Exchange Invest Weekend Edition 2810: City of London Special
A Special EI Weekend Edition to commemorate the Lord Mayor’s Show marking the installation of my friend Michael Mainelli as the 695th Lord Mayor of 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.
On this day in 1859, Samuel Insull was born, a British-born American business magnate. Insull pioneered the concept of a holding company, in which one company holds partial or complete interest in another company.
IN BIGWORLD
From Exchange Invest 2802: Tuesday, November 2nd:
Worth considering when you’re looking for a good anecdotal way to explain why free markets matter and centrally planned Communism doesn’t quite cut the diverse economic mustard.
The total GDP of North Korea is expected to peak a bit over $21 billion in 2023.
The global market for K Pop is right now somewhere between $8 billion and $9 billion alone.
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY: Season 22: Episode 05
IPO-VID Livestream 125
Guest: Chris Rhodes
Tuesday, November 14th: 1800 UK, 1900 CET, 1300 EST
“Chris Rhodes: From the London ICE House”
Chris Rhodes is President of ICE Futures Europe, Previously, Chris served as Chief Operating Officer of ICE Clear Europe. Between 2019 and 2021, he was the Chief Risk Officer at the financial trading firm Tyler Capital. Rhodes first joined ICE in 2016, becoming Global Head of Derivatives, responsible for ICE’s interest rates and derivatives complex. Rhodes has more than 14 years of trading experience in the derivatives markets, including as a founding partner and senior trader at Arc Derivatives.
Tune in on:
NOW ONLINE!
Season 22: Episode 04: IPO-VID Livestream 124
Guest: Lucas Schmeddes
Tuesday, November 7th: 1800 UK, 1900 CET, 1300 EST
“Winter is Coming: Lucas Schmeddes”
Lucas Schmeddes is President & COO of leading continental European energy exchange ICE Endex, ICE Endex provides liquid European gas, emissions and power markets as well as gas balancing markets in the Netherlands and the U.K. (OCM).
From 2014 to 2022 Lucas was instrumental in launching ICE’s Futures & Clearing operations in Singapore as President & COO. From 2007 to 2013 Lucas was COO & CFO of ICE Endex and its predecessors.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
Join the dynamic discussion in IPO-VID episode 117, as Patrick Young converses with Mark Wheatley, a leading City of London politician and passionate advocate for the space economy.
Gain valuable perspectives from Mark on the promising opportunities in the space industry for the City of London and the global economy.
Tune in for an enlightening exploration of this exciting frontier.
Now available from multiple different podcast sources:
EI Website
Spotify
Google Podcasts
Apple Podcast
EI WEEKLY PODCAST
NASDAQ Closes A $10.5 Billion Adenza Deal Alongside A Slew Of Excellent Parish Results
Amid Contrasting Tales Of Short Selling
There’s #Zeroshock As SBF Is Found Guilty
The Exchange Invest Weekly Podcast 219
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.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
KASE: INTERNATIONAL EXCHANGE FORUM
Catch the last PLY Public Keynote of 2023, on the cusp of the 25th anniversary of his original “Capital Market Revolution!” book…
As part of events dedicated to KASE’s 30th anniversary, KASE will host on November 16, 2023, in Almaty an international exchange forum called “The Role of Exchanges in the Transformation of Financial Markets” organized in association with the National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and Association of Financiers of Kazakhstan within the framework of the XI Congress of Financiers of Kazakhstan.
For more information: click here.
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 — You can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
We’re choosing interesting books pertaining to exchanges and markets, investment et al…
This week’s books were written by David Kynaston & Paul Jagger.
David Kynaston’s City of London: The History brings ‘The Square Mile’ to life, taking us from the railway boom of the 1830s to the ‘Golden Age’, when the legendary gold standard reigned supreme.
Paul Jagger’s City of London: Secrets of the Square Mile is a guidebook explores the Square Mile of London revealing the secrets hidden in its rich treasure trove. Neither square nor a square mile, the City of London seems to lie beyond the limits of logic.
Get the books here City of London: The History & City of London: Secrets of the Square Mile
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
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.”
BITCARNAGE
In the end the SBF testimony amounted to not a lot other than what we expected — it was anything but his fault, said the guilt-free one while we await sentencing next March.
A sting in the tail was the many mainstream media columns wondering was SBF alone on trial or was it crypto too?
Evidently, SBF has never stayed in a far flung foreign hotel where the only TV show in English on a Sunday evening is True Crime channel 7841 or similar… Watch a few shows of the genre and the only given in court is that anybody so convinced they can prove their innocence to the jury in a contentious high profile US case, is invariably going to showcase their guilt with hubris aforethought.
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
The Knowledge Mile
PLY: Pardon me if I bore you with this story but it’s worth repeating for anybody who has not! It also ties elegantly in with the “Knowledge Mile” theme of the 695th Lord Mayor’s term. I discussed it on this podcast (The City View: Patrick L Young on exchanges and the future of finance — City AM).
Also in this article Derisking The Ravens: Brexit & The City Of London, I described the anecdote thus:
“Back in the late 1990s the head of a London exchange wanted to organise a party on December 31st 1999 — which was quite the rage in those heady pre-millennial days. It occurred to the CEO that it may be worth checking if the City of London itself had any plans. An exchange liaison called his opposite number in the City Corporation and was politely informed that there were no plans he was aware of…However, perhaps the exchange could call back in a week when said City chap had checked with the City’s bosses if they had any plans of which he was unaware. The Corporation’s representative then delivered a delightful line on millennial celebrations:
“In the meantime, let me check in the archives and see what we did last time.””
When it comes to a Knowledge Mile, one can easily argue none is more powerful on earth than the City of London…
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration…
Why The City Of London?
It’s where the Romans built Londinium, where Dickens wrote novels, and where Shakespeare lived, worked and dreamed. Where the first wireless signals were sent, and where code for green tech is written today. Culture and commerce thrive together.
Roman ruins beneath your feet, glass towers above your head. It’s past, present and future all at once.
And there are endless stories around every corner. Heroes, villains, innovators, and creators. Hidden gardens, rooftop bars, ancient streets, the latest restaurants, culture, and unique events. This is where it happened and where it’s happening.
Every year the Lord Mayor’s coach is fettled in a glass case outside Guildhall before the new Lord mayor Michael Mainelli has the honour of riding inside it through the City in the Lord Mayor’s Procession today Saturday November 11th.
Taken earlier this week, the balcony / grandstand where PLY will be watching the amazing show.
Fun facts on the LMS:
The first Lord Mayor’s Show took place in 1215 AD. Written into the City’s charter by King John was the instruction that the Lord Mayor travel to Westminster Abbey to present himself before the Sovereign’s representatives and swear an oath of loyalty to him or her.
NB The office of Mayor of the City of London was instituted in 1189 with Henry Fitz-Ailwin de Londonestone the first person to hold the office. He served a remarkable 24 terms. Nowadays the office is traditionally held for a 12 month period.
Since 1435 AD the Lord Mayor has been chosen from amongst the ranks of Aldermen of the City of London while traditionally the Lord Mayor has previously served as Aldermanic Sheriff of the City, Shrieval office having a history dating back well over a thousand years.
The Lord Mayor is officially elected by the Liverymen of the 111 City Guild companies (fun fact PLY is amongst them). The election itself is referred to as Common Hall and in the words of a City of London Corporation spokesperson: “As usual, the Lord Mayor will be elected in September at Common Hall in an open and transparent way.”
This is a delicious phrase: apparently the last person to vocally oppose the single candidate being proposed by the Court of Alderman at Common Hall was about 500 years ago.
The Pageantmaster spends 9 months preparing for a procession which lasts about 75 minutes.
The original procession used to have to use the rivers to make it from the historic Square Mile across town. Thus carriages were moved onto the water on “floats” — hence why this word depicts the wheeled vehicles for such shows in the English language!
Prior to 1952 the Lord Mayor was able to choose a route and often went through their local “ward” (the constituency of the Square Mile they represent) but ever since logistics have fixed the route.
The Lord Mayor’s coach was built in 1757 by Joseph Berry of Holborn. It cost £860 that was met by the Aldermen themselves and the coachbuilder was given five months. The project eventually overran by £200 but was delivered on time and Sir Charles was the first Lord Mayor to ride in it, the man who persuaded the other Aldermen of the City to commission a magnificent State Coach.
Around half a million people usually watch the procession live. The show is televised on BBC and is the world’s longest running outside broadcast dating back to 1937 when UK television was in its infancy. The procession itself consists of around 150 floats, 200 horses and some 7000 human participants!
The procession is around 3 miles long and nowadays goes from Mansion House to the Royal Courts of Justice where the Lord Mayor will swear his oath of allegiance to the King before the Lord Chief Justice of England & Wales and Master of the Rolls.
When the Lord Mayor leaves office, there is an official “purdah” where he must not enter the City for 6 months. That said with 100 trips, breakfast lunch and dinner pretty much every day AND an endless stream of meetings, the Lord Mayor (unpaid in office BTW) deserves a rest!!!
However, first the new Mayor enters office at the Silent Ceremony, a church service in silence at 1500 hours on the eve of the Lord Mayor’s Show.
If you want to get to know the new Lord Mayor, Michael Mainelli he was our guest on IPO VID 025: The Sustainable City & Beyond (March 23rd 2021) LinkedIn Youtube Facebook Spotify Google Podcast Apple Podcast.
Why the Square Mile Beats Canary Wharf
The Spectator
PLY: A magnificent precis from the world’s oldest continuously published periodically. Perhaps only in London could a magazine dating back to July 1828 (continuously) rebooting a publication first seen in 1711…be seen as almost an arriviste compared to the rich millennia of history in the City of London.
City Stream — Stock Exchanges, Settlement And The Future Of Euro Clearing
Youtube
PLY: Way back when Brexit was just a vote and a large political headache for the incumbent government, the Prosperity UK conference ran a great panel on the future of the City. With the illustrious guests including now Lord, Michael Spencer and Jeff Sprecher, it’s still a must listen event, even if there’s some other bloke interloping who looks remarkably like yours truly.
And when it comes to the future, let’s look to the moon and beyond:
Propelling the UK To The Forefront Of The Space Economy: The Vision For London As A Global Space Finance Hub
Universal Defence & Security Solutions
Letter: City Looks To The Chancellor To Realise Space Ambition
FT
PLY: I am proud to be a signatory to this letter and have attended the space roundtable at Guildhall this week. There are enormous opportunities for all financial centres and it is exciting to see the City of London amongst those looking to embrace the Space Economy and financing thereof…Hence this missive to the FT is signed by PLY and indeed, even more importantly, by the brilliant Mrs PLY too.
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.
At the least can you like this article, or leave us a comment, we welcome your feedback.
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All the very best to Lord Mayor Michael Mainelli and his amazing wife, Elisabeth for a hugely successful and happy year in office as the 695th Lord Mayor of the City of London!
- Patrick
