile Up At Packed Chinese Port As Orders Dwindle
South China Morning Post
PLY: Perhaps counterintuitively, I have always struggled with the 2023 hard landing thesis. Some may experience recession and others are feeling the pinch e.g. in tech jobs where finally egregious over staffing to zero productive effect is being addressed by the major oligopolists/monopolists.
Soft landing, maybe a smooth landing I think will become the economy, even if the market is morphing in its substance…
OF INTERESTS
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!
Nicola Sturgeon’s Legacy In Six Graphs
The Spectator
PLY: Disaster in pictures, the once efficient and highly educated Scotland has been traduced to a socialist disaster area by the dismal effectiveness of the perma victims call the Scottish Nationalist Party.
How These Buildings Made The Turkey And Syria Earthquakes So Deadly
Vox
PLY: A simply horrible tale and one which may undermine President Erdogan in an election year (general and presidential elections scheduled for at latest June).
Inside Wealth-Conference Con Man Anthony Ritossa’s Wild Web Of Lies
Vanity Fair
Column: The Devil’s Metal Strikes Again In Trafigura Nickel Fraud Case
Reuters
The commodity trader will take a $577 million charge in the first half of 2023 against potential losses arising from what it called a “systematic fraud” involving cargoes of nickel that were not nickel.
The US ‘Domain Awareness Gap’ Goes Way Beyond Chinese Balloons
Bloomberg
Financial Sector Has A Duty To Investors And The Economy To Break The Cult Of Equity
South China Morning Post
LAST WORD
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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.
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Catch up on Monday for Exchange Invest 2596…
The future continues in the water cooler of the bourse business, Monday…
- Patrick
