TRANSCRIPT
This Week in the parish of bourses and market structure:
Unrest in Shanghai, a possible deal foible in Milan, and Saudi Arabia's Tadawul go joint-stock company in preparation for IPO.
My name is Patrick L Young.
Welcome to the bourse business weekly digest,
It's the Exchange Invest Weekly Podcast Episode 089
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 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 at ExchangeInvest.com
Over in Shanghai, the former chairman of the interbank clearing platform - the Shanghai Clearing House (SCH) has been charged with corruption and bribery. He becomes the latest senior financial official to fall in the government's years-long anti-graft campaign. The Shanghai police issued a warrant for the arrest of Xu Zhen, former chairman and Communist Party Secretary of the Shanghai Clearing House (SCH), nearly four months after the country's top anti-corruption watchdog had said he'd been put under investigation.
Over at the London Stock Exchange, no signs of an arrest. But there is a degree of investor revolt. It all concerns the pay rise of 25% to the base a month given to the CEO David Schwimmer on the ground start.
PLY: Well you know, adding 10 and a half 1000 people to your payroll in the form of refinitiv means you should get more money, because it's a bigger company, right?
I am not alone clearly and being bewildered at the notion of a pay rise for David Schwimmer, who we have previously described in the pixels of exchange invest as looking worryingly out of his depth. The closure of a deal without any resolution to substantial issues ahead was hard the cause for celebration - particularly not when the acquisition was the notoriously unmanageable Refinitiv. That the slow thinking parts of the investor-analytical ferment have finally begun to realize the Refinitive deal is a very dangerous thing indeed for the LSEG’s bottom line, has only further impacted the confusion over this at best ill-timed pay rise.
As things stand a good investment banker has been brought to LSEG and we are unclear what he stands for or what he is doing. All we can presume is the London Stock Exchange Group (LSEG) employed him to do deals not to actually manage. However, David Schwimmerr's relative anonymity is becoming an issue as much as the perception of stasis at LSEG itself. The latter stasis is not borne out by the facts on the ground where multiple units aren't behaving as dynamically as they ought but the C-suite at Paternoster Square looks to be not so much above the fray as divorced from the reality of what is actually happening in the business.
The end of quarter one saw a slew of data-rich press rele...
