TRANSCRIPT
This week in the parish of bourses and market structure, a catch up edition as we get 2021 underway.
And we have our first new word of the exchange invest year Genslerfreude that smug feeling you get when ‘woke-ist’ idiot bankers get saddled with their worst nightmare as a leading regulator!
My name is Patrick L. Young. It's our first edition of the new year episode, zero 77. 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 headlines from the week in market structure. All the analysis of the week’s many events and happenings can be found in the Exchange Invest daily subscriber newsletter:
the unique guide to the bourse business, sent daily to your inbox. More details at exchangeinvest.com.
Amongst our top stories this week, the London Stock Exchange has got the EU nod for the $27 billion takeover of Refinitiv, or some might see it as the LSEG being subject to an inverse takeover to be swallowed whole by the lethargy of Refinitiv. In the end, the EU didn't add any more tweaks, but in due course, gifting Euronext, the Borsa Italiana at below open market value, will I imagine, be viewed with regret by many who right now are cheerleading this deal, which is being made by a group broadly lacking an integration ability and acquiring a tired franchise, which is flaccid, political and has repelled all previous attempts to bring it kicking and screaming out of the 1970s.
Meanwhile, Euronext: of course they still can't believe their luck. The contemplated acquisition of the Borsa Italiana group at below open market price is still subject to regulatory approvals in several jurisdictions. Nevertheless Euronext expects to complete the transaction in the first half of 2021.
One deal that's not so messy - It ‘simply’ requires a new market to be set up in all its complexity - Intercontinental Exchange have provided an update on the Murban futures ahead of the launch of ICE Futures Abu Dhabi - IFAD - on March 29th, 2021. It's looking good for an end March launch - #despiteCOVID - in Abu Dhabi with the bank of England and MAs in Singapore among regulators recognizing the new venue.
Elsewhere Political Action Committee donation fatigue has hit the finance community. Those are of course the “PACS” not to be confused with this “SPACS”, those sexy little listing vehicles that we've seen so much over in recent months. No rather
You're back to the grubby business of giving donations to politicians. Therefore in the PAC world, a number of people have stopped donating for the time being: Charles Schwab, CME, and NASDAQ, amongst them from in and around the parish.
Looking back over the festive season, some of the stuff you might've missed:
Well, first of all, you probably didn't miss this, but Brexit has happened...At the same time. We did tell you that it was going to happen as opposed to a vast swathe of the media. It ultimately ended up with the EU doing more compromising than the UK. And thus the trade deal is not as bad as it might have possibly been. In fact, overall, it's a pretty decent trade deal, leaving aside various issues from the May government’s, cack handed handling of the situation such as the fact that Northern Ireland is now even worse positioned in terms of Imperial status with Belgium than even the Belgian Congo who manage...
