TRANSCRIPT
London Metals Exchange ring under threat of closure. London Stock Exchange Group - Refinitiv under threat of deal closure. ...And in the United States of America, #Genslerfreude is a thing. ‘How, is the hopey Changey thing working out for you now, bankers?” to paraphrase the one zinger of Sarah Palin's political career.
My name is Patrick L. Young. Welcome to the bourse business, weekly digest. It's the Exchange Invest Weekly Podcast, episode 78.
Good day, ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure or the analysis of the week’s many events and happenings can be found in Exchange Invest Daily’s subscriber newsletter, the unique guide to the bourse' business, sent daily to your inbox. More details at ExchangeInvest.com.
Mega Russia news: around 5 million people started investing on the Moscow Exchange in 2020. That's a simply astounding number of new entrants to any national market. Well done MOEX. In this case, it was more than all the previous years put together, as total investor base jumped from 3.8 to 8.8 million users.
Over in London, farewell to the floor? After 144 years, the London Metal Exchange is proposing closing the trading ring. That LME proposal has emerged during COVID times where traders have previously, in better healthier climes, swapped metals like copper and lead using shouts and hand signals for 144 years. The move seems to be a bid to attract more financial players. The call auction itself made sense for a long time, but in an era where we can do so much business in Zoom, the ring's appeal appears to have been atrophying during the era of COVID.
A 4,000 square foot floor space saving is a handy one in the City Of London's heady property market. And it allows LME some more flexibility; if the Exchange wants to expand metals dealing beyond a specific London centric, oligopoly of operators.
Elsewhere this week's Euro insanity: Brussels says it won't be rushed on the City of London's access to the European Union financial services, Commissioner Marie McGuinness saying that Brussels would not grant Britain's financiers access to the block before assessing the risks to financial stability.
...And that to do otherwise would be. And I quote an “experiment.”
This is the insanity of Brussels double think. The spite and anger remains in every EU utterance of the once interesting project is now just a political embarrassment carried on by useful ideas like Mrs. McGuinness.
Elsewhere. Speaking of useful idiots in the European Union: “the European Union needs a master plan to grab European finance from London.”
...To be charitable given this statement was made by MEP Markus Ferber on Martin Luther King day., perhaps it's just a case of MEPs, have a dream. To be realistic It was rather moronic clickbait volume umpteen and on a quiet U S bank holiday news day, oOne publicity hungry MEP got the attention his ego craves.
Adding perspective, it took Brexit for the likes of serial EuroParliament mediocrity, Marcus Ferber, One of the men, who brought us MiFID II, to suddenly try to think in an enterprising manner. So now they want something akin to the five-year plans that are even being repudiated by the North Korean leader nowadays.
Meanwhile over in the EU, how is that decade long chimera, I mean, “Masterplan,” the Ca...
