Exchange Invest Weekend Edition 2652: Coronation Special
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Selected reading related to the Coronation of King Charles III taking place today Saturday 6th May in London.
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.
Today marks the first UK Coronation since Her Majesty Queen Elizabeth II was officially installed as monarch for the UK, Commonwealth and dominions — June 2, 1953. King Charles III today goes through the same process in Westminster Abbey to a packed congregation of over 2000 very special guests.
IN BIGWORLD
From Exchange Invest 2651: May 5th, Friday:
The United Kingdom and the Commonwealth are in mega celebration mode this weekend. I have to admit that it’s rare to see something happening for the first time after a half century on planet Earth but as previously mentioned in this newsletter the previous office holder was so firmly in situ when I got to Prep school they were already ‘prepping’ us pupils about what to do on her departure from office.
I speak of course of the passing of Her Majesty Queen Elizabeth II last year after more than 70 incredible years on the throne. Her eldest son will officially be crowned His Majesty King Charles III on Saturday 6th May in Westminster Abbey.
The United Kingdom and the Commonwealth are in mega celebration mode this weekend. I have to admit that it’s rare to see something happening for the first time after a half century on planet Earth but as previously mentioned in this newsletter the previous office holder was so firmly in situ when I got to Prep school they were already ‘prepping’ us pupils about what to do on her departure from office.
I speak of course of the passing of Her Majesty Queen Elizabeth II last year after more than 70 incredible years on the throne. Her eldest son will officially be crowned His Majesty King Charles III on Saturday 6th May in Westminster Abbey.
If you love your arcane paperwork (and who can say “no” that has ever done a commodity deal in their life?), at the centre of this ancient and unique ceremony will be the Coronation Oath, from the eponymous 1698 Coronation Oath Act. This was enacted after the Glorious Revolution to ensure the British Monarchy was limited by statute and bound to Parliament and, critically, vice versa. The Archbishop of Canterbury will ask:
“Will you solemnly promise and swear to govern the People of this Kingdom of England and the Dominions thereto belonging according to the Statutes in Parliament agreed on and the Laws and Customs of the same?
The King and Queene shall reply,
I solemnly promise soe to doe.
Arch Bishop or Bishop:
Will you to your power cause Law and Justice in mercy to be executed in all your judgements.
King and Queen,
I will.”
God Save The King!
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 18: Episode 03: IPO-VID Livestream 105
Guest: Philip Roscoe
https://www.youtube.com/watch?v=eczsL9PaRDs
May 9th: 1800 UK, 1900 CET, 1400 EST
“How to Build a Stock Exchange”
Philip Roscoe is Reader in Management at the University of St Andrews. His research takes a sociological approach to markets and finance across diverse topics such as online dating, Santa’s Lapland hideaway, and many other topics. A former journalist, he was one of the first of BBC Radio 3’s New Generation Thinkers. His new book, “How to Build a Stock Exchange,” mingles history, technical detail and humorous anecdotes to explore the nature and purpose of finance.
Watch the stream on:
Facebook
NOW ONLINE!
Season 18: Episode 02: IPO-VID Livestream 104
Guest: Rainer Zitelmann
https://www.youtube.com/watch?v=eczsL9PaRDs
May 2nd: 1800 UK, 1900 CET, 1400 EST
“In Defence of Capitalism”
The head of Americas for Scila AB, Alexander Lamb is a veteran futures industry technology executive with a long pedigree including senior roles at TT and RTS Realtime Systems Group, where he sat on the Executive Board.
Watch the stream on:
Facebook
LinkedIn
YouTube
IPO-VID LIVESTREAM PODCAST
https://podcasters.spotify.com/pod/show/ipo-vid-by-patricklyoung
In IPO-VID Episode 096: Patrick Young was joined by Jeff Kutler, a contributing editor to GARP and Tabbforum.
Listen to Jeff’s interesting Journey of “From ATMs to Cryptocurrencies.”
Now available from multiple different podcast sources including:
EI WEEKLY PODCAST
https://www.exchangeinvest.com/podcast/
Hong Kong Exchanges profits soar 28% as Hong Kong is open for business once again
NPM seeks to go T+10 from T+forever
Euroclear’s Curious Windfall
And we ask the question: what do the Taiwanese, Malaysian, Israeli and even Colombian CCPs have that LCH, ICE Clear London, LME Clear et al do not?
The Exchange Invest Weekly Podcast 192
AFM 25th Annual Conference
Returning to Budapest, the AFM Annual Conference is back! 25 years of celebrating the derivatives industry and the futures market. See you on June 6th-7th as I will be giving a keynote presentation: AFM 25 Years On, Emerging Markets 25 Years Forward.
VICTORY OR DEATH
https://www.exchangeinvest.com/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.
https://www.nasdaq.com/?ref=exchangeinvest.com
https://bmlltech.com/?ref=exchangeinvest.com
PLY NOTES
A brief personal update: As you may recall a team led by yours truly helped secure the licence and build the ArawakX crowdfunding / exchange platform headquartered in the Bahamas. As of the end of April, I resigned as an advisor to the exchange due to non payment of arrears. I hope the company can survive but given our experience of non payment, it is not alas clear what the future holds.
I continue to be involved in the new market builds the world over and look forward to continuing to shape the markets of the future.
PODCAST THIS WEEK
A History of English & British Coronations
A History Of Coronations: Around The World Today
History Tea Time with Lindsay Holiday
BITCARNAGE
https://bitcarnage.substack.com/
While the workers of the world were uniting May 1st to mourn the passing of all those millions murdered by Marxism, pity poor SBF who was left bereft of his favourite came when liquidator John J. Ray III ordered the closure of the FTX subsidiary that had acquired “Storybook Brawl” after a wholesale hameorrhaging of users.
The SBF/FTX dream of a new era champion in what they termed “ethical” crypto gaming (nope, me neither) has been snuffed out thus further reducing SBF’s potential pastimes as he awaits trial in the fall.
Everyday we cover the ongoing turmoil of BTC, crypto et al in our daily “Bitcarnage” section of Exchange Invest. For more details on a free trial to our premium newsletter of the bourse business delivered to your Inbox daily, you can sign up on our new beta website ExchangeInvest.com.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, alone, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
As it’s Coronation Week in the UK, to celebrate the accession of King Charles III, we have a few charts prepared.
Despite being a top 10 world economic power throughout the reign of Queen Elizabeth II and King Charles III, it’s fascinating to note even in 1953 the UK had less than 2% of the world population.
With the world growing appreciably more rapidly than the UK by the coronation of King Charles III, the UK is now well under 1% of the world population.
It’s remarkable to look at how the world expanded vastly — 4x population and a huge jump in GDP. Nonetheless, for all the talk of the decline of the UK, it’s still incredible to consider the nation accounts for over 3% of the world’s GDP. Yes, that’s half the world market share in 1953 but still a remarkable testament given the British population’s much lower rate of growth as we discussed above.
In so many respects the UK economy of the last Coronation is incomparable to the realm King Charles III has inherited. Unemployment was frictional at at 2.03% in 1953 versus a slightly more sluggish 3.8% in 2023 but the nature of the economy is entirely different , even though interest rates have barely budged over the period (but been wildly volatile in between!) moving from 4% in 1953 to 4.25% today.
For one thing the great Socialist experiment of the 1945–1951 Labour government meant that vast swathes of industry had been nationalized including coal mines, the railways, the inland waterways, gas and electricity, the airlines, the Bank of England and the iron and steel industry. Rationing was still commonplace across the nation with Meat, bacon, sugar, butter, cheese, margarine, cooking fats and eggs all still subject to central control and restrictions on distribution. Only in 1954 would meat be derationed and the UK finally exited those Second World War imposed restrictions.
Most women stayed at home with a modest female workforce participation. Technology was growing in the home as appliances were delivered and tv sales soared as many people watched the Coronation live in the comfort of their homes for the first time.
The progress of the UK economy from one Coronation to the next has been simply staggering. Despite lacklustre government over the past generation, the UK remains a nation of home owning democrats with online access and the ability to use all the privatized utilities, airlines et al that deliver a much higher standard of living than was imaginable when Her Majesty Elizabeth II was crowned Queen.
Fun fact: In 1953 UK energy was 88.5% derived from coal. By 2023, that number has fallen to 6.5%.
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!
The King’s Coronation Guest List: A Who’s Who Of Every Foreign Royal Attending
Tatler
Mswati III of Eswatini is not invited, who was an absolute monarch. Mswati III is known for his practice of polygamy and currently has 15 wives.
PLY: We can also note that a major movie star of 2023, Princess Peach (Super Mario Brothers) does not appear to have been invited either.
Coronation Regalia Plays A Key Role In The Coronation Services Of British Monarchs
British Embassy Manila
King Charles’s Coronation: A British TV Spectacle For The Digital Age
NY Times
The Muddle Of The King’s Coronation Oath
The Spectator
The Ultimate Guide To Coronation Food
The Spectator
The Hotels With Royal Family Approval
High Life Magazine
When Malta Threatened To Boycott The Coronation
Times of Malta
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 2653…
The future continues in the water cooler of the bourse business…
Long Live the King!
- Patrick
