TRANSCRIPT
This Week in the parish of bourses and market structure CBOE buys Chi-X APAC, making the Australian monopoly ASX only the second-largest exchange group in Sydney.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It's the Exchange Invest Weekly Podcast Episode 087.
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 Exchange Invest's daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.
More details about the exchange of information at ExchangeInvest.com.
There was a story for the Bermuda Triangle of Human Relations Moves this week as LSEG surprised by announcing a new head of the FTSE Russell Index unit.
Some say the most surprised of all by this announcement was the outgoing FTSE Russell boss Waqar Samad.
It's certainly shocking that out of a payroll of 23,500 people amongst the combined London Stock Exchange Group (LSEG) Refinitiv behemoth, LSEG couldn't find anybody in the house to do this job. Thus, they used an expensive consultant to find somebody who has apparently never worked in indexing or an exchange to head the enormous indexing group out a major exchange.
One potential saving grace was seeing dashed AKA: Initial hope it might be a diversity appointment proved an acute accent short of a lady. So Lea Carty is apparently male (as this is LSEG one can never be sure). Exchange invest nowadays check photographic evidence, in the absence of their having any viable communication structure at Paternoster square.
Anyway, with 55,000 share options making for a Circa 3.5 million pound bonus on the route, it's not been a bad brief ride for Waqar Samad during his tenure with LSEG.
Thus, Mr. Carty has no direct experience working in an exchange and apparently no experience working in indexing, but he now leads one of the world's largest index franchises in an exchange group.
PLY: What I find most astonishing is the management message this recruitment sends to the recently (acquired (but never conquered) by the management Refinitiv payroll.
Internal morale at Refinitiv- never exactly soaring since well, now let me see. Let me check back one minute. Well, some say it was high in the 1980s in the dark ages PB (pre-Bloomberg).
So anyway, look, internal morale at Refinitiv never hired the best of times is going to have taken a knock the message that amongst their 18,500 Refinitiv colleagues, the London Stock Exchange Group (LSEG) had to choose somebody who wants to be headed by side Relations at Bloomberg, sends out at best a mixed message to investors, and indeed to staff as well.
