TRANSCRIPT
This Week in the parish of bourses and market structure:
LSEG stock rout as the Refinitiv Reality bites while the long arm of the American law haunts that Turkish Exchange balls all the way to regulation.
Over in China regulators are proposing STAR reform.
Meanwhile, the unthinkable thoughts are being given credence: could the Chicago Mercantile Exchange (CME) lose its Eurodollar luster as the benchmark switches away from LIBOR?
My name is Patrick L. Young.
Welcome to the bourse business weekly digest it's The Exchange Invest Weekly Podcast Episode 85.
London Stock Exchange's shares were spooked by the costs from Refinitiv this week. Thus, we saw the first chink in the armor of the London Stock Exchange group's reckless deal to buy refinitiv, not only has Borsa Italiana been carved out of the core markets business, but now #zeroshock! Integration may not be going as smoothly as once predicted.
Given the deal only closed weeks ago the rapid realization is at least welcome. The fact that nobody could foresee this within the LSEG C suite is damning. Then again, we know LSEG has little real confidence to sell the deal as their groundbreaking insights have today been mostly softball interviews with the likes of the Daily Mail. The meals traditional approach to the London Stock Exchange is usually so craven that it makes a certain Oprah Winfrey interview look positively hardcore. Anyway, for those who missed the last few years of history, nope, take that out.
Meanwhile, encouraging news from the Bucharest Stock Exchange, they estimate they're going to get 20 more bond and share issues this year. That's good news for the generally historically beleaguered Romanian Stock Exchange, they've already attracted three new shares and two bonds, so far.
At the same time, the world leader, the Hong Kong exchange, recommended that the number of IPOs could surpass last year's total. And indeed the former Hong Kong Exchanges CEO Charles Li has been making some interesting remarks. He's also a member of the Chinese People's Political Consultative Conference and he suggested the creation of a Drip Irrigation Connect which could be used to link sources of global capital and solve the financing problems of 10s of 1000s of Chinese SMEs.
Over in Southeastern Europe once again, the Zagreb Bourse have signed a cooperation agreement with their Scopje Counterpart, the Macedonian Exchange, great news as the Scopje boss announced their turnover had more than doubled month on month in February. The primary aim of the agreement with Zagreb is to improve the expertise and professional development of participants in the local capital market through seminars delivered by the Zagreb Stock Exchange Academy.
Interesting shareholder news this week, a Dubai-based Indian Siddharth Balachandran, who is the Executive Chairman and CEO of Buimerc Corporation Limited has boosted his stake to 2.58% of the total capital of the Bombay Stock Exchange (BSE) limited.
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