TRANSCRIPT
This Week in the parish of bourses and market structure, it's been a disappointing week for India with poor NSE results and the first failure for interoperability.
Meanwhile, the clamor for ASX monopoly reform continues, but will the government spring into action? Or will we retain ‘business as usual ASIC inaction?
And we witness Accounting Shocks at CBOE & ICE.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It's the Exchange Invest Weekly Podcast Episode 084.
Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the weeks, many events, and happenings can be found in Exchange Invests daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.
More details at Exchange Invest.com.
The Hong Kong financial Secretary Paul Chang Mo-Po has defended his move to raise Hong Kong Exchanges stamp duty from 0.1% to 13 basis points this week, amid a record deficit noting, innovation, not low costs will energize Hong Kong Stock Market.
In Good News:
For Russia, the investor cried and has grown again. The number of private investors at Moscow Exchange reached 10 million by the end of February having grown from 8.8 million at the start of the year, an increase of 1.2 million people are ready in 2021.
MOEX you will recall leaped from barely 3.5 million users to 8.8 million during 2020 marking a near 7 million investor increase in one year.
Sadly, over in Chicago, CBOE has exposed itself to ridicule this week as it turns out it charged most traders the wrong sum of years. Some were overcharged, some got away with paying less than expected but now CBOE just wants to sweep the whole sorry affair and sweep it under the carpet and move on.
This is frankly GUBU territory, grotesque, unbelievable bizarre, and unprecedented for any business. However, for a regulated provider of financial market structure, this is an absolute disgrace.
Then again, given the free ride the CFTC gave the CME over the Cushing Crisis, can we expect the SEC to intervene?
Down under the central bank is frustrated at recent ASX trading failures as an article in the Australian Financial Review notes. Reserve Bank of Australia puts heat on ASX over trading monopoly failures runs the headline.
“One theory that regulators may explore is if there is a protection racket in financial markets buttressing the ASX monopoly.
Are shareholders looking the other way and pocketing their high returns?
PLY: Reform is urgently overdue around Oz-Inc’s vastly outmoded cozy corporate club of monopolies. As noted before, it’s ironic that while engaged in a spat with China over freedom and openness, the Communist Party-controlled megastate is in fact more open to exchange (and other) competition in the private sector than supposedly free, liberal, Australia....
