TRANSCRIPT
Tragedy at the Pakistan Stock Exchange while the parish enjoys an unprecedented level in the Barron's top 25 CEO list. Meanwhile the EU are considering a consolidated tape once again, and European markets push back on the London lazy binary of shorter equity trading times. My name is Patrick L Young: Welcome to the bourse business weekly digest. it's the Exchange Invest Weekly Podcast.
The parish was rocked this week as seven people were killed including four gunmen who attacked the Pakistan Stock Exchange. Fortunately, no exchange staff were injured but a series of security personnel died in a gunfight across the foyer of the exchange. The Balochistan Liberation Army, which targets Chinese interests in Pakistan in pursuit of its ideals of a better deal for the oil and gas interests of Balochistan was responsible for the attack admitted in various social media posts.
Nonetheless, that didn't stop the Pakistani Prime Minister saying he had no doubt that India was behind the stock exchange attack. Hardly the most encouraging angle for, well, public relations given the current state of Sino Indian relations, and indeed the ever festering relationship between India and Pakistan. Nonetheless, we stand behind anyone who tries a terrorist attack on our parish. To that end, once again, our condolences to all those innocently murdered by these terrorists.
Back in the happier world of the parish’s business week, CCP 12 the global Clearinghouse organization released an excellent study “CCPs again demonstrate strong resilience in times of crisis. The laser like focus of CCP 12 on speaking up for the clearing parishioners, after their worth has been proven once again, goes well alongside the European EACH CCP’s regional precision, having helped Croatia's EU Presidency to achieve a sensible EU 27 solution. The tragedy is we have no global body representing exchanges willing or able to get the message out to back what the parish does every day financing companies and ensuring investment cohesion.
One Industry Association doing great work remains FESE the Federation of European Security Exchanges. They've called out recent efforts by a narrow interest group of stock brokers and traders in London who want to see 90 minutes lopped off the London trading day. “European exchanges oppose shorter stock trading day sought by London firms” and on a very logical basis too, it's good to see FESE taking a consistent and holistic worldview in comparison to the London cash equity ‘Flat Earth Society.’ Of course, we could do the whole equity trading market in a five minute auction daily. But the tricky part is all the other moving parts of the complex financial infrastructure. Trying to keep that trading on only a five minute auction would be both an issue and also seriously disadvantage both investors and indeed the companies trying to raise important investment capital.
Of course, there's an easy solution for the London folk who are looking at a shorter working day: split your jobs, there's more than sufficient for pretty much any cash market staffer to divide their job in two and still easily break minimum wage in the UK.
The London Stock Exchange has had Feedback from about 100 folks as I recall. While maintaining a fairly non committal overall position, their absence as, not a member of FESE continues to isolate the group which needs to rethink its PR, lobbying and interaction on various levels.
FESE: they are to be applauded for making a coherent stand....
