TRANSCRIPT
This week in the parish of bourses and market structure, LSE sells silverware cheap, spooked by EU antitrust as they foolishly obsess over Refinitiv. Meanwhile, for anybody who wants to let TP ICAP buy Liquidnet using $450 million of your money through a rights issue. I can offer you a veritable portfolio of bridges!
In better news, Warsaw successfully lists the largest year e-commerce IPO.
My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast.
Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key news stories from the week in market structure.
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Congratulations, the Nobel prize for economics has come the closest to the parish since I believe the memorable win by Martin and Scholes in 1997. Congratulations to Paul Milgrom and Robert Wilson on their work, pertaining to auction theory.
Meanwhile, the European Union's, watchdog ESMA, they're working on a “plan B” to move Euro clearing from London to the mainland of Europe. In reality, when testifying in front of the political classes of the European Union, ESMA boss, Steven Maijoor has to say he has a plan: it's akin to Michael Caine in the back of the bus, dangling on the cliff edge at the end of The Italian Job movie.
Speaking of the London Stock Exchange. Good to see that they're empowering female funders over in Sri Lanka with what they refer to as - close your ears. If you're going to be offended, - “Hatch's kickass series four.” Gosh, that's the best London stock Exchange Group Story of the year after their hiring Peter Jessup.
In Exchange Invest Daily, I felt obliged to asterisk the full corporate title “hatch’s kick ass.” I suspect the bulk mailing software would refuse to send it otherwise. Anyway, it's good to see the LSEG delivering unstuffy messaging somewhere in their sprawling empire of otherwise dismal communications.
Anyway with this kind of modern thinking at LSEG how soon can it be before we can look forward to, ”ODD” Schwimmer, the notoriously out of his depth, Dave, CEO of the LSE group delivering his entire quarterly conference call through memes? Perhaps that's why David Warren announced his retirement as CFO:. He didn't fancy providing the financial overview to a TikTok lip syncing video.
I know, I know. We're just trying to create excitement about what the LSEG comms boss will do in office, albeit if they can successfully establish themselves as being remembered for being a boy, a girl, a ‘prefer not to say’ or indeed anything in between, then we'll have made some significant progress from their predecessor.
Gosh, I don't believe there's ever been a gender reveal party for an exchange communications boss. Perhaps LSE could start now posterior booting and all that modern lingo.
In deals this week. Yes. It's the discount deal of the year. The London stock exchange group have agreed to sell Borsa Italiana thanks to various shotguns pointed at David Schwimmer's head... to Euronext four or $5 billion. It's a cheap deal. No matter what others in the media might have said, even if it does leverage Euronext. at a Euro 4.325 billion price tag. Given that London stock exchange group have clearly panicked over the EU antitrust stance and walked right into Brussels trap, gifting Euronext excellent infrastructure to give them clear Southern heft.
Indeed, now the largest money earning revenue aspect of the Euronext empire. However that comes at a cost beca...
