Singapore’s Moment? Bashi Channel Block? Tranq Fentanyl mega-GUBU, Coke trafficking ex-con, London seeks rejuvenation through deregulation.
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 1962, the stock market had a “flash crash,” triggered by a dispute between President John F. Kennedy and the steel industry over a price increase. The Dow fell 5.7%, losing 34.95 points, its second-biggest one-day drop in history, behind only the crash of 1929. The losses were widespread, with large and small cap stocks going down. IBM fell more than 5% in just 19 minutes. Shares of some smaller companies dropped more than 20% on the day. Trading was so furious that the NYSE ticker couldn’t keep up, and didn’t finish reporting transactions until more than two hours after the market closed.
From Exchange Invest 2666: May 23rd, Tuesday:
Interesting Greek general election last weekend. A lot of hype about the right falling short with 40% of the vote but the reality is the opposition is splintered. Syriza, the one time left wing darlings who wilted when facing up to the EU way back when polled half the New Democracy total with 20.07%. The far left splinter party of Yanis Varoufakis dipped below the threshold of eligibility to enter Parliament. New Democracy is a frustrating 5 seats short of an overall majority so will seek to return the mandate, likely forcing a second round of voting June 25th in an attempt to secure an overall majority. Syriza has an opportunity to stitch together a coalition first but starting with just 71 seats — the required 151 appears impossible. There is a revised electoral system for the next poll with a majority bonus system (banned by Syriza previously) which will guarantee New Democracy a majority if it repeats anything like this poll result.
NEXT WEEK TUESDAY
Season 18: Episode 06: IPO-VID Livestream 108
Guest: Gedon Hertshten
Tuesday, May 30th: 1800 UK, 1900 CET, 1400 EST
“Markets For The Next Generation”
Gedon Hertshten is a highly successful businessman and thought leader in the derivatives industry whose career began in 1978 as an independent floor trader on CBOT.
In 1993, Gedon founded G.H. Financials, a global FCM servicing an array of industry participants through offices in London, Chicago, Hong Kong and India. This led in 2005 to the foundation of the more broadly diversified Hertshten Group, Gedon’s businesses employ over 800 professionals in nine countries.
Gedon has been instrumental in expanding the global reach of the listed derivatives industry, recruiting, educating, and training top university graduates in various countries to increase the global talent pool and understanding of listed derivatives.
Gedon remains actively involved in promoting and advocating for the listed derivatives industry on a global scale. He currently serves as a board member of the Tel Aviv Stock Exchange and has previously served on the boards of LIFFE & CME Group.
Watch the stream on:
Season 18: Episode 05: IPO-VID Livestream 107
Guests: Paul Constantinou & Patrick Kenny
Tuesday, May 23rd: 1800 UK, 1900 CET, 1400 EST
“AFM 25 Years On”
Join the President and Chairman of AFM as they review the history of the emerging exchange markets association AFM and look to the future of exchanges and the association.
AFM President Paul Constantinou is best known in the exchange business for his years selling trading systems to exchanges, particularly in the energy and commodities space with Trayport and other vendors.
AFM Chairman Patrick J. Kenny is Senior Vice President of client relations for CQG. His responsibilities include business development and working with account management. He joined the firm in July 2010.
Previously, Kenny had been with Patsystems, North America as an Officer and Managing Director for 10 years. Patrick has worked in the financial trading sector for more than 42 years years. Spent 20 years at the CBOT on the Floor trading. Board Member of FIA Tech Division, Board Member of The Small Exchange, Chairman Of AFM and President of Fontana on Geneva Lake in Fontana Wisconsin. Sometimes referred to as The Most Interesting Man in the Futures world, mostly by John Lothian.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 099: Patrick L Young was joined by Malta Numismatic Society Secretary General, Colin Formosa. In this episode, Colin discussed Maltese money & more.
Now available from multiple different podcast sources including:
EI WEEKLY PODCAST
There’s a New Chairman at NZX
Adena Argues for AI Regulatory Sense
And 63 Moons Hit MCX’s Profits
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
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.
Finance Book Of The Week
In response to reader’s queries, we have added a book of the week column to the EI weekend edition — if this is not your copy of EI Weekend, or you want to introduce a friend, anybody can sign up for EI Weekend for free at ExchangeInvest.com.
We’re choosing interesting books pertaining to exchanges and markets, investment et al..
This week’s book was written by our IPO-VID guest 073, James A. Fok:
“Financial Cold War: A View of Sino-US Relations from the Financial Markets” is a fascinating read, discussing many issues including the inherent plausibility of a longstanding linkage to benefit both contemporary superpowers — the growing nation of China and the more mature USA in a manner — that can positively impact the world’s economy.
Get the book here.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $349 per annum to join “The Exchange of Information.”
Experienced deal closers that they are, MIAX Have Completed Their Acquisition Of LedgerX From FTX Debtors (PR Newswire). The precise figures are still not clear but it didn’t leverage vastly what they received from their minority stake sale to FTX at larger numbers to deliver them the $50 million purchase. After factoring in existing tech leases accruing to MIAX etc, it’s fair to say that MIAX are likely toasting the brazen incompetence and hubris of Team SBF. I doubt the DoorDash largesse of the FTX era will reappear any time soon either. Will the MIAX take back Mark Wetjen their former MGEX GC anytime soon? I suspect that deal may not be quite so attractive.
Transfiguration #2 concerns Bankrupt Crypto Hedge Fund 3AC Whose NFT Auction Fetched $2.5m (CoinTelegraph). Tyler Hobbs’ Fidenza #725 alone sold for $1 million amongst the 7 lots. However, with 3AC still reckoned to owe in the region of $3.5 billion, by the time Sothebys’ have collected their commissions et al, it is fair to suggest these proceedings are colourful but not overly material to the bankruptcy proceedings.
…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.
Interest Rate Hikes: Comparing Their Speed From 1988–2023
PLY: The real problem here is the data set — excluding the 1970s gives a really ‘low’ interest rate skew by comparison. This data from the end of the Bretton Woods era dollar through the Plaza Accord would be so much more interesting!
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!
PLY: Fascinating video explaining the complexity around a possible Chinese invasion of Taiwan.
How Tranq Has Made The Fentanyl Crisis Even Worse
The Spectator World
PLY: GUBU and more GUBU still that this gets so little media coverage in the USA and around the world.
Singapore’s Moment Is Here. Will It Last?
The Wall Street Journal
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Or Subscribe to our EI Weekend newsletter in Substack — 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.
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Catch up on Tuesday for Exchange Invest 2671…
The future continues in the water cooler of the bourse business…