TRANSCRIPT
This Week in the parish of bourses and market structure, ICE deliver excellent results and returns to the topic of the much needed “grand bargain” to make US equity trading great again.
Also, in a bumper week of results the one time dominant dollar silo the CME is foundering as the parish prospers.
Meanwhile, NASDAQ CEOs discuss the exchange on its 50th birthday. There's another Ion purchase, fascinating new Brexit financial legal tome and much much more…
As the US stock exchanges get litigious with the SEC.
My name is Patrick Young. Welcome to the bourse business weekly digest. It's the Exchange Invest Weekly Podcast Episode 81.
Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure and what a bumper week it was!
All of the analysis of the week's many events and happenings can be found in Exchange Invest Daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox. More details at exchange invest.com.
And let's begin with a birthday celebration. Happy 50th birthday to NASDAQ. As Adena Friedman noted in an interview with Fortune:
“Part of our sales pitch is that our own exchanges are using these technologies right now, and they work” Hearty congratulations to everybody at NASDAQ past and present on a great milestone for the ‘once bulletin board now full scale exchange’ and global technology enterprise.
It was fun and fascinating as the NASDAQ CEOs recalled their 50 years of innovation in a heartwarming panel discussing with the current incumbent Adena Friedman, how NASDAQ became such a global powerhouse from an early bulletin board as part of the National Association of Stock Dealers of the United States of America. Elsewhere NASDAQ, NYSE and CBOE: they've joined together to sue the US regulator the SEC to block the attempts at a rather reactionary market data overhaul in favor of the banks.
Elsewhere, New York Stock Exchange's chief Stacy Cunningham: she's warning that the New York Stock Exchange - the very epicenter of Wall Street in the modern day of course - may be exiting New York if a local stock transfer tax is imposed.
Over in London, a bit of good news: post Brexit Swiss shares are trading in the UK capital once again as Brexit Britain gets together with the Swiss financial center: that other powerhouse financial center which is outside of the European Union's ambit within the continent of Europe.
In results this week, it was not just a busy week, it was a frantic week for results!
All the deals were in Exchange Invest Daily, the newsletter no person can afford to be without in capital markets and market structure. For the sake of this podcast, we're just going to pick a couple of edited highlights:
The Intercontinental Exchange, they topped their estimates. They announced a 10% increase to the quarterly dividend, the numbers were spectacular all together. And indeed, as ever, the earnings call gave way to a fascinating lecture and discussion from the ICE management. Here's a zinger of a thought from Jeff Sprecher.
